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Without subsidy Nigerians would have been paying N900 per litre of PMS, says IPMAN

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Without subsidy Nigerians would have been paying N900 per litre of PMS, says IPMAN

 

From John Danjuma

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has commended President Muhammadu Buhari for sustaining the subsidy on Premium Motor Spirit without which Nigerians would have been paying N850 to N900 per liter by now.

The National President Elder Chinedu Okoronkwo at a press conference in Abuja debunked the insinuation that its members were engaged in the sabotage of the effort by the Federal Government to subsidize the product with N4trillion.

“You are talking about sabotage I think that If there is anyone selling fuel on the road it is not IPMAN that you will take home today

“Let me tell you while we are still moving to check the cost if AGO that is not regulated how much are we picking it now? N850 to N900, that would have been the cost of PMS, and who enjoys this subsidy it is the man with his cars

“The only thing members of this association get is N10 we have been there fixated. For over N20 years each time they will be raising this product our margin has not been N10 that is why a lot of our people are not in business so if you are talking of sabotage is it from where.

“We are the worse beaten with huge investment and low return. We should be the ones to complain.

He asked Nigerians to stop panic buying the Premium Motor Spirit (PMS) as they will continue to sell the products at the government-approved price of N165 per liter.

“I told you the cost of doing business has changed and my members in Lagos before they did what they did, called me and told me that they are now getting this product at N162 to N165 per lite with transportation another N8, aggregating to about N170 to N173, even the N10 which supposed to be our own has been eroded, what do we do?

Read Also >> IPMAN Backtracks, Says Members Will Sell PMS At N165 Per Litre

“Now you know and I know that it is only NNPC that imports this product into Nigeria. Some of these tank farm owners who have gone to collect this product don’t blame them because the cost of doing business has also changed.

“It became so difficult for them to sell at N148.17 but yesterday I want to tell you that NNPC and PPMC went to their tank farms and released products.

“That is why we are thanking them that with this product we can now access the product at N148.17 Status quo ante must be maintained moving forward and from what they have told us they have products that can last us up to 32days.

“We must be happy with that knowing full well the challenges we have globally on Energy that is why we are thanking them.”

He said massive loading if the product is ongoing in Lagos adding that in a matter of days the long queues will fizzle out.

He thanked President Muhammadu Buhari for making available an N4trillion budgetary provision for subsidy, especially with the current global energy problems caused by the ongoing Russian-Ukrainian war.

He said they have engaged a consultant who will go into the books to determine exactly what the Association of Distributors and Transporters Of Petroleum Products (ADITOP) are being owed in terms of bridging claims.

According to Elder Okoronkwo, to mitigate against persistent losses there is collection of N5000 product liability Insurance by the Down Stream Regulatory Authority on behalf of IPMAN

He pleaded in a special way with the Downstream Regulatory Authority to make payments regarding Marketers’ product differentials and Bridging claims to enable their members to continue to be in business as some have been owed such claims for upward of 6 months.

He called on all members to submit their claims and all documentation to the consultant, the Benham Group to review and reconcile the bridging claims

He expressed appreciation for the tremendous support the NNPC, PPMC, and other government agencies who worked hard to stabilize and smoothen the supply of products across the country

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Fire Breaks Out In Kubwa As Vehicle Crashes Into Gas Station

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Panic broke out in Kubwa, Abuja, on Sunday after a vehicle crashed into a gas dispensary outlet at Liberty Junction on Arab Road, triggering a fire.

According to eyewitness accounts, the vehicle was travelling from Arab Road towards Liberty Junction when it reportedly lost control following a brake failure.

The vehicle subsequently skidded off its lane, crossed the road and plunged into the gas station, resulting in a fire outbreak.

ALSO READ: Panic at Oko Polytechnic as Three-Storey Students’ Hostel Collapses

The fire was quickly brought under control following a coordinated response by operatives of the Federal Fire Service, FCT Fire Service and the National Emergency Management Agency (NEMA).

The occupants of the vehicle were rescued unhurt by passers-by and witnesses who responded to the incident.

However, several makeshift shops adjoining the gas outlet were destroyed in the fire.

The prompt intervention of the emergency responders helped to curtail the spread of the fire and prevent further damage.

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‘Obi Did Not Loot A Kobo’ — Obiaraeri Compares Peter Obi, Akpabio’s Records

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Financial expert Nnaemeka Onyeka Obiaraeri has defended former Anambra State Governor Peter Obi against comparisons with former Akwa Ibom State Governor Godswill Akpabio, citing what he described as differences in the financial records of the two states during their respective tenures.

Obiaraeri made the remarks in a post on X on Sunday while responding to comparisons involving the two former governors.

According to him, Akwa Ibom State, under Akpabio between 2007 and 2015, received an estimated ₦2.06 trillion, which he said was equivalent to about $15.5 billion at the time.

SEE ALSO: ‘Peter Obi’s Govt Left 101 Road Projects With ₦127bn Liabilities’, Says Anambra Govt

He further claimed that the amount would be worth more than ₦21.7 trillion in today’s naira value.

Obiaraeri wrote: “AKWA IBOM STATE, UNDER GODSWILL AKPABIO, 2007 TO 2015…..

“Between 2007 and 2015, during the administration of Governor Godswill Akpabio, the Akwa Ibom State Government received an estimated total revenue of approximately ₦2.06 trillion/$15.5billion…..

“In today’s naira value, Akwa Ibom under Akpabio received over N21.7trillion.”
He also claimed that Akpabio left loan obligations of $334 million, which he put at about ₦467 billion.

Obiaraeri further alleged that there were multiple EFCC files concerning Akpabio, claiming that they documented financial misconduct during his tenure.

Turning to Anambra, Obiaraeri said the state received approximately $4.06 billion, or ₦525 billion, during Peter Obi’s tenure as governor from March 14, 2006, to March 14, 2014.

He wrote: “ANAMBRA STATE UNDER PETER OBI MARCH 14, 2006 TO MARCH 14, 2014
“Total funds and revenues received by Anambra state under Peter Obi was $4.06billion/N525billion.

“In today’s naira term is N5.4trillion.”
According to Obiaraeri, Peter Obi left behind $156 million in savings invested in an investment that generated more than $43 million, bringing the total to $199.8 million.

He added that the figure amounted to approximately ₦279 billion in today’s naira value.

Obiaraeri also claimed that more than ₦36 billion, which he equated to about $240 million, was held in Treasury Bills and other short-term naira investments.

He wrote: “However, Peter Obi left behind a total savings of $156million in an investment that yielded over $43m totaling $199.8m/N279billion in today’s naira money and over N36bn/$240m in treasury bills and other short term naira investments.”

Defending the former Anambra governor against allegations of corruption, Obiaraeri stated: “Peter Obi did not loot a kobo of Anambra monies. HE HAS NO EFCC OR FBI FILES OF CRIMINALITY ON HIM….”

He also compared Obi with other governors who served around the same period, “The Only Governor in the league of PO during his time was Raji Fashola …… Anyway, I am not surprised at some of you, who do this baseless comparison…The difference between LIGHT and Darkness is so clear to DECENT men, who love LIGHT….

“THOSE WHO ARE ROGUES, AND ASPIRING ROGUES, USUALLY LOVE DARKNESS….THEIR HEART IS DARKENED AND MIGRATE TOWARDS DARKNESS ALWAYS.”

He said ‘This is the verdict: Light has come into the world, but people loved darkness instead of light because their deeds were evil’.”

He then directly addressed those comparing the two former governors, stating: “I PUT IT TO YOU, who is mischievously comparing Apostle Peter to YOUR BARABASSES, that you are EVIL…QED.”

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‘Where Is Nigeria’s President?’ — Obi Questions Tinubu’s Third Straight UNGA Absence

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Former Anambra State Governor and presidential candidate, Peter Obi, has questioned President Bola Tinubu’s continued absence from the United Nations General Assembly, contrasting it with Ghanaian President John Dramani Mahama’s participation in the 81st UNGA.

Obi raised the question in a post on X on Sunday, while reacting to Mahama’s address at the global gathering.

SEE MORE: Atiku Vows Probe of ₦33.75bn Cash Transfer to 3.29m Nigerians

The former presidential candidate wrote: “The dynamic President of Ghana, John Dramani Mahama, delivered a remarkable address at the 81st United Nations General Assembly. The international community has commended his leadership and the substance of his address.

“It is a reminder of what leadership can produce when competence, capacity, compassion, commitment and character come together in the service of a nation.”

Obi then drew attention to Nigeria’s absence at the presidential level, asking why Tinubu had not attended the global gathering.
He wrote:

“Against this background, many are asking: Where is the President of Africa’s most populous nation, a country of more than 200 million people – more than Ghana – whose leader has been absent from the global stage for three consecutive UNGAs?

“Nigeria’s President, who ought to be representing the country and providing leadership for Africa at the international level, has not attended any of these three global gatherings. Where is he, particularly at a time when the country faces significant challenges, both domestically and internationally?”

Obi acknowledged that Vice President Kashim Shettima was present at the UNGA but maintained that questions remained over the President’s absence.
He stated: “Although our Vice President, Kashim Shettima, was present, the question remains: Where is the President?

“Let us continue to pray for his return and for his leadership in addressing the many challenges confronting the nation.”
Obi ended the post with his familiar political message:

Tinubu did not attend the 81st UNGA, with Shettima representing Nigeria at the gathering.

The President’s absence marks his third consecutive non-attendance at the UN General Assembly after he also did not personally attend the 79th and 80th sessions.

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