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Nigeria to export petroleum products by Dec, says NNPCL

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Nigeria’s oil industry will join the big league in December when it becomes a net exporter of refined petroleum products.

Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer (GCEO), Mele Kyari, said yesterday that ahead of this, the Port Harcourt Refinery will go into full operation and petrol supply from next month.

According to him, the Warri and Kaduna refineries will follow suit by December.

On Sunday, Alhaji Aliko Dangote said the Dangote Refinery will pump petrol in commercial quantity also from next month.

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These are expected to bring relief to Nigerians.

Kyari spoke when he appeared before the National Assembly Joint Committee on Finance.

He was part of the Federal Government’s finance team that shared ideas with the lawmakers on how the Executive is tackling the myriad of economic challenges.

Yesterday, the National Bureau of Statistics (NBS) put the June headline inflation rate at 34.19 per cent, pushed up by the 40.87 per cent food inflation.

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Other members of the economic team at the parley led by the Coordinating Minister of the Economy Mr. Wale Edun were: Budget/National Planning Minister, Senator Atiku Bagudu; Minister of State for Petroleum Resources, Senator Heineken Lokpobiri; Central Bank of Nigeria (CBN) Governor, Dr Yemi Cardoso, represented by Deputy Governor (Economic Policy) Muhammad Abdullahi and Federal Inland Revenue Service (FIRS) Chairman, Mr. Zacch Adedeji.

Edun and Abdullahi joined the meeting during the closed-door session.

Relying on emerging indicators in the energy and gas sector, the NNPCL boss told the committee that Nigeria will become a net exporter of refined petroleum products by December.

Kyari told the committee that the Port Harcourt Refinery will start production early next month, adding that this will be followed by the one in Warri and Kaduna Refinery latest by December.

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He added that in a few months, the daily crude oil production will hit two million barrels with the logistics so far put in place.

Kyari said: “NNPCL and the oil and gas industry are very critical in bringing a turnaround in our current economic situation, and we understand the importance of this. We are taking every step that is practical for us to achieve this.

“We have already seen growth in our oil and gas production because of certain actions that Mr. President personally took, and also the very mere truth that we have also declared a war on production activities and this is yielding the required results.

“The combination of these two has now seen us restoring production in our country, and we believe that, as the minister has said, we will soon hit the target of two million barrels of oil production per day.

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“I’m aware that there are several comments in the public space around refining business and domestic production, including production that will come from the commissioned Dangote refinery.

“This country will be a net exporter of petroleum products by the end of this year. We’re very optimistic that by December, this country will be a net exporter.

“That means a combination of production coming from us, and also from Dangote refinery and other smaller producing companies are in line to do this.

“So, I can confirm to you, Mr. Chairman, that by the end of the year, this country will be a net exporter of petroleum products.

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“We have spoken to a number of your committees that it is impossible to have the Kaduna refinery come into operation before December, it will get to December. Both Warri and Kaduna but that of Port Harcourt, will commence production early August this year.”

The CBN Deputy Governor said the triple challenge of rising inflation, foreign exchange rate fluctuations and food inflation would soon be on the reverse trend as indicators to that effect are already emerging.

Bagudu said the 2024 Budget is already being implemented and that there is ongoing negotiation with Labour leaders on the new minimum wage.

Chairman of the joint Committee, Senator Sani Musa, appealed to Nigerians to persevere “as the government is working around the clock to stabilise the economy”.

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He added: “Our critical interactive session with you as managers of the economy is about economic growth. It’s about how we can get our policies to work. How we will support Nigerians.

“The National Assembly is very concerned because we are the representatives of the people. And we are obliged to ask what is happening and this is the reason for this meeting.

“We have heard from you, at least you have given us preambles of the activities going on, on how our economy can get back on track.

“You are all aware of the obstructions our economy has had in the previous years and it is not going to be easy that overnight, in 365 days or in one year of the coming administration, things will change. It will be gradual.

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“I believe that Nigerians will persevere. This is the only time we can all come together as Nigerians to give His Excellency the President, all the needed support to get us out of all the trouble we have been.

“The indicators are showing that the economy is doing well. Things are a bit difficult because it is not easy for inflation that has gone up to go down like that. It takes time.”

Inflation rises to 34.19 per cent

Nigeria’s headline inflation rate rose marginally by 0.24 percentage points to 34.19 per cent last month from 33.95 per cent in May.

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Food inflation also increased to 40.87 per cent last month against 40.66 per cent the previous month.

The National Bureau of Statistics (NBS), in its latest report, said: “In June 2024, the headline inflation rate increased to 34.19 per cent relative to the May 2024 headline inflation rate which was 33.95 per cent.

‘’Looking at the movement, the June 2024 headline inflation rate showed an increase of 0.24 per cent points when compared to the May 2024 headline inflation rate.”

The NBS stated this in its Consumer Price Index (CPI) released yesterday.

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The CPI  measures the average change over time in the prices of goods and services consumed by people daily.

“On a year-on-year basis, the headline inflation rate was 11.40 per cent points higher compared to the rate recorded in June 2023, which was 22.79 per cent,’’ the report added.

However, the rate of increase (0.24 percentage points) is lower than that of  May and other months.

“On a month-on-month basis, the food inflation rate in June 2024 was 2.55 per cent, which shows a 0.26 per cent increase compared to the rate recorded in May 2024 (2.28 per cent),” it said.

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The NBS attributed the development to a rise in the average prices of food items.

CPI had risen from 33.20 per cent in March to 33.69 per cent in April.

Nigeria has seen 19 months of consecutive inflationary pressure, pushing the inflation rate to a 28-year high.

Many experts at Cordros Capital Group, and CardinalStone Group, had expected a gradual and sustained decline in inflation in the months ahead, with some highlighting possible disinflation from July 2024.

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Financial Derivatives Company (FDC) predicted that average prices would rise further this month. It cited renewed inflationary pressure.

FDC particularly noted that imminent wage increases could trigger cost-push inflation.

President of the Association of Capital Market Academics in Nigeria, Prof. Uche Uwaleke, said recent fiscal measures by the Federal Government designed to address food shortages would manifest in a slowdown of costs.

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INEC set to publish details of 2027 Presidential, National Assembly candidates on August 1

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The Independent National Electoral Commission (INEC) will on Saturday, August 1, 2026, publish the particulars of all presidential and National Assembly candidates contesting the 2027 general election for public inspection at its offices across the country.

The publication of the candidates’ details, contained in Form EC9, is in compliance with Section 29(3) of the Electoral Act, 2026, which requires the commission to make the personal particulars of nominated candidates available for public scrutiny within 21 days of receiving them.

Political parties concluded the online submission of the names, personal particulars and other required documents for their presidential and National Assembly candidates on Tuesday, July 14, 2026, after INEC granted a 72-hour extension to the original deadline. ExecutiveBranch

Under the commission’s revised timetable, nominations for presidential and National Assembly candidates were initially scheduled to be submitted between June 27 and July 11, 2026.

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Section 29(1) of the Electoral Act, 2026, requires political parties to submit Forms EC9, EC9A, EC9B, EC9C, EC9D and EC9E, containing the names and personal particulars of their nominated presidential and National Assembly candidates, not later than 120 days before the election.

Speaking on whether the 72-hour extension would affect the publication date, INEC Deputy Director of Publicity, Wilfred Osilama Ifogah, said he did not expect any change, although he stressed that he was expressing a personal opinion rather than the commission’s official position.

“I doubt. It might not necessarily affect it. It’s just for the Commission to put the information together and submit it. This is my opinion. I’m not talking officially. When it gets to the time, you will see whether the Commission will publish it or not,” he said.

Meanwhile, the online submission of nominations for governorship and State Houses of Assembly candidates, which commenced on July 18, will continue until August 8, 2026.

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INEC has scheduled August 29, 2026, for the publication of the personal particulars of governorship and State House of Assembly candidates through Form EC9.

The commission had earlier conducted party primaries for all elective positions between April 23 and May 30, 2026.

According to INEC’s election timetable, the presidential and National Assembly elections will hold on January 16, 2027, while the governorship and State Houses of Assembly elections are scheduled for February 6, 2027

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CSOs, Youth Groups Push for Inclusive NYSC Reform, Convene National Dialogue

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By Gloria Ikibah

A coalition of civil society organisations and youth groups has announced plans to convene a national dialogue on proposed reforms to the National Youth Service Corps (NYSC), seeking to ensure that the review process reflects the views of Nigerians before the Federal Government takes a final position.

The initiative, being organised by the Centre for Equity, Justice and Transparency in partnership with the Save Nigeria Movement, is expected to bring together policymakers, academics, former corps members, youth organisations, security agencies and other stakeholders to examine the future of the scheme and recommend practical reforms.

Convened by legal practitioners Sorkaa Tsembelee and Patrick Agbese, the one-day dialogue aims to generate a comprehensive working document that will be presented to the Federal Government as part of ongoing efforts to review the NYSC Act.

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In a statement issued on Friday, the organisers said the forum was intended to provide an inclusive platform where stakeholders could contribute meaningfully to the reform process.

The statementread: “The essence of this dialogue is for critical stakeholders to make input into the proposed NYSC reforms before the President’s administration takes final decisions.

“We will have senior academics, former corps members, youth groups and other members of society to dissect the proposed reforms thoroughly.

“It will thereafter catalyse into a working document for the Federal Government. We will invite the CDS, the Army and others. Let everyone look at it and say their own.”

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Established in 1973 after the Nigerian Civil War, the NYSC was designed to promote national unity, encourage integration among young graduates and foster national development through compulsory service outside their states of origin. Over the decades, corps members have played significant roles in education, healthcare, agriculture and community development, particularly in underserved communities.

However, growing concerns over the safety and welfare of corps members, inadequate funding, deployment policies and questions surrounding the relevance of some aspects of the programme have fuelled calls for a comprehensive review.

The organisers said the dialogue will assess whether the scheme still aligns with its founding objectives while identifying legislative and policy changes needed to address present-day realities.

They maintained that while reforms were necessary, the NYSC’s central mission of promoting national cohesion should be preserved alongside efforts to strengthen skills development, entrepreneurship and youth empowerment.

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“This is not about tearing down an institution that has served Nigeria well; it is about refining it with the collective wisdom of those who have lived the experience and those who study its impact.

“Former corps members carry practical insights that policymakers often miss, and we want those voices at the table.

“Youth groups and civil society must not be spectators while decisions that will shape the next generation of Nigerian graduates are taken. The dialogue creates the space for genuine, structured input”, it added,.

According to the organisers, discussions will focus on critical issues including corps members’ welfare, security, orientation camp facilities, deployment procedures, funding mechanisms and the effectiveness of the Community Development Service (CDS) programme.

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They added that academics will provide comparative analyses of national service models in other countries, while security agencies would offer institutional perspectives on improving the protection of corps members, particularly those posted to areas affected by insecurity.

“We cannot discuss NYSC reforms without hearing from those who secure the environment in which corps members serve. The CDS and the Army have institutional knowledge that is indispensable.

“Their perspectives on logistics, security and inter-agency coordination will enrich the final document.

“Senior academicians will help us situate the proposed reforms within the broader context of nation-building. We need evidence-based contributions, not just opinions”, the said.

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The organisers said the ultimate goal was to produce practical recommendations capable of informing both legislative and executive action.

They explained that the final report would reflect contributions from former corps members, scholars, security agencies, youth organisations and civil society groups, providing government with workable proposals for strengthening the scheme without compromising its original mandate.

“The working document that emerges from this dialogue must be something the government can work with.
“It should reflect the views of those who have served, those who teach, those who protect, and those who advocate.

“Anything less would be a missed opportunity. We are calling on all stakeholders to come prepared to engage constructively.

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“The future of the NYSC is too important to be decided in isolation. This national dialogue is our contribution to an open, inclusive process”, the statement further read. 

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No plans to increase electricity tariffs – Power Minister assures Nigerians

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The Minister of Power, Joseph Tegbe, has declared that President Bola Tinubu’s administration has no intention to jerk up electricity tariffs beyond the current level.

He disclosed this during a media briefing in Abuja on Friday.

According to him, the Tinubu administration’s priorities are improving electricity service delivery, expanding access to electricity, and ensuring that Nigerians pay only for the electricity they consume.

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The minister said that, over the last two weeks, the country has consistently generated 5,000 megawatts of electricity.

“We are already witnessing encouraging improvements in electricity generation. Over the course of the last two weeks, we have consistently generated 5,000MW.

“Permit me to address two issues that have generated considerable public discussion. First, there is no policy by this administration to increase electricity tariffs beyond the current level. Our priority is not a tariff increase in the immediate term. Our priority is service improvement, universal metering, and ensuring Nigerians pay only for the electricity they actually consume,” he stated.

He added that the objective of the Federal Government is to provide reliable electricity to homes across the country.

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“Our ambition is clear: reliable electricity that powers our homes.”

Tegbe’s comments come amid debate over a fresh electricity tariff hike, fuelled by remarks made by Tinubu’s Special Adviser on Power Infrastructure, Sadiq Wanka.

Nigerian electricity consumers have kicked against the proposed electricity tariff hike.

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