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Federal Government To Supply 12m Barrels Crude To Dangote Refinery In October

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The Federal Government and Dangote Refinery have sealed a deal for the supply of 12 million barrels of crude oil to the facility in October.

This agreement falls under the innovative “Crude Oil for Naira” partnership between the Dangote Group and the Nigerian government.

Aliko Dangote, CEO of Dangote Refinery, confirmed this development in an interview with Bloomberg TV, stating that the crude oil supply is part of an ongoing agreement to enable local processing and production of petrol, diesel, and jet fuel for domestic consumption.

“We are working towards a solid agreement with the federal government that ensures energy security for the country. This means no more fuel queues,” Dangote stated. “The government has committed to providing us with crude oil, and in October, they will deliver 12 million barrels, which translates to roughly 390,000 barrels a day. We will refine this crude to produce gasoline, diesel, and aviation fuel for the local market. Any surplus will be exported.”

He noted that it will help bring 50 to 60 per cent of currently non-operational filling stations back into service, drastically improving access to fuel across the country.

“The deal with the government ensures that we sell the refined products to all marketers, which will mean the reopening of 50 per cent to 60 per cent of our petrol stations that have been idle. This will also reduce the costs tied to having ships floating off the coasts of Lome and elsewhere. In terms of demurrage alone, we are looking at saving over $1 billion,” Dangote added.

BIG STORY

President Tinubu Congratulates Dele Alake On 68th Birthday

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President Bola Tinubu congratulates the Minister of Solid Minerals Development, Dele Alake, on his 68th birthday.

President Tinubu celebrates his long-time ally, buddy, brother and invaluable partner for his support throughout his political journey as Senator, Governor of Lagos State, Presidential candidate and President of the Federal Republic of Nigeria.

The President says he cherishes working closely and collaboratively with Alake in more than three decades.

The President thanks Alake for his candid counseling and unwavering support, which have provided invaluable guidance during challenging times in public office.

He notes that Alake’s staying power in the various roles he has handled in his lifetime has been rooted in his honesty, passion, tact, determination and exceptional public relations.

President Tinubu is confident that the Minister will continue to uphold his high standards of excellence in service to the nation.

He joins family, friends, and well-wishers in offering prayers for Alake’s continued success and well-being.

 

 

 

 

 

 

 

 

 

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BIG STORY

Local Government Election Holds In Rivers Despite Police Absence [PHOTOS]

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The local government election in Rivers State is currently underway, notwithstanding the notable absence of police personnel to oversee the process.

Sources reveal that sensitive materials have been successfully distributed across various local government areas.

Governor Siminalayi Fubara remains resolute in his determination to conduct the election, despite escalating tensions within the state.

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BIG STORY

JUST IN: Explosion Rocks Rivers APC Secretariat As Local Government Poll Holds

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An explosion occurred at the Tony Okocha-led secretariat of the All Progressives Congress (APC) in Rivers State, located along Aba Road, Port Harcourt, on Saturday, October 5, 2024, during the local government election.

The explosion damaged the gate and doors of the secretariat, along with other property. According to Tony Okocha, Chairman of the APC faction in Rivers State, “About 3:20am some gun-trotting young men with their explosives and all that, came here and dropped the first explosive,” but when it did not detonate, “they came back the second time to burn the structure – look at the security house is gone.”

Okocha alleged that the attack was politically motivated, accusing Governor Siminalayi Fubara of responsibility. He stated, “It was deliberate to see how they can annihilate us, it is deliberate to see how they can embarrass us, it is deliberate to see how they can decimate us.”

Despite the incident, accreditation and voting have commenced in several polling centres around Port Harcourt City.

More to come…

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