Headline
Subsidy Removal Drags Down Petrol Consumption By 28%
Average daily petrol consumption in Nigeria has fallen by 28 per cent since President Bola Tinubu scrapped subsidy on the fuel at the end of May.
Average daily petrol consumption fell to 48.43 million litres in June, down from the previous average of 66.9 million, according to figures released to Reuters by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The subsidy regime had kept prices cheap for decades but it became increasingly expensive for the country.
Nigeria reportedly spend $10 billion last year on subsidy-leading to wider deficits and driving up government debt.
Since the subsidy was ended a black market in neighbouring Cameroon, Benin and Togo that relied on petrol smuggled from Nigeria has collapsed.
Despite having spent $2.41 billion on the subsidy in the first five months, Nigeria could save up to $5.10 billion this year from scrapping the petrol subsidy and from FX reforms, the World Bank said on June 27.
Corroborating the development the president of Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) , Billy Gillis-Harry, told LEADERSHIP that his Association has developed a framework that could support government transparently and effortlessly collate adequate consumption data on petroleum consumption in the country.
Gillis-Harry, in a telephone conversation told our Correspondent that PETROAN has evolved the Petroleum Products Passport, PPP, a tool that can be perfectly deployed by the industry to transparently monitor products supply and distribution across the country.
While, commending the present administration for mustering the political will to exit the petrol subsidy regime the PETROAN president called for sustainable efforts to fix the nation’s refineries.
Meanwhile, the projected mass rollout of Compressed Natural Gas, CNG, refilling outlets across all states of Nigeria is becoming a reality with seven banks ready to manage revolving fund facility from the African Development Bank, AfDB.
The Independent Petroleum Marketers Association of Nigeria, IPMAN had sealed the deal with the bank following removal of petrol subsidy.
National President of IPMAN, Elder Chinedu Okoronkwo disclosed this development to LEADERSHIP on phone.
Our Correspondent gathered that the Association made the approach after it conducted a market survey on the cost of converting existing petrol stations to CNG outlets
LEADERSHIP authoritatively reports that the IPMAN has already commenced identification of members interested in co-locating CNG dispensers and infrastructure on their existing petrol retail outlets .
The exercise is to identify qualified potential candidates for loans to support it’s target of establishing 10-20 colocated CNG stations in each state of the federation during the first phase of its planned nationwide rollout.
The Minister of Justice, Lateef Fagbemi, SAN has warned against obstructing the Economic and Financial Crimes Commission (EFCC) from carrying out its lawful duty .
Fagbemi’s warning is contained in a statement in Abuja.
“This is a matter of very grave concern, it is now beyond doubt that the EFCC is given power by the law to invite any person of interest to interact with them in the course of their investigations into any matter, regardless of status.
“Therefore, the least that we can all do when invited, is not to put any obstruction in the way of EFCC, but to honourably answer their invitation.
“A situation where public officials who are themselves subject of protection by law enforcement agents will set up a stratagem of obstruction to the civil and commendable efforts of the EFCC to perform its duty is to say the least, insufferably disquieting’’.
He added that running away from the law will not resolve issues at stake but only exacerbate them.
“Nigeria has a vibrant judicial system that is capable of protecting everyone who follows the rule of law in seeking protection.
“I therefore encourage anyone who has been invited by the EFCC or any other agency to immediately toe the path of decency and civility by honouring such invitation instead of embarking on a temporising self-help and escapism.
“This can only put our country in bad light before the rest of the world’’.
He said institutions of state should be allowed to function effectively and efficiently.
“I stand for the rule of law and will promptly call EFCC, and indeed any other agency to order when there is an indication of any transgressions of the fundamental rights of any Nigerian by any of the agencies’’.
NAN reports that the EFCC had on Wednesday warned members of the public that it was a criminal offence to obstruct officers of the Commission from carrying out their lawful duties.
Section 38(2)(a(b) of the EFCC Establishment Act makes it an offence to prevent officers of the Commission from carrying out their lawful duties. Culprits risk a jail term of not less than five years.
The warning , the EFCC said, became necessary against the background of the increasing tendency by persons and groups under investigation by the Commission to take the laws into their hands by recruiting thugs to obstruct lawful operations of the EFCC.
On several occasions, the anti graft agency said, operatives of the Commission have had to exercise utmost restraint in the face of such provocation to avoid a breakdown of law and order.
Some unknown gunmen have kidnapped Joshua Rogers, the ChannelsTV reporter in Port-Harcourt, the Rivers State capital.
Politics Nigeria learnt that Rogers was picked up close to his residence at Rumuosi in Port Harcourt and to an unknown destination by the gunmen around 9pm on Thursday, April 11.
The reporter was driving his official ChannelsTV branded car when the hoodlums accosted, pointed a gun at him and took him away in the same vehicle.
Rogers was said to be returning from his official assignment in Government House after a trip to Andoni for a government event when the incident happened.
Already, the gunmen were said to have contacted his wife and demanded a N30million ransom for bis release.
His cameraman confirmed the incident and appealed to his abductors to set him free unconditionally.
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