Connect with us


BIG STORY

Refineries Gulped N81.41b In Eight Months, Refined Zero Crude —– NNPC

Published

on

A total of N81.41 billion was expended on Nigeria’s refineries between January and August this year, but the facilities refined no drop of crude oil all through this period, latest data obtained from the Nigerian National Petroleum Corporation showed.

Kaduna Refining and Petrochemical Company, Port Harcourt Refining Company, and Warri Refining and Petrochemical Company posted a cumulative revenue of N6.54 billion during the eight-month period.

With revenue of N6.54 billion and a total expense of N81.41 billion, the facilities ended up with a deficit of N78.87 billion, according to figures contained in the just-released August 2020 report of the NNPC.

Further analysis of figures from the latest report, as well as those earlier released by the corporation, showed that the revenue, expense, and deficit of KRPC during the period under review were N6.22 billion, N33.61 billion, and N27.39 billion respectively.

PHRC posted a revenue, expense, and deficit of N61 million, N25.57 billion, and N25.51 billion respectively from January to August 2020.

Similarly, WRPC earned revenue of N257 million, incurred an expense of N22.23 billion, and posted a deficit of N21.98 billion during the same period.

It was further gathered that for 13 straight months, the facilities had been running without refining any volume of crude oil.

Data from the consolidated refineries operations put the volume of crude processed by the facilities from August 2019 to August 2020 at zero metric tonnes.

With a cumulative plant capacity of 445,000 barrels per day, the facilities posted a capacity utilization of zero percent all through the 13-month period.

However, the volume of crude they recorded as closing stock between August 2019 and August this year was 3.78 million metric tonnes.

For several years, Nigeria has been importing the bulk of its refined petroleum products as a result of the inability of its refineries to refine crude oil produced within the country.

On Thursday, the Federal Government revealed that Nigeria, Africa’s biggest oil producer, was set to resume the importation of petroleum products from a neighbouring country, Niger Republic.

The Federal Ministry of Petroleum Resources said in a statement that the two countries signed a Memorandum of Understanding for petroleum products transportation and storage.

It said following bilateral agreements between the President, Major General Muhammadu Buhari (retd.), and his Nigerien counterpart, Mahamadou Issoufou, talks had been ongoing between the two countries for over four months – through the NNPC and Niger’s Societe Nigerienne De Petrole.

According to the statement, Niger Republic’s Soraz Refinery in Zinder, some 260km from the Nigerian border, had an installed refining capacity of 20,000 barrels per day.

“Niger’s total domestic requirement is about 5,000bpd, thus leaving a huge surplus of about 15,000bpd, mostly for export,” it said.

The national oil firm again explained in its latest monthly report that the declining operational performance of Nigeria’s refineries was attributable to the ongoing revamping of the facilities.

It said the revamping of the facilities was expected to further enhance their capacity utilization once completed.

Operators in the downstream oil sector as well as economists have repeatedly called for a fast revamp of Nigeria’s refineries in order to halt the continued importation of refined petroleum products.

The National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, said: “Getting our refineries working optimally is so vital now to save us the continued depletion of our foreign exchange.

“I know the NNPC is working towards that and we hope the refineries will come on board as soon as possible because this might also help in reducing the cost of refined petroleum products.”

The Director-General, Lagos Chamber of Commerce and Industry, Dr. Muda Yusuf, noted that pronouncements by NNPC on the future involvement of the private sector in the operation of the country’s moribund refineries were commendable.

“This is another laudable initiative which will ensure that these national assets are put to use for the growth and development of our economy,” Yusuf said.

He, however, noted that one of the critical elements of the oil and gas sector reform, particularly the downstream sector, was the complete deregulation of the sector.

The LCCI boss explained that the reform of the downstream oil and gas sector would not only impact positively on local refining of crude but also create a number of advantages for the economy.

Yusuf said: “It will unlock the huge private investment potential in the downstream oil sector, especially in petroleum product refining.

“This will ultimately reduce the importation of petroleum products and ease the pressure on the foreign exchange market as well as the burden on our foreign reserves.”

He stressed that the investment opportunities in Nigeria’s oil and gas sector were huge, considering the country’s crude oil reserves and the even bigger prospects in respect of its gas reserves.

According to him, Nigeria has been in the business of oil for over 50 years but still does not have any private refinery operating on a commercial scale.

“This is a big issue. No oil-producing country imports refined petroleum products on a scale that we do in Nigeria. It is inexcusable,” the LCCI DG stated.

Yusuf added: “Pipelines are very critical infrastructure for refineries and for the sector, but the current ones are aging and have deteriorated due to poor investment and maintenance.

“Again, this is because the pipelines are in the public sector space.

“The story of the petrochemicals and fertilizer plants are not different, although the latter has witnessed some measure of privatization.”

Yusuf noted that the dominance of the public sector in this space had significantly slowed down the progress and development of the oil and gas sector.

He stated that the sector was so strategic that it could easily have provided the lever to accelerate the diversification of the Nigerian economy.

BIG STORY

We’ll Reintroduce Bill Seeking 6-Year Single Term For President, Governors Despite Rejection — Rep

Published

on

Ikeagwuonu Ugochinyere, a member of the House of Representatives, says the push for a six-year single term for president and governors will continue despite the bill’s rejection.

The bill, which was slated for a second reading during Thursday’s plenary session, was rejected by lawmakers in the Green Chamber.

Sponsored by Ikeagwuonu from Imo State and 33 other lawmakers, the bill also sought to amend Section 3 of the Constitution to recognize the division of Nigeria into six geopolitical zones.

Briefing journalists on Thursday evening, the lawmaker described the rejection of the bill as a “temporary setback.”

“The struggle to reform our constitutional democracy to be all-inclusive and provide an avenue for justice, equity, and fairness has not been lost,” he said.

The lawmaker added that voting against the bill by the parliament “does not put an end to agitation and hope that we will realise this objective.”

“This is a temporary setback which does not affect the campaign for an inclusive democratic process,” he said.

The Imo lawmaker stated that the sponsors of the bill will review the decision of the House and “find possible ways of reintroducing it after following due legislative procedures.”

“All I can tell Nigerians is that we will continue the advocacy and convince our colleagues to see reason with us. If elections are held in one day, it will reduce cost and rigging,” he said.

“If power rotates, it will help deescalate political tensions, and a six-year single term will go a long way in helping elective leaders focus on delivering their democratic mandate.”

“All hope is not lost, we will continue the advocacy, and we hope that when reintroduced, our colleagues will support it.”

Continue Reading

BIG STORY

65% Of Nigerian Households Can’t Afford Healthy Meals — NBS

Published

on

The National Bureau of Statistics (NBS) reports that food scarcity, insecurity, and high prices have led Nigerian households to reduce consumption, with 65 percent unable to afford healthy meals due to financial constraints.

These findings were released in the NBS’s latest General Household Survey Panel (Wave 5) report, conducted in partnership with the World Bank.

The report reveals that 71 percent of households were affected by rising prices of major food items, while food shortages impacted more than a third of households over the past year. These shortages were particularly severe in June, July, and August, worsening the food insecurity crisis.

As a result, 48.8 percent of households reported cutting back on food consumption, according to the NBS data.

“In the past 12 months, more than one-third of households faced food shortages, which occurred more frequently in the months of June, July, and August,” the report states.

“Price increases on major food items were the most prevalent shock reported by households, affecting 71.0 percent of surveyed households.”

“Households’ main reported mechanism for coping with shocks was reducing food consumption (48.8 percent).”

  • ‘62.4% Nigerian Households Secured Less Food’

The report also notes a significant increase in the number of households concerned about not having enough food to eat, with the figure rising from 36.9 percent in Wave 4 (conducted in 2019) to 62.4 percent in Wave 5.

According to the NBS, this surge reflects a rise in food insecurity, with more than half of Nigerian families struggling to meet their dietary needs.

“Approximately two out of three households (65.8 percent) reported being unable to eat healthy, nutritious, or preferred foods because of lack of money in the last 30 days. 63.8 percent of households ate only a few kinds of food due to lack of money, 62.4 percent were worried about not having enough food to eat, and 60.5 percent ate less than they thought they should,” the report adds.

“Furthermore, 12.3 percent reported that at least one person in the household went without eating for a whole day, and 20.8 percent of households had to borrow food or rely on help from friends or relatives.”

“In general, households in the southern zones report more incidents related to food security than those in northern zones.”

“For example, in the southern zones, the proportion of households reporting that they had to skip a meal ranged from 50.1 percent in South West to 62.4 percent in South East, while in the northern zones this share varied from 34.0 percent in North Central to 48.3 percent in North East.”

The report further highlights that residents in the south-south zone experienced the highest rates of food insecurity across five out of eight indicators. In contrast, the north-central zone had the lowest rates in six of the eight indicators.

Continue Reading

BIG STORY

POLITICS: Rest 31-Year Presidential Ambition — Bode George Tells Atiku Abubakar

Published

on

A former Deputy National Chairman of the Peoples Democratic Party, Chief Bode George, has advised former Vice President Atiku Abubakar to end his 31-year-long bid to be President.

Noting that Atiku’s bid to be President dated back to 1993, George said it was high time the former Vice President retired from such a contest, especially in the 2027 election.

Addressing a press conference at his Ikoyi, Lagos office, on Thursday, George urged Atiku to assume the position of an elder in the nation and leave his bid to posterity.

“To Atiku, my advice is this, you will be 81 years old in 2027, and you have been contesting for the presidency since 1993. This is the time for you to calm down and act like an elder. I appeal to you in the name of the Almighty Allah, that you serve, to take it easy and leave everything for posterity,” George said.

George decried that the PDP was on the verge of crumbling because people uplifted their personal interests and individual ambitions above national interest.

He criticised the “divisive, arrogant, haughty” members of the party romancing the ruling All Progressives Congress yet failing to defect from the PDP, describing them as cowards.

“We are where we are today because of a self-inflicted crisis; we should bury our individual ambitions now and not allow the PDP to crumble, please. Elders of the party should tell some of these funny characters to cool off and think of our national interest instead of their personal interest.

“Nigerians are angry and hungry. Instead of telling the APC the truth, some divisive, arrogant and haughty members are busy romancing the ruling party and they are quick to refer to themselves as elder statesmen. Instead of instigating a crisis in our party, why are they not bold enough to defect to the APC? Do they really fear God at all? No member is big enough to hold the party to ransom,” George added.

Particularly pointing to the crisis between Rivers State Governor, Siminalayi Fubara, and his predecessor and Minister of the Federal Capital Territory, Nyesom Wike, George urged Wike to immediately “cool off” from wanting to “bring down” Fubara.

George said it was worrisome that some party members, rather than bringing the two parties to mediation, further fuelled the Fubara/Wike crisis for their selfish interests.

“My advice to Wike is very simple. You are my political son. I am therefore appealing to him to cool off immediately. I know he was injured by friends during the last PDP presidential contest, but I am advising him as a father to please take it easy. Nobody is bigger than any party. Forget what happened in the past and let us work together in the interest of this party.

“I want to ask the elders at the helm of affairs of our party today, ‘What exactly is the offence of Governor Siminalayi Fubara of Rivers State?’ What exactly is the offence of this gentleman that some elders of our party are trying to throw him under the bus because of political expediency? What exactly is going on that some party members don’t feel bothered about the happenings in Rivers State? Governor Fubara was helped by Governor Wike to become the number one citizen of the oil-bearing state. The governor himself acknowledged this on several occasions.

“Must the governor now behave like a slave to his predecessor and other characters because of this concept of godfatherism which is a misnomer in our politics? Why are some party members encouraging his predecessor to bring him down? He is in Abuja; he wants to control what goes on in Rivers State.

“Did the governors before him behave this way? Why are the party leaders not eager to mediate and bring both groups to normalcy? The PDP cannot continue like this. Why can’t we learn from our past mistakes? Is our party jinxed? Why can’t we tell all these troublemakers to go and sit down if they don’t want this party to move forward?”

The National Assembly has amended the National Drug Law Enforcement Agency Act, prescribing life imprisonment for drug offenders and traffickers.

This decision followed the adoption of the harmonised report by the Senate and House of Representatives on the NDLEA Act amendment.

Presenting the report, the Chairman of the Senate Conference Committee, Senator Tahir Monguno, explained that the amendment sought to impose stricter penalties to deter illegal drug activities.

The amendment specifically stated: “Any person who unlawfully engages in the storage, custody, movement, carriage, or concealment of dangerous drugs or controlled substances and, while doing so, is armed with an offensive weapon or disguised in any manner, commits an offence under this Act and is liable, upon conviction, to life imprisonment.”

The Senate approved the recommendation through a voice vote during Thursday’s plenary, presided over by the Deputy Senate President, Barau Jibrin.

In addition to the NDLEA amendment, the Senate also passed a bill to empower the Revenue Mobilisation, Allocation, and Fiscal Commission.

The proposed legislation, known as the Revenue Mobilisation, Allocation, and Fiscal Commission Bill of 2024, sought to replace the existing RMAFC Act of 2004.

The updated law revises the commission’s composition and operational framework to ensure federal, state, and local governments receive constitutionally mandated resources to address governance and developmental challenges.

Presenting the bill, the Chairman of the Senate Committee on National Planning and Economic Affairs, Yahaya Abdullahi, highlighted the urgency of reforming the commission in light of Nigeria’s dwindling revenues and growing population.

Abdullahi explained that the bill aims to strengthen RMAFC’s mandate as the constitutionally recognised body responsible for monitoring revenue generation and ensuring its equitable distribution among the three tiers of government.

“The Act, last revised over 20 years ago, no longer reflects Nigeria’s evolving economic realities. This bill proposes additional funding and a restructured operational framework for the commission to improve its efficiency,” he said.

He further emphasised that adequate funding from the Federation Account was critical for RMAFC to perform its constitutional responsibilities effectively, noting that funding challenges had previously hindered its performance.

The Senate endorsed the bill following deliberations and a majority vote.

It now awaits President Bola Ahmed Tinubu’s assent to become law.

Continue Reading



 

Join Us On Facebook

Most Popular