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Subsidy: Cameroon stopped importing PMS, depends on smuggled products from Nigeria — NNPC Limited

NNPC
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NNPC Limited has said some West African and Central African countries have stopped importing petroleum products and depend solely on smuggled products from Nigeria.

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Umar Ajia, the Chief Financial Officer of NNPC Limited, revealed this on Monday while speaking before an ad hoc Committee of the House of Representatives investigating fuel subsidy.

The CFO said most countries surrounding Nigeria now fully depend on the subsidy from Nigeria to sustain.

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He disclosed that the smuggling of petroleum products is so easy because of the porous borders and anyone with N5 million can make the cross.

“If you have five million naira, you can cross the borders with trucks laden with PMS, that is the bitter truth, we have porous borders; yes we have Customs but I do not know.

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“PMS crosses everywhere, to Cameroon through the North East, Nigerian PMS gets to Mali; our neighbouring countries hardly import PMS; infact, some of them do not have the LC cover to back up imports.

“Cameroon refinery got burnt sometime last year or so, since that time, they have not imported PSM but they are still using PMS; if you go to Niger, you find that PMS is sold in bottles.”

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He further stated that Ogun, Oyo and Niger State are the largest consumers of petrols.

Ajia insisted that the Nigerian government does not know the exact figure of daily consumption, rather relies on the number of trucks out.

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Following the revelation, the chairman of the committee, Ibrahim Almustapha, said the actions of the officials charged with managing the sector may sink the country.

Almustapha, therefore, ruled that all subsidiaries of the NNPC limited must appear before the committee on Thursday.

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Nigeria Air begins recruitment ahead of launch

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The Nigeria Air Limited has commenced the recruitment of qualified crew members for its operation that is expected to be launched shortly.

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The aviation ministry disclosed this in a memo posted on its official Twitter handle on Friday.

“Nigeria Air is now recruiting qualified crew for the following positions: Experienced, and current B737 Captains; Experienced, and Current B737 First Officers; Experienced, and Current B737 Senior Cabin Crew and Cabin Crew Experienced, and Current B737 Engineers (B1/B2 preferred),” the memo noted.

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It said the positions are based in Abuja or Lagos and that competitive salaries are offered.

The ministry said an application portal for other open positions will be available shortly on the website; www.nigeriaair.world.

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Qualified candidates are required to forward their Curriculum Vitae (CVs) to recruitment@nigeriaair.world

“However, due to the immediate recruitment requirements for the above operational positions only, we ask that CVs be sent to the following email address: recruitment@nigeriaair.world,” the memo read.

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It said, “Your application will be carefully assessed, and suitable candidates will be invited for an interview,”

“We will not reply to applications that do not meet the above criteria,” the memo noted.

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Nigeria Air is the nation’s proposed national carrier which was unveiled at the Farnborough Air Show in England on July 18, 2018.

The project was suspended two months after it was announced after critics raised concerns over its relevance and sustainability. The proposed airline was expected to gulp $8.8 million preliminary cost and $300 million as takeoff cost.

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Nigeria’s defunct carrier, Nigeria Airways, collapsed due to corruption and poor management.

But the Nigerian government dismissed all concerns raised, saying the airline would begin operation before the end of 2018, following President Muhammadu Buhari’s promise to establish a national airline during his 2015 electioneering campaign.

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The new airline will be owned by a private Nigerian consortium, Ethiopian Airlines and the federal government.

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Naira falls to N707/$1 at black market, as forex scarcity persists

Naira, CBN
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The Nigerian naira, on Wednesday, weakened to N707 a dollar at the parallel section of the foreign exchange market.

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The figure represents N42 or 7.45 per cent depreciation compared to the N658 it traded last week — further losing value against the dollar.

Street traders said the free fall resulted from the lingering foreign exchange (FX) supply constraints.

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With a profit margin of N17, the traders put the buying price at N690 and the selling price at N707.

This is even as the Central Bank of Nigeria (CBN) has often maintained that the parallel market is not the true reflection of the naira.

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The difficulties getting dollars from the official market, make the option of the black market an important source to access forex.

Meanwhile, at the official market, FMDQ securities reports that Naira closed Wednesday trading at N436.50 to a dollar reversing the 0.10 per cent gain recorded on Tuesday.

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The depreciation of the local currency comes as forex supply to the investors and importers window dropped to $65.95 million from $83.71million recorded on Monday.

The latest exchange rates imply that the disparity between the black and official markets now stands at N270.5.

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FG’s total debts, other liabilities to hit N60.9 trillion in 2023

Buhari
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By Francesca Iwambe
As the President Muhammadu Buhari-led government scrambles for available funds to survive the current financial squeeze before its expiration in May, next year, a new report has revealed that the government’s total debts and contingent liabilities have hit N60.9 trillion.
The report preempt that the figure is likely to rise to N65 trillion before the end of the year,
According to the report, the figure does not include undocumented contingent liabilities to university lecturers, public school teachers and other public employees to whom the government is indebted. It also excludes other pending financial liabilities to non-lending bilateral and multilateral institutions.
The Federal Government’s debt obligation stood at N35.7 trillion as of June. The amount does not include the Central Bank’s lingering overdrafts estimated at N20.6 trillion at the last count. Besides, the government’s “contingent liabilities” to different institutions and projects stood at N4.6 trillion at the close of last year. The figure is projected to reach N4.98 trillion at the end of the year and jump by as much as 50 per cent to N7.52 trillion next year when the current administration will leave office.
Items and organisations on the contingent liability list are Nigeria Mortgage Refinance Company Plc, Nigeria Ports Authority – Lekki Deep Seaport, pension arrears, NNPC – AKK Gas Pipeline Project among others.

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