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NNPC Releases Another Estimated Petrol Price Breakdown

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The Nigerian National Petroleum Company Limited (NNPC) has released a revised breakdown of the estimated price of petrol purchased from the Dangote refinery.

Earlier, NNPC issued a statement on Monday providing a chart breakdown of the refined petrol product bought from the refinery on September 15.

According to the statement, NNPC is paying for the September 2024 petrol offtake from Dangote refinery in United States dollars. However, Naira transactions are scheduled to commence on October 1, 2024.

The statement reads, “The NNPC Ltd. has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country.

“The estimated prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery which recognise the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the Petroleum Industry Act (PIA) 2021.

“The NNPC Ltd. can confirm that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024.

“We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.”

While the data of the estimated price to be sold around the country remains the same, the analysis of the transaction it had with Dangote Refinery was altered.

While the first press statement on Monday had a Nigerian Midstream and Downstream Petroleum Regulatory Authority fee of ₦8.99, the second statement showed ₦4.495.

The first statement had an inspection fee of ₦0.97, a margin fee of ₦26.48 and a distribution fee of ₦15.

In the second statement on Monday, there were no inspection and margin fees, while the distribution fee was changed to ₦42.45.

The second statement also had an additional Midstream and Gas Infrastructure Fund fee of ₦4.495.

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BREAKING: Lagos Set To Lead Africa’s Climate Revolution, Tokunbo Wahab Unveils Bold Agenda Ahead Of “Blue Economy, Green Money” Summit

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The Lagos State Government has reaffirmed its commitment to transforming environmental challenges into economic opportunities, as preparations heighten for the 11th Lagos International Climate Change Summit themed “Blue Economy, Green Money: Financing Africa’s Coastal Resilience and Ocean Innovation.”

Speaking at a press briefing held earlier today at the Eko Atlantic Corporate Office in Victoria Island, the Honourable Commissioner for the Environment and Water Resources, Tokunbo Wahab, declared that “Africa is not waiting to be rescued we are ready to lead.”

Wahab highlighted Lagos’ massive investments in coastal defenses, flood mitigation, renewable energy, urban greening, and circular economy initiatives, noting that these efforts are positioning Lagos as a model for climate resilience across the continent.

The upcoming summit is expected to attract subnational governments, global institutions, investors, scientists, and innovators to design actionable, bankable solutions for Africa’s coastal and environmental challenges.

Wahab was joined at the briefing by Special Adviser on Environment, Engr. Olakunle Rotimi-Akodu, alongside permanent secretaries, heads of agencies, and other key officials in the ministry.

“Together, we are shaping a Lagos that not only adapts to change but leads it,” Wahab affirmed.

#BlueEconomyGreenMoney #ClimateChangeLagos #AGreaterLagosRising

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Bill To Create Ijebu State Scales Second Reading At House Of Reps

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A bill proposing the creation of Ijebu State in Nigeria’s south-west region has passed its second reading at the House of Representatives.

The proposed legislation, sponsored by Olufemi Ogunbanwo, who represents Ijebu Ode/Ijebu North East/Odogbolu Federal Constituency of Ogun State, along with three other lawmakers, was considered and approved for second reading during Thursday’s plenary session.

The bill seeks to amend the 1999 Constitution to carve Ijebu State out of the existing Ogun State. This development adds to the increasing number of proposals before the National Assembly advocating for the creation of new states across the country.

Benjamin Kalu, the Deputy Speaker, who presided over the session, subsequently referred the bill to the House Committee on Constitutional Review for further legislative action.

The National Assembly is currently in the process of reviewing the 1999 Constitution, and Kalu, who also chairs the committee overseeing the exercise, had earlier stated that the process is expected to conclude in December 2025.

However, creating a new state in Nigeria remains a difficult constitutional process. According to Section 8(1) of the 1999 Constitution, such a move demands broad legislative and public approval.

For a new state to be created, the proposal must first receive a two-thirds majority vote from lawmakers representing the affected area in both the Senate and the House of Representatives, as well as from members of the State House of Assembly and the local government areas concerned.

After securing legislative approval, a referendum must be conducted in the proposed area, with at least two-thirds of residents voting in favour of the new state. The result of the referendum must then be ratified by a simple majority of all State Houses of Assembly across the federation before final approval is given by a two-thirds majority of both chambers of the National Assembly.

No new state has been created in Nigeria since the country returned to democratic rule in 1999.

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House Of Reps Moves To Peg Rent Increases At 20% Nationwide

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The House of Representatives has urged the federal government to collaborate with state governments to regulate rent increases across the country.

The resolution was adopted during plenary on Thursday after a motion moved by Bassey Akiba, a lawmaker representing Cross River State, was debated and passed.

Akiba noted that the prevailing economic situation in the country has severely affected individuals, households and businesses, particularly those who rely on rented accommodation.

The lawmaker said there is often a “sudden surge in rent” in neighbourhoods where public infrastructure projects such as roads, markets and other amenities have been completed.

He cited instances in the Federal Capital Territory (FCT) where rent in certain areas jumped from N800,000 to N2.5 million per annum following new road constructions, describing the increase as a heavy burden on tenants.

According to him, the “wanton exploitation” by some landlords undermines the government’s efforts to improve citizens’ welfare through public infrastructure projects. He warned that the trend could push struggling Nigerians into desperation and crime.

Akiba stressed the need for a fair balance between property owners’ rights and tenants’ welfare, urging that rent control be introduced to promote stability in the housing sector.

Following the adoption of the motion, the House called on the federal government to increase investment in affordable housing schemes and expand access to low-cost homes to ease pressure on the rental market.

It also directed the Ministry of Housing and Urban Development to work with states to “enforce rent control measures, ensuring that public infrastructure projects do not lead to exploitative rent hikes, and cap rent increases at no more than 20 percent of the existing rent, irrespective of infrastructure improvements or other factors”.

The Committee on Housing and Habitat was mandated to ensure compliance and report back to the House within four weeks for further legislative action.

In a related development, stakeholders in Nigeria’s real estate industry had earlier warned that rising land costs remain a major contributor to the country’s growing housing deficit, urging government intervention to make housing affordable for low- and middle-income earners.

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