News
Fuel price drops as Naira bounces back against Dollar
The Major Energies Marketers Association of Nigeria (MEMAN) has reported a decrease in the landing cost of petrol, dropping from N981 per litre to N945.63 per litre. This decline is attributed to the recent appreciation of the naira against the US dollar, alongside a drop in Brent crude oil prices.
As of September 27, the exchange rate shifted to N1,586.26 per dollar from N1,667.22 on September 25, marking a significant improvement. Concurrently, Brent crude prices fell from $73.67 per barrel to $72.45 per barrel.
The reduced landing cost has led to a slight decrease in ex-depot prices of Premium Motor Spirit (PMS) in major cities including Lagos, Calabar, and Port Harcourt. In addition, the cost of diesel has also seen a decline, from N1,089 per litre to N1,068.04 per litre, while aviation fuel prices decreased from N1,117.34 per litre to N1,079.79 per litre.
In a related development, the Nigerian National Petroleum Company (NNPC) recently raised pump prices for petrol, which vary by region. Despite this increase, some major marketers in Lagos continue to offer petrol at a lower rate of N870 per litre.
Dapo Segun, NNPC’s Executive Vice President for Downstream operations, clarified that the pricing is influenced by market conditions, despite a recent agreement with Dangote refinery management. The sale of petrol from Dangote refinery to NNPC is ongoing, with expectations of further price reductions as the naira crude sales are scheduled to commence on October 1, 2024.
As fuel prices fluctuate, consumers express cautious optimism that these developments may lead to more affordable fuel in the near future. Stakeholders are closely monitoring the situation, particularly the anticipated effects of the naira crude sale on petrol prices.
Petrol Landing Cost Falls to N945.63/Litre Amid Naira Appreciation and Brent Crude Decline
The Major Energies Marketers Association of Nigeria (MEMAN) has reported a decrease in the landing cost of petrol, dropping from N981 per litre to N945.63 per litre. This decline is attributed to the recent appreciation of the naira against the US dollar, alongside a drop in Brent crude oil prices.
As of September 27, the exchange rate shifted to N1,586.26 per dollar from N1,667.22 on September 25, marking a significant improvement. Concurrently, Brent crude prices fell from $73.67 per barrel to $72.45 per barrel.
The reduced landing cost has led to a slight decrease in ex-depot prices of Premium Motor Spirit (PMS) in major cities including Lagos, Calabar, and Port Harcourt. In addition, the cost of diesel has also seen a decline, from N1,089 per litre to N1,068.04 per litre, while aviation fuel prices decreased from N1,117.34 per litre to N1,079.79 per litre.
In a related development, the Nigerian National Petroleum Company (NNPC) recently raised pump prices for petrol, which vary by region. Despite this increase, some major marketers in Lagos continue to offer petrol at a lower rate of N870 per litre.
Dapo Segun, NNPC’s Executive Vice President for Downstream operations, clarified that the pricing is influenced by market conditions, despite a recent agreement with Dangote refinery management. The sale of petrol from Dangote refinery to NNPC is ongoing, with expectations of further price reductions as the naira crude sales are scheduled to commence on October 1, 2024.
News
Netizens Slam Lawmakers As They Sing Tinubu’s Anthem At Budget Presentation
Netizens slam lawmakers after they were sighted singing “On Your Mandate We Shall Stand” as President Bola Ahmed Tinubu took the stage to present the 2025 national budget.
The incident, which is in a viral video clip, showed the lawmakers singing the song, which has become synonymous with Tinubu’s political supporters.
The gesture, however, has ignited outrage among Nigerians, who questioned its appropriateness in light of the country’s current economic challenges.
Many critics took to social media to express their disappointment, describing the act as insensitive and unprofessional. They argued that lawmakers should focus on addressing pressing national issues, such as a inflation, unemployment, and hardship, rather than engaging in political theatrics with Tinubu during a crucial budget session.
“What kind of leadership did we vote for? Instead of scrutinizing the budget and ensuring accountability, they’re busy singing praises,” one commenter wrote.
Others questioned the mandate the lawmakers you were celebrating, with some accusing them of being disconnected from the realities faced by ordinary Nigerians. “What mandate are they standing on when the citizens are struggling to make ends meet?” another critic remarked.
The 2025 budget presentation, meant to outline the government’s financial plans and priorities for the year, has now been overshadowed by this controversy, with many calling for lawmakers to prioritize governance over partisan loyalty.
Read some netizens’ reactions as lawmakers sings for Tinubu during budget presentation;
@emeka: This is really problematic 🤣🤣
@agwai: This is the reason the president don’t do well in Nigeria because the people around him feed him with lies. And praise him when things is not good. Just clapping
@abyusuf: The lawmaker’s rendition of “On Your Mandate” should serve as a wake-up call, reminding us that it’s time to take a closer look at the people we’ve elected to represent us.
@danleety: I now believe there’s serious disconnect between the lawmakers and their constituents.
News
Tax Reforms: Those criticising it lack knowledge -Akpabio
The Senate President, Godswill Akpabio, has flayed critics of President Bola Tinubu’s tax reforms as lacking an understanding of what the initiatives were truly about.
Akpabio disclosed this during his remarks at the presentation of the 2025 budget estimate by President Tinubu to a joint session of the National Assembly on Wednesday.
He said, “Your Excellency, we commend you on your groundbreaking tax reform initiative. The four tax reform bills—the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024—represent a monumental shift in our fiscal landscape.
It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”
News
Tinubu presents N47.9trn 2025 Resurrection Budget
Defence and insecurity , infrastructure, health and education were some of the sectors with high allocations in the N47.9tn Budget Proposal presented by President Bola Tinubu before a joint session of the National Assembly on Wednesday afternoon.
“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Resurrection Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute speech at 1:10pm on Wednesday.
Earlier in his presentation, the President listed some of the highlights of the budget as defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together.
The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said.
Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry.
Tinubu said, “Our 2025 is not just another statement of projected government revenue and expenditure; it is one that calls for action.
It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.
“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”
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