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Petrol Scarcity Looms as Landing Cost Hits N720/Litre

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Oil marketers have warned that a widespread petrol scarcity looms in Nigeria as many petroleum product depots are currently deserted due to a lack of supplies caused by currency volatility.

The landing cost of Premium Motor Spirit, also known as petrol, has risen to N720 per litre, up from N651 per litre in August.

This has made it difficult for depot owners to secure bank loans to fund their businesses, and many depots are now either dry or out of stock.

Filling stations are also shutting down in large numbers on a daily basis, as dealers find it difficult to secure funds to procure products for their retail outlets.

The National President of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Benneth Korie, has called on the government to come to the industry’s help as soon as possible to save it from an oncoming collapse.

He said: “Both the independent and major marketers are so terribly affected. As of today, filling stations are shutting down in great numbers on a daily basis and dealers are going out of business, with many more on the verge of bankruptcy because of their inability to secure funds to facilitate orders for their stations.

“The high dollar exchange rate against the naira rate was killing its businesses, requesting that foreign exchange for importing fuel should be pegged at N600 for the next three months.”

NOGASA has expressed worry about the mounting issues of petroleum product procurement and distribution, particularly the hardships caused by rises in petrol and diesel pump prices across the country.

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Edo PDP Calls for EFCC Probe Into Suspended Officials

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Edo State chapter of the Peoples Democratic Party has urged the Economic and Financial Crimes Commission to investigate the alleged misconduct that led to the suspension of Attorney General and Commissioner for Justice, Samson Osagie, and the Chairman of the Edo State Local Government Service Commission, Damian Lawani.

In a statement released on Thursday, PDP state chairman Tony Aziegbemi asserted that the suspensions confirmed the party’s concerns about financial mismanagement within the administration.

The controversy unfolded on Wednesday when Edo State Governor, Senator Monday Okpebholo, suspended both officials over accusations of financial and official misconduct.

A letter dated February 5, 2025, and signed by Secretary to the State Government, Umar Ikhilor, outlined the governor’s directive to establish a committee to investigate the allegations and recommend appropriate actions.

Ikhilor stated that the suspension would remain in effect until the investigation was concluded.

The letter read: “It is hereby announced for the information of the general public that the Governor of Edo State, Senator Monday Okpebholo, has approved the suspension from office of the Chairman of the Edo State Local Government Service Commission, Hon. Damian Lawani, and the Honourable Attorney General and Commissioner for Justice, Hon. Samson Osagie, over allegations of grave official and financial infractions. The suspension is with immediate effect.

“Consequently, the Governor has ordered the establishment of an investigative committee to examine the allegations against them and make appropriate recommendations.

“The suspension of Hon. Damian Lawani and the Honourable Attorney General and Commissioner for Justice became necessary to enable the government to conduct a thorough investigation into the allegations of financial infractions. They are to remain suspended pending the conclusion of the investigation.”

On Thursday, Osagie denied the allegations, insisting that he had done nothing wrong and was prepared to defend himself.

He said, “My attention has just been drawn to a government special announcement dated 5 February 2025, in which I was alleged to have been engaged in financial infractions with the Chairman of the Local Government Service Commission and therefore suspended.

“Let me state unequivocally that I am not, and have never been, involved in any financial dealings with anyone, nor have I committed any financial infraction of any kind.

“I was also not confronted with the said allegations before my suspension was announced.

“I am prepared to defend myself and prove my innocence in order to clear my name and hard-earned reputation, which I have laboured to build over the years.”

Aziegbemi reiterated that the suspensions highlighted deep-rooted issues within the administration, pointing to alleged financial mismanagement under Okpebholo’s leadership.

He added, “These findings merely scratch the surface of systemic corruption, misappropriation of public funds, and blatant legal violations occurring right under the governor’s watch. Despite these suspensions, only a thorough investigation can reveal the full extent of the corruption and organised theft committed by these disempowered politicians, who have regained control of public finances in just 85 days of Okpebholo’s administration.

“From illegally ousting duly elected council chairpersons using thugs to misappropriating funds intended for local government workers and mishandling revenue generation—resulting in a drop in the state’s internally generated revenue from about N8bn to N2bn monthly—the situation reflects widespread maladministration and entrenched corruption.

“We call on the Federal Government to urgently address this executive misconduct in Edo State, restore local governments to their duly elected officials, and uphold their autonomy to foster inclusive grassroots development. We also urge relevant security agencies, including the Department of State Services (DSS), the military, the police, and the Economic and Financial Crimes Commission (EFCC), to investigate the fraudulent activities and financial recklessness characterising the government’s operations over the past two months.”

When contacted, Edo APC publicity secretary Peter Uwadiae-Igbinigie stated that the party would release an official response on Friday.

 

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TUC Criticizes Government Over Tariff Increases and Highway Tolls

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Trade Union Congress (TUC) has joined forces with the Nigeria Labour Congress (NLC) in opposing recent government policies, including increases in electricity and telecom tariffs, as well as the reintroduction of tolls on selected highways.

Speaking at a press conference in Abuja following a National Administrative Council (NAC) meeting on Thursday, TUC President Festus Osifo urged the government to address the economic challenges stemming from the volatile exchange rate, which has led to the continued depreciation of the Naira.

Osifo emphasized the need for authorities to take labor concerns seriously to prevent industrial unrest.

Earlier this week, the Federal Government and NLC reached an agreement that temporarily halted a planned nationwide protest over a proposed 50% increase in telecom tariffs.

Under this plan, call rates would rise from N12 to N18 per minute, SMS charges from N4 to N6, and data costs from N300 to N400 per gigabyte. The government is also considering a 66% hike in electricity tariffs.

A statement issued at the end of the NAC meeting expressed strong opposition to the highway tolls, stating:

“NAC deliberated on the proposed introduction of toll gates on selected federal roads and strongly condemned it in its entirety. While we acknowledge that tolling is a globally recognized method of generating revenue for road maintenance, it is unacceptable to impose tolls on roads that are unpaved, dilapidated, and riddled with potholes.

“The NAC views this as an insult to Nigerians, who are being asked to pay tolls on roads that are in total disrepair. Our highways are death traps—unsafe, abandoned, and filled with potholes. Rather than fulfilling its responsibility to fix and maintain these roads, the government is resorting to shameless extortion.

“The Congress, therefore, demands that all roads earmarked for tolling must first be fixed, properly tarred, and repaired to international standards before any discussion on tolling can be entertained.”

Although the Federal Government recently denied plans to increase electricity tariffs by 65%, TUC expressed concern that such an idea was even under consideration. Osifo noted that past tariff hikes had already caused significant hardship for citizens.

He stated:

“This proposed increase is not only ill-timed but also a deliberate act of economic oppression against Nigerians, who are already struggling under unbearable economic conditions.

“The improved service quality promised during the last tariff hike, particularly for consumers under the so-called ‘Band A’ category, has not been realized. Most consumers, regardless of their tariff band, continue to live in perpetual darkness.”

TUC pointed to the devaluation of the Naira as the main driver of inflation and rising prices.

Reflecting on past warnings, Osifo recalled that in February 2024, the TUC had held a world press conference highlighting how excessive Naira devaluation was fueling inflation and eroding workers’ purchasing power.

A year later, he said, the congress’s predictions had materialized, with economic conditions worsening. He warned that if current policies were not revised to support citizens, the TUC might be forced to call for mass protests.

“The NAC, on behalf of the Congress, strongly advises the government to refrain from introducing policies that would further exacerbate the current economic hardship faced by hardworking Nigerians.

“If the administration insists on implementing these policies, the TUC will have no choice but to mobilize the working class, civil society, and the oppressed masses for a nationwide action. This level of exploitation is unacceptable. A stitch in time saves nine.”

 

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