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Petrol queues spread to Lagos

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The scarcity of petrol that started in the Federal Capital Territory(FCT) six days ago has spread to Lagos.

Yesterday, motorists at Nigeria’s commercial hub, spent hours at the few filling stations selling the product.

An on-the-spot assessment by our reporters showed that many of  the stations that dispensed the product were independent marketers.

Many major marketers did not sell petrol.

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The situation presented an opportunity to the independent stations to raise pump prices. The cost of a litre ranged between N610 to N800 depending on the area of purchase.

Petrol attendants and black market hawkers also made quick money from desperate motorists.

One of our reporters who drove from Akoka to Oshodi observed that only one filling station (Mobil ) at Vono Bus Stop in  Mushin was open for business.

There were also queues at filling stations operated by TotalEnergies and Tecno Oil in Festac Town.   NNPC Limited’s petrol station on Ago Palace Way had long lines of motorists waiting to buy the product.

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At NNPC Limited  filling station on Awolowo Road, Ikoyi, a motorist, who identified himself simply as Richard, said he willingly offered  N1,000 to an attendant  to hire a keg and buy petrol for him.

‘’Apart from the N1,000, I gave him N500 for his effort. There was no way  I could have joined the queue because I had an emergency to attend to,’’ he told The Nation.

In the FCT, the queues lengthened   with a litre of petrol selling  for between  N720 and  N820    at independent stations. At those  run by major marketers, it N690.

The NNPC Limited  retail outlets that operated still sold for N617 per litre but with very long vehicular queues.

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On the other hand, black market operators sold the product for as much as N1,100 to N1,300 per litre.

But as motorists and commuters groaned, the NNPC Limited warned against hoarding of petrol. It  assured of improved in supplies soon.

In a statement by its Chief Corporate Communications Officer, Mr. Olufemi Soneye, the NNPC Limited blamed the scarcity on a number of factors, including thunderstorms and floods.

The company explained that the unfavourable weather conditions did not only affect ship-to-ship (STS) transfer of petrol but ‘’truck load outs and transportation of the product to retail outlets.

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It  added that there was need for caution to be upheld during  rainstorms and lightning because of the inflammability of petroleum products.

Soneye said in the statement  that  there was no cause for alarm as  ‘’loading has commenced in areas where these challenges have subsided’’

The statement  reads in part: “The NNPC Ltd wishes to state that the disruption of fuel queues seen in the FCT and some parts of the country, were as a result of disruption of ship-to-ship (STS) transfer of Premium Motor Spirit (PMS), also known as petrol, between Mother Vessels and Daughter Vessels resulting from recent thunderstorm.

“The adverse weather condition   also affected berthing at jetties, truck load-outs and transportation of products to filling stations, causing a disruption in station supply logistics.”

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He  added that adherence to safety  regulations as advised by the Nigerian Meteorological Agency (NIMET)   is mandatory as ‘’any deviation could pose severe danger to the trucks, filling stations and human lives.’’

Soneye also said the  scarcity was   compounded by consequential flooding of truck routes especially   at  coastal corridors to the FCT.

Executive Secretary, Major Energies Marketers Association of Nigeria (MEMAN), Clement Isong  is on the same page with the NNPC Limited on the cause of the scarcity.

Isong  said: “The supply chain was disrupted. For a few days last week, there was heavy rain which disrupted operations at depots and loading bays. Petrol cannot be loaded during rainstorm and lightening.

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‘’The roads were flooded and trucks could either not move or were moving slowly.  So we lost two or three days of loading activities and it’s the backflow of this that has led to the queues. But the queues will disappear because petrol is very much available, so there’s nothing to worry about.”

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Brain Drain, Infrastructure, Resource Allocation Challenges Of Health Sector – Reps

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By Gloria Ikibah
The House of Representatives has highlighted the detrimental impact of the mass migration of health workers from Nigeria, describing it as a major challenge to the country’s healthcare system.
The Chairman, House Committee on Health Institutions,  Rep. Amos Magaji, stated this during a public hearing on 16 bills aimed at establishing various health institutions, on Thursday in Abuja.
Rep. Magaji underscored the need for better distribution of healthcare facilities, particularly in rural areas, to address population growth and healthcare gaps.
He noted, “Recently, there has been an enormous migration of doctors, nurses, and other health workers in search of ‘greener pastures,’ leaving Nigeria’s health sector severely understaffed. To improve the sector, we must invest in human resources, medical intelligence, and the administrative appointment of capable persons based on merit.”
The Chairman also brought to light the infrastructural deficiencies in healthcare institutions across the country, citing inadequate funding, lack of maintenance, and insufficient equipment as recurring issues.
The Minister of Health, Prof. Mohammed Ali Pate, represented by Dr. Jimoh Olawale Salahudeen, in his submission warned against the duplication of health institutions, and stated that such efforts would strain the already scarce resources.
He explained, “Existing Federal Teaching Hospitals and Medical Centers in Nigeria, including those in the North West, already provide cardiovascular care and related services. Establishing a new institute would add financial burden without addressing the core issues.”
Pate also acknowledged the migration of health workers and the need for a stronger workforce to handle emerging health challenges.
“The Federal Ministry of Health supports the establishment of new institutions but insists on considering geographical spread, population density, and disease burden in proposed locations,” he added.
The hearing emphasised the need for balanced development in the healthcare sector, adequate funding for existing institutions, and policies to retain health professionals in Nigeria.
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Access Bank (UK) Limited to Acquire AfrAsia Bank Limited

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By Gloria Ikibah
Access Holdings PLC has announced that its subsidiary, The Access Bank UK Limited (“Access UK”), has signed a binding agreement to acquire a majority stake in AfrAsia Bank Limited, the third-largest bank in Mauritius by total assets.
Mauritius, known for its strong financial sector, which contributes 13.4 per cent to its GDP, offers Access UK a strategic base to grow its personal and corporate banking services.
This was contained in a statement by its Company Secretary, Sunday Ekwochi, made available to Naijablitznews.com on Thursday.
According to Ekwochi, the acquisition will also position Mauritius as a hub for Access Bank’s trade finance operations, enhancing its ability to manage cross-border transactions across Africa and internationally.
AfrAsia Bank, as of June 30, 2024, reported total assets of over $5.7 billion and a net profit after tax of $152.4 million, underlining its solid financial position.
**Key statements on the acquisition:**
– Managing Director/CEO of Access Bank Plc, Roosevelt Ogbonna, speaking on the acquisition said:  “This acquisition is a crucial step in our African growth strategy, strengthening our position as a top Pan-African financial institution. Mauritius’ role as a financial hub aligns with our vision to unlock opportunities that drive trade, support businesses, and promote economic inclusion across the region.”
Also Managing Director of Access Bank UK, Jamie Simmonds, stated: “AfrAsia Bank’s strong balance sheet and established brand in Mauritius give us a solid platform for sustainable growth. This deal supports our strategy to diversify earnings and provide clients with seamless access to global markets.”
Access Bank UK aims to promote sustainable growth, deliver innovative financial solutions, and support trade between Africa and the world.
The acquisition process will be finalized in the coming months, with updates provided as needed.
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FEC approves ₦47.9tn 2025 budget

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By Kayode Sanni-Arewa

The Federal Executive Council, FEC, has approved a proposed national budget of ₦47.9 trillion for the 2025 fiscal year.

Minister of Budget and Economic Planning, Atiku Bagudu, disclosed this on Thursday while briefing State House correspondents after the FEC meeting presided over by President Bola Tinubu.

This was part of the Medium-Term Expenditures Framework, MTEF, for 2025 to 2027 and in line with the Fiscal Responsibility Act of 2007.

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“And equally, the fiscal objectives were conservative, because we want to ensure that we study the course much as we believe the projections will be exceeded.

“The budget size that was approved for presentation to the National Assembly in the MTEP is ₦47.9 trillion, with new borrowings of ₦9.2 trillion to finance the budget deficit in 2025,” Bagudu said.

“We need to sustain the market deregulation, commendable market deregulation of petroleum prices and exchange rate, and to compel the Nigerian National Petroleum Corporation Limited to lower its oil and gas production cost significantly, and even to consider the need to amend the relevant sections of the petroleum industry act 2021 to address the significant risk to Federation.

“The Federal Executive Council approved the Medium Term Expenditure Framework and the physical strategy paper, and it will be submitted to the National Assembly.

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“This is in addition to bills that are already at the National Assembly, the economic stabilization bills and tax reform bills, which we believe we will have a very, very strong growth in 2025.”

During the meeting, the FEC approved its submission to the National Assembly as required by the 2007 Fiscal Responsibility Act.

The framework projected a gross domestic product (GDP) growth rate of 4.6 percent, an exchange rate of $75 to the naira, and oil production of 2.06 million barrels per day. [Channels TV]

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