Fuel crisis: N4.2tn subsidy needed to sort Nigeria’s current fuel supply – NNPC
Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, said on Tuesday that the country needs about N4.27 trillion to meet its subsidy needs for the current scarcity of the product to be eliminated.
Kyari said this during his guest appearance on Channels TV’s “The 2023 Verdict” programme.
He said that the NNPC transfers products to oil marketing companies at N113 per litre to establish a market price of N170.
“That was one year ago. That’s the basis of all the estimates,” he said.
Kyari explained that some adjustments that had affected the NNPC in terms of logistics were responsible for the current situation, a situation, according to him, that has “brought us to the reality of the cost of vessels.”
He stated that NNPC has been unwavering on the transfer price from the “landing location” to the marketing companies.
“Yesterday’s data is that this product will land in this country at N295 to the litre. That means you have to sell it at N113 to the marketing companies so that we will be able to maintain the current subsidy regime that we’re running,” Kyari said.
“It means you have N185 per litre of subsidy on every product that comes into this country.
“Now, if you look at the average that we’ve done of 63 million litres from January to date and you convert it to 365 days, that means you need N4.27 trillion for you to meet the subsidy requirements for this country.”
“That means technically, the Ministry of Finance is supposed to be giving us cheques against this subsidy value on a monthly basis,” Kyari explained.
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Free, fair election’ll help redeem Nigeria’s economy – ICAN
Tijani Isa, the President of the Institute of Chartered Accountants of Nigeria (ICAN), said on Tuesday at the 17th Western Zonal Accountants’ Conference held at the Administrative Staff College of Nigeria (ASCON), Topo, Badagry, Lagos that only a government that comes to power through a free and fair election can redeem the country’s economy.
The conference’s theme, “Professional Accountants Uncertain Economy and Sustainable Development,” aim to provide solutions to the challenges that these difficult times present.
Isa added that only a government with vision and a clearly defined programme has the power to uplift the population from poverty and redeem the economy.
“When you have a government that is based on financial or military inducement, we are not going anywhere.
“I keep on saying that Nigeria is blessed with all the resources it needs to excel, but the problem we have is harnessing these resources.
“We are the fifth largest suppliers of crude oil in the world, yet we can’t refine it sufficiently locally; our refineries are in comatose.
“We need to have a leadership that has vision and focus, then we can move forward,” he said.
NGX appoints advisory panel on digital technology products
Clifford Akpolo, the Head of Marketing and Corporate Communications of the Nigerian Exchange Ltd. (NGX), said in a statement released on Tuesday that the NGX has set up a Digital and Technology Products Advisory Panel (the “Panel) as part of efforts in advancing its digital transformation agenda.
The statement said the panel would provide a forum for the exchange to interact with the capital market community and the fintech ecosystem to enhance and increase NGX’s digital product offerings.
“Responsibilities of the panel include but are not limited to providing insight into product innovation and proposing ways to increase technology listings on NGX.
“It also involves recommending ways to boost data and digital market liquidity; providing thought leadership by developing whitepapers, creating frameworks, and making recommendations; and a host of advisory matters like market trends, risks, and sentiments,” said the statement.
Atiku promises to continue with crude exploration in North East
Atiku Abubakar, the presidential candidate of the People’s Democratic Party (PDP), during his presidential rally in Bauchi on Tuesday, promised to continue with crude oil exploration in the North East if elected president.
Abubakar said this when he addressed a mammoth crowd of party supporters.
He said that crude exploration in the North East would help boost the economic fortunes of the subregion and the nation at large.
“The discovery of crude oil and the exploration between Bauchi and Gombe is a healthy development that will go a long way in revitalising the fortunes of the Northeast subregion of Nigeria,” he said.
“If elected as president, our administration will continue with the exploration and drilling process for the benefit of the region and the country at large,” he added.
Abubakar also promised to channel his energy towards youth empowerment by generating employment through vocational trades and small and medium enterprises (SMEs.
Zoom to let go 15% of staff
Eric Yuan, the Chief Executive Officer of Zoom Video Communications, said in a blog post on Tuesday that Zoom’s videoconferencing platform will lay off about 15 percent of its staff.
Yuan also revealed that he has decided to take a massive pay cut of 98 percent in salary and forgo his executive bonus.
The company, which became a household name during the 2021 COVID-19 pandemic, added that the executive leadership team will also undergo a 20 percent pay cut in salary with bonuses removed from their benefits this year.
According to Yuan, Zoom has made the “tough but necessary” decision to lay off about 1,300 people, or roughly 15 percent of its staff.
“Our trajectory was forever changed during the pandemic when the world faced one of its toughest challenges, and I am proud of the way we mobilised as a company to keep people connected,” Yuan said.
