Connect with us

Headline

APC Governors Accuse Oil Marketers Of Causing Hardship

Published

on

The Progressive Governors Forum (PGF), a group of governors elected on the platform of the All Progressives Congress (APC), has accused oil marketers of causing hardship in the country.

Hope Uzodinma, governor of Imo and PGF’s chairperson, spoke on Friday after he led his colleagues to visit President Bola Tinubu at the Aso Rock villa.

On Monday, Tinubu, in his inauguration speech, said the subsidy regime was over, noting that it was not provided for in the 2023 appropriation act.

The president’s pronouncement sparked panic-buying of petrol by Nigerians across the country.

On Wednesday, the Nigerian National Petroleum Corporation (NNPC) Limited said it would adjust its pump prices to reflect market realities. The commodity now sells for as high as N550 per litre.

Uzodinma expressed dismay that the marketers were quick to increase prices when the product they had was already subsidised.

“For instance, from May 29 till today, I’m not aware that any petroleum marketer has imported any product.

All the products in their storage facilities are those already imported, subsidised by the government,” he said.

“Why the rush to increase the prices? It is man’s inhumanity to man. I think that what we should do is be our brother’s keepers and learn how to save the firewood we got during the dry season, so we can use it during the rainy season.

“But I also think that as we work towards improving the economy of this country with the intention of creating prosperity, the government will be reasonable enough to look at the reality on the ground and address them as appropriate.

“I have no doubt in my mind that the man who has raised his pump price from N300 plus to N500 plus is creating panic.”

Uzodinma said he expected market forces of demand and supply to fix an appropriate price for citizens.

“By next month, July, the Dangote refinery will be on stream and it’s a very big refinery that will make products available,” he said.

“You are aware that the federal government awarded turnaround maintenance contracts for Port Harcourt, Kaduna and Warri refineries, so if within the period, these refineries are working, products will be available and the market forces will come into play.”

Headline

I Still Get Attacked By People – Yakubu Aiyegbeni Reveals

Published

on

In a recent interview, former Nigerian football star Yakubu Aiyegbeni has revealed that he continues to receive messages and criticisms from fans, years after his infamous miss during the 2010 FIFA World Cup match against South Korea.

The moment, etched into football history, occurred during Nigeria’s crucial group stage game against South Korea. With the score tied at 2-2 and a spot in the knockout stages on the line, Aiyegbeni found himself with what seemed like an open goal opportunity. However, to the shock of fans worldwide, he missed the chance, leaving Nigeria unable to secure the much-needed victory.

Despite this moment happening over a decade ago, Aiyegbeni expressed his surprise at the ongoing messages he receives about the miss. “I still get messages from people, different messages,” he stated in the interview. “It’s surprising how that moment still sticks with people, even after all these years.”

The striker, who had a successful career playing for clubs like Everton and Portsmouth in the English Premier League, admitted that the miss was a tough moment in his career. “Of course, it was a big moment, and I wish it had gone differently. But in football, you have highs and lows,” he remarked.

Continue Reading

Headline

Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN

Published

on

AGAINST the backdrop of sustained pressure in the foreign exchange market and high cost of production, the Manufacturers Association of Nigeria, MAN has indicated that inventory of unsold goods is escalating to levels now threatening the existence of companies operating in the production sector of the economy with attendant job losses.

Findings show that as of the weekend the foreign exchange market had recorded over 254 per cent plunge in the value of the naira since flotation of the currency by the Central Bank of Nigeria (CBN) in June 2023.

Recall that the naira traded for N471 per dollar in the official I&E market on June 13, 2023 before the floatation of the currency, but exchanged for N1,665.50 to a dollar as at February 23, 2024 on the Nigerian Foreign Exchange Market (NAFEM), indicating a depreciation of more than 253.6 per cent over the eight-month period. The forex crisis is also stoking inflation, and coupled with high energy costs, purchasing power has continued plummet, stifling demand for goods.

Speaking on the impact of this development on the manufacturing sector, Director General, MAN, Segun Ajayi-Kadir, said: “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year. “The development is as a result of the devastating effects of the exchange rate crisis, inflation, fake and sub-standard goods, smuggling and other macro-economics challenges.”

Continue Reading

Facebook

Trending