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FG Now Spends N600bn Monthly On Petrol Subsidy -Rainoil CEO

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The Chief Executive officer, CEO, Rainoil Limited, Gabriel Ogbechie, has said the federal government now spends N600 billion on petrol subsidy monthly.
Speaking during the Stanbic IBTC Energy and Infrastructure Breakfast Session in Lagos, Ogbechie, said the federal government resumed petrol subsidy following the devaluation of the naira in the foreign exchange (FX) market.
He said with the current daily consumption at 40 million litres and the foreign exchange rate at N1,300, the government’s subsidy per litre on petrol falls between N400 and N500.
“When Mr President came last year, one of the things he said is that subsidy is gone and truly, subsidy was gone because immediately, the price of fuel moved from N200 per litre to N500 per litre,” he said.
“At that point, truly subsidy was gone, because officially, naira was exchanging maybe for anything between N450 to N470. But a few weeks later, they merged the exchange rates and naira officially moved to about N750. At that point, subsidy was beginning to come back.
“Again, depending on what the exchange rate was, we could go into an argument on whether the exchange was N750 or N500, or whatever.
“But the moment the two markets officially closed by January this year due to a policy, the CBN came and officially, the market went to about N1300 at that point that conversation was out of the window. There was officially subsidy on petrol.
“If you want to know where petrol should be. Just look at where diesel is. Diesel is about N1300, Petrol is selling for N600. So I can tell you for free top of my head, there is at least N400 or N500 per litre subsidy on petrol today.
“If you look at what our daily consumption say, conservatively 40 million litres a day if you’re spending N500, that’s at least N20 billion every day, N600 billion every month or N7.2 trillion depending on how you look at it. So subsidy is definitely back on petrol.”
According to him, the Nigerian National Petroleum Company (NNPC) being the only petrol importer in the country proves the continued existence of subsidy.
However, he urged the government to prioritise modular refining to improve self-sufficiency in petroleum products.

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NGO-ATLANTIC-OYOROKOTO ROAD’LL UNLOCK COASTAL PROSPERITY FOR RIVERS – FUBARA

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Rivers State Governor, Sir Siminalayi Fubara, has described the ongoing construction of the brand new 13.52-kilometre Ngo-Atlantic-Oyorokoto Road as a bold and visionary effort by his administration to open up the coastal region for economic growth and harness the full potential of the state’s blue economy.

 

The Governor made this remark during an inspection visit to the project site in Andoni Local Government Area. The road, being constructed by Monier Construction Company (MCC), cuts through challenging coastal terrain and leads to a newly identified beachfront facing the Atlantic Ocean.

 

Governor Fubara explained that while the original plan was to construct a road leading to Oyorokoto Town and its popular beach, his administration decided to expand the project to create an entirely new route that would open access to another pristine beachfront.

 

“We are doing another inspection today. This particular one is a virgin road, 13.52 kilometres of a new pathway to the blue economy,” Governor Fubara stated.

 

“Initially, we were constructing a road to Oyorokoto Beach, one of the finest tourist centres in this area. But as we progressed, we discovered another beach directly facing the Atlantic Ocean. It became clear that we shouldn’t limit development to just one site. We want to harness this new beach front as part of our broader plan to develop the blue economy.”

 

The Governor emphasised that the project, once completed, will not only improve access to coastal communities but also stimulate tourism and economic activities, boosting revenue for Rivers State.

 

Describing the area’s difficult terrain as challenging, he commended the contractor for its dedication, and expressed confidence that the road would be completed and commissioned by March next year.

 

“You can see for yourself, it’s a brand-new road in a very difficult terrain, just like the one we saw yesterday. But I strongly believe we will overcome it. From what we’ve seen today, the contractor, MCC, is doing their best, and by next year, hopefully by March, we’ll have the cause to commission this project and give God all the glory,” the Governor affirmed.

 

Governor Fubara also visited Opobo/Nkoro Local Government Area to assess the progress of work on the Epellema axis of the ongoing 5.2km Kalaibiama-Epellema road project featuring a 450-meter bridge.

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FUBARA HAILS PROGRESS OF WORK ON TRANS-KALABARI ROAD

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Rivers State Governor, Sir Siminalayi Fubara, has expressed satisfaction with the level of progress recorded on the ongoing Trans-Kalabari Road project, revealing that about 75 percent of the critical piling work has been completed.

Governor Fubara made this known while addressing journalists after an on-the-spot inspection of the 12.5-kilometre road project, which will connect the state capital to several Kalabari communities across the sea.

The Governor rode on a boat from a jetty at Rumuolumeni in Obio/Akpor Local Government Area through the rivers and creeks on the project route during the inspection.

The project was awarded to Lubrik Construction Company Limited, on May 15, 2024, with an initial 32-month completion timeline.

The Governor said the visit was aimed at verifying reports from the Ministry of Works regarding the project’s advancement. He commended the contractors for their dedication, and described the progress as “a true reflection of hard work and commitment to excellence.”

“The first phase of the project takes us to Bakana, and features four major river-crossing bridges and nearly five deck-on-pile structures. The terrain is difficult, and the engineering work required is complex. But to the glory of God, I can confirm that the reports I’ve been receiving are accurate. Almost 75% of the piling job, which is the most critical part of the project, has been achieved,” Governor Fubara said.

He emphasised that the Trans-Kalabari Road is one of the most technically demanding infrastructure projects in the state due to its challenging marine terrain but reaffirmed his administration’s resolve to deliver it on schedule.

Governor Fubara highlighted the strategic importance of the road in connecting the Kalabari Kingdom to Port Harcourt, and stimulating economic growth across riverine communities.

“This is a key project that will turn around the lives of the Kalabari people immediately it is concluded. By the grace of God, in the next six months, if we return here for inspection, we might be driving across the bridge,” he said.

Governor Fubara assured Rivers people that his administration remains focused on delivering transformative infrastructure projects that will improve lives and bring lasting development to rural communities.

“We have made a promise to our people to embark on projects that will change lives and bring development, and this is a testament to that commitment,” he added.

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RSG EXPRESSES CONCERN OVER FLOODING IMPACT, EROSION

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The Governor of Rivers State, Sir Siminalayi Fubara, says that the impact of flooding and erosion on the inhabitants of Rivers State, especially those living in coastal communities, are of great concerns to the government.

 

Governor Fubara lamented the consequences of flood on both human and biotic life, which sometimes lead to loss of life, property, and degradation of the environment.

 

The Governor made the remark in Port Harcourt during the launch of a book titled, ‘Coastal Zone Flooding And Erosion in Developing Communities, Principles, Cases and Strategies,” written by Emeritus Prof. Wiston Bell-Gam.

 

According to the Governor, who was represented by the Secretary to the State Government, Hon. Benibo Anabraba, his administration, would continue to undertake and encourage adaptation strategies to combat flooding.

 

In his words: “The Rivers State Government will continue to undertake and encourage adaptation strategies, such as construction of seawalls and breakers, canals and channels, restoring coastal ecology and ecosystem for coastal resilience and where necessary, the relocation of communities on the coastline.

 

“These issues are currently receiving the much needed attention and intervention by the recent approval of the construction of shoreline protection along the coastlines of more than five communities in Ogba/Egbema/Ndoni and Opobo/Nkoro LGAs respectively.”

 

“It is important that as stakeholders in the protection and preservation of marine environment, we all act and advocate for mitigation strategies such as reduction in emission of Green House Gasses  that causes climate change and rise in sea levels. Let us promote the use of clean energy and against fossil fuel.

 

Governor Fubara further cautioned residents to desist from building on waterways.

 

“We also need to encourage our people to stop developing buildings on and along natural water courses, indiscriminate sea mining and dredging activities on our coastline without consideration for mangroves and swamps,” he stressed.

 

He appreciated the author for his advanced contributions to the body of knowledge in both Rivers State and globally.

 

Also speaking, a former Military Governor of the old Rivers State and Amayanabo of Twon Brass, King Alfred Ditte-Spiff, who was Royal Father at the Event, stated that the book was timely to enable stakeholders manage the challenges of global warming.

 

“Global warming is real. If it’s not addressed globally, a time will come coastal areas will find themselves under water. The coastline of Nigeria is shocking with many mangroves gone,” he noted.

 

The Reviewer of the Book, who is also the Vice Chancellor of Olusegun Agagu University of Science and Technology, Ondo State, Prof Temi Ologunorisa, explained that the 14-chapter book is timeous as it fills literary gaps between desire and available knowledge on coastal flood and erosion in developing communities.,

 

“A major beauty of the book that sets it apart is the detailed consideration of flood and erosion control from around the world,” he stated, adding that the book is based on detailed field investigation.

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