By Kayode Sanni-Arewa

Despite hunger, World Bank has urged Nigerians to support the ongoing economic reforms, warning that opposing or reversing them could have serious negative consequences for the country.

Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja, the World Bank Country Director for Nigeria, Dr. Ndiame Diop, emphasized that while the reforms may be challenging, they are crucial for the nation’s long-term stability.

Dr. Diop cautioned that rolling back these reforms would be detrimental, saying, “Reversing the reforms would spell doom for Nigeria.”

In the same vein, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reiterated the importance of staying committed to the reforms. He stated, “Any effort that is not sustained will be a waste. Together with the Governor of the Central Bank of Nigeria and the Minister of Budget and National Planning, we’ve been discussing how to stay on course.”

Edun further explained that the government’s focus is on reducing inflation while ensuring investments flow into critical sectors such as industry, where jobs can be created. “We are prioritizing market pricing and sat down with labor unions to explain why we cannot afford to let this opportunity slip.”

On the removal of subsidies, Edun noted, “Every day without subsidies means more funds available for education, healthcare, and other essential expenditures.”

Also speaking, Central Bank Governor Mr. Olayemi Cardoso highlighted the importance of promoting exports in light of the exchange rate adjustments. “The moderation in the FX rate should make our goods more competitive for export and discourage the importation of unnecessary goods,” he said

By Kayode Sanni-Arewa

The spokesperson for the Delta State Police Command, SP Bright Edafe, has warned Point of Sale (POS) operators to desist from receiving large sums of money on behalf of anyone as they run the risk of being held as accomplices to kidnappers.

The PPRO gave the warning in a post on Thursday, October 17, 2024, when he paraded a female POS operator who allegedly received N4m ransom for kidnappers.

“My message to POS operators, transactions above 500k can get you into trouble. Don’t be a tool for kidnappers to collect ransom. It must be traced to you. She received #4,000,000 ransom from kidnappers and her profit was just #40,000. Can you imagine? Be wise, you may argue that you are doing business, but before your lawyer will get you out, you may spend some time cooling off in prison,” he wrote.

By Kayode Sanni-Arewa

The Nigerian National Petroleum Company Limited is still the sole off-taker of Premium Motor Spirit, popularly called petrol, from the Dangote Petroleum Refinery despite the recent directive of the Federal Government that other oil marketers were free to start loading PMS from the plant.

Oil marketers revealed on Wednesday that NNPC would continue to be sole off-taker of the product from the $20bn Lekki-based plant until its agreement with the Dangote refinery as regards the lifting of PMS terminates, Glitters report.

They, however, did not tell when the agreement between both organisations would end. Officials of NNPC and the Dangote refinery also did not respond to enquiries on when the agreement would end.

On October 11, 2024, the Federal Government in a statement from the finance ministry, announced that oil marketers were now free to negotiate purchase of petrol directly from the Dangote refinery without recourse to NNPC.

“Moving forward, petroleum product marketers are now able to purchase PMS directly from local refineries without the intermediary role of NNPC. Marketers are encouraged to initiate direct purchases from refineries on mutually negotiated commercial terms, which will promote competition and improve market efficiency,” it stated in the statement.

But after meeting with officials of the Dangote refinery on Tuesday, members of the Independent Petroleum Marketers Association of Nigeria revealed that NNPC was still the sole off-taker of Dangote petrol pending the termination of an agreement between Dangote and NNPC.

In a notice to IPMAN members in the Western Zone, issued by the Zonal Chairman, South-West, Dele Tajudeen, the association said, “The IPMAN National Vice President, Zonal Chairman of Western Zone, IPMAN members, and PTD Zonal Chairman met with the Vice President of Dangote Group and many other notable staff members of the Dangote refinery yesterday, October 15, 2024.

“We had a very useful and fruitful discussion on the direct purchase of products from the Dangote refinery. The Vice President of Dangote confirmed that the Minister of Finance/ Coordinating Minister of the Economy, and the Minister of Petroleum Resources have directed them to commence sales of products to marketers who have duly registered with the refinery, but they are still having a pending agreement with NNPC Ltd which still subsist.

“Until and when the agreement is terminated by either party, the direct sales will still be on hold.”

The notice stated that the IPMAN National Executive Council would hold a meeting in Abuja on Wednesday “in that respect.”

It added, “In view of this, marketers who are yet to officially register as IPMAN members should do so without wasting time as such marketers will not benefit from this opportunity when we eventually commence lifting from the Dangote refinery.”

Both the Dangote refinery and NNPC did not respond when contacted to react to the development.

However, major oil marketers told our correspondent that they were still lifting products from the Dangote refinery through the deal between NNPC and the Lagos-based refinery.

“There is a subsisting deal between NNPC and Dangote refinery and it is based on that deal that we major marketers are lifting PMS from the refinery using PFI (proformer invoice),” a major dealer who spoke in confidence due to lack of authorisation to speak on the matter, stated.
thelegendnewsng.com.