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Oil Marketers Demand Clarity As Naira-for-Crude Initiative Takes Effect

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Oil marketers and domestic refiners have called on the Federal Government to provide comprehensive details about the naira-for-crude oil deal, which was recently announced by the Federal Ministry of Finance.

The ministry disclosed that the sale of crude oil and refined petroleum products in naira began on October 1, 2024, marking a significant shift in the country’s oil sales policy.

Read Also: FG Clarifies Non-Interference In NNPCL, Dangote Refinery Pricing Feud

In a statement on Saturday, the Ministry of Finance, through its official X handle, confirmed that the initiative had officially commenced, following a directive from the Federal Executive Council.

The Minister of Finance and Coordinating Minister of the Economy chaired a post-commencement review of the initiative on October 3, 2024, affirming the strategic move.

However, the announcement lacked details about the contractual agreements and pricing mechanisms, prompting concerns from key industry stakeholders.

Industry Response

The Crude Oil Refinery Owners Association of Nigeria and the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) welcomed the move, but both organizations urged the government to disclose more specifics about the deal.

Billy Gillis-Harry, President of PETROAN, expressed optimism about the policy but emphasized the need for transparency.

In an interview, he highlighted the importance of understanding how the agreement would affect the pricing of crude oil and its impact on fuel costs in Nigeria.

“We are happy with the initiative as it aligns with our long-standing recommendation to sell crude oil to Nigerian refineries in naira,” said Gillis-Harry.

“However, we need the government to release details, especially regarding pricing, to address concerns of potential fuel price hikes.”

Gillis-Harry, currently engaged in local elections in Rivers State, said the outcome of the deal would have far-reaching consequences for Nigeria’s economy.

“PMS (Premium Motor Spirit) pricing is crucial as it affects every aspect of the economy. We hope that once the details are revealed, it will ensure stability and growth for the naira.”

He also lauded the government for implementing the suggestion originally pushed by PETROAN, stating that this policy could provide significant value to the Nigerian economy.

Awaiting Clarity

Despite the positive reception from some industry players, the lack of clarity regarding the pricing structure and other terms of the deal has left many stakeholders eager for more information.

The success of the naira-for-crude initiative will largely depend on how the details are handled, especially as fuel prices remain a sensitive issue for Nigerian consumers.

As the government continues to roll out the policy, it remains to be seen how the deal will affect both the domestic and international oil markets, as well as the broader Nigerian economy.

 

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Tinubu Not To Blame For North’s Challenges – Ex-Kaduna Speaker

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Hon. Yusuf Ibrahim Zailani, former Speaker of the Kaduna State House of Assembly, has defended President Bola Ahmed Tinubu against criticisms over the difficulties facing Northern Nigeria.

He argued that the North has received substantial financial support through regional development commissions and should focus on utilizing these resources effectively.

Zailani made this statement while speaking to journalists after receiving Alhaji Yerima Shettima, President-General of the Arewa Youth Consultative Forum (AYCF), who visited to offer condolences following the passing of his stepmother, Hajia Fatima Abdullahi (Goggu Ladi).

READ ALSO: Dangote Peugeot Begins 3008 GT Assembly In Kaduna

He noted that Tinubu’s administration had provided significant financial backing to the North, particularly through the creation of regional development commissions, each receiving ₦750 billion annually—totaling ₦2.25 trillion for the region.

“President Tinubu has, in his own way, liberated the North from poverty and underdevelopment.

“With an annual budget of ₦750 billion allocated to each of the North’s three development commissions—totaling ₦2.25 trillion annually—the North has no reason to struggle with poverty, unemployment, and underdevelopment,” Zailani stated.

He pointed out that if these funds were used efficiently, they could transform key sectors such as power, agriculture, and industrialization.

He cited an example where ₦200 billion could generate 100 megawatts of solar power, while investments in fertilizer blending plants and research could boost agricultural productivity.

Zailani stressed the need for accountability, urging Northerners to shift their focus from blaming the Federal Government to questioning the performance of their own development commissions.

“Instead of constantly questioning what the Federal Government is doing or not doing, we should be asking what our development commissions are doing with the allocated funds,” he said.

Addressing concerns about the Proposed Tax Reforms Bill, which some argue favors industrialized states like Lagos, Zailani encouraged the North to take advantage of its development funding and focus on self-sufficiency.

“Now that we have been empowered with development commissions, let us build our own industries and generate our own taxes instead of complaining,” he added.

He also commended Kaduna State Governor Uba Sani for his efforts in infrastructure development, particularly his directive for the construction of 20 kilometers of asphalt roads in each constituency.

He called on AYCF and similar organizations to collaborate with the government to drive progress in the region.

In response, Alhaji Yerima Shettima offered prayers for the late Hajia Fatima Abdullahi and reaffirmed AYCF’s commitment to ensuring transparency and accountability in governance.

“We will continue to uphold the truth and ensure justice for all,” Shettima stated.

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Lagos To Shut Independence/Mekwen Bridge For Two Months

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The Lagos State Government has announced the closure and diversion of traffic on the Independence/Mekwen Bridge (inbound Marina/CMS route) for two months to allow for emergency repairs.

In a statement on Sunday, the Commissioner for Transportation, Oluwaseun Osiyemi, disclosed that the repair work would commence on Wednesday, March 19, and run until Monday, May 26, 2025.

As a result, the section of the road from the National Open University of Nigeria (NOUN) through Bonny Camp Bridge down to Independence Bridge will be closed to vehicular movement.

READ MORE: Woman Jumps Into Lagos Lagoon, Recovered Dead

Additionally, the Bonny Camp Underpass Bridge service lane inbound Independence Bridge will not be accessible to motorists. However, the service lane from Ahmadu Bello Way to Ozumba Mbadiwe will remain open.

To ease traffic congestion, the government has provided alternative routes for motorists.

“For motorists heading to Victoria Island from Ahmadu Bello Way, Osiyemi advised using Ozumba Mbadiwe Avenue inbound Akin Adesola Street, then proceeding to Falomo Roundabout and linking Obafemi Awolowo Road to access Ring Road.

“Those traveling to the 3rd Mainland Bridge from Ahmadu Bello Way should go through Ozumba Mbadiwe Avenue inbound Akin Adesola Street, then link Alfred Rewane Road to Osborne Road before connecting to Ring Road.

“Motorists heading to Inner Marina and CMS from Ahmadu Bello Way will be diverted through Ozumba Mbadiwe Avenue inbound Akin Adesola Street to connect Falomo Roundabout, then link Obafemi Awolowo Road to access J.K. Randle Road/King George V Road.

Osiyemi assured that traffic management personnel would be deployed to regulate movement during the repair period.

“Motorists heading to Ahmadu Bello Way from Inner Marina/CMS will have through-traffic access,” he said.

The commissioner also reaffirmed the government’s commitment to ensuring minimal disruption, stating that officers of the Lagos State Traffic Management Authority (LASTMA) will be on the ground to manage traffic flow along the affected routes.

The state government urged residents to plan their journeys accordingly and comply with the alternative routes to ease congestion during the two-month repair period.

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Ondo State To Employ 1,100 Primary School Teachers

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Governor Lucky Aiyedatiwa of Ondo State has approved the recruitment of 1,100 primary school teachers to fill vacancies in public schools across the 18 local government areas of the state.

The announcement was made in a statement on Sunday by Bolu Ajijo, the Director of Information and Public Relations at the Ondo State Universal Basic Education Board (SUBEB).

According to the statement, the approval was granted after the completion of the recruitment process.

READ ALSO: JUST IN: Nine Abducted Surveyors Freed In Ondo After N20m Ransom Payment

“As part of deliberate efforts to fill critical vacancies in public primary schools across the state, Ondo State Governor, Lucky Aiyedatiwa, has approved the employment of one thousand one hundred teachers by the Ondo State Universal Basic Education Board,” the statement read.

Reacting to the decision, the Executive Chairman of Ondo SUBEB, Victor Olambitan, commended the governor for addressing the shortage of teachers in the state’s public schools.

“The employment will go a long way in improving the pupil-teacher ratio in our public primary schools and, at the same time, enhance the quality of education delivered in schools, especially in rural and hard-to-reach areas across the state,” Olambitan stated.

He also assured applicants that details on how to check the list of successful candidates and begin the documentation process would be made public soon.

 

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