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FG, Marketers Say Fuel Crisis Won’t End Soon
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Amid the lingering petrol scarcity in the country, a senior government official and marketers have dashed the hope of an early resolution of the problem by claiming that supply hitches may not end any time soon.
The senior official in the Ministry of Petroleum Resources, who spoke to Sunday PUNCH on condition of anonymity on Saturday, said the fuel scarcity might get worse in the days and weeks to come as there were many issues affecting the smooth supply of the product across the country.
According to him, the inability of the NNPC Limited to import sufficient volume of Premium Motor Spirit (petrol) is primarily responsible for the current scarcity.
He explained that the NNPCL did not have sufficient funds to import the required quantity of fuel for domestic consumption and the situation was compounded by the falling value of the naira as the company had to source for scarce forex to buy petrol from abroad and pay shipowners, who convey it to the country.
The official stated, “The dollar issue is a major problem as the NNPCL is running helter-skelter to get forex to import fuel, yet the product cannot be sold at the market value; so, it is bearing some part of the cost in the form of subsidy. You can’t get products at higher rates and sell at lower rates and there won’t be crises.
“The Federal Government is worried that the removal of subsidy a month to the general elections will be disastrous as the organised labour will mobilise the citizens to resist it and the security agencies may not be able to contain the attendant upheaval. This, of course, will affect the chances of the ruling All Progressives Congress in the elections.
“The President does not want to leave a country in turmoil for his successor and that is why he made provision for subsidy till June. It will be the decision of his successor to retain or remove it. Whoever wins the presidential election will face a tough time.”
The source also explained that the inability of the country to produce enough crude oil to meet its Organisation of Petroleum Export Countries’ quota was another problem, noting that insecurity and crude theft had significantly affected the production capacity.
He added, “Another issue is the failure of the crude swap for refined products deal that the NNPCL had with major international oil firms and traders. The inability of the NNPCL to meet its own side of the deal by supplying the required quantity of crude has frustrated the arrangement.
“While Nigeria has been taking refined products from the partners, it has not been able to supply the crude equivalent and the international firms and traders have stopped shipping products to the country.”
Oil marketers, on Saturday, also alluded to the problems in the downstream sector and predicted that the current scarcity would not abate until the government comes out with a clear position on subsidy removal, full deregulation and price determination.
They also faulted the claim by the Federal Government that it had not increased the pump price of petrol, as they continued dispensing the commodity at exorbitant rates.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, had announced on Friday that the President, Major General Muhammadu Buhari (retd.), did not approve any hike in petrol price.
This was after oil marketers stated that the government might have commenced the gradual removal of subsidy on petrol, as they stated that the cost of PMS was raised on Thursday from N175/litre to N185/litre.
The Punch
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Atiku Raises Alarm over ‘Mysterious’ Credit into Private Bank Account
Former Vice President and African Democratic Congress (ADC) Presidential Candidate, Atiku Abubakar, has raised concerns over what he described as a suspicious and unauthorised payment into one of his private bank accounts.
In a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the transfer originated from an individual or entity unknown to him and carried the narration, “Contribution Electioneering Campaign.”
According to the statement, neither Atiku nor his campaign solicited, authorised or had any knowledge of the payment.
The former Vice President said the account was strictly private and its details were not in the public domain, raising concerns about how the information could have been obtained.
“How did unknown persons obtain the confidential banking details of a private citizen?”
Atiku said the incident raised broader concerns about the security of Nigerians’ financial information, particularly if the private banking details of a former Vice President and presidential candidate could allegedly be accessed without his consent.
“If the private banking information of a former Vice President and a leading presidential candidate can be accessed and deployed for reasons yet unknown, then no Nigerian’s financial privacy is safe.”
He further expressed concern that the alleged disclosure could have involved individuals with privileged access to confidential information.
According to him, if such access is established, it could expose account holders to criminal elements, including kidnappers, terrorists, bandits and fraudsters.
The former Vice President also called the attention of Nigerians and security agencies to the incident, describing it as part of what he termed a series of “suspicious activities” ahead of the 2027 general elections.
“We therefore put the Nigerian public and the security agencies on notice about this latest incident in a litany of suspicious activities leading up to next year’s general elections.”
Atiku also alleged that the incident could be part of an attempt to damage his reputation as political activities intensify ahead of the elections.
He urged Nigerians not to be distracted by what he described as “tired tactics” aimed at character assassination.
“Such desperate antics have failed before and will fail again.”
The ADC presidential candidate said he remained focused on his political agenda and his stated commitment to providing solutions to the country’s challenges.
“The Waziri Adamawa remains focused on offering Nigerians credible leadership and practical solutions to the nation’s challenges.”
Headlines
VP Shettima Embarks on Two-Week Leave
Vice President Kashim Shettima is schedule to begin a two-week leave this Thursday following the approval of President Bola Ahmed Tinubu. This is the Vice President’s first official leave since assuming office on May 29, 2023, according to a statement by the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Mr. Stanley Nkwocha.
The statement highlighted that during the period of the leave, the Vice President will devote time to study, reflection and intellectual renewal as part of efforts to strengthen his capacity for continued service to the nation.
The leave offers Senator Shettima an opportunity to review the administration’s ongoing programmes, deepen his understanding of emerging national and global policy issues, and prepare for the responsibilities ahead as the Federal Government intensifies the implementation of the Renewed Hope Agenda.
Since assuming office on May 29, 2023, the Vice President has remained actively engaged in the coordination and supervision of several strategic government initiatives, particularly in economic development, food security, humanitarian affairs, digital transformation, job creation and regional cooperation.
He has also chaired the National Economic Council, which brings together the governors of the 36 states, the Governor of the Central Bank of Nigeria and other relevant public officials to deliberate on policies affecting the economy and the welfare of Nigerians.
Beyond his responsibilities within the country, Vice President Shettima has represented President Tinubu at major international and regional engagements, advancing Nigeria’s position on economic integration, peace and security, climate action, investment and sustainable development.
Senator Shettima remains deeply committed to the ideals of loyalty, duty and service that have defined his role in the administration, as well as to supporting President Tinubu’s efforts to build a more secure, productive and prosperous Nigeria.
The Vice President will return to office at the end of the two-week leave period and resume his official responsibilities with renewed energy and dedication to the service of the nation.
Headlines
Tinubu Approves Fresh Salary Increase for Military
President Bola Tinubu has approved salary increases of between 30 and 80 per cent for personnel of the Nigerian Armed Forces, with about 250,000 officers and men set to benefit from the enhanced remuneration package aimed at boosting troop welfare and morale.
The new salary structure, which takes effect from September 1, will see officers above the rank of Colonel receive a 30 per cent salary increase, while personnel from the rank of Colonel down to Warrant Officer will enjoy a 50 per cent increment. Soldiers from the rank of Private to Staff Sergeant will receive the highest increase of 80 per cent.
The approval will raise the annual salary bill for the Armed Forces from N660 billion to N924 billion.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the salary review underscores the Tinubu administration’s commitment to improving the welfare of military personnel in recognition of their sacrifices in safeguarding the country.
The President noted that members of the Armed Forces have continued to display courage and dedication in confronting banditry, kidnapping, terrorism and other security threats across the country.
“The men and women who help to keep us safe in our homes must be supported and appreciated in the course of their duties to our nation,” Tinubu said.
He assured that his administration would continue to prioritise troop welfare while strengthening the operational capacity of the military through improved equipment and technology.
“Our administration will continue to prioritise troop welfare and modernise the armed forces by providing the weapons and technological tools needed to discharge their duties,” the President stated.
Tinubu stressed that security remains central to national development, saying no country can attain sustainable progress without guaranteeing the safety of its citizens.
“Our administration believes that no nation can achieve greatness without security. We therefore remain resolute in mobilising all military and law enforcement assets to eliminate security threats and protect the lives and property of all Nigerians,” he said.
The President urged military personnel to see the enhanced remuneration as a demonstration of the nation’s appreciation for their service and commitment.
“I urge our servicemen to take our gesture as a sign of our deep appreciation of the services they render to our fatherland. Together we shall prevail over the enemies intent on destroying the fabric of our nation,” Tinubu added.






