Connect with us


BIG STORY

BREAKING: Pastor Taiwo Odukoya, Senior Pastor of Fountain of Life Church, Is Dead

Published

on

The Senior Pastor of Fountain of Life Church, Pastor Taiwo Odukoya, is dead.

His demise was confirmed via the officially Facebook page of the church.

He was said to have died on Monday, August 7, in the United States of America (USA).

His first wife, Pastor Bimbo Odukoya, was among the passengers who boarded the ill-fated Sosoliso Airlines Flight 1145 going to Port Harcourt from Abuja in 2005.

The plane was involved in a crash while landing at Port Harcourt International Airport on December 10th. Although the female cleric survived the initial impact, she died from injuries on December 11, 2005.

He later married another woman, who died in November 2021 after battling with cancer.

May his soul rest in peace.

BIG STORY

Fuel Imports Hit 2.3bn Litres Despite Local Production

Published

on

Despite the commencement of petrol production by two major refineries in Nigeria in the last three months, oil marketers have continued to import and distribute the product nationwide.

According to The Punch, marketers imported “2.3 billion litres” of petrol between September 11 and December 5, 2024.

The continued importation of petrol is contrary to a public announcement by some groups of marketers who earlier stated their intention to halt petrol imports and focus on domestic supply.

The local refineries are the 650,000 barrel per day capacity Dangote Petroleum Refinery located in Lagos and the 210,000bpd capacity Port Harcourt Refining Company in Rivers State. PHRC currently produces from its old plant with a capacity of 60,000bpd.

The Dangote refinery began selling petrol in September, while the Area 5 facility of the Port Harcourt refinery started operations last Tuesday.

Despite this, recent findings (by The Punch) revealed that in the past three days alone, a total of 52,000 metric tonnes of petrol were brought into the country.

About “1322.76 litres” of petrol weighs one metric tonne. This implies that 68.74 million litres of imported fuel was brought in by dealers in three days.

For decades, Nigeria depended on the import of petroleum products to meet local demands. The situation remained even after the commencement of production by the Dangote refinery in September because of its price and insufficient output. During this period, the Nigerian National Petroleum Company Limited was the sole off-taker from the refinery.

But after intense discussions, the Federal Government, in a statement from the finance ministry on October 11, 2024, announced that oil marketers were now free to negotiate the purchase of petrol directly from the Dangote refinery without recourse to NNPC.

This allowed for direct negotiations. Already the Independent Petroleum Marketers Association of Nigeria has signed an agreement with the refinery for product offtake, with negotiations ongoing with the Petroleum Products Retail Outlets Owners Association of Nigeria.

Amid these, oil marketers promised to stop fuel imports and focus solely on domestic supply.

Last week, the PETROAN National President, Billy Gillis-Harry, told our correspondent that its members would temporarily suspend the importation of petrol for the next 180 days due to the coming onstream of the Dangote and Port Harcourt refineries and production ramp-up plans by the refineries.

Similarly, major petroleum marketers announced a suspension of petrol imports following a significant boost in local supply from the Dangote Refinery, which has ramped up its operations.

The association, at a webinar last week, said its members have sourced a total of “148 million litres” of petrol from the Dangote refinery over the past 10 weeks, contributing to a major shift in the country’s fuel supply dynamics.

IPMAN is yet to secure an import licence.

But fresh findings, utilising documents obtained from the Nigerian Port Authority, on Wednesday, showed that marketers have continued fuel imports.

The products were conveyed in three vessels and berthed at the Apapa Port in Lagos State, Tin Can Port in Lagos State, and the Calabar Port in Cross Rivers.

An analysis of the document showed that on Tuesday, December 3, 2024, a ship named Binta Saleh carrying “12,000MT” (“15.864 million litres”) of petrol berthed at the Apapa port at 8:12 am. The vessel had Blue Seas Maritime as its agent and was handled at the Bulk Oil Plant terminal.

On Wednesday, December 4, 2024, another vessel named Shamal brought in “20,000mt” (“26.44 million litres”) of petrol through the Tin Can port at midnight. The ship was handled by the Peak Shipping Agency at Terminal KLT Phase 3a.

Similarly, another vessel named Watson will bring in “20,000MT” (“26.44 million litres”) of refined fuel today (Thursday) by 4:52 pm at the Calabar port. The agent, Kach Maritime, will handle the vessel at the Ecomarine Terminal.

This development indicates that the recent conversation organised by the NNPCL Group Chief Executive Officer, Mele Kyari, and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to eliminate the importation of petrol into the country may have ended in limbo.

The meeting attended by representatives of the Major Oil Marketers Association of Nigeria, Depot and Petroleum Products Marketers Association of Nigeria, and key stakeholders from companies such as 11 Plc, Matrix, and AA Rano, was in growing confidence of Dangote Refinery’s ability to meet the nation’s domestic fuel demand and the need to cut fuel imports.

One of the major marketers who attended the meeting confirmed to our correspondents that the discussion was still ongoing on the plan.

In the month of September, precisely on September 18, three major oil marketers brought in 141 million litres following the full deregulation of the downstream oil sector by the Federal Government.

The marketer stated that each vessel would bring in about “35,000 metric tonnes” of PMS, making a total of “105,000 metric tonnes” (“141 million litres”).

Between October 1 and November 11, 2024, more than two billion litres of petrol were imported by the Nigerian National Petroleum Company Limited and other marketers.

Documents obtained showed that NNPC and its partners imported “1.5 million metric tonnes” of PMS, “414,018.764 metric tonnes” of diesel, and “13,500 metric tonnes” of jet fuel. This is worth about “N3tn” or “$1.8bn.”

In October, NNPCL and its partners imported a total of “994,446.438 metric tonnes” of PMS, with Lagos receiving “555,121.617 metric tonnes,” Warri “281,100 metric tonnes,” Port Harcourt “94,224.821 metric tonnes,” and Calabar “64,000 metric tonnes.”

A total of “285,518.764 metric tonnes” of diesel was also imported, with Lagos receiving “162,500 metric tonnes,” Warri “58,500 metric tonnes,” Port Harcourt “56,018.764 metric tonnes,” and Calabar “8,500 metric tonnes.”

Between November 1 and November 11, a further “358,083 metric tonnes” of PMS, “112,500 metric tonnes” of diesel, and “13,500 metric tonnes” of aviation fuel were discharged at Nigerian ports.

Also, between November 23 and November 28, “78,800 metric tonnes” representing “105.67m litres” of petrol were discharged at the nation’s sea borders for onward distribution.

Continue Reading

BIG STORY

Naira Devaluation Raises Foreign Debt By N30tn — Report

Published

on

Naira devaluation raised Nigeria’s external debt by about “N30.03tn” between 2023 and June 2024 when considered in naira terms, an analysis by The Punch revealed.

Despite a reduction in the country’s debt when measured in US dollars, the exchange rate shift has made Nigeria’s foreign obligations far more costly in local currency.

Data from the Debt Management Office shows that as of June 1, 2023, Nigeria’s external debt stood at “$43.16bn.”

At an exchange rate of “N770.38” to the dollar, this amounted to “N33.25tn.” However, by June 1, 2024, the naira had depreciated by 47.6 percent, with the exchange rate rising to “N1,470.19” to the dollar.

As a result, Nigeria’s external debt, which has dropped to “$42.90bn,” is now equivalent to “N63.07tn.”

In dollar terms, Nigeria’s external debt dropped by 0.60 per cent or “$258.18m” between June 2023 and the same month of 2024.

However, in naira terms, there was an increase of 89.7 percent or “N29.82tn” within the same period.

The Punch further observed that if the June 2023 exchange rate (“N770.38/$1”) had been used, Nigeria’s external debt would have been “N33.05tn.”

This further shows that the naira devaluation added “N30.02tn” to Nigeria’s external debt in one year as the country battles currency weakness and rising total debt.

While the nominal value of Nigeria’s external debt in dollar terms has remained relatively stable, the depreciation of the local currency has caused a steep rise in the naira equivalent.

The Punch further observed that external debt accounted for 46.96 per cent of Nigeria’s total debt by June 2024, up from 38.05 per cent recorded in the same month last year.

Further analysis by The Punch showed that Multilateral lenders remain Nigeria’s largest external creditors, accounting for over half of the country’s external debt (50.41 per cent or “$21.62bn”) as of June 2024.

These creditors include the International Monetary Fund, the World Bank Group, the African Development Bank Group, and the Islamic Development Bank, among others.

Nigeria owes “$1.61bn” to the IMF, making up 3.75 percent of the total external debt.

The World Bank’s share of Nigeria’s debt totals “$16.32bn,” with the majority owed to the International Development Association, which accounts for “$16.32bn,” which represents 38 per cent of Nigeria’s total external debt.

The International Bank for Reconstruction and Development, another arm of the World Bank, is owed “$484.0m,” or 1.13 percent.

Nigeria’s debt to the AfDB group is “$3.87bn,” representing 9.03 percent of the total external debt.

This includes “$1.63bn” to the African Development Bank and “$991.89m” to the African Development Fund.

Nigeria owes “$4.97m” to Arab Bank for Economic Development in Africa, a negligible amount relative to the total, at 0.01 percent.

Debt to the European Development Fund totals “$30.72m,” or 0.07 percent of Nigeria’s external debt.

Nigeria’s debt to the IsDB stands at “$241.84m,” or 0.56 percent of the total debt, while Nigeria’s debt to the International Fund for Agricultural Development is “$273.51m,” which is 0.64 per cent of the external debt stock.

Bilateral Creditors, such as China and France, have provided Nigeria with “$5.89bn” (13.72 percent of total external debt) in credit financing.

China is Nigeria’s largest bilateral creditor, with “$5.07bn” owed to the Exim Bank of China, and this constitutes 11.83 percent of the total external debt.

Nigeria owes “$623.55m” to France (Agence Française de Développement), or 1.45 per cent of the total external debt, and “$52.18m” to Japan (Japan International Cooperation Agency), representing 0.12 percent.

The country’s debt to India (Exim Bank of India) is “$22.35m,” or 0.05 percent, and to Germany (Kreditanstalt für Wiederaufbau) “$115.81m,” or 0.27 percent of total external debt.

Commercial creditors, primarily through Eurobonds, form a significant portion of Nigeria’s external debt.

Nigeria owes “$15.12bn” in Eurobonds, accounting for 35.24 per cent of the total external debt.

The Eurobond debt is expected to increase by the end of the year, as Nigeria recently raised “$2.2bn” from its latest Eurobond auction.

Nigeria also has smaller debts to various syndicated loans and financial institutions. For instance, “$270m,” or 0.63 per cent of the total external debt, is owed to a syndicate of banks.

The Punch earlier reported that Nigeria’s external debt might rise to “$45.1bn” by the end of 2024 as the Federal Government planned to secure additional external funding.

The Debt Management Office revealed in its latest report that the country’s external debt stock increased by “$780m” in the second quarter of 2024, growing from “$42.12bn” in March to “$42.9bn” as of June 2024.

In a related development, the Federal Executive Council approved a “$2.2bn” external borrowing plan as part of the Federal Government’s 2024 Appropriation Act financing programme.

Although the borrowing plan included a combination of Eurobond and Sukuk offerings, valued at “$1.7bn” and “$500m,” Nigeria has raised the entire “$2.2bn” from its latest Eurobond auction out of over “$9bn” subscriptions.

Justifying the borrowing, the Minister of Finance, Wale Edun, said the external financing initiative aligned with the administration’s broader economic recovery plan, which focused on stabilising macroeconomic conditions, adjusting market pricing for foreign exchange and petroleum products, and supporting local production.

He added that earlier in the year Nigeria’s successful domestic issuance of dollar bonds highlighted the growing resilience and sophistication of the country’s financial market, attracting both local and international investors who showcased confidence in the Federal Government’s economic reform agenda.

Continue Reading

BIG STORY

Fire Razes Nollywood Actress Mercy Aigbe’s House [VIDEO]

Published

on

The home of popular actress, Mercy Aigbe, was destroyed by fire, leaving it reduced to ashes.

In a video shared on her social media, she expressed her devastation over the incident.

The cause of the fire remains unclear, as no further details were provided.

However, according to her post, “no life was lost” in the fire.

Watch video below

Continue Reading



 

Join Us On Facebook

Most Popular