Business
Tank Farm Owners To Supply 40 Trucks Of PMS To Abuja Daily
In order to clear the lingering fuel queues and ensure energy security through efficient distribution of petroleum products, Ijegun-Egba Owners and Operators’ Association has stated their commitment to load and supply 40 trucks of Premium Motor Spirit (PMS), otherwise called petrol, to the Federal Capital Territory (FCT) daily, beginning from Monday.
The Association also announced that its members collectively have 106 million litres of PMS in stock, which they have agreed to load and truck accordingly.
These were some of the resolutions reached at an emergency meeting of the owners/Chief Executive Officers of the Association held in Lagos, weekend.
This was contained in a communiqué signed by the Chairman of the Association, Adebowale Olujimi, and the Secretary, Eshiet E. Eshie, after the meeting.
The association specifically resolved that: “In line with our transparent posture, we wish to put it on record that we collectively have approximately 106 million litres in stock and will load and truck same accordingly”, and that “all tank farms within the Ijegun-Egba axis are committed to loading and supplying 40 trucks of PMS per day to Abuja, FCT to address and augment energy supply and energy security in Federal Capital Territory.”
The Association sent copies of the communiqué to the GMD, NNPC Ltd, AC, NMDPRA, DG, DSS, Chairman, PTD and President, NUPENG.
The meeting also resolved that: “The Owners/CEOs, having considered the energy situation in the country, committed themselves as credible businessmen and women to work assiduously with the federal government and their agencies to ensure effective and efficient distribution of petroleum products in the nation.
“That in line with our collective corporate values, all members of Ijegun-Egba Tankfarm Owners will continue to maintain and ensure full compliance with government regulated and stipulated price of PMS, and as such no Tankfarm should sell or price PMS above the government regulated price.
“And that any Tankfarm within the Ijegun-Egba axis that defaults or fails or neglects to operate in full compliance with the regulated price should be sanctioned accordingly.’’
“To underscore transparency and our good faith in ensuring effective product distribution across the Nation, we are committed to working with and cooperating with all government agencies and security agencies regarding our members’ operational plans, loading plans and pricing. We shall avail the regulatory agencies our books for scrutiny whenever the same is required.
“We also state that we are collectively expecting consignments in the next few days, and will load and truck to ensure energy stability and security.”
The Association continued that “to further complement Government’s efforts, plans and policies, we commit ourselves to work 24 hours to ensure seamless loading, trucking and distribution of petroleum products, especially PMS from the Ijegun-Egba axis”.
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
