News
Anambra motorists lament as petrol price hits N900
Motorists and commuters are feeling the pains of moving from one place to another due to the daily increase in the pump price of Premium Motor Spirit otherwise known as petrol.
The price of petrol has been fluctuating at various petrol stations across the state on a daily basis as of Friday, the price has suddenly rose to N900 at various petrol stations and N1,300 at black market.
Most petrol stations visited in the major cities of Onitsha, Ekwulobia, Nnewi and Awka, sold the product between N880 to N900 per litre while only NNPCL were seen selling below the N880, although with long queue of vehicles.
As a result of the development, transportation fares have remained unstable as it continued to soar increase, as commuters now pay far higher.
This, it was gathered has impacted negatively on the prices of communities especially foodstuffs as food vendors have also continued to hike their prices on the excuse of “high cost of transportation”.
Checks by our correspondent showed that in most cases, commuters were always stranded at the bus stops and motor parks as commercial drivers have resorted to only operate during peak hours in order to recoup the high amount of money they spent on fuel faster.
Speaking to our correspondent in separate interviews, some commercial drivers said that the current price of petrol has forced them to jerk up prices and also operate only peak hours of the day.
A commercial bus driver, Chinedu Obinwa, who plies the ever busy Upper Iweka-Nnewi routes, said “The situation is currently making life difficult for us, as we spend most of our earnings in repairing of vehicles and purchasing of fuel.
“As a result of this, most of us have resorted to operating only during peak hours so as to quickly recoup the money we spend on fuel. Drivers are now working for filling stations owners and spare parts dealers, from the little we make a day.
“The bulk of this money goes into into fixing of our vehicles and buying of petrol. Passengers no longer used to be much on the road as people are now restricting their movements due to high cost of transportation. There is no more money in transportation business, I hope government finds solution to tame this regular increment of petrol.”
A mini-bus driver, Ike Ebuka, also appealed to Federal Government to immediately fix its refineries, adding that if the refineries were working, the product will be more affordable by the common man.
“If we stop importing fuel and fix our refinery, buying fuel will be more affordable, better than what what we are currently buying it.
“We are now struggling with paying of our bills and up keep, passengers are no longer on the road as it’s used to be, the few ones will price life out of you.
“I don’t blame these set of passengers, the current economic hardship is telling on everyone, government should please, do something to help the masses.”
Also, a manager at a petrol station in Onitsha(name withheld) said, “We received a call from a sister petrol station yesterday (Thursday), informing us to suspend operations temporarily and be ready to adjust our meter to reflect the new price that the pump price has been quietly increased by the NNPCL.
“We did not sell fuel on Thursday because of the directive but by today(Friday), we were selling at N920 as we were instructed to do. Our action depends on the signals we get, it is not by our making.”
News
Access Bank (UK) Limited to Acquire AfrAsia Bank Limited
News
FEC approves ₦47.9tn 2025 budget
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.
“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.
“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]
News
Nigeria to get 6,000 power generation by December-Power Minister vows
By Kayode Sanni-Arewa
The Minister of Power, Adebayo Adelabu, has expressed his unwavering optimism that the government will successfully meet its ambitious target of generating 6,000 megawatts of electricity by December 2024, despite the numerous challenges currently affecting the power sector.
The Special Adviser on Strategic Communication and Media Relations, Bolaji Tunji, conveyed this assurance at the fourth edition of the Power Correspondents Association of Nigeria’s annual workshop, themed “Ending the Talk, Moving the Action,” held on Thursday in Abuja.
Nigeria’s power generation currently ranges between 3,500 and 4,000 MW for a population of approximately 200 million people. For instance, on Thursday, the country’s power generation was 3,556.38 MW as of 8 am.
Earlier this year, Adelabu pledged that power generation in Nigeria would reach 6,000 MW by the end of the year, citing improvements in the sector over the past year.
However, the frequent collapse of the nation’s electricity grid and the vandalisation of towers have raised concerns about the stability of the Nigerian Electricity Supply Industry and its ability to achieve the target.
In his goodwill address, the Special Adviser emphasised that the minister’s primary focus remains on achieving the goal of increasing generation and ensuring its efficient distribution to consumers.
Tunji said, “The minister aims to achieve what seems to be an intractable goal—improving generation and ensuring that what is generated reaches the final consumers. There are challenges, but they are surmountable.
“The minister has promised that by December this year, we will reach 6,000 megawatts; yes, we still hope to get there.
“We are confident that we will get there, but we are aware of the current issues with grid collapse. Efforts are being made to resolve these problems. Day and night, teams are being dispatched to address the various issues, and we remain hopeful that we will achieve the 6,000 MW target by December.”
The Director of Renewable Energy, Sunday Owolabi, also reiterated that the government is committed to ensuring 24-hour power supply for Nigerians.
Owolabi, another representative of the minister, stressed that the government’s policies are focused on resolving the challenges facing the country’s electricity transmission, distribution, and generation sub-sectors.
“We are fully committed to transforming the country’s power sector. We are focused on ensuring that our policies are practical and sustainable. We are resolute in ensuring power supply for every Nigerian.
“The government remains fully committed to transforming Nigeria’s power sector through meaningful and actionable reforms.
“We are focused on ensuring that our policies are not only visionary but also practical, impactful, and sustainable. From the ongoing efforts to address infrastructure gaps, enhance power generation, and improve transmission networks, to vital reforms in distribution and the full implementation of the electricity market, we are resolute in our mission to improve power supply for every Nigerian.”
-
News19 hours ago
Trump picks ex-Democrat Tulsi Gabbard as US Intel Chief
-
News19 hours ago
NNPC Carries Out Leadership Shakeup, Appoints Adedapo Segun As New CFO
-
News19 hours ago
JUST IN: Govt Declares Friday As Public Holiday
-
News18 hours ago
Umahi Frowns At Slow Pace Of Suleja-Minna Road Construction
-
News19 hours ago
Abia Assembly orders Deputy Governor, Emetu to apologise over assault on House member
-
News18 hours ago
NYSC announces date for ‘2024 Batch C’ registration
-
News19 hours ago
NNPC, Dangote Sign GSPA Agreement To Boost Local Production, Revamp Industrial Growth
-
News14 hours ago
Mikel Obi explains how Kai Havertz dishonoured Chelsea fans