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Fuel Scarcity: Independent Marketers Vow To Shut Fuel Stations

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IPMAN
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The Independent Petroleum Marketers Association of Nigeria (IPMAN), have threatened to shut down fuel stations this week if the Federal Government through the Nigerian National Petroleum Corporation (NNPC) fails to do the needful by making petrol available to them.

Speaking with journalists at the IPMAN headquarters in Ibadan, the Oyo State capital, over the weekend shortly after meeting with stakeholders, the Nigerian Labour Congress (NLC), Petroleum Tankers Drivers (PTD) and others on the possibility of resolving the scarcity, the IPMAN chairman for Ibadan depot that covers Oyo and Osun states, Alhaji Bukola Mutiu, noted that Nigerians should not blame independent marketers for the current fuel scarcity in the country.

He stated that: “We want the masses to understand that fuel crisis did not emanate from our own end here or from any independent marketer. We are having a shortage of supply from NNPC, I mean we have been denied of having direct payment to NNPC remittal portal that they usually requested us to pay through.

“If we are able to pay to NNPC and get the product, then it means we are getting it at a cheaper rate which would allow us to sell at the approved pump price.

“The fuel scarcity we are having now was caused by the NNPC, because if there is shortage in supply and you are a responsible manager of the product, you should know who and who to give the products to, I mean those who will not hoard the product. As independent marketers, we have the larger percentage of fuel stations, as of today, in Nigeria, we have over 80 percent of fuel stations.

“For over six months now none of the existing marketing companies that are duly licensed with NNPC is being given the opportunity to pay, so that implies that we did have not had fuel at NNPC Ibadan here since the beginning of this year. We have not loaded a litre of fuel at Apata depot here in Ibadan, and we are having five deports in the Southwest and none of them is working at present.

“We have to go to the private depots to buy fuel from them and we have been buying at exorbitant prices ranging from N212 and N220 per litre without truck expenses and to the level of buying at the rate of N220; N222 per litre as at the close of work yesterday and if you add N30 transportation to Ibadan for example from Lagos to Ibadan and total cost of transport on a litre from Lagos to Ibadan is N30, that means that we are getting the fuel to our various stations beyond N260, N255 per litre before we now have other expenses to run stations and other expenses.

“As of today, it is NNPC alone that is importing petroleum products to this country and the product that is meant to be given to us as independent marketers that are duly registered under them is being given to those private hands so we are buying from the third party.

“Another point is that most of the South-West states are being denied of getting access to fuel, if you check our waybills, you see that we are buying from marketers from other regions like the northern and eastern part of the country. So, we are using this medium to appeal to the authorities and the NNPC top officials to look into our problem here. We are having products in but we are buying it from the third party.”

Mutiu, however, concluded that if the Federal Government through the NNPC fails to act accordingly on the situation at hand, marketers would be left with no other option than to withdraw their services, stating that even as they are selling at a very high price, they still run at a loss.

Also speaking on the fuel situation, chairman, Nigerian Labour Congress (NLC) in Oyo State, Mr. Olukayode Martins, said: “We read in the news that the channel which this fuel passes across to the country is so much cumbersome; they’ve made it so difficult for the marketers to get this fuel. The NNPC should do whatever it needs to do because of the masses. Maybe it needs to eradicate the channel so we can have it at our disposal.

“I also want to urge the masses, especially in Oyo State, please calm down because the atmosphere is tense already. They should be peaceful at this hour of the day and I believe with God on our side we will get to the root of this matter

 

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Business & Economy

N’Assembly Positioning Nigeria For One Trillion Dollar Economy by 2030 – Bamidele  

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Senate Leader, Michael Opeyemi Bamidele
Leader of the Senate, Senator Michael Opeyemi Bamidele
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The Leader of the Senate, Senator Opeyemi Bamidele on Tuesday reeled out the accomplishments of the 10th National Assembly, saying the upper chamber had been passing diverse laws aimed at creating an environment for economic competitiveness and positioning Nigeria for a $1 trillion economy by 2030.

Bamidele, currently representing Ekiti Central, added that many of these legislative initiatives are already making a difference in the daily lives of the citizenry and the collective prosperity of the country.

He made these remarks yesterday at a meeting with the delegation of the United Kingdom Parliament held at the conference room, New Senate Wing, National Assembly Complex, Abuja.

Led by MP Kate Osamor of Edmonton & Winchmore Hill, the delegation comprises a member of the Parliament for Dumfriesshire, Clydesdale & Tweeddale, Rt. Hon. David Mundell; member of the Parliament for Westminster North; Dame Karen Buck; member of the House of Lords; Lord Jonathan Oates; member of the Parliament for Worthing West; Dr Beccy Cooper and member of the Parliament for Plymouth Moor View; Rt Hon. Fred Thomas, among others.

At the session with members of the UK Parliament, Bamidele explained that the National Assembly would continue to play pivotal roles in building a resilient economy and functional political system, which guarantees the security of the citizenry.

He said: “Since the birth of the 10th Senate about two years ago, I have been discharging the duties of my office with modest records of accomplishment. One of such accomplishments is the timely passage of key legislations, particularly in the areas of fiscal reform and national security

“By engaging my colleagues across all political divides, we have successfully passed laws aimed at creating an environment for economic competitiveness and positioning Nigeria for a $1 trillion economy by 2030. I am proud to say that many of these legislative initiatives are already making a difference in the daily lives of our citizens.

“As we look towards the future, we remain deeply committed to strengthening Nigeria’s democratic institutions and ensuring that the National Assembly continues to play its pivotal role in building a resilient economy and a functional political system that guarantees the security of all.”

Bamidele disclosed that the nation’s parliament is building synergy with different parliamentary associations and institutions across the world to address the dearth of institutional capacity.

In her own presentation, the leader of the delegation, MP Kate Osamor, solicited for inclusion of more women in the National Assembly to address the existing gender gap in the nation’s electoral offices.

Osamor said: “We have to make sure more women are in the parliament. Every society is a reflection of elected representatives.”

On the issue of gender sensitivity, the senate leader promised the delegation that the 10th Senate would give priority attention to the issue, recalling that the 9th Senate was almost resolving the issue before it came to an end in June 2023.

 

 

 

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CBN Stops Free Withdrawals For Customers Using Other Banks’ ATMs

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CBN Headquarters Abuja
CBN Headquarters Abuja
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The Central Bank of Nigeria (CBN) says charges will now apply anytime customers use the Automated Teller Machines (ATMs) of banks other than theirs.

This was contained in a circular dated February 10, 2025, and addressed to all banks and financial institutions, the apex bank’s acting Director of Financial Policy and Regulation Department, John Onojah.

“The three free monthly withdrawals allowed for remote-on-us (other bank’s customers/not-on-us consumers) in Nigeria under Section 10.6.2 of the Guide shall no longer apply,” the circular partly read.

The CBN directed banks and other financial institutions to apply the following charges with effect from March 1, 2025.

The apex bank said while customers withdrawing at the ATMs of their banks and financial institutions won’t be charged, customers withdrawing from the ATM of other banks would now be charged ₦100 per every ₦20,000.

The CBN said for off-site ATMs — automated teller machines not on a bank’s premises – like those at shopping malls, eateries and other public places — a surcharge of not more than ₦500 per every ₦20,000 will apply in addition to the statutory ₦100 fee for withdrawals by customers of other banks’ ATMs.

The apex bank attributed the reviewed charges to rising costs and the need to improve the efficiency of ATM services in the country.

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the circular stated.

 

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Senate Passes MTEF/ FSP, To Probe N8.4tn Withheld Subsidy Funds By NNPCL

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The Senate has passed the 2024 – 2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government.

The passage followed the presentation of a report by the chairman of the Joint Committees on Finance and National Planning & Economic Affairs presented by Sen. Musa, Mohammed Sani (Niger East).

The senate also tasked its Committees on Finance and Petroleum as well as Gas to investigate allegations of withheld funds by the NNPC, including NGN 8.48 trillion in petrol subsidies, and $2 billion (NGN 3.6 trillion) in unpaid taxes.

The allegation was highlighted by reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and the Revenue Mobilization, Allocation, and Fiscal Responsibility Commission.

The development comes following the Office of the Auditor-General of the Federation, saying it had received the necessary and complete documents required to verify the N2.7 trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited against the government.

The Senate approved the exchange rate projection of 1,400 USD for 2025-2027 with a provision for review in early 2025, based on prevailing monetary and fiscal policies.

They also resolved that any excess on the official figure would be used for debt servicing.

During the debate on the report submitted by the Chairman Senate Committee on Appropriations, Senator Sani Musa (APC, Nigeria East ), the Lawmakers also demanded a reduction in the petrol prices against the backdrop of the commencement of the Port Harcourt Refinery.

Chairman of the Senate Committee on Appropriations, Senator Adeola Olamilekan referenced the Federal Government’s Compressed Natural Gas initiative as the underlying imperative for the adoption of the N1400 to one dollar.

According to him: “With the functioning of our refineries the demand for Forex will drop. With the CNG initiative, Nigerians will have an option for your information if you leave Benin to Lagos the amount of fuel is about 130 thousand but with CNG you can’t use more than 48 thousand Naira. Another issue to be addressed is the recurrent to-capital ratio which is very high.

The need to support the manufacturing industries was also raised by Senator Yahaya Abdullahi, of the Peoples Democratic Party, Kebbi North if the projections of the MTEF are to be achieved.

In their resolutions, the Senate also adopted inflation rate projections of 15.75, 14.21 and 10.04 per cent for 2025, 2026 and 2017 respectively.

According to the recommendations, “The 2025 Federal Government of Nigeria budget proposed spending of N47.9trilion of which N34.82 trillion is retained. New borrowings stood at N9.22tn, made up of both domestic and foreign borrowings.

Capital expenditure is projected at 16.48 trillion naira with statutory transfers standing at 4.26 trillion naira and sinking funds projected at N430.27billion.

 

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