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Fuel Scarcity: Independent Marketers Vow To Shut Fuel Stations

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The Independent Petroleum Marketers Association of Nigeria (IPMAN), have threatened to shut down fuel stations this week if the Federal Government through the Nigerian National Petroleum Corporation (NNPC) fails to do the needful by making petrol available to them.

Speaking with journalists at the IPMAN headquarters in Ibadan, the Oyo State capital, over the weekend shortly after meeting with stakeholders, the Nigerian Labour Congress (NLC), Petroleum Tankers Drivers (PTD) and others on the possibility of resolving the scarcity, the IPMAN chairman for Ibadan depot that covers Oyo and Osun states, Alhaji Bukola Mutiu, noted that Nigerians should not blame independent marketers for the current fuel scarcity in the country.

He stated that: “We want the masses to understand that fuel crisis did not emanate from our own end here or from any independent marketer. We are having a shortage of supply from NNPC, I mean we have been denied of having direct payment to NNPC remittal portal that they usually requested us to pay through.

“If we are able to pay to NNPC and get the product, then it means we are getting it at a cheaper rate which would allow us to sell at the approved pump price.

“The fuel scarcity we are having now was caused by the NNPC, because if there is shortage in supply and you are a responsible manager of the product, you should know who and who to give the products to, I mean those who will not hoard the product. As independent marketers, we have the larger percentage of fuel stations, as of today, in Nigeria, we have over 80 percent of fuel stations.

“For over six months now none of the existing marketing companies that are duly licensed with NNPC is being given the opportunity to pay, so that implies that we did have not had fuel at NNPC Ibadan here since the beginning of this year. We have not loaded a litre of fuel at Apata depot here in Ibadan, and we are having five deports in the Southwest and none of them is working at present.

“We have to go to the private depots to buy fuel from them and we have been buying at exorbitant prices ranging from N212 and N220 per litre without truck expenses and to the level of buying at the rate of N220; N222 per litre as at the close of work yesterday and if you add N30 transportation to Ibadan for example from Lagos to Ibadan and total cost of transport on a litre from Lagos to Ibadan is N30, that means that we are getting the fuel to our various stations beyond N260, N255 per litre before we now have other expenses to run stations and other expenses.

“As of today, it is NNPC alone that is importing petroleum products to this country and the product that is meant to be given to us as independent marketers that are duly registered under them is being given to those private hands so we are buying from the third party.

“Another point is that most of the South-West states are being denied of getting access to fuel, if you check our waybills, you see that we are buying from marketers from other regions like the northern and eastern part of the country. So, we are using this medium to appeal to the authorities and the NNPC top officials to look into our problem here. We are having products in but we are buying it from the third party.”

Mutiu, however, concluded that if the Federal Government through the NNPC fails to act accordingly on the situation at hand, marketers would be left with no other option than to withdraw their services, stating that even as they are selling at a very high price, they still run at a loss.

Also speaking on the fuel situation, chairman, Nigerian Labour Congress (NLC) in Oyo State, Mr. Olukayode Martins, said: “We read in the news that the channel which this fuel passes across to the country is so much cumbersome; they’ve made it so difficult for the marketers to get this fuel. The NNPC should do whatever it needs to do because of the masses. Maybe it needs to eradicate the channel so we can have it at our disposal.

“I also want to urge the masses, especially in Oyo State, please calm down because the atmosphere is tense already. They should be peaceful at this hour of the day and I believe with God on our side we will get to the root of this matter

 

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Business & Economy

Tinubu Welcomes Nigeria’s Removal from FATF Grey List, Pledges Continued Financial Reforms

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President Bola Ahmed Tinubu
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President Bola Ahmed Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in the nation’s economic reform and global credibility drive.

The FATF, the world’s foremost body for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting on Friday at its plenary session in Paris, France.

The decision formally removes Nigeria from the list of countries under increased monitoring, following the nation’s successful completion of its FATF Action Plan after over two years of sustained reforms and inter-agency coordination.

In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the development reflects Nigeria’s progress in strengthening its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

“Rather than treat our placement on the grey list in 2023 as a setback, we saw it as a call to action,” the President said. “This delisting is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”

The President credited the achievement to far-reaching legal, institutional, and operational reforms implemented under his administration through the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Attorney-General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, and other key ministries.

Tinubu commended the Director/CEO of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their diligence and professionalism, as well as the contributions of several ministries, agencies, and private sector representatives who participated in the National Task Force on AML/CFT.

He also acknowledged the support of international partners including France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, for their technical assistance throughout Nigeria’s reform process.

President Tinubu assured that his administration will sustain and deepen the reforms that led to the country’s delisting.

“This is not just a technical accomplishment,” he said. “It marks the beginning of a new chapter in our financial reform agenda as we continue building a system Nigerians and the world can trust.”

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Lagos Tops 2024 State Revenue Ranking with ₦1.26 Trillion — NBS Report

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Lagos State has retained its position as Nigeria’s highest internally generated revenue (IGR) state in 2024, according to a new report released by the National Bureau of Statistics (NBS).

The report, published on Monday via the NBS X handle, revealed that the 36 states and the Federal Capital Territory (FCT) collectively generated ₦3.6 trillion in 2024, marking a 49.7 per cent increase from ₦2.43 trillion recorded in 2023.

Lagos led the chart with ₦1.26 trillion, followed by Rivers with ₦317.3 billion, and the FCT with ₦282.36 billion. Ogun and Enugu States completed the top five with ₦194.93 billion and ₦180.5 billion, respectively.

The bottom five states on the list were Adamawa (₦20.29 billion), Taraba (₦17.46 billion), Kebbi (₦16.97 billion), Ebonyi (₦13.18 billion), and Yobe (₦11.08 billion).

Other states that made the top 10 include Delta (₦157.79 billion), Edo (₦91.15 billion), Akwa Ibom (₦75.77 billion), Kano (₦74.77 billion), and Kaduna (₦71.57 billion).

The NBS noted that the sharp increase in overall IGR reflects growing fiscal efforts by states to boost their internal revenue base amid declining federal allocations.

 

 

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FG Launches Free Financial Education Programme for 100,000 Youths 

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The Federal Ministry of Youth Development, in partnership with Investonaire Academy, has commenced registration for a nationwide financial education programme designed to train 100,000 Nigerian youths annually in financial literacy, entrepreneurship, global trade, and investment.

In a statement signed by Omolara Esan, Director of Information & Public Relations, the Ministry said the initiative reflects its commitment to equipping young Nigerians with the skills to navigate today’s complex financial landscape, enhance employability, and foster sustainable wealth creation.

The programme will provide participants with exposure to global asset classes, including commodities, gold, equities, and foreign exchange, as well as training in risk management, portfolio development, and wealth-building strategies.

Successful candidates will receive industry-recognised certificates to support career advancement and entrepreneurial opportunities. Training will be delivered via an interactive Learning Management System (LMS), incorporating gamified learning, simulations, quizzes, and real-life trading scenarios. Physical sessions will begin in Abuja before expanding nationwide.

The programme is open to students, NYSC members, entrepreneurs, job seekers, and young professionals across Nigeria’s 36 states and the FCT.

Registration is free and currently ongoing via www.investonaire.org.

 

 

 

 

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