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FG Further Reduces Petrol Pump Price to N123.5 Per Litre

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The Federal Government on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre.

Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide.
It announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with stakeholders in the oil and gas sector in Abuja.

Announcing the reduction, the Executive Secretary of the PMS pricing regulator, Abdulkadir Saidu, said, “PPPRA, in line with the government approval for a monthly review of Premium.

“Motor Spirit pump price hereby announces guiding PMS pump price of N123.50 per litre.

“The guiding price which becomes effective 1st April 2020, shall apply at all retail outlets nationwide for the month of April 2020. PPPRA and other relevant regulatory agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector.”

It added, “Members of the public and all oil marketing companies are to be guided accordingly.”

The spokesperson for PPPRA, Kimchi Apollo, had told our correspondent at 7.30pm that stakeholders had been meeting on the new price since Tuesday morning.

Officials from the Central Bank of Nigeria, Nigerian National Petroleum Corporation, oil marketers and labour unions, among others, who constitute the petroleum products price modulation committee attended the meeting.

On March 19, 2020, a day after the Federal Government announced the pump price of N125/litre for petrol, the PPPRA declared that there was the possibility of a new price regime for the PMS beginning from April 1, 2020.

It explained that the N125/litre price might last till the end of March, as a new cost for petrol might be introduced on April 1.

Saidu had told journalists that the PPPRA would be undertaking a review of the PMS price and would announce a new price for the product on April 1 (today) if there were changes in the parameters used in determining the N125/litre pump price.

In another development, the Transmission Company of Nigeria on Tuesday announced an improvement in power generation.

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Business

Just In: FG Reduces Petrol Pump Price to N121.50

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The Petroleum Products Pricing Regulatory Agency has announced a new pump price band of N121.50 to N123.50 per litre for Premium Motor Spirit, also known as petrol.

The PPPRA, which is an agency of the Federal Government, disclosed this in a circular to fuel marketers dated May 31, 2020, which was obtained by our correspondent on Monday.

The sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hitting a record low in March, wiping off subsidy on the product.

The pump price of petrol, which is still being regulated by the Federal Government, was reduced to N125 per litre from N145 per litre on March 18, 2020, effective March 19.

The PPPRA further announced on March 31 a price band of N123.50 to N125 per litre, effective April 1.

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Buhari Writes Reps for Another $5.513bn Loan

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President Muhammadu Buhari has written to the House of Representatives to request for the approval of fresh external borrowings totaling $5.513bn.

Buhari, in the letter read by Speaker of the House of Representatives, Femi Gbajabiamila, at the plenary on Thursday, said the funds were for 2020 budget deficit, financing of critical projects, and some states of the federation.

The President also presented a revised 2020 Appropriation Bill and 2020-2022 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The National Assembly had recently approved a loan of N850bn for the Federal Government, while another of $22.79bn, which the Senate has already approved, is pending before the House.

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FirstBank Provides Free E-learning Subscriptions, Targets One Million Students

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Nigeria’s leading financial inclusion services provider, First Bank of Nigeria Limited, has announced that thousands of students have been signing up to access the e-learning solutions for free which is provided in partnership with Roducate and Lagos State Government.

 

This is in furtherance to the Bank’s resolve to close the gap of the disruption in children’s education due to schools’ closure, as a result of the COVID-19 pandemic. 

The Roducate e-learning platform is structured in line with the government’s accredited curriculum for primary, secondary and tertiary schools across various fields of academic endeavours, such as science, commercial and arts. 

Also, it includes tutorial videos to reinforce the learning engagement as well as assignments and mock exam to test the students’ knowledge and progress in the course of studying. In addition, learning on the platform enables one to take notes for quick reference.

In view of the need to foster extra-curricular activities – beyond academic pursuit – the Roducate e-learning platform is configured with exciting features to make learning exciting and fun. These features include podcasts and various games such as brain pulse, monster munch etc. which allows one to play with other students online thereby building relationships and promoting interactive learning.

Speaking on the implementation of the initiative, Dr. Adesola Adeduntan, CEO, FirstBank said “The partnership with Lagos State has seen us provide low-end devices for students preloaded with Roducate offline; content which include Government accredited curriculum for primary through secondary education and several university courses. This solution will see Lagos State offer children in the lower bracket, who may not have access to devices or data from home affordable smart phones preloaded with the curriculum. The phones have SIMs and limited data tied, only, to the Roducate learning product, which means the recipients cannot browse, encouraging safe learning but can still submit tests, mock exams etc.”

Adeduntan further noted that ‘’currently our partnership offers students free online access to the education solutions. We encourage parents and guardians to have their children and wards registered in this initiative so their educational development is not held back,” he concluded.

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