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Why NNPCL is Selling PMS at a Loss – Sylva

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President Buhari to Unveil NICA Act

The Minister of State for Petroleum Resources, Timipre Sylva, has explained that though subsidising Premium Motor Spirit (PMS) is a drain on the national economy, the policy has been sustained because it is a national consensus.

He made the submission in Abuja, on Monday, at the resumption of the scorecard series (2015-2023) of the President General Muhammadu Buhari.

Sylva said, “Unfortunately we are still in a subsidised regime, which all of us know. As a country, I think it is a national consensus now that subsidy is not sustainable, but together we will get there.”

In the bid to lend his voice to deregulation, he noted that subsidy would soon be a thing of the past, with plans firmly in place to end the obnoxious policy by June 2023, almost becoming populist.

The minister maintained that until the cost of petroleum products became market driven, investors would continue to shy away from investing in the downstream oil sector.

“Under a subsidised regime, who is going to invest? If you build a refinery, how is your refinery going to make profit under a subsidised regime? But if you have a market-driven situation, you’ll see that a lot of investors will come.

“And the more refineries we have, this problem of access to petroleum products will be a thing of the past,” Sylva postulated.

Biztellers reports that Sylva’s remarks came a week after the Minister of Finance, Budget and National Planning, Zainab Ahmed, made it clear that the Federal Government had budgeted about N3.6tn for fuel subsidy till June 2023.

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JUST IN: Ikeja DisCo Reduces Tariffs For Band A Customers

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In a significant development, the Ikeja Electricity Distribution Company (IKEDC) has announced a tariff reduction for its Band A customers.

Effective immediately from Monday, May 6, 2024, customers in Band A will see their tariff lowered to N206.80 per kilowatt-hour, down from the previously approved rate of N225/kWh by the Nigerian Electricity Regulatory Commission.

This decision, disclosed by IKEDC spokesperson Olufadeke Omo-Omorodion on Monday, marks a proactive measure by the company to provide relief to its Band A customers.

Notably, while this adjustment ensures a minimum of 20-hour daily power supply for those on Band A feeders, tariffs for customers on other bands remain unchanged.

IKEDC said “Dear Esteemed Customers, please be informed of the downward tariff review of our Band A feeders from N225/kWh to N206.80/kWh effective 6th May 2024 with guaranteed availability of 20-24hrs supply daily. The tariff for Bands B, C, D, and E remains unchanged.”

Recalls that on April 3, the Nigerian Electricity Regulatory Commission (NERC) revised the electricity tariff for Band A customers dramatically, soaring from N68 per kilowatt-hour to N255/KWh. It’s worth noting that this tariff hike did not affect other customer categories.

Since the release of the supplementary Multi-Year Tariff Order, consumers categorized as Band A have been expressing discontent, citing the significant impact of the tariff increase on their finances.

They have been calling on the Federal Government to reconsider this policy.

However, during an investigative hearing before the Senate Committee on Power last Monday, the Minister of Power, Adebayo Adelabu, issued a stark warning.

He emphasized that if the electricity tariff hike was not implemented, the nation could face a total blackout within the next three months.

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Influential Figures Conspiring Against My Govt, Says Kebbi Gov

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Kebbi State Governor, Nasir Idris has voiced concerns about influential figures allegedly undermining his administration’s goals.

However, at the Uhola Festival and Agricultural Show in Zuru, Gov Idris reaffirmed his commitment to staying focused despite these challenges.

He disclosed instances where individuals from the state reportedly interfered with road development plans he had submitted to the Federal Ministry of Works in Abuja.

He said, “It might interest you to know that someone went and changed the submission we already made on the Koko Dabai Road with that of Bui-Kangiwa-Kamba Road up to the border with Niger Republic at the Ministry of Works in Abuja.

“Whereas the KoKo-Dabai Road needs more urgent attention than the Bui-Kamba Road which is still motorable. I feel sad whenever I come to Zuru because all the three roads linking the town to other places are in bad shape.”

Governor Idris pledged to assemble key figures from the Zuru Emirate, including traditional rulers, for a meeting with President Bola Ahmed Tinubu in Abuja, aiming to swiftly address the concerning situation.

Emphasizing his administration’s commitment, he affirmed support and financial backing for the annual Uhola Festival, recognizing its importance in fostering cultural promotion for economic development and social unity.

 

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Outrage Mounts As Lagos Govt Demolishes Structures

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The recent demolition of structures by the Lagos State Government at the Arowojobe and Mende estates in Maryland, Lagos, stirred significant outrage over the weekend.

The government cited the need to reclaim the right of way of the Odo-Iya Alaro channel as the reason behind the exercise.

However, residents strongly objected to the demolition, alleging that they were only provided with a two-hour notice.

In a widely circulated video, a woman lamented the insufficient time given by the government for residents to relocate.

She said, “Happening right now at Mende Villa One. Two hours to pack out? Two hours, that was what the Lagos State Government gave, and they are here demolishing. Mende Villa, this is in Maryland. Where do they want us to put our property?”

Singer Yemi Alade joined the chorus of voices criticizing the government’s actions, expressing her frustration on social media.

She said, “Lagos State, what is going on? Does it make sense that people will invest millions of naira, millions of dollars into real estate, buy houses, buy land and Lagos State (government) will go and be breaking walls, breaking houses, rendering people homeless overnight? And it’s done serially.

“It is done back-to-back. Now Maryland, Mende area is on fire. People are sleeping in their houses, waking up the next day homeless.” she added

Meanwhile, Commissioner for Environment and Water Resources, Tokunbo Wahab, posted on his X account on Saturday, presumably addressing the issue.

Wahab said, “We also visited Mende Villa, Maryland, where the developer initially claimed there was a drainage approval on the property.

“The directors who were in the know of what transpired at the time were invited to speak on the issue but confirmed that the developer was given temporary and conditional approval to leave a 20m setback from the edge of System 1 but he encroached on the setback thereby obstructing the flow of rainwater.

“However, by the magnanimity of Governor @jidesanwoolu, the ROW was approved to be reduced to 100m from 140m and spread on a 60/40 basis (60 Mende/40 Ogudu) instead of the initial 140m sitting on the Mende side.”

He added “The instruction to immediately continue the removal of all structures on the alignment has been given to the enforcement team after the 1st notice to remove was served on them in 2021 and the last notice was served in November 2023 after the meeting with the stakeholders.”

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