Author: THN

  • NNPC to pay N874bn in June as subsidy hits N1.82tn

    NNPC to pay N874bn in June as subsidy hits N1.82tn

    Operators in the oil and gas sector as well as other stakeholders are uncomfortable with the continued rise in the amount spent in subsidising Premium Motor Spirit, popularly called petrol, as it jumped to N947.51bn between January and April 2022.

    An analysis of data obtained from the Nigerian National Petroleum Company Limited on Wednesday showed a monthly rise in PMS subsidy spendings by the oil firm, though NNPC described it as under-recovery/value shortfall.

    It was also gathered that the oil firm had informed the Federation Account Allocation Committee (FAAC) that it would deduct an estimated value shortfall of  N874.5bn in the May 2022 proceed due for sharing at the June 2022 FAAC meeting.

    NNPC has been the sole importer of petrol into Nigeria for several years running. The firm has also been subsidising the commodity all these years.

    The President, Petroleum Products Retail Outlets owners Association of Nigeria, Billy Gillis-Harry, explained that the actual cost of petrol without subsidy was usually a little higher than that of diesel.

    He told our correspondent that if not for subsidy, PMS would be selling around N550 to N600/litre going by the international cost of crude oil and the fluctuations in foreign exchange.

    The approved subsidised pump price of PMS in Nigeria is between N162 to N165/litre, but oil marketers stated that the actual cost should be a little higher or about the same price of diesel had it been PMS was deregulated.

    Latest figures obtained from NNPC in Abuja showed how the amount spent on fuel subsidy grew from January to April this year.

    In January, February, March and April, the oil firm incurred N210.38bn, N219.78bn, N245.77bn and N271.58bn respectively, while the total during the four-month period was N947.51bn.

    “This is unsustainable. In just four months we’ve incurred this much as subsidy on petrol because of our continued dependence on petroleum products imports,” the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Ukadike Chinedu, stated.

    He added, “And this is because all our refineries are not yet working despite several promises by government that the plants will start production. The value of the naira is depreciating daily, so what do you expect?

    “Nigeria will continue to subsidise petroleum products and that is static at the moment and based on this, our naira will continue to be devalued, because so much dollars are just being deployed in pursuing products.”

    On what could be done to remedy the situation, the IPMAN official replied, “Fixing the refineries is supposed to be our priority considering the gains it would have on the economy and the country as a whole.

    “The managers of this country should encourage modular refineries in Nigeria. Secondly, even small-scale refineries should be encouraged to come up to boost the moribund refineries we have. Nigeria can even build a brand new refinery from the scratch, it will help us.”

    The Executive Secretary, Major Oil Marketers Association of Nigeria, Clement Isong, had earlier told our correspondent that subsidy might hit N6tn in 2022.

    “It is a function of how our exchange rate goes. It is a function of how the price of oil goes. If we are lucky and if things are on our side, then it (subsidy) might be less. But if things are not on our side, if you do the current calculation as at today, based on all the numbers today, if things do not improve, it can easily reach N6tn,” he stated.

    Commenting on the development, a former President, Association National Accountants of Nigeria, Dr. Sam Nzekwe, stated that the funds spent on petrol subsidy would have been used to address the challenges in other sectors of the economy.

    “This is the reason why we have been urging the government to fix our refineries and let us refine our crude here and save the forex being used in importing petrol. We can’t continue spending this much on petrol subsidy,” he stated.

    Meanwhile, the NNPC in its most recent presentation to FAAC, informed the committee that more deductions would be made from what would be shared by the three tiers of government this month.

    It said, “The value shortfall on the importation of PMS recovered from April 2022 proceeds is N271,125,127,487.58, while the outstanding balance carried forward is N371bn.

    “The estimated value shortfall of N874,503,649,663.98bn (consisting of arrears of N371bn plus estimated April 2022 value shortfall of N503,313,767,828.14) is to be recovered from May 2022 proceed due for sharing at the June 2022 FAAC meeting.”

  • Kaftan TV founder, Adebayo, wins SDP presidential ticket

    Kaftan TV founder, Adebayo, wins SDP presidential ticket

    Prince Adewole Adebayo has emerged as the Social Democratic Party candidate for the 2023 presidential election.

    Adebayo scored 1,526 votes at the party’s National Convention on Wednesday in Abuja to emerge as the party standard bearer, defeating the only co-contestant, Ms. Khadija Lamidi, who polled 83 votes.

    The Convention Returning Officer, Umar Ardo, put the total votes cast at 1,653; valid votes were 1,609 while invalid votes were 44.

    In his acceptance speech, 54-year-old Adebayo, a lawyer and founder of KAFTAN Television said that with his emergence indicates that it was the turn of Nigerian masses to take over power in 2023.

    He said that it was the turn of the citizens without food, those who graduated without work or hindered from graduating because of the strike to enjoy the dividends of democracy.

    Adebayo pledged that the SDP would give the ruling party All Progressives Congress (APC) and the Peoples Democratic Party (PDP) a ‘good fight’ in the 2023 general elections.

    “We will campaign to every household, every polling unit, every ward, every local government, every state, every zone and the entire country.

    “We will come out and show to Nigerians that food, water, electricity, housing, education and medical care are not prayer points,” Adebayo said.

    He urged Nigerians to join the SDP, register with INEC to vote, open their minds, tell others about SDP and vote out bad leaders in 2023.

    The presidential candidate thanked the other aspirants who contested the position with him, including those that withdrew along the way.

    He thanked the SDP delegates for not going for money bags politicians or those who want to perpetually remain in power, but voted for a fresh person.

    He said that the SDP had demonstrated that a party could conduct credible convention and that politicians could subdue their personal interest for the national interest.

    The SDP National Chairman, Alhaji Shehu Gabam, encouraged those who participated in the election to be part of the campaign, saying it was a joint project.

    He said that the party would change the face and character of governance in Nigeria, if given a chance to rule in 2023.

    Gabam said that the party considered it expedient to present itself to Nigerians as a veritable alternative, advocating a new initiative in the administration of the country.

    He said that it was time for the country to get it right in 2023 general elections.

    NAN

  • INEC seeks Air Force support on security, logistics

    INEC seeks Air Force support on security, logistics

    The Independent National Electoral Commission (INEC) has sought the support of the Nigerian Air Force (NAF) in deploying personnel and airlifting election materials to remote and insecure areas across the country.

    The commission also solicited the support of the Air Force to provide security in volatile areas just as it had been doing during the off-cycle elections.

    The INEC chairman, Professor Mahmood Yakubu, disclosed this during his visit to the Chief of Air Staff, Air Marshal Oladayo Amao, on Wednesday, in Abuja

    “On February 25, 2023 and March 11, 2023, the commission will deploy personnel and materials to about 190,000 voting and collation locations nationwide for 1,491 executive and legislative offices across Nigeria,” the INEC boss disclosed.

    He added, “Beyond logistics support, the Air Force has also deployed its assets to provide security during off-cycle elections, especially in areas of difficult terrain.

    “Election constitutes the most extensive mobilisation and complex logistics operations that could happen in a country in peacetime.

    “These activities must take place simultaneously, stretching over 923,768km2 within a space of six voting hours (8.30am – 2.30pm) involving a projected population of 90 million voters.

    “In handling such a huge national assignment, the Commission cannot do it alone as national assets must be mobilised. It is in realisation of this objective that the law empowers the Commission to seek the support of the security agencies in general and the Armed Forces in particular in delivering materials for election and the protection of election officials.

    “Provided that the Commission shall only request for the deployment of the Nigerian Armed Forces for the purpose of securing the distribution and delivery of election materials and protection of election officials.”

    He also requested the help of the Air Force in handling the delivery of outstanding election materials to Ekiti and Osun governorship elections.

    Yakubu added, “There is no time to waste. The 2023 general election is only 261 days from today. However, the Ekiti State Governorship election holds in the next 10 days on Saturday, June 18, 2022 while the Osun Governorship election holds in 38 days on Saturday, July 16, 2022.

    “We will seek the support of the Air Force in handling the delivery of outstanding election materials to the two States while the commission bears responsibility for all subsequent deployment within the states to the Local Government Areas and beyond as has been the practice.”

    Responding, Amao commended INEC for strengthening electoral processes in the country.

    He promised to give INEC necessary NAF support and coordinations in airlifting all the election materials, logistics including staff coming up in Nigeria to any parts of remote areas of any state to ensure hitch free, inclusive and fair election.

  • Dumebi Kachikwu upsets Kingsley Moghalu to win ADC presidential ticket

    Dumebi Kachikwu upsets Kingsley Moghalu to win ADC presidential ticket

    Former Deputy Governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu lost his bid to win the presidential ticket of the African Democratic Party (ADC).

    Moghalu lost the presidential primaries of the party in Abeokuta, Ogun State on Wednesday to the founder of Roots Television Nigeria, Dumebi Kachikwu.

    The former CBN deputy governor was the presidential candidate of Young Progressives Party (YPP) in the 2019 elections.

    Kachikwu had 977 votes, Moghalu had 589 while another aspirant, Chukwuka Monye came third with 339 votes, Peoples Gazette reports.

    In his speech, Monye thanked Moghalu and “other credible aspirants for a spirited fight even though we didn’t make it”.

    Mr Kachikwu is the younger brother of former Minister of State for Petroleum Resources, Ibe Kachikwu.

    Moghalu had promised to protect Nigeria if elected President in 2023.

    “I will have the political will to secure our country. This means putting our security above all else: no security, no country. Political will is the willingness and ability to take tough decisions to secure Nigeria,” he had said.

  • Owo Attack: Death Toll Rises To 40 As 26 Survivors Discharged

    Owo Attack: Death Toll Rises To 40 As 26 Survivors Discharged

    The death toll in the attack on St. Francis Catholic Church in Owo, Ondo State has risen to 40 with 26 survivors discharged from hospitals, days after the incident

    Governor Rotimi Akeredolu of Ondo State made the disclosure when he hosted a team of Catholic Bishops from the South-West, led by Most Reverend Leke Abegunrin, on Wednesday.

    A statement issued by the governor’s Chief Press Secretary Richard Olatunde quoted Akeredolu as saying that “the medical team led by the Commissioner for Health has sent figure to us, and it is slightly different. What I put out during my address on the broadcast to the State was wrong and we must accept it.

    “The figure I have now shows that 127 persons were involved and that the number of death now is 40. On admission receiving treatment, we have 61. Twenty-six have been discharged. Those are the figures we have now from the Commissioner for Health. So, the government is not hiding anything.”

    According to the Ondo leader, the new figure followed the harmonization of reports from the various hospitals including the private ones, urging people to disregard earlier figures.

    This is as he maintained that there are no right words to describe the attack but assured his government is making plans for the burial of the victims.

    “That is why one is moved. We will have a Memorial Park here where those who died in the attack will be buried. My Bishop sir, we will find a good place as a Memorial Park,” the governor said.

    “It will also be my suggestion that even if there are people who have retrieved their family or members of their family, we must still have a symbolic grave there for them. And it will be there forever, it is not something we can forget and we should never forget it.”

    He also disclosed that the government is accepting donations from individuals and groups who want to help the families of the victims. Governor Akeredolu explained that the move became important following a series of calls from several quarters.

    Akeredolu said an account has been set up for such donations and assured that all monies received will be used judiciously.

  • China and Russia defend North Korea vetoes at the UN

    China and Russia defend North Korea vetoes at the UN

    China and Russia defended their vetoes of a strongly backed U.S resolution that would have imposed tough new sanctions on North Korea at a first-ever General Assembly meeting Wednesday that is now required for any measure that sparks a veto in the Security Council by one of its five permanent members.

    The close allies reiterated their opposition to more sanctions, blaming the United States for rising tensions on the Korean peninsula and insisting that what’s needed now is dialogue between North Korea and the Biden administration.

    Nearly 70 countries signed up to speak at the open meeting which General Assembly President Abdalla Shahid hailed as making the U.N. more efficient and accountable. “It is with good reason that it has been coined as `revolutionary’ by several world leaders I have recently met,” he said.

    Denmark’s U.N. Ambassador Martin Bille Hermann told the 193-member world body as he started his address on behalf of the Nordic countries: “History is being made today.”

    The Security Council is entrusted with ensuring international peace and security, he said, and the use of a veto to prevent the council from discharging its duties “is a matter of great concern.”

    The General Assembly’s adoption of a resolution on April 26 requiring a debate on the issue not only gives the country or countries casting a veto to explain their reason but it gives all U.N. member nations “a welcome opportunity to share our views on the matter at hand,” Hermann said.

    A united Security Council imposed sanctions after North Korea’s first nuclear test explosion in 2006 and tightened them over the years in a total of 10 resolutions seeking — so far unsuccessfully — to rein in its nuclear and ballistic missile programs and cut off funding.

    The 13-2 Security Council vote on May 26 marked a first serious division among its five veto-wielding permanent members — China, Russia, United States, Britain and France — on a North Korea sanctions resolution.

    On Sunday, North Korea fired eight short-range missiles in what appeared to be a single-day record for the country’s ballistic launches. It was the reclusive north Asian country’s 18th round of missile tests in 2022 that included its first launches of intercontinental ballistic missiles in nearly five years.

    U.S. deputy ambassador Jeffrey DeLaurentis told the assembly the record number of launches have taken place as North Korea “is finalizing preparations for a potential seventh nuclear test.”

    He called the actions by the Democratic People’s Republic of Korea or DPRK — the country’s official name — “unprovoked.”

    De Laurentis stressed that U.S. President Joe Biden and Secretary of State Antony Blinken “have repeatedly and publicly said that we seek a dialogue with Pyongyang, without preconditions,” and that message has been passed through private channels, including China.

    “The United States is more than prepared to discuss easing sanctions to achieve the complete denuclearization of the Korean peninsula,” he said.

    Unfortunately, DeLaurentis said, the DPRK has only responded with “destabilizing launches that threaten not only the region but the world.”

    Under the General Assembly resolution that required Wednesday’s meeting, the permanent member or members casting a veto are given precedence on the speakers list.

    China’s U.N. Ambassador Zhang Jun addressed diplomats first, accusing the United States of ignoring positive steps taken by the DPRK and returning to its “old path” of “chanting empty slogans for dialogue and increasing sanctions against the DPRK.”

    This has intensified “the DPRK distrust of the U.S.” and brought talks “to a complete deadlock,” he said.

    Zhang blamed “the flip-flop of U.S. policies,” its failure to implement results of the DPRK-U.S. dialogue during the Trump administration, and its disregard for the North’s “reasonable concerns” for tensions on the peninsula today.

    “Where the situation goes from here will depend to a large extent on the actions of the U.S.,” he said, “and the key lies in whether the U.S. can face up to the crux of the problem, demonstrate a reasonable attitude, and take meaningful concrete actions.”

    Russia’s deputy U.N. ambassador Anna Evstigneeva said new sanctions against the DPRK “would be a dead end,” stressing that current U.N. sanctions have failed to guarantee security in the region “nor moved us any further toward settling the nuclear missile non-proliferation issues.”

    “Anyone who is seriously addressing the North Korean problem has long understood that it’s futile to expect Pyongyang to unconditionally disarm under the threat of a spiral of sanctions,” she said. “The creation of new military blocs in the regions such as the formation of the U.S.-Great Britain and Australia casts serious doubt on the good intentions of these countries,” including in Pyongyang.

    North Korea’s U.N. Ambassador Kim Song denounced all U.N. sanctions and the proposed U.S. resolution as “illegal,” saying they violate the U.N. Charter and his country’s right to self-defense to prepare for any potential security crisis on the Korean peninsula and in the region.

    Modernizing the DPRK’s armaments is essential, he said, to safeguard North Korea’s interests “from direct threat of the United States,” which he insisted has made no move “to abandon its hostile policy.”

  • Atiku Meets PDP Governors After Tinubu’s Emergence As APC Presidential Candidate

    Atiku Meets PDP Governors After Tinubu’s Emergence As APC Presidential Candidate

    The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar on Wednesday met with governors of the Peoples Democratic party (PDP) in Abuja.

    This is coming shortly after the emergence of former Lagos State Governor, Bola Tinubu as the presidential candidate of the ruling All Progressives Congress (APC) in the 2023 general elections.

    The Harmattan News correspondent reports that the meeting at the Legacy House in the nation’s capital is being held behind closed doors.

    Governors in attendance are Atiku’s co-contenders in the recently held PDP primaries – Governors Nyesom Wike of Rivers State, Bala Mohammed of Bauchi State and Udom Emmanuel of Akwa Ibom State.

    Other governors attending the meeting are Governors Samuel Ortom of Benue State, Ifeanyi Okowa of Delta State, Godwin Obaseki of Edo State, Aminu Waziri Tambuwal of Sokoto State, Ifeanyi Ugwanyi of Enugu State and Duoye Diri of Bayelsa State.

    Former Vice President Atiku Abubakar met with PDP Governors on June 8, 2022.
    Former Vice President Atiku Abubakar met with PDP Governors on June 8, 2022.

    Also not left out are Governors Ahmadu Fintiri of Adamawa State and Darius Ishaku of Taraba State are also in attendance as well as the PDP National Chairman, Senator Iyorchia Ayu.

    It is the first time Abubakar will be meeting with the PDP Governors’ Forum after the party’s presidential primary.

    Although details of the meeting are still unknown, it is speculated to be part of a series of moves by the main opposition party to mend fences with all aggrieved members of the party and also strategise ahead of the 2023 elections.

    After the meeting ended, the PDP presidential candidate declined to speak to journalists about the outcome of the meeting.

    Meanwhile, the PDP governors have resumed their meetings behind closed doors.

  • Edo Govt Suspends ASUU, Other Unions, Orders Resumption

    Edo Govt Suspends ASUU, Other Unions, Orders Resumption

    The Edo State Government has suspended the Academic Staff Union of Universities (ASUU), and other unions across all state-owned institutions of higher learning.

    This followed the protest by students of Ambrose Alli University (AAU), Ekpoma, over the lingering strike embarked upon by ASUU, a statement issued on Wednesday by the Secretary to the State Government, Osarodion Ogie, said. The affected unions include ASUU, Non-Academic Staff of Universities, Senior Staff Association of Nigeria Universities, Academic Staff Union of Polytechnics, Non-Academic Staff Union of Polytechnics, and all allied unions operating across all state-owned tertiary institutions.

    Ogie stated that the decision was reached after the State Executive Council meeting at the Government House in Benin City.

    “By this notice, academic activities are to resume in all state-owned institutions and all cadre of staff are directed to report to their duty posts immediately,” he said.

    “Students across all state-owned tertiary institutions are expected to resume lectures as necessary measures have been taken to ensure resumption of academic and non-academic activities.

    “Management of the affected institutions have been mandated to pay all outstanding salaries immediately.

    “The management of Ambrose Alli University, Ekpoma, is hereby directed to implement a no-work-no-pay policy, declare vacant and advertise the position of any staff that refuses to resume work in line with this directive.”

     

  • Biden to meet with allies in Germany, Spain amid Ukraine war

    Biden to meet with allies in Germany, Spain amid Ukraine war

    President Joe Biden will meet with allies in Germany and Spain in late June as he tries to hold together the fragile coalition opposing Russia’s invasion of Ukraine.

    The White House announced Wednesday that Biden will travel to southern Germany on June 25 to attend a Group of Seven summit of leaders of the world’s major industrialized nations. After the meeting in the Bavarian Alps, the president will go to Madrid on June 28 to participate in a gathering of NATO member countries.

    The twin summits are being held around the four-month anniversary of Russia’s invasion of Ukraine, and as the United States and its allies are being urged to send longer-range and more advanced weaponry to Ukraine as Moscow looks to consolidate its gains in the country’s east.

    Biden’s efforts to impose and sustain crippling sanctions on Russia are also facing renewed threat amid rising global inflation and supply shocks to the energy and food markets. The president also wants to secure admission to the NATO alliance for Sweden and Finland, but first must help overcome opposition from NATO member Turkey.

    The G-7 members are the United States, Britain, Canada, France, Germany, Italy and Japan. Leaders will discuss their support for Ukraine, climate change, global health security, and the food and energy crisis worsened by Russia’s aggression toward Ukraine, White House press secretary Karine Jean-Pierre said in a statement.

    NATO leaders are set to endorse plans to guide the alliance’s transformation over the next decade, including strengthening deterrence and defense, addressing transnational threats such as cyber and climate, and deepening partnerships with democratic partners in Europe and Asia, she said.

  • Fed Govt: cocoa production to hit 500,000 tons by 2024

    Fed Govt: cocoa production to hit 500,000 tons by 2024

    The Federal Government has unveiled plans to increase the production of cocoa from the present 340,000 tons to 500,000 tons by 2024.

    The Minister of Agriculture and Rural Development, Dr. Mohammad Mahmood Abubakar, stated this in Abuja during a visit led by the Executive Director, International Cocoa Organisation (ICCO) Mr. Arrion Michel.

    While explaining that Nigeria was ranked number four among cocoa producing countries in the world, Abubakar assured that the country can achieve an increase in cocoa production based on the present drive of the Federal Government and relevant stakeholders towards utilisation of improved varieties.

    He noted that of utmost importance is traceability and transparency in the cocoa sector, national cocoa farm irrigation, improvement of the cocoa sector through research, input delivery, production, value addition, processing and export.

    He said: “Nigeria has made a remarkable move to join the Living Income Differential (LID) initiatives which was established by Cote d’Ivoire and Ghana in 2019 which aims at guaranteeing the livelihood of small holder farmers through LID of $400/ton of cocoa beans sold,’’ adding that the two countries are benefiting while Nigerian cocoa farmers are at disadvantage of this benefit due to unregulated and liberalised cocoa industry in the country.

    The Minister said the interactive meeting between the Nigerian delegation and Ghana cocoa board has yielded a positive result with the recent approval by the ministry to establish the National Cocoa Management Committee (NCMC).

    He added that the committee  would consist of stakeholders in the cocoa industry,  develop a framework for the regulation and monitoring of activities in the sector to achieve transparency, traceability and sustainability.

    The Minister further stated that the NCMC would be powered by legislation through the National Assembly to give the process a legal backing.

    He pledged that the ministry would implement the LID system in Nigeria as it strives to take cocoa production to a new height.

    Earlier, the Executive Director, ICCO, Mr. Arrion Michel  informed that Africa produces about 80 per cent of cocoa but the price is determined in Europe and  noted  there is need to address the market force.

    He also pointed out that Cote d’Ivoire, Ghana and Ecuador are the major producers of cocoa while Nigeria is the fourth producer of the product, noting that the product is a key to smallholders farmers in many countries.