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Imminent Fuel Increase as Petrol Landing Cost Rises to ₦1,117 Per Litre

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The landing cost of Premium Motor Spirit, also known as petrol, was N1,117/litre as of Tuesday, July 16, 2024, the Major Energies Marketers Association of Nigeria announced on Wednesday.

MEMAN disclosed this during a webinar with journalists on Wednesday.

The association revealed that the landing cost of diesel was N1,157/litre, while that of aviation fuel was N1,127/litre.

Reports indicate that the N1,117 landing cost of petrol is far above the pump price of the product in Nigeria.

At the moment, filling stations operated by the Nigerian National Petroleum Company Limited and those of the major marketers sell PMS at between N617/litre and N660/litre, while independent marketers sell for N700/litre or more.

NNPC, the sole importer of petrol into Nigeria, has consistently denied subsidising the cost of PMS but refused to disclose the landing cost of the product.

Our correspondent reports that the revelation from MEMAN is almost the first from marketers in the industry as the landing cost appears to have been shrouded in secrecy by the importer of PMS.

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MEMAN’s Executive Secretary, Clement Isong, said the costs were obtained from independent energy price benchmark providers.

The association maintained that it would release similar information regularly to keep the masses informed.

Recently, independent oil marketers accused private depot owners of hiking the ex-depot price of petrol from N630 to N720/litre.

An expert in the energy sector, Prof Wumi Iledare, told our correspondent in an interview that the cost of PMS in Nigeria was far below the international price, considering the price of diesel.

“The gap between the cost of diesel and petrol in Nigeria is much. It is never like that all over the world. That means something is wrong.

“I don’t know if NNPC is paying subsidies or not, but somebody is absorbing the difference. You can call it under-recovery or subsidy, but the price of petrol today does not reflect the market cost of producing a litre of petrol,” he disclosed.

Iledare added that with the current exchange rate, the price of petrol should not be less than 80 per cent of the price of diesel.

Corroborating this, a Professor of Economics at the University of Ibadan and President of the Nigerian Economics Society, Adeola Adenikinju, said, “The current price of PMS is being subsidised by the government. The government buys at higher rates and sells to us at subsidised rates. That is what they call under-recovery.”

The International Monetary Fund recently warned the Nigerian government to remove what it called implicit fuel and electricity subsidies.

In a report published recently by the IMF, the organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the year before.

President Bola Tinubu declared the removal of fuel subsidies during his inauguration on May 29, 2023.

IMF noted, however, that “adequate compensatory measures for the poor were not scaled up promptly and subsequently paused over corruption concerns. Capping pump prices below cost reintroduced implicit subsidies by end-2023 to help Nigerians cope with high inflation and exchange rate depreciation.”

However, the NNPC and the Federal Government have vehemently denied subsidising the current price of PMS

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NISO Announces Power Outage in Kano, Jigawa, Katsina for Grid Maintenance

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By Yusuf Danjuma Yunusa

The Nigerian Independent System Operator (NISO) has announced a planned power interruption affecting Kano, Jigawa, and Katsina states this Sunday, from 9:00 a.m. to 1:00 p.m.

In a statement posted via its X handle, NISO explained that the temporary outage is necessary to facilitate essential maintenance at the 330kV Kumbotso Substation, to be carried out by the Transmission Company of Nigeria (TCN).

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Describing the upgrade as a critical investment, the system operator noted that the exercise would strengthen the national grid, enhance transmission capacity, and improve the overall resilience of Nigeria’s power system—ultimately leading to better electricity supply for customers in the affected region.

NISO expressed regret over the inconvenience and appealed for patience, understanding, and cooperation from members of the public during the maintenance period.

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DSS Releases Detained Farmer, Awards N3 Million Compensation After Review Clears Him of Terror Links

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By Yusuf Danjuma Yunusa

The Director-General of the Department of State Services (DSS), Oluwatosin Adeola Ajayi, has ordered the immediate release and compensation of a man who had been wrongfully detained on suspicion of ties to Boko Haram.

Nura Idris, a farmer and livestock rearer from Soba Local Government Area in Kaduna State, was released following a comprehensive review by a DSS investigation panel that found no evidence to support the allegations against him.

In addition to ordering his release, the DSS Director-General approved a compensation package of N3 million to assist Idris with his immediate needs and pledged further support to help him rebuild his business.

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According to a security source, Idris was initially arrested in June 2024 in Suleja, Niger State, by a sister security agency over alleged links to terrorists. He was subsequently transferred to DSS custody, where the case underwent a full review.

Receiving the compensation, Idris expressed gratitude to the DSS leadership. “I thank the DGSS for his kindness. I was well treated in DSS custody and I pray that Allah rewards the DGSS immensely,” he was quoted as saying.

His father, Yusuf Idris, who received him upon his release, also thanked the DSS Director-General for his compassion and generosity, assuring that the compensation would be put to good use.

Another security source disclosed that in similar cases, the DSS routinely provides psychological and medical support to released detainees and assists them in establishing businesses to facilitate their reintegration into society.

The release of Idris is part of a broader internal review exercise initiated by the Service last year. The initiative aims to reassess inherited and prolonged detention cases to ensure that individuals held without sufficient evidence are not left in custody.

“The Service under the current DG has continued to show that safeguarding national security must go hand in hand with upholding the rights and dignity of citizens,” the source said.

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Army Approves Strategic Redeployment, Names New GOCs for 3 and 6 Divisions

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By Yusuf Danjuma Yunusa

The Nigerian Army has announced a major reshuffle of its senior officers, with changes affecting key operational, command, training and staff appointments.

According to a statement issued on Saturday by the Acting Director of Army Public Relations, Colonel Appolonia Anele, the reshuffle is part of efforts to strengthen national security and improve operational effectiveness across the country.

The statement added that the postings affected field commanders, school commandants and principal staff officers at the Army Headquarters.

It noted that the Chief of Army Staff, Lieutenant General Waidi Shaibu, approved the strategic redeployment of senior officers, saying the move was aimed at enhancing the Army’s capacity to address emerging security challenges.

Under the new appointments, Major General WM Dangana has been named the General Officer Commanding (GOC) 3 Division Nigerian Army and Commander of Joint Task Force Operation ENDURING PEACE, replacing Major General EF Oyinlola.

Similarly, Major General EI Okoro has been appointed GOC 6 Division Nigerian Army and Land Component Commander of Joint Task Force South-South Operation DELTA SAFE, succeeding Major General EE Emeka.

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The statement also announced the appointment of Major General JR Lar as Commander, Army Headquarters Garrison, while Brigadier General OM Oyekola will serve as Acting Military Secretary (Army). Brigadier General I Waziri retains his position as Chief of Staff in the Office of the Chief of Army Staff.

As part of efforts to strengthen operational leadership and combat readiness, Brigadier General IB Buhari was appointed Commander of Headquarters 63 Brigade, while Brigadier General K Rabiu was named Commander of Headquarters 31 Artillery Brigade.

In a move reflecting the Army’s growing emphasis on technology and emerging security threats, Major General SA Emmanuel was appointed Commander of the Nigerian Army Space Command.

The statement noted that the appointment “reinforces the Army’s growing focus on emerging domains of warfare and technology-driven security operations.”

Major General O Adegbe was also appointed Director of Intelligence and Security at Defence Headquarters.

In the area of military education and institutional development, Major General KE Chigbu was appointed Deputy Commandant of the National Defence College, while Major General SD Makolo became Commandant of the Nigerian Army Armour School.

Other appointments include Major General SO Adejimi as Commandant of the Nigerian Army School of Supply and Transport and Major General FS Etim as Chief of Training at the Headquarters Training and Doctrine Command, Nigerian Army (TRADOC).

Brigadier General U Ahmad has also been appointed Commandant of Depot Nigerian Army, Zaria.

The reshuffle further saw Major General KO Ukandu appointed Managing Director and Chief Executive Officer of Post Housing Development Limited, while Major General AI Allison was named Managing Director of Defence Properties Limited.

The statement added, “The COAS charged the newly appointed senior officers to justify the confidence reposed in them by demonstrating exemplary leadership, professionalism, innovation and unwavering commitment to the Nigerian Army’s constitutional mandate of defending Nigeria’s sovereignty, protecting its territorial integrity and supporting civil authority in maintaining peace and security across the nation.

“The Nigerian Army remains resolute in its transformation drive and commitment to building a highly professional, combat-ready and people-oriented force capable of effectively addressing contemporary and future security challenges in pursuit of Nigeria’s national security objectives.”

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