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N701m spent on Remi Tinubu’s foreign trips in three months — Report

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The Federal Government spent approximately N701million in three months to fund the foreign trips of the country’s First Lady, Remi Tinubu, to five countries.

GovSpend, a civic tech platform that tracks and analyses Federal Government’s spending, shows that the government paid out the sum of N700,707,532 over three months for the First Lady’s foreign trips to five countries, including two African nations.

On November 17, 2023, the government, through the State House headquarters transit account, released the sum of N77,659,888 for the purchase of foreign exchange ($94,314) for the First Lady’s trip to the United States.

On February 24, 2024, the government, through the State House headquarters transit account, paid the sum of N149,794,284 for the purchase of foreign exchange ($152,831) for the First Lady’s trip to France on January 4, 2024.

On March 15, 2024, the sum of N202,386,198 was also paid by the government through the State House account for the purchase of foreign exchange ($126,834) for the First Lady’s trip to Mozambique.

On the same day, the government paid N144,571,785 for the purchase of foreign exchange ($96,118) for the First Lady’s trip to Addis Ababa, Ethiopia, on February 9, 2024.

The government, through the same State House account, paid out the sum of N126,295,377 for the purchase of foreign exchange ($83,967) for the First Lady’s trip to London that month.

Additionally, the government spent a total sum of N314,231,472 on six programmes of the First Lady within four months.

On May 24, 2024, Rock of Ages Total Events Centre Ltd received the sum of N131,921,786 for full-scale decoration of State House events for the First Lady’s programmes for women, youth, and children.

On May 29, 2024, the State House paid N107,630,000 to  Makeway Nigeria Limited for the provision of multimedia and related services during the First Lady’s programmes for women, youth, and children.

This indicates that a total sum of N1,014,939,004 has been spent by the government on the First Lady’s trips and programmes over seven months altogether.

 

Business

It is illegal for NNPCL to fix price of Dangote petrol – Falana

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Femi Falana, SAN
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Human rights lawyer, Femi Falana, SAN, says it is illegal for the Nigerian National Petroleum Company Limited, NNPCL, to determine the price of Premium Motor Spirit, also known as petrol, for the Dangote Refinery after deregulation.

Falana, who said this in a statement on Tuesday, added that the action of the NNPCL contravenes Section 205 of the Petroleum Industry Act, PIA.

“On September 5, 2024, the Nigerian National Petroleum Corporation Limited (NNPCL) stated that foreign exchange (forex) illiquidity had been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS) governed by unrestrained market forces, as provided for in the Petroleum Industry Act, PIA.

“The NNPCL was explaining the pump price of PMS imported into the country at the material time. Specifically, the Executive Vice President of Downstream NNPC Ltd Mr. Adedapo Segun, explained that Section 205 of the PIA, which established NNPC Ltd, stipulated that petroleum prices were determined by free market forces.

“But contrary to the well-publicised statement, the NNPCL has fixed the price of PMS produced by the Dangote Refinery and Petrochemical Company Limited. The action of the NNPCL is a violent contravention of section 205 of the PIA, which stipulates that the prices of petroleum products shall be determined by market forces.

“Furthermore, since the petrol sold by Dangote is not imported into the country but produced at the Lekki Economic Free Trade Zone, the NNPCL cannot justify the sale of petrol at N950 per litre without freight cost, lightering cost, jetty depot fees, storage fees, foreign exchange costs, NPA charges: NIMASA charges, Customs duties etc,” he said.

Falana’s outburst followed the commencement of PMS lifting by the NNPCL from the Dangote Refinery.

DAILY POST recalls that as soon as lifting commenced, NNPCL announced that the product would sell for N950 per litre in Lagos State and its environs, and above N1,000 per litre in states such as Borno.

Reacting, the Independent Petroleum Marketers Association of Nigeria, IPMAN, on Monday, criticised NNPCL, saying it was not right for petrol lifted from the Dangote Refinery to cost higher than imported ones.

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Business

Dangote refinery: Naira transaction for PMS to begin October 1st – NNPC

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Dangote refinery
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The Nigerian government has announced that it will begin paying Dangote Refinery in Naira for petrol supply starting October 1st.

This decision was made after a meeting with the Implementation Committee on the Naira crude oil sale.

The government also disclosed that the Dangote Refinery and other local refiners in Nigeria will begin to buy crude oil from the Nigerian National Petroleum Company (NNPC) Limited on October 1, 2024.

The NNPC will supply approximately 385,000 barrels per day of crude oil to the Dangote Refinery, which will be paid for in Naira.

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Dangote Refinery plans sea transport for 75% of local supply, targeting Warri, Port Harcourt, and Calabar

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Dangote Refinery
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Dangote Refinery has announced plans to transport 75% of its local petroleum product supply via sea routes, targeting key locations like Warri, Port Harcourt, and Calabar.

This shift to sea transportation aims to reduce the higher costs associated with road distribution.

The refinery has the capacity to load 83% of its products by road, but it is ramping up efforts to evacuate nearly all production by sea.

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