News
Petrol Pump Price Drops To N114.53 Per Litre
The expected open market price of Premium Motor Spirit, popularly known as petrol, has dropped to N114.53 per litre, N30.47 lower than the approved pump price of the product.
The sharp drop in crude oil prices on the back of the spread of coronavirus had wiped off subsidy on petrol.
The landing cost of petrol plunged to N123.88 per litre on February 27, and the product was expected to be sold at N143.25 that day if the price of the product was adjusted to reflect the change in crude oil prices, according to Petroleum Products Pricing Regulatory Agency.
The latest pricing template from the PPPRA showed that the landing cost declined further to N95.16 per litre on March 10 from N115.52 per litre on March 6.
The expected open market price of the product fell to N114.53 per litre on Tuesday from N134.89 per litre last Friday.
The international oil benchmark, Brent crude, has been on a downward trend since the coronavirus broke out in China. It tumbled by as much 30 per cent on Monday to $31, its lowest in four years as Saudi Arabia launched a price war.
The expected open market price of petrol was N182 per litre at the end of last year as Brent, against which Nigeria’s oil is priced, traded around $67 per barrel.
With the recent steep fall in crude oil prices, the cost of petrol plus freight dipped to $379.37 per metric tonne (N86.84 per litre) on Tuesday from $466.43 per MT (N106.78 per litre) last Friday, according to the PPPRA.
The cost plus freight, which stood at $668.29 per MT (N152.99 per litre) on December 31, 2019, fell to $502.29 per MT (N114.97 per litre) on February 27, 2020.
Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.
While the diesel and kerosene prices had been deregulated, the government still pay subsidy to make petrol cheaper at the pump.
The landing cost of petrol has fallen by 41.5 per cent since December 31, 2019 when it stood at N162.68, the PPPRA data showed.
Apart from the cost and freight, other cost elements that make up the landing cost are lightering expenses (N2.75), Nigerian Ports Authority charge (0.84), Nigerian Maritime Administration and Safety Agency charge (N0.22), jetty throughput charge (0.60), storage charge (N2.00) and financing (N2.49).
The EOMP is the sum of the landing cost and the total distribution margin, which the PPPRA put at N19.37.
The Nigerian National Petroleum Corporation, NNPC, has been the sole importer of petrol into the country for more than two years, after private oil marketers stopped importing the commodity due to crude price fluctuation, among other issues.
The Federal Government had on May 11, 2016 announced a new petrol price band of N135 to N145 per litre, a move that signalled the end to fuel subsidy payment to private marketers.
But the government later resorted to subsidy regime following the increase in the landing cost of petrol on the back of rising crude oil prices, with the NNPC incurring the subsidy, which it called under-recovery.
The Corporation, through the ‘Direct-Sale-Direct-Purchase’ arrangement introduced in 2016, supplies petroleum products into the country.
Under the DSDP scheme, selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPC.
The International Monetary Fund, in its Regional Economic Outlook published in October 2019, said Nigeria needed to reduce fuel subsidy to bring about more productive government spending.
Politics
Edo tribunal: PDP, Ighodalo, close case against Gov. Okpegholo
*As INEC opens defence Wednesday
After calling 19 witnesses at the Edo State governorship election tribunal, to attack the credibility and outcome of the September 21, 2024 governorship election that produced governor Monday Okpegholo, the Peoples Democratic Party, PDP, and its candidate, Asue Ighodalo, closed their case.
The decision was communicated to the Justice Wilfred Kpochi- led three-member tribunal yesterday by counsel to the petitioners, Mr. Robert Emukpoeruo, SAN.
In their petition, the petitioners who called 19 witnesses and tendered several documents and devices used for the disputed polls, urged the tribunal to nullify the election of Governor Okpegholo over alleged irregularities including over-voting and non-compliance with the provisions of the Electoral Act.
Meanwhile, the Independent National Electoral Commission, INEC, yesterday, produced five additional Bimodal Voter Accreditation System, BVAS, machines that were used for the election.
The electronic devices, which were tendered by a Senior Technical Officer in the ICT Department of the Independent National Electoral Commission, INEC, Mr. Anthony Itodo, were admitted in evidence, amidst opposition from the camp of the respondents.
This is in addition to the 148 BVAS machines that had earlier been admitted in evidence by the tribunal for the conduct of the election in 133 polling units.
After the short proceedings, the tribunal then adjourned till Wednesday for INEC to open its defence.
The electoral body had declared that Okpebholo of the APC secured a total of 291,667 votes to defeat his closest rival, Ighodalo of the PDP, who got a total of 247,655 votes.
However dissatisfied with the results, the PDP and its candidate approached the tribunal, praying it to nullify INEC’s declaration of the APC and Okpebholo as winners of the election.
In the petition marked EPT/ED/GOV/02/2024, the petitioners argued that Governor Okpebholo of the APC did not secure the highest number of lawful votes that were cast at the election.
Daily Sun
News
FG approves N4.8bn for HIV/AIDS treatment amid U.S. funding suspension
…Okays $1bn HOPE programme to fix PHCs, others
Federal Executive Council (FEC) presided over by President Bola Tinubu, has approved a significant allocation of N4.5 billion for the procurement of HIV treatment packs, aimed at supporting Nigerians living with HIV/AIDS.
This decision comes in light of the recent suspension of U.S. government funding for HIV programs, which is undergoing a 90-day review period.
Addressing Minister of Finance and Coordinating Minister of the Economy of Nigeria, Wale Edun and Coordinating Minister of Health and Social Welfare, Muhammad Ali Pate, explained that the approval underscores Nigeria’s commitment to ensuring continuous access to life-saving treatment for individuals affected by the virus.
The funding landscape for HIV/AIDS treatment in Nigeria has been heavily reliant on international assistance, particularly from the U.S. President’s Emergency Plan for AIDS Relief (PEPFAR) and the Global Fund. Historically, about 80% of HIV response funding has come from external donors, with domestic contributions lagging behind.
Under the Buhari’s administration, the government had admitted that since 2005, about $6.2 billion had been spent on HIV response in Nigeria, with approximately 80% of these funds contributed by external donors.
Pate, on Monday emphasised the importance of this funding: “This allocation is critical for ensuring that those living with HIV continue to receive necessary treatments without interruption.”
The approved budget will facilitate the procurement of 150,000 treatment packs over a four-month period. This initiative not only aims to provide immediate relief but also demonstrates Nigeria’s intent to build a more sustainable domestic financing model for health interventions.
The minister said FEC also set up a committee with membership drawn from the Ministries of Finance, Budget, Defence, Environment and the Nigeria Governors Forum to come up with a sustainability plan.
Responding to U.S. Policy Shifts on Development Assistance
Addressing recent U.S. policy changes affecting development assistance for diseases like HIV, tuberculosis, and malaria, Pate highlighted Nigeria’s proactive approach to sustainability. “While we appreciate the contributions of the U.S. government over the last 20 years, Nigeria is now focused on transforming its health sector using national systems and domestic financing,” he said.
To ensure a seamless transition amid these policy shifts, a committee comprising key ministries and state governors has been tasked with developing a sustainability plan. “This is about ensuring that no Nigerian loses access to treatment during this period of adjustment,” he emphasised.
Pate said FEC approved the HOPE (Human Capital Opportunities for Prosperity and Equity) programme, a $1 billion initiative designed to strengthen governance and primary healthcare systems nationwide. “This programme is very much in line with the direction of this administration—to focus on investing in the human capital of Nigerians. People are at the center of the Renewed Hope Agenda,” Pate stated.
The funding, developed in collaboration with the International Development Association (IDA), allocates $500 million for governance improvements and another $500 million to enhance primary healthcare. The governance component will incentivize states to recruit and train teachers and healthcare workers, while the healthcare portion will expand primary health care services, improve quality, and boost resilience. “This is about accelerating transformation in the health sector,” Pate explained, referencing the ongoing Nigeria Health Sector Renewal Investment Initiative (NHSRII) launched in 2023.
The programme also includes $70 million in grant financing from the Global Financing Facility to support maternal and child health services. “We are building on free emergency medical services for maternal and child health as part of this initiative,” Pate added
News
No respite for Obasa as assembly workers pledge loyality to new Lagos speaker
…GAC holds meeting with Miranda, others
The hope of returning back to seat of the Speaker, Lagos State House of Assembly by Hon. Mudashiru Obasa seem to deeming with more stakeholders pledging allegiance to the new Speaker, Hon. Mojisola Meranda .
The latest among the stakeholders to pledge their loyalty to the new speaker, is Lagos State House of Assembly Staff.
The group gave Hon. Meranda a rousing welcome to the Assembly complex on Monday and also declared their total support for the new speaker.
The former speaker, Obasa, who represents Agege constituency, was removed on January 13, 2025, by the majority members of the Assembly over allegations of gross misconduct and abuse of office while he was away in the US but on his return to the country, he held a press conference where he insisted that his removal didn’t follow due process.
However, since the former speaker, Obasa was removed, many stakeholders have continued to pledge support for the new Speaker, and these stakeholders included the apex body in All Progressive Congress (APC), Governance Advisory Council (GAC).
Although few member of GAC were not comfortable with the emergence of Maranda as Speaker due to constituent she comes from, which is Central Senatorial District.
According to those kicking against emergence of the new Speaker, Meranda, the governor is from Central Senatorial District and it will amount to injustice to other district for speaker to come again from the same Senatorial District .
As at the time of filing the report, GAC is currently holding a closed door meeting at the Lagos House in Marina, and according to a source, top on the agenda of the meeting meeting is issue of zoning which they are trying to resolve.
The new speaker along with some members of the House have also joined the meeting, the outcome of the meeting will determine where pendulum will swing .
Meanwhile , members of the House have denied knowledge of any directive from President Bola Tinubu to reinstate former Speaker, Obasa, saying the former leader of the assembly must be daydreaming.
The denial followed a report by an online news medium, which claimed that President Tinubu had ordered members of the Lagos Assembly to allow Obasa to return as speaker.
The medium claimed the lawmakers should be prepared to return Obasa because the political price for his removal could potentially outweigh the benefits of punishing his excesses, which it stated, bordered largely on corruption and abuse of office.
However, some lawmakers said his return would be difficult for those who participated in his impeachment, especially those who circulated copies of The Gazette’s story that preceded it.
“We’re afraid that bringing him back will be like trying to pacify a snake after its head was severed,” a source said, adding: “Its venom will be super deadly.”
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