Nigerian Oil Marketers Working On Alternative To Fuel, To Sell At N100 Per Liter

June 23, 2023

Motorists and transport operators in Nigeria will witness relief soon as the oil marketers have announced the move to develop an alternative to fuel that will sell for between N100 and N110 per liter.

President Bola Ahmed Tinubu had announced the removal of fuel subsidy, which caused a spike in the product’s price across the country.

The national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, said that the association is 90 percent ready to roll out Compressed Natural Gas (CNG) as an alternative fuel, which would sell between N100 to N110 per litre before the end of June.

Speaking in an interview on Channels Television said that CNG would serve as an alternative to petrol.

The IPMAN boss explained that CNG would help reduce Nigeria’s energy consumption cost.

“Very soon, we will roll out. We are 90 percent close to that, which will also unveil many possibilities.”

Okoronkwo said that the petrol subsidy removal had reduced the speed with which Nigeria would have gotten another energy alternative.

“IPMAN has brought relief to a lot of families. “We have used our natural energy, CNG, to power vehicles, generators and even cooking,” Okoronkwo said.

The alternative fuel is expected to reduce the country’s exposure to fuel imports as natural gas would be imported instead.

According to him, the adoption of CNG-powered cars has started gaining speed nationwide due to increased awareness about their efficiency and affordability, compared to ordinary petrol and diesel.

The IPMAN chairman said that if the government accepts its plans, it will act as an assistant, bring relief and create job opportunities.

He said that IPMAN needs to create a market because the demand is already there.

He added that the association had gotten a lot of buy-in from companies overseas.

He revealed that Nigerians are already using liquefied petroleum gas to power their generators, saying that the LPG is about N700 per kg, but CNG will be under N100 to N110 per litre.

“When you check what the impact will be, it will reduce the cost of food because people coming from the hinterlands bring food to the cities.

“From Kano, it takes them about N1.2 million to fuel trucks with diesel, but with this CNG, it will cost them about N150,000 to N200,000.

“About a million naira is saved, which will translate to cheaper food and open up a lot of other businesses.

“It will provide cheaper energy to drive the processing zones like the agro-based industries, where the gas will also create a lot of impacts. “CNG does not replace PMS, but it is a choice. “We are talking of something that will help your purse and not deepen it.

“CNG would be a game changer for Nigerians as it will be the best palliative instead of sharing money.”

Source: Legit.ng

ABU Zaria Beats 2,000 Universities Worldwide To Win Huawei ICT Competition In China

Editorial staff

June 23, 2023

The Ahmadu Bello University (ABU), Zaria in Kaduna State has emerged winner at the Huawei ICT Competition for the 2022-2023 Global Final held in China.

Information reaching us at Greenbarge Reporters online newspaper said that about 80 universities worldwide participated and 146 teams from 36 countries.

Before the Final, more than 110,000 students from more than 2,000 universities in 74 countries and regions around the world took part in the ICT Competition.

107 team from 36 countries reach the Global final.

Maryam Jimoh Olalade, Haruna Anas, Ahmad Abdullahi and Elayo Aliyu Isah represented the institution that won the prize.

New Police Boss Moves To Establish Quick Intervention Squad

Editorial staff

June 23, 2023

The Acting Inspector-General of Police, Olukayode Egbetokun has announced move to establish a Quick Intervention Squad to tackle the menace of crimes and criminality in the country.

Egbetokun, who spoke today, June 23, in Abuja during his inaugural conference with Strategic Police Managers, consisting of officers from the rank of Comissioners of Police and above, said “the Nigeria Police Force under my command, in its quest to stamp out violent crimes and their detrimental and debilitating effects on the security and safety of our society, will forge ahead to tackle the menace of crimes and criminality head on.

“This will be done with the establishment of a specialized Quick Intervention Squad which will comprise combat ready Police Mobile Force personnel with effective and enhanced training in crisis de-escalation and violent crime reduction strategies.

“This will lead to a review of the engagement patterns of the Police Mobile Force in a bid to restore the days of glory of the Police Mobile Force as a punching arm of the Police,” he said.

The IGP said that his administration would embrace innovation and technology as powerful allies in the fight against crime.

According to him, the world is evolving at an unprecedented pace, and so the Nigeria Police should adapt to the evolving landscape of crime.

He said that criminals were presently more sophisticated, more organised and more ruthless than ever before.

Egbetokun said that the Nigeria Police would leverage cutting-edge tools, data analytics and intelligence networks to stay one step ahead of the criminals, seeking to disrupt the peace of the country.

The I-G said that this would be achieved through a robust and effective human and technical intelligence gathering process to enhance the capacity of personnel.

“By harnessing the power of technology, we can make our streets safer, our investigations more efficient and our communities more resilient.

“We cannot afford to be reactive; we must be proactive in our approaches by equally collaborating with other security agencies, both domestic and international to strengthen our intelligence network.”

The I-G said that his administration would also prioritise the enhancement of the Nigeria Police training curriculum with special focus on attitudinal and behavioural changes for new recruits and reorientation programme for serving officers.

The police boss said that the idea was to further refine the perception of officers to concepts of human rights, rule of law and citizen-focused policing.

He said that the new training curriculum would be produced with inbuilt tests, designed to weed out individuals with negative mentality and high tendency for violence from recruits.

The I-G said his administration would also make a case for improved welfare for officers to ensure the availability of resources, trainings and support necessary to carry out their duties professionally.

“To this end, my administration will intensify collaboration with relevant stakeholders for the resuscitation of the Police Officer Support Unit (POSU) of the Police Medical services.

“This will serve as a confidential support and counseling facility for all police officers.”

Source: NAN

Terrorists Plan Attacks On Prayer Grounds, Recreation Centres During Sallah – DSS

Editorial staff

June 23, 2023

Nigeria’s secret police, DSS has warned members of the public to be wary of terrorists’ attacks as the Eid-el-Kabir celebrations approach.

Spokesman of the agency, Dr. Peter Afunanya, in a statement said that reports reaching him indicated plans of attack on worship and recreational facilities before and during the festivities.

According to him, the reports are corroborated by the recovery of primed Improvised Explosive Devices (IEDs) from suspected terrorists during a joint operation by the department and its sister security agencies.

He said also that the department conducted raids on criminal hideouts in Kogi and Nasarawa states on Monday in collaboration with the Nigerian Army and the Nigeria Police Force.

Dr. Afunanya said that the operation along Abuja-Keffi Expressway in Keffi Local Government Area of Nasarawa State led to the arrest of a suspected gunrunner.

He said that 486 rounds of 7.62 x39mm calibre ammunition, 22 primed IEDs, N31,500 and one Volkswagen Golf car with registration number RBC202XA were recovered during the operation.

He said that the joint security team raided the hideout of a one-time jail breaker and notorious gang leader at Ejule in Ofu Local Government Area of Kogi yesterday, June 22.

The suspect’s gang members engaged troops in a gun duel and the gang leader was neutralised while others fled, he added.

Afunanya said that items recovered at the scene were one AK47 rifle with three fully loaded magazines, six locally-fabricated weapons, two phones and charms.

He enjoined operators and patrons of public places, including markets and malls to be watchful and report any suspicious movements and persons to relevant security agencies.

Afunanya assured that the DSS would continue to partner with sister security agencies for necessary proactive drills to frustrate criminals and their activities.

Importers Can Now Import Vehicles Through Seme Border In Lagos – Official

Editorial staff

June 23, 2023

The Director of Road Transport in the Federal Ministry of Transportation, Ibrahim Musa, has announced the re-opening of Seme border in the Badagry area of Lagos State with the Republic of Benin for the importation of vehicles into the country.

Speaking at the ECOWAS Monitoring Team’s visit to the Seme-Krake Joint Border Post in Seme recently, the Director said that the approval for importation of vehicles through the land border followed complaints by freight forwarders operating at Seme border.

“I was here with the former Minister of State for Transportation when the freight forwarders pleaded that the border should be reactivated for the free movement of goods and services.

“The former minister made us prepare a memo to that effect. It was considered and sent to the government,” he said.

Also speaking at the meeting, the Customs Area Controller of Seme Command, Comptroller Dera Nnadi, said the Service had noticed a reduction in its revenue since the importation of vehicles was banned through the land borders far back 2019 by the administration of ex-President Muhammadu Buhari.

“The former Minister of Transportation, responding to some of our requests and from the stakeholders, promised to take them to the Federal Executive Council, FEC, one of them is how to fully open this border.

“The Ministry has informed us that the memo has been written to FEC and it was adopted and that it would be given to the new government; he assured us that all the requests were adopted.”

The meeting between the officials of Nigeria and Benin was organized by the Economic Community of West African States (ECOWAS).

DMO Cautions Tinubu Not To Take More Loans, Says Already Nigeria Heavily Weigh Down

Editorial staff

June 23, 2023

The Debt Management Office (DMO) has cautioned President Bola Ahmed Tinubu against additional borrowing, saying that the country is already weigh down with loan burden to the extent that 73.5% of this year’s revenue will be used to service debt.

According to the DMO, this high Debt Service-to-Revenue ratio is unsustainable and poses a threat to debt sustainability.

Nigeria services debt with N896.7bn in Q1, 2022.

The DMO recommended to President Tinubu to focus on increasing revenue generation to achieve a sustainable Debt Service-to-Revenue ratio. It suggested raising the projected FGN revenue from N10.49 trillion to about N15.5 trillion.

These recommendations were made after analyzing the nation’s debt profile in 2022.

Nigeria has exceeded its borrowing threshold, Budget office cries out

DMO’s analysis revealed that the Total Public Debt-to-GDP ratio is projected to increase to 37.1% in 2023, mainly due to new borrowings, FGN Ways and Means at the CBN, and estimated Promissory Notes issuance.

While the baseline scenario indicates that the debt stock remains sustainable, the borrowing space has been reduced compared to the self-imposed debt limit of 40%.

The projected FGN Debt Service-to-Revenue ratio of 73.5% for 2023 exceeds the recommended threshold of 50% due to low revenue. This highlights the urgent need to significantly increase government revenue.

For contributing to his electoral success, 36 support groups demand appointments from Tinubu

The DMO emphasized the importance of adhering to existing legislation on government borrowing, such as the Fiscal Responsibility Act 2007 and the Central Bank of Nigeria Act 2007, to moderate the growth rate of public debt.

The DMO called for a focus on revenue mobilization initiatives and reforms to increase the country’s tax revenue to GDP ratio.

It also suggested encouraging private sector involvement in funding infrastructure projects through Public-Private Partnerships (PPP) and reducing borrowing by privatization or sale of government assets.

Experts have supported the DMO’s caution against further borrowing, highlighting the precarious nature of the debt service-to-revenue ratio. They emphasized the need for fiscal discipline, adherence to borrowing limits, and implementation of measures to improve revenue generation.

The DMO’s warning serves as a reminder of the challenges posed by Nigeria’s high debt burden.

It underscores the importance of pursuing sustainable revenue generation strategies and prudent fiscal management to ensure long-term debt sustainability and economic stability.

Results of 2022 MAC-DSA shows that the Total Public Debt-to GDP ratio is projected to increase to 37.1 percent in 2023 relative to 23.4 percent as at September 2022, due to the inclusion of the N8.80 trillion (New Borrowings) for the year 2023, the FGN Ways and Means at the CBN of over N23 trillion and

estimated Promissory Notes issuance of N2.87 trillion in the Debt stock under the Baseline Scenario.

The Country’s Debt stock remains sustainable under these criteria, but the borrowing space has been reduced when compared to the Nigeria’s self-imposed debt limit of 40 percent set in the MTDS, 2020-2023. On the other hand, FGN Debt Service-to-Revenue ratio at 73.5 percent in 2023 which exceeds the recommended threshold of 50 percent due to low revenue, which means that there is need to significantly increase Government revenue.

Under the Alternative Scenario, the Total Public Debt-to-GDP ratio at 45.4 percent in 2023 exceeds the Nigeria’s self-imposed debt limit of 40 percent, while the FGN Debt Service-to-Revenue also exceeds the recommended threshold of 50 percent.

Based on the analysis of the results of the 2022 MAC-DSA, the DMO recommends that:

1. Although the Baseline analysis projects Total Public Debt-to-GDP ratio at 37.1 percent for 2023 indicating a borrowing space of 2.9 percent (equivalent of about N14.66 trillion) when compared to the self-imposed limit of 40 percent, it is recommended that this should not be used as a basis for higher level of borrowing as was the case in the 2023 Budget.

This is because the outcome of the Shock Scenario, which is more realistic in the circumstances, exceeded the self-imposed limit.

2. The projected FGN Debt Service-to-Revenue ratio at 73.5 percent for 2023 is high and a threat to debt sustainability. It means that the revenue profile cannot support higher levels of borrowing. Attaining a sustainable FGN Debt Service-to-Revenue ratio would require an increase of FGN Revenue from N10.49 trillion projected in 2023 Budget to about N15.5 trillion.

3. With respect to expansion in fiscal deficit, there is need to strictly adhere to the provision of extant legislations on Government borrowing, especially the Fiscal Responsibility Act 2007 and Central Bank of Nigeria Act, 2007 as it relates to Ways and Means Advances, in order to moderate the growth rate of public debt.

4. There is urgent need to pay more attention to revenue generation by implementing far reaching revenue mobilization initiatives and reforms including the Strategic Revenue Growth Initiatives and all its pillars with a view to raising the country’s tax revenue to GDP ratio from about 7 percent (one of the lowest in the world) to that of its peer.

5. Government should encourage the private sector fund infrastructure projects through the Public-Private Partnership schemes and take out capital projects in the Budget that are being funded from borrowing, thereby reduce budget deficit and borrowing.

6. Government can reduce borrowing through privatization and/or sale of Government assets.

Nigerian Hajj Commission Boss Thumbs Up For Saudi Authorities Over Smooth Hajj, Umrah Management

Editorial staff

June 23, 2023

Chairman of the National Hajj Commission of Nigeria (NAHCON), Alhaji Zikrullah Hassan has commended the Saudi authorities for displaying what he called “uncommon energy and unmatched resources” in the management of Hajj and Umrah affairs.

Hassan spoke today, June 22, at the 47 Grand Symposium on Hajj, organised by Saudi Ministry of Hajj and Umrah in the Port City of Jeddah.

Represented by the commission’s Deputy Coordinator, Makkah, Alhaji Alidu Shutti, the chairman advised that the symposium be made an annual event in view of its importance and richness of its contents.

The symposium was declared open by the Saudi Minister of Hajj and Umrah, Dr Tawfiq Al-Rabiah, with the theme: “The Jurisprudence of Ease in Hajj.”

It was organised among others, for capacity building in understanding, collaborating and unifying pilgrims in particular and the Muslim world in general.

It also provided avenue to fashion out ways pilgrims would perform all pilgrimage rites with ease and relative comfort.

Th event would also harness knowledge, technological know-how, practicable actions, developments and new approach to a stress-free performance of Hajj rituals.

Side attractions at the symposium included an exhibition by different bodies of experts in the Hajj industry, technology and innovations.

Those in attendance included the President of the Commission for the two Holy Mosques and the Chief Imam of Ka’aba, Shaykh Abdur Rahman Al-Sudais, Muftis from Tunisia, Uzbekistan and Indonesia.

Others were: Heads of Security, Defence and Mashã’ir Provinces and Nigeria was represented by the Nigeria’s Consul-General in Jeddah, Amb. Bello Kazaure, while NAHCON’s delegates to the symposium were led by Shutti.

Source: NAN.

FAAC Shares N786.161 To Federal, States, Local Governments For May

Editorial staff

June 23, 2023

The Federation Account Allocation Committee (FAAC) has shared a total sum of N786.161 billion May 2023 Federation Account Revenue to Federal Government, States and Local Government Councils (LGCs).

This is contained in a communiqué issued at the end of the FAAC meeting for June, chaired by the Accountant General of the Federation (AGF), Dr. Oluwatoyin Madein.

The communiqué said that the N786.161 billion total distributable revenue comprised statutory revenue of N519.545 billion and Value Added Tax (VAT) revenue of N251.607 billion.

It also contained Electronic Money Transfer Levy (EMTL) of N14.370 billion, and Exchange Difference revenue of N639 million.

“In May 2023, the total deductions for cost of collection was N38.238 billion and total deductions for transfers and refunds was N163.193 billion.

“The balance in the Excess Crude Account (ECA) was 473,754.57 dollars.”

The communiqué said that from the total distributable revenue of N786.161 billion; the Federal Government received N301.889 billion, State Governments, N265.875 billion and LGCs, N195.541 billion.

“A total sum of N22.855 billion was shared to the relevant States as 13 per cent derivation revenue,” it stated.

It added that the revenue received in May surpassed that of April by N204.324 billion.

“Gross statutory revenue of N701.787 billion was received for the month of May 2023.

“This was higher than the sum of N497.463 billion received in the previous month by N204.324 billion.

“From the N519.545 billion distributable statutory revenue, the Federal Government received N261.686 billion, the State Governments received N132.731 billion and the LGCs received N102.330 billion.

“The sum of N22.798 billion was shared to the relevant States as 13 per cent derivation revenue,” the communiqué said.

It said that the in month of May, the gross revenue available from the Value Added Tax (VAT) was N270.197 billion.

“This was higher than the N217.743 billion available in the month of April by N52.454 billion.

“The Federal Government received N37.741 billion, the State Governments received N125.804 billion and the LGCs received N88.062 billion from the N251.607 billion distributable VAT revenue.

“The N14.370 billion EMTL was shared as follows:

“The Federal Government received N2.155 billion, the State Governments received N7.185 billion and the LGCs received N5.030 billion,” it said.

It further clarified that from the N639 million Exchange Difference revenue, the Federal Government received N307 million, State Governments, N156 million, and the LGCs received N119 million.

“The sum of N57 million was shared to the relevant states as 13 per cent mineral revenue,” it said.

According to the communiqué, in the month of May, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Value Added Tax (VAT), Import and Excise Duties increased significantly, while EMTL decreased marginally.

Source: NAN.

Kaduna Inland Revenue Shuts Down Access Bank, 7 Others, Over N419.3 Million Tax Liabilities

Editorial staff

June 23, 2023

The Kaduna State Internal Revenue Service (KADIRS) has closed down the office premises of eight private companies in the state over N419.3 million tax liabilities.

KADIR’s Head of Corporate Communications, Zakari Muhammad, told the News Agency of Nigeria (NAN) that the action was backed by a Court Order.

Muhammad identified the companies as Access Bank, N249.9 million; Transmission Company of Nigeria, Regional Officer, N56.3 million; Transmission Company of Nigeria Sub-regional Office, N67.7 million and Sky Express Airways Ltd., N5.4 million.

Others are Azman Air Services, N15.2 million; China Zhonghao Nigeria Ltd., N8.6 million; Indomie Noodle Northern Region, Kaduna, N9.3 million; and Premier Feed Mills, seven million Naira.

He explained that the revenue service obtained Court Orders to close the offices of the corporate entities for failing to file and remit the huge tax liabilities.

He said that KADIRS is empowered by law to seal the premises of any organisation that operates in the state but fail to remit relevant taxes due to the state.

He cited some of the provisions of the law as Section 104 sub-section 3 and 4 of the Personal Income Tax (Amendment) Act, 2011 and Section 37 sub-section 3 and 4 of the Kaduna State Tax Codification and Consolidation Law, 2020. Source: NAN.

Repositioning Nigeria’s Economy Requires Courage, Tinubu Tells Foreign Investors

Editorial staff

June 23, 2023

President Bola Ahmed Tinubu has confessed that repositioning Nigeria’s economy towards attracting investors from both within and outside the country requires Courage and determination on the part of the leader.

He said that the ongoing reforms, starting with removal of fuel subsidy and streamlining of exchange rate are some of the measures he had so far taken to bring about economic rejuvenation and that they will be sustained for a more competitiveness.

President Tinubu spoke today, June 22, while hosting the President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim), Professor Benedict Oramah and President of European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, in separate meetings, on the sidelines of the Summit for New Global Financing Pact ongoing in Paris, France

He insisted that his government will build an economy that attracts Foreign Direct Investment (FDI), and asked investors to take advantage of the emerging opportunities in Nigeria.

“We are ready for business. We are prepared to welcome investments.”

The President assured the delegation of AfreximBank Executives, led by Dr. Oramah that his will continue to stimulate the economy with policies that support investments in areas of Nigeria’s competitive advantage, particularly agriculture.

The Nigerian leader emphasized that the country needs reforms for national survival and that it would take boldness and courage to reposition the economy.

He called for more collaboration to solidify the economy.

“We must stimulate recovery for the growth and prosperity of our people, which will not be far away. Nigeria is ready for global business and our reform is total.

“Nigeria is blessed with human and material resources,’’ President Tinubu told the delegation, who had earlier listed areas of interventions to buoy the economy, like infrastructure, health, energy and agriculture.

The President of AfreximBank commended President Tinubu for the bold steps in removing the fuel subsidy and unification of the exchange rate.

He assured the Nigerian leader of the full support of the financial and development institution on the ongoing reforms.

Dr. Oramah said that the bank is already building the first African Specialist Hospital in Abuja, and Energy Bank.

He pledged to inject more money into the economy to further build confidence of investors.

In the meeting with the EBRD, President Tinubu said: “We are challenged in terms of reforms, and we have taken the largest elephant out of the room with removal of fuel subsidy, and multiple exchange rates are equally gone.

“We are determined to open up the economy for business. Consider us a stakeholder in the Bank.’’

He told the EBRD President that Nigeria’s economy is too large and potent to be ignored, adding: “Ignoring Nigeria will be a peril to the universe.’’

Renaud-Basso said that it would be a mistake for the development bank not to invest in Nigeria, after considering six potential economies for investment.

She explained that focus would be on the private sector, especially Small and Medium Scale Enterprises (SMEs).

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