Nigerians commend Buhari’s achievements in 2016, seek improvement in 2017

President Buhari

More Nigerians on Thursday commended the Federal Government for recording great achievements in 2016 particularly in the area of security.

In separate interviews with the News Agency of Nigeria (NAN), they said that the successes recorded in tackling insurgency, especially in the North east had restored confidence among Nigerians and prospective investors.

They however called on the government to sustain the efforts and improve the economy for a better and prosperous Nigeria in 2017.

Chief Charles Nwodo, the National Chairman, Progressive Action Council (PAC), urged the government to completely tackle the issue of farmers/herdsmen clashes in the New Year.

“The issue is still not tackled in consonance with the expectations of Nigerians and we believe that in 2017, the government will make it a serious project to unravel the people behind the farmers/herdsmen clashes.

Easy Oil Money To Blame For Our Woes – Osinbajo

Having an easy source of revenues denied Nigeria the opportunity to engage in the critical thinking and prioritization that usually drives development, according to Vice President Yemi Osinbajo, SAN.

Prof. Osinbajo spoke on Thursday at the launching of the Standard Operating Procedures (SOP) and Port Services Support Portal (PSSP) for Nigerian Ports hosted by the Ministry of Transportation in Abuja.

In attendance were top government and private sector functionaries including Transportation Minister Rotimi Amaechi.

COMMODITY NEWS: PRICES OF RICE CRASHES IN KANO

Prices of Imported and Local Rice have fallen in Kano, following the foreign exchange has crashed.

At the Singer Market in Kano on Sunday, a Bag of 50kg of Imported rice, which used to cost between N13,800 and N14,500 now sells for 12,500.

A 50kg bag of Local Rice costs N11,000 as against its previous price of N12,500.

CBN Releases Highlights Of Flexible Foreign Exchange Policy

The Central Bank of Nigeria (CBN) has released the highlights of the much awaited flexible foreign exchange market policy.

The highlights, which are key notes and agreements reached by the CBN, were released on Wednesday, weeks after the Monetary Policy Committee meeting announced the introduction of the policy.

After its meeting of May 24, the CBN said the policy would allow the bank retain a small portion of foreign exchange for critical transactions.

Abati - Tomato Scarcity As Metaphor

One of the major news items in circulation has been the scarcity of tomato. Incidentally, Nigeria is (was) the 14th largest producer of tomato in the world and the second largest producer in Africa, after Egypt, but our country hardly produces enough to meet the local demand of about 2.3 million tonnes, and lacks the capacity to ensure an effective storage or value chain processing of what is produced. Out of the 1.8 million tonnes that the country produces annually, 900, 000 tonnes are left to rot and waste. Meanwhile, tomato-processing companies in the country operate below capacity and many of them have had to shut down.

The CEO of Erisco Foods, Lagos, Eric Umeofia laments that tomato processing companies lack access to foreign exchange to enable them buy heat-resistant seedlings and other tools that would help ensure the country’s sufficiency in local production of tomato paste. Similarly, Dangote Tomato Factory recently suspended operations due to the scarcity of tomatoes and the assault on its tomato farms by a tomato leaves destroying moth, known as “tuta absoluta” – a South American native, also known as the Tomato Ebola, because of its Ebola-like characteristics.

FG To Pay Debts Owed Petroleum Marketers Soon – Adeosun

Nigerian Minister of Finance, Mrs Kemi Adeosun, has promised that the Federal Government will soon pay up the debt owed oil marketers in Nigeria.

The Minister made the pledge on Friday at a meeting with Depot and Petroleum Products Marketing Association (DAPPMA) in Abuja, the Federal Capital Territory.

She assured them of a better working relationship between them and the Federal Government, which he said would ensure steady supply of petroleum products across Nigeria.

On his part, the Chairman of DAPPMA, Mr Dapo Abiodun, appealed for access to foreign exchange ‎to enable them continue with their business.

#FuelSubsidy Response: 5 Glaring Lies In The Vice President

#1 Are Our Refineries Working Or Twerking

VP: “What happened is as follows: our local consumption of fuel is almost entirely imported.”

So what happened to the 3 functioning refineries? Or was it a lie? Reminder:

January 2016: NNPC spokesman Ohi Alegbe said the Port Harcourt, Warri and Kaduna refineries were producing a total of 6.76 million litres of gasoline per day, adding that this was projected to rise to more than 10 million litres per day by the end of January. Source: Reuters Africa

PRESS RELEASE: THE FUEL PRICING DEBATE: OUR STORY - VP OSINBAJO

Fellow Citizens:


I have read the various observations about the fuel pricing regime and the attendant issues generated. All certainly have strong points.

The most important issue of course is how to shield the poor from the worst effects of the policy. I will hopefully address that in another note.

Permit me an explanation of the policy. First, the real issue is not a removal of subsidy. At $40 a barrel there isn't much of a subsidy to remove.

In any event, the President is probably one of the most convinced pro-subsidy advocates.

FUEL SUBSIDY REMOVAL: TWELVE REASONS WHY DECISION IS RIGHT

01: Trillions of naira have been spent by successive administrations sustaining a corrupt, largely abused regime that has ended up in private pockets, creating overnight billionaires who continue to walk free.

02: Petrol subsidies over the years have caused supply disruptions and engendered inefficiencies in their management.

03: Under the current low oil price environment, dwindling oil revenue and shortage of foreign exchange, deregulation would partly reduce the pressure on the naira and foreign reserves


04: With deregulation, importers of petrol can source for their dollar requirements from autonomous sources, which would ease pressure on the naira and foreign reserves

Ministry of Petroleum Resources prepares ‪#‎FACTSHEET‬ that tries to answer all your questions on new petrol price in Nigeria

The Federal Ministry of Petroleum Resources has prepared a ‪#‎FACTSHEET‬ that tries to answer all your questions on the new price of petrol in Nigeria:

Top 13 Frequently Asked Questions (FAQs):

1.What is the benefit of the new price regime to Nigerians?

This government is elected to serve the people and provide benefits to all. The new pricing regime brings the following benefits:
Solves the recurrent fuel scarcity crisis by ensuring availability of products at all locations of the country
Reduce hoarding, smuggling and diversion substantially and stabilise price at the actual product price
Ensures market stability and Improves fuel supply situation through private sector participation
Creates Labour market stability (will potentially create additional 200,000 jobs through new investments in Refineries and Retails and prevent potential loss of nearly 400,000 jobs in existing investments)

2. Why the new price regime?

PRESS STATEMENT ON CURRENT FUEL SITUATION IN NIGERIA BY MINISTER OF STATE FOR PETROLEUM RESOURCES, IBE KACHIKWU

We have just finished a meeting of various stakeholders presided over by His Excellency, the Vice President of the Federal Republic of Nigeria.

The meeting had in attendance the Leadership of the Senate, House of Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG, and PENGASSAN).

The meeting reviewed:

1. The current fuel scarcity and supply difficulties in the country.

2. The exorbitant prices being paid by Nigerians for the product. These prices range on the average from N150 to N250 per litre currently.

3. The meeting also noted that the main reason for the current problem is the inability of importers of petroleum products to source foreign exchange at the official rate due to the massive decline of foreign exchange earnings of the federal government. As a result, private marketers have been unable to meet their approximate 50% portion of total national supply of PMS.

CBN Governor: Anchor Borrowers’ Programme, Forex Scarcity Bringing out the Best in Nigerians

Central Bank of Nigeria (CBN) Governor, Mr. Godwin Ifeanyi Emefiele has described the current scarcity of foreign exchange confronting the country as good riddance, saying local production of various essential goods are now being given top priority.

Emefiele said this during a tour of the farmlands cultivated under the Anchor Borrowers’ Programme in Kebbi State over the weekend. He stated that the commitment of stakeholders and the expected output from Kebbi State alone had proved critics of the central bank’s policy measures wrong.

In a statement from the CBN, Emefiele, who was full of praise for the farmers and the Kebbi State Government for their determination and commitment, said that with the level of success attained under the pilot project in the state, in addition to what he saw at the Sunti Golden Sugar Estate in Niger State recently, it was becoming more of a reality that the country can produce enough food to feed itself and even export in no distant future.