Connect with us

News

Tinubu, Dangote, others hold talks on naira-for-crude policy

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

By Francesca Hangeior

President Bola Tinubu is currently receiving a briefing from the Implementation Committee on Crude Oil and Refined Products Sales in Local Currency at the Aso Rock Presidential Villa, Abuja.

The Minister of Finance, Mr Wale Edun, who chairs the committee, is leading the small delegation comprising the Chairman of Dangote Group, Aliko Dangote, and the Group CEO of the Nigerian National Petroleum Company Limited, Mr Mele Kyari.

The committee members were sighted arriving at the Council Chamber at minutes last 02:00 pm.

Advertisement

In early October, the Federal Government began implementing a policy to sell crude oil to the Dangote Refinery in naira rather than U.S. dollars.

This followed the Federal Executive Council’s approval which, the FG says, will stabilize fuel prices domestically and strengthen Nigeria’s currency by cutting down on the need for dollars in crude oil transactions.

The move also allows the NNPC to supply crude oil in local currency, with Dangote’s refinery as the pilot for this strategy.

By trading in naira, the government aims to improve the availability of petroleum products and decrease import-related costs.

Advertisement

The Dangote Refinery, which requires significant crude supplies annually, is expected to reciprocate by providing petrol and diesel in naira, simplifying currency transactions and lessening the economic strain of fuel imports.

The FG said the approach will reduce FOREX demands by up to 40 per cent as key institutions, including the Central Bank of Nigeria and AfreximBank, support the transition.

However, in September, the NNPCL and the Dangote Refinery were embroiled in pricing disputes.

The NNPCL claimed it bought petrol from Dangote at a high price of N898 per litre, a rate that Dangote’s representatives called “misleading,” stating that official pricing terms were yet to be finalised.

Advertisement

At Tuesday’s meeting, President May likely intervene in the simmering dispute between the two companies.

Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

BREAKING: Borno Sch Releases Identities Of 36 NECO Candidates Still In Boko Haram Captivity After Invasion

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The identities of the students abducted by suspected Boko Haram terrorists during Monday’s attack on Government Day Secondary School, Lassa, in Askira/Uba Local Government Area of Borno State, have emerged, as school authorities confirmed that 36 candidates remain in captivity.

Documents obtained from the school show that the missing students comprise 25 female and 11 male candidates who were writing the ongoing National Examinations Council (NECO) Senior School Certificate Examination when the terrorists stormed the school.

The development provides the first comprehensive account of those still unaccounted for following the brazen attack that once again exposed the vulnerability of schools in Nigeria’s insurgency-ravaged North-East.

The list indicates that although security forces mounted a rescue operation shortly after the attack, only seven abductees have so far regained their freedom.

Advertisement

Those rescued comprise five female students and two teachers.

A teacher who was among those rescued told SaharaReporters that 43 persons were initially abducted, including 41 students and two teachers, leaving 36 students still in Boko Haram captivity.

The media had earlier reported that troops of Operation HADIN KAI, backed by Nigerian Air Force surveillance and strike aircraft, pursued the fleeing terrorists into the bush, engaged them in a firefight and rescued some of the victims.

Security sources also disclosed that the troops recovered motorcycles used by the insurgents during the operation.

Advertisement

Speaking to the media on Wednesday, a staff member of the Government Day Secondary School, who requested anonymity for security reasons, said the attack came at a heavy cost.

According to the source, one teacher, one Nigerian soldier and a local hunter were killed during the exchange with the terrorists.

“They paid the supreme sacrifice while trying to stop the terrorists from taking away the students,” the source said.

The attack occurred while students were sitting for their NECO examinations after the insurgents reportedly infiltrated Lassa community on motorcycles, disguising themselves as soldiers and operatives of the newly created Forest Guards on the town’s market day before launching the assault. Security officials said the gunmen fired sporadically, killing a teacher before whisking away students into nearby forests.

Advertisement

The Borno State government has since confirmed that the abducted students are between 15 and 18 years old, while efforts involving the military, police, Civilian Joint Task Force (CJTF) and local vigilantes are continuing to secure the release of those still being held.

The latest mass abduction has renewed concerns over the persistent targeting of schools by Boko Haram and its breakaway faction, ISWAP, despite repeated assurances by Nigerian authorities that educational institutions in the North-East are adequately protected.

The media had also reported that the terrorists struck Lassa barely a day after another kidnapping incident in the same Askira/Uba axis, where several women working on their farms were abducted, highlighting the worsening security situation in southern Borno.

Advertisement
Continue Reading

News

Ex- Science and Tech Minister Uche Nnaji arrested over certificate scam

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Former Minister of Science and Technology, Uche Nnaji, was arrested on Wednesday at the Akanu Ibiam International Airport, Enugu, where he was scheduled to board a chartered flight to Abuja.

Sources at the airport confirmed the arrest, saying Mr Nnaji would be handed over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for interrogation.

The ICPC had been on the trail of the former minister since he resigned from office last year following investigations that revealed he forged his academic certificates.

In mid-June, a Federal High Court in Abuja ordered the ICPC to arrest Mr Nnaji for investigation into the certificate forgery scandal. Beyond the arrest order, the court also granted the commission leave to declare him wanted through national newspapers, social media platforms and other media.

Advertisement

The ICPC had told the court that its ex parte application followed Mr Nnaji’s repeated failure to honour invitations extended to him for “investigative activities” over the forgery allegations.

Details shortly…

Continue Reading

News

My Presidency will unite Nigeria for robust human capital development -Obi

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The presidential candidate of the National Democratic Congress (NDC), Peter Obi, on Wednesday placed uniting Nigeria as his top priority for robust human capital development.

Writing on his X handle to unveil his vision for a “productive and prosperous Nigeria.”
Titled ” My Vision for a Productive and Prosperous Nigeria”, Obi said, “When I decided to contest for the office of President of Nigeria, I pledged to place Nigeria on the path of unity and national transformation. Now, as the Nigeria Democratic Congress (NDC) candidate, I will, in the coming weeks and months, provide insights into the roadmap that I am confident will help curb abuse in government, halt the decline in the quality of life of Nigerians at all levels, and usher in an era of unity, peace, sustained progress, and prosperity.

“This vision is anchored on a commitment to unity, inclusion, social justice, equity, and the freedom of every citizen to pursue lawful dreams.
Central to this proposed roadmap are significant reforms in education and healthcare, which are at the core of human capital development.

“A robust human capital is indispensable infrastructure for national progress. It serves as the fundamental capital upon which daily life, economic expansion, and the delivery of essential public services depend

Advertisement

“They are foundational areas that we must reform with energy and determination if we are to reap the demographic dividend of our youthful population.

“From the outset of my presidency, we will establish a task force dedicated to drastically reducing the menace of out-of-school children. We will place greater emphasis on Technical and Vocational Education and Training (TVET) to support our drive for massive industrialisation, anchored on our agricultural endowments and value addition across value chains organised around industrial parks to be located in development zones across the geopolitical regions of the country.

“Funding and improved equipment of TVET institutions, through partnerships among government, the private sector, and social entrepreneurs such as faith-based educators, will facilitate apprenticeship opportunities in the private sector, similar to the German dual education system.

“The situation in which unemployment remains high while Nigerian entrepreneurs establish businesses elsewhere because skilled labour is scarce must be confronted decisively. Doing so is essential for the common good and for facilitating our transition from a consumption-driven economy to a production-driven one.

Advertisement

“Character and civic education, emphasising the values that foster trust—an essential ingredient for enterprise and leadership—as well as shared national values, will receive significant attention within the tripartite approach to governance that we propose.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News