NEWS
Dangote Refinery Must Be Backed, Not Hindered – Obi
Labour Party (LP) Presidential candidate, Peter Obi has voiced his concern over recent conflicts between Dangote Industries and certain government agencies, urging for swift resolution and robust support for the Dangote Refinery.
In a statement released via X on Tuesday, Obi emphasized that these disputes go beyond political affiliations and personal grievances, highlighting the critical importance of the refinery for Nigeria’s economy, future, and the well-being of its citizens.
“Given Alhaji Dangote’s significant contributions to Nigeria, it is crucial that these disputes are resolved swiftly. Government agencies should be directed to offer the necessary support for the seamless launch and operation of the Dangote Refinery and its associated enterprises,” Obi stated.
He outlined the refinery’s potential to generate approximately $21 billion in annual revenue and create over 100,000 jobs, along with numerous positive impacts on the economy.
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Obi stressed the refinery’s strategic importance in addressing Nigeria’s fuel crisis, boosting foreign exchange earnings, and fostering economic growth, stating it is too vital to fail.
The statement partly reads, “The Federal Government and its agencies need to recognize the significance of Dangote’s contributions. Alhaji Dangote is not just a businessman; he is a national and African brand symbolizing patriotism, commitment, and impactful entrepreneurship.
“Despite operating in a challenging business environment, he has established a remarkable industrial hub in Nigeria, encompassing over 15 sectors, including cement, sugar, salt, fertilizer, infrastructure, tomatoes, automotive, energy, petrochemicals, rice, poly sacks,real estate, mining, logistics, and maritime.
“Alhaji Dangote’s unwavering dedication to Nigeria’s industrialization, job creation, and economic growth, despite adversities, warrants full support and protection. With economic indicators like unemployment, inflation, forex scarcity, and debt worsening, every sensible and patriotic government should regard enterprises like Dangote Industries as national treasures, meriting robust support and protection.
“In the interest of Nigeria and its citizens, as well as Africans at large, I urge the Federal Government and its agencies to provide Dangote Industries, especially the refinery, with all necessary support.
“The success of Dangote is intrinsically linked to the success of Nigeria and Africa; conversely, its failure would be a significant setback for both Nigeria and the continent.” it added
The Committee on Consequential Adjustments in Salaries for Civil Servants has confirmed that the newly approved minimum wage will be implemented starting July 29, 2024.
This was disclosed in a Memorandum of Understanding (MoU) issued at the conclusion of the committee’s meeting in Abuja on Friday.
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The MoU reads, “The National Salaries, Incomes, and Wages Commission (NSIWC) will prepare and release the necessary salary templates for other consolidated salary structures. The implementation date for the new wage will take effect from July 29, 2024.”
The committee, comprising 16 members, was set up to oversee the execution of the National Minimum Wage Act of 2024. This legislation raised the country’s minimum wage from ₦30,000 to ₦70,000.
Among its key responsibilities, the committee is tasked with negotiating salary adjustments across various sectors and developing a template for implementing the newly approved wage structure.
With the pump price of Premium Motor Spirit (PMS) popular in the streets as petrol, hovering around approximately N1000-N1300 per litre, concerns are mounting about the viability of fuel subsidies in Nigeria.
Energy policy analyst, Adeyemi Adeoye, has underscored the critical role of the Nigerian National Petroleum Company Limited (NNPC Ltd) in this issue, shedding light on who bears the subsidy costs.
He shared his views on TVC News on Friday.
Biztellers reports that the pump price of petrol has risen from below N200/litre at at May 29, 2023 to around N1300/litre as at September 20, 2024, with little variations depending the part of Nigeria, consumers are buying from.
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He stated, “Only the NNPC can engage in negotiations of this nature. Their partnership with the Dangote Refinery gives them leverage to negotiate from a position of strength.”
Adeoye highlighted that while the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other marketers lack significant influence over prices, the Dangote Refinery prioritizes profitability.
According to him, this makes the NNPC’s negotiations vital, as they are legally required by the Petroleum Industry Act to ensure fuel availability across the country and prevent long queues at gas stations.
Adeoye said, “It is only NNPC that could have gone into that type of negotiation because NNPC is coming to the table from a position of strength because they have a partnership with the Dangote Refinery, and they have other businesses they are supplying crude to, so they can come and say, ‘Look, this has to be this way.’
“The IPMAN and the other marketers cannot do that because Dangote is a profit-making organization; it is not a charity organization. So, the only thing that is important to the Dangote Refinery is to make a profit, which is the same thing that is important to any business.
“So, the NNPC went into these negotiations because it also understands that it is the last resort. In terms of fuel distribution in the country, NNPC is mandated by the Petroleum Industry Act to make sure that there are no queues in the country. So, even if they don’t want to do it, the law mandates NNPC as the supplier, the last resort, to make sure that there is petroleum product across Nigeria.
“That negotiation is such that NNPC took all the calculations in and said, ‘This is a fair pricing that we know we can withstand.’
“Because what NNPC was paying out, which you might call a subsidy or under-recovery, NNPC was paying the difference on behalf of the government, which is under the directive of the president, who has also said he wants to see this situation totally resolved.
“That was why he directed the NNPC to make sure that crude oil to the Dangote Refinery is sold in Naira, because NNPC produces the crude in dollars, and it has to be sold to the Dangote Refinery in Naira, which is good faith.” he added
Ukraine has implemented restrictions on Telegram for government, military, and security personnel, citing national security threats associated with the app, founded by Russian-born Pavel Durov.
The National Security and Defence Council announced in a statement on it’s Facebook page that these limitations will affect all government agencies, military units, and critical infrastructure facilities.
The council emphasized that this measure is essential for protecting national security.
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It reads, “The National Security and Defence Council decided to restrict the use of Telegram in government agencies, military formations and critical infrastructure facilities. It is a “matter of national security.”
More to follow………….
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