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NNPC Reveals New Petrol Price In Nigeria

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The managing director of the group, Mele Kyari, claimed that the NNPC could no longer maintain the N170 per litre pump price of fuel.

 

 

According to the Nigerian National Petroleum Company Limited, as the administration of President Muhammadu Buhari moves closer to ending the period of fuel subsidies, premium motor spirit (petrol) cannot sell for less than N510 per litre.

 

When speaking at the Legislative Transparency and Accountability Summit, which was held by the House of Representatives Committee on Anti-Corruption on Wednesday in Abuja, Mele Kyari, the group’s managing director, claimed that the NNPC could no longer keep up with the N170 per litre pump price of fuel.

 

Mr. Kyari claimed that it was difficult to sustain the N170 per litre pump price of fuel since PMS now costs N510, which is three times what it did when it was being sold for N170.

 

“It is not possible for you to buy fuel at N170 when your actual cost is thrice that value.For instance, today, when PMS comes into this country, we transfer to marketers at N113 per litre for us to ensure N165 at the pump,” Mr Kyari said.

 

“Everyone knows the price of PMS around the world. There is nowhere today that you can land a litre of PMS to the pumps at the N445 (to a dollar) exchange rate. It is not possible,” he added.

 

“So, you must sell at N113 to them to be able to deliver at N165, that means whatever the cost, anything after that value; that is subsidy. Somebody has to pay for it.”

 

His comments come as the Buhari administration is getting ready to completely end the fuel subsidy programme in order to address the country’s present economic issues.

 

The Buhari administration delayed the phase-out until next year because the Nigerian Labour Congress deemed it premature to remove subsidies this year. As a result, the administration will leave office next year, leaving the backlash for the succeeding administration to handle.

 

However, the World Bank and the International Monetary Fund have urged the Nigerian government to redirect the sizeable money used for subsidies toward resolving other economic problems that will enhance the quality of life for the vast majority of Nigerians.

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VIDEO: Nigerian Man Spends 23 Hours Buried Alive In Coffin

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Young C, a Nigerian man, has been buried alive in a coffin for twenty-three hours.

On Thursday, he posted an update on his Instagram account saying, “Guys, I am still alive, I am still fine, I am okay. A lot of you might think something has happened, but nothing has happened, I am fine.

Breathing heavily he said, “My problem is just that I have run out of water, I might be forced to drink this (my urine). Guys, I am fine.”

Young C had embarked on this daring challenge on Wednesday, announcing his intention to be buried alive for 24 hours.

He shared a video on his Instagram account, emphasizing that the stunt was genuine and not a hoax. He also announced his plan to broadcast live footage from the coffin at night.

In an earlier update, Young C revealed that he had been buried for over 8 hours and was experiencing physical discomfort, including excessive sweating.

He shared a video from the coffin, showing his camera and light still functioning, and expressed his determination to complete the challenge.

This accomplishment brings to mind another challenge that American YouTuber MrBeast (Jimmy Donaldson) undertook two years ago to raise awareness about deforestation. In that challenge, he buried himself alive for fifty hours.

He overcame both physical and mental obstacles to finish the task and was ultimately exhumed, warning onlookers not to attempt such exploits since they could be dangerous.

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Court Grants N100m Bail To Sirika, Daughter In N2.7bn Fraud Case

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Former Minister of Aviation and Aerospace, Hadi Abubakar Sirika, along with his daughter, Fatimah Hadi Sirika, and son-in-law, Jalal Hamma, secured bail from the Federal Capital Territory High Court in Abuja.

This follows their indictment by the Economic and Financial Crimes Commission (EFCC) for their alleged involvement in a N2.7bn fraud tied to the Nigerian Air project.

The defendants, including Sirika and his family members, vehemently denied the charges during their appearance before Justice Sylvanus Orji, who granted them bail pending further legal proceedings.

Recall that Sirika faces a 6-count amended criminal charge before Justice Oriji, where the prosecution counsel, Rotimi Jacobs SAN, presented an amended charge by the EFCC dated May 7 and filed on May 8.

This amendment was unopposed by the defendants’ counsel. Lead counsel Kanu Agabi (SAN), representing Sirika, submitted his client’s bail application dated May 6 during the proceedings.

The remaining defendants also filed their bail applications, urging the court for leniency in setting the bail terms.

Prosecutor Jacobs highlighted that all defendants were on administrative bail and requested bail conditions ensuring their presence for trial.

Following arguments from both sides, Justice Orji granted bail to each defendant in the amount of ₦100 million, requiring two sureties for each.

Furthermore, the judge stipulated that one surety must possess a landed property with valid land titles within the Federal Capital Territory.

Additionally, the sureties must provide an affidavit of means..

The defendants were restricted from leaving the country without the court’s permission, with the consequence of non-compliance being detention in a correctional facility.

He said, “I admit the 1st, 2nd and 3rd defendant to bail in the sum of 100 million each with 2 sureties of like sum.

“One of the sureties must have a landed property within the Federal Capital Territory. The defendants must not travel outside the country.

“Any of them who is unable to fulfil the bail conditions will be remanded in the correctional centre.” he added

The trial dates were set for June 10th, 11th, and 20th, marking the next steps in the legal proceedings.

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Fubara Bans All LGA Heads From Rivers Assembly

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In a decisive move, Rivers State Governor Siminalayi Fubara has enacted a prohibition preventing all heads and officials from the 23 local government areas in the state from participating in Rivers Assembly sessions, specifically targeting lawmakers aligned with the Pro-Wike faction.

The governor cautioned that any individual who attends sessions convened by lawmakers supportive of Minister of Federal Capital Territory, Nyesom Wike, under the leadership of Speaker Martin Amaewhule, will face dismissal.

Recall that Governor Fubara reiterated that the state currently lacks recognized lawmakers in the eyes of the law, citing the defection of 27 legislators from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC).

According to the governor’s statement, this move has invalidated their mandate as outlined in the constitution.

It was however gathered that the governor’s directive was communicated via an online circular signed by Ebirieneuket Nteile C, Director of Information and Communications for Chairman Local Government Service Commission, dated Tuesday, May 7, 2024.

The circular reads “I am directed to inform you/ all officers of the 23 Local Government Councils in Rivers State, not to honour/appear before the Members of Assembly or any purported invitation by anybody or group of persons in any guise without the permission of the Acting Chairman- Local Government Service Commission.

“Any staff who disobeys or violates this instruction will be dismissed accordingly from service. Treat as very important, please.”

 

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