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NIGERIANS PROMISE TO WAR AGAINST FUEL HIKE

NIGERIANS PROMISE TO WAR AGAINST FUEL HIKE

NIGERIANS PROMISE TO WAR AGAINST FUEL HIKE

BY OMOKHUALE PUAH

The Nigeria Labour Congress, together with the Trade Union, Afenifere, former federal lawmakers, security experts and right activist have said they would never accept any more attempt by the president Muhammadu Buhari’s government to hike the price of fuel.

This was stated during an interview section on Saturday, with SUNDAY PUNCH after a one day meeting with the Minister of State for Petroleum resources, Dr. Ibe Kachikwu, in Abuja.

The former and present bosses of the Nigerian National Petroleum Corporation (NNPC) feared that the current fuel price of N145 per litre was no longer possible, because the amount does not correspond with the determining component of the commodity and the fluctuation of the foreign exchange rate.

In the words of the NNPC, “we noted that the price of petrol at N145 per litre does not correspond with the liberalization policy, especially with the foreign exchange rate and the other determinants of price such as; crude cost, Nigerian Ports Authority charges, and others which remain uncapped.

Following the reports by SUNDAY PUNCH on August 7, 2016, in which oil marketers revealed that the actual cost of petrol was N151.87 when all its pricing agents are captured.

According to the Marketers, they have struggled so hard to maintain the petrol price at the price of N145 per litre because of the stiff competition in the downstream oil sector, but the practice never lasted.

The Group Managing Directors (GMDs) applauded the NNPC and commended them for resolving the fuel supply, urging them to practice sustainable measures to a seamless supply of petroleum products nationwide.

The NNPC also stated that the GMDs showed a great concern in the decline of crude oil production level and its consequences on the environmental and nation’s revenue.

The President of the Trade Union Congress, Bala Kaigama, has warned government, saying “stop taking Nigerians for granted, because this Buhari’s regime has highly extorted Nigerians”.

He promised, saying “things would return for the better this time, because we are ready to fight this modern day slavery”.

According to the National Publicity Secretary of Afinefere, Yinka Odumakin, “the masses fight against the hike. If you can’t provide an enabling environment for people to improve themselves and you collect tax from them, you risk the rage of the poor” he said.

 

The record given by the NNPC, stated some dignitaries present, which includes, the Minister of State for Petroleum/Immediate past GMD, Dr. Ibe Kachikwu, represented by his Senior Technical Assistant, Johnson Awoyomi; HRM(Dr.) Edmung Daukoru, Chief Odoliyi Lolomar, Dr. Thomas M.A John in the host of others present.

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CBN BANS FOREX MARKET

CBN BANS FOREX MARKET

CBN BANS NINE BANKS FROM FOREX MARKET

By: OMOKHUAL PUAH

Central bank of Nigeria (CBN) has on Tuesday barred nine banks from the Forex Trading Market, for refusing to remit a total of $2.334 billion to Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).

In a briefing with the Nigeria President Muhammadu Buhari, each of the nine affected banks have been mandated to move their monies into the TSA as they await the prospects of further fines.

In a report by THISDAY Tuesday afternoon, the nine suspended banks include the United Bank for Africa (UBA) Plc – $530 million, First Bank of Nigeria (FBN) Ltd. – $469 million, Diamond Bank Plc – $287 million, Sterling Bank Plc – $269 million, Skye Bank Plc -$221 million, Fidelity Bank Plc – $209 million, Keystone Bank Ltd. – $139 million, First City Monument Bank (FCMB) Ltd. – $125 million, and Heritage Bank Limited – $85.5 million.

The suspension which started after CBN restricted the flow of dollars to commercial banks in March has forced the banks to delay hard-currency loan and trade repayments and increased their risk of default.

In the words of Diran Olojo, a spokesman for First City Monument Bank (FCMB), “it is the problem of dire macroeconomic situation and illiquidity in the forex markets, not a willful non- compliance by the banks and the banks are working hard with the CBN to resolve the issue”.

In an appeal made by the executives of the affected banks, it was stated that “the remittances were delayed by the dollar illiquidity of the Nigerian system and so, the CBN should sell us the dollars, by debiting our various accounts so that we could return the monies to the TSA”.

The executives further pleaded that the CBN gives them more time to refund the huge amounts, because “a large amount of the funds were loaned to the power sector, oil sector and the gas sector. Since the most amount was issued to the international oil companies (IOCs) to patch up the government failures in terms of arrears, the government should try to fund its cash calls obligations, so that the IOCs will be able to refund us and in turn remit the TSA”.

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