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PRESIDENT TINUBU ASSURES OF MORE STABILITY IN THE OIL SECTOR WITH NAIRA FOR CRUDE TRANSACTIONS, URGES STAKEHOLDERS TO UPHOLD THE INTEREST OF THE NATION

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STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU ASSURES OF MORE STABILITY IN THE OIL SECTOR WITH NAIRA FOR CRUDE TRANSACTIONS, URGES STAKEHOLDERS TO UPHOLD THE INTEREST OF THE NATION

President Bola Ahmed Tinubu, speaking Tuesday in Abuja, commended the Implementation Committee on the Naira-based sales of crude oil and refined products and asked the members to resolve any teething problems.

In a review meeting at the State House, the President said that using the Naira was conceived to remove the exchange rate hurdle.

“Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years.

“There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things,’’ the President stated.

President Tinubu said the various players in the oil sector, including the Nigerian National Petroleum Corporation Ltd and the Dangote Refinery, should work to improve the economy and the livelihood of Nigerians.

The President urged stakeholders to look inward and consider supplying enough petrol and petroleum products for local consumption to stop the persistent reliance on importation. He said this would enable the channelling of foreign exchange into the development of the real sector.

The President advised stakeholders to use Afreximbank as a settlement bank to resolve the Naira pricing for crude and refined products. Afreximbank is already on board as the financial adviser.

“The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government side can meet on the worksheet. I want the issues resolved without future waste of time,’’ he added.

“We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated. It will be more predictable on a medium and long-term basis,’’ the President said.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the administration’s groundbreaking steps to sell crude in Naira would not be reversed, and the government would not be involved in determining the rate of exchange for the oil sector.

The President and Chief Executive of Dangote Group told the President that the refinery had more than 500 million litres of fuel in reserve after supplying 400 million to the economy.

He said the refinery could collaborate with the other refineries managed by NNPC Ltd to meet an estimated 32 million litres of local petrol needs.

At the meeting, the Federal Inland Revenue Service Chairman, Zach Adedeji, who chairs the technical committee, said importing refined products should end once we have the capacity to produce enough to meet domestic needs.

“The vision of Mr President is to turn Nigeria into a hub for refined products to export to the world.”

Other stakeholders at the meeting included Prof. Benedict Oramah, the President and Chairman of the Board of Afrexim Bank, and Sen. Abubakar Atiku Bagudu, the minister of budget and national planning and Group Managing Director of NNPC Limited, Mele Kyari.

The president’s special adviser on energy, Olu Verheijen, and the CEOs of NIMASA and Nigerian Ports Authority also attended, along with Engineer Gbenga Komolafe, head of Upstream Regulator, and Farouk Ahmed, head of Midstream & Downstream Regulator, NMDPRA.

Bayo Onanuga

Special Adviser to the President

(Information and Strategies)

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Nigerians Are More Loyal To Their Ethnic Groups Than Nigeria – Goodluck Jonathan

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Nigerians Are More Loyal To Their Ethnic Groups Than Nigeria – Goodluck Jonathan
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The former president emphasised the critical role of leadership at all levels of government, urging leaders to implement policies and projects that promote unity over short-term praise.

Former Nigerian president, Goodluck Jonathan, has stated that Nigerians are more loyal to their ethnic nationalities than to the country which has prevented a collective approach to move Nigeria forward.

Speaking at a forum in Effurun, Delta State, Jonathan disclosed the importance of the federal legislators also seeing themselves as representatives of the entire nation rather than their individual states or ethnic groups.

“You are a member of the Nigerian National Assembly, either the Senate or the House of Representatives. You are not a member of the assembly of your people at the state assembly,” Jonathan stated.

“We must begin to take the whole country as our people if we are to get out of this quagmire.”

“Nigeria is not the only country with multiple nationalities, but it remains a place where people have yet to see themselves as common citizens of one nation. As long as this persists, genuine development will remain elusive.

“After over 100 years of amalgamation, Nigerians should have recognized the benefits of unity, especially given our geography and ecological diversity,” he said.

“Yet, from that time to now, we have failed to develop the sense of unity required to see ourselves as one.

“Currently, the forces pulling us apart are too strong. We must weaken the divisions along ethnic and regional lines and embrace the idea of a united nation.

“We are more loyal to our ethnic groups than to the nation. Nigeria, as it stands, is a collection of small ethnic nationalities, each prioritizing its interests. Over time, the divisions between these groups have only deepened.

“Other countries with diverse nationalities have managed to overcome these barriers, evolving into unified nations. Until we achieve this transformation and break down these ethnic boundaries, progress will remain elusive,” he stated.

The former president emphasised the critical role of leadership at all levels of government, urging leaders to implement policies and projects that promote unity over short-term praise.

“Under the constitution, it’s straightforward to appoint one minister per state, given there are 36 states. However, it becomes more complex when appointing heads of agencies and parastatals, as this often attracts accusations of favoritism or nepotism,” he explained.

 

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Ukrainian President Zelenskyy urges increased pressure on Russia

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Ukraine's President Volodymyr Zelenskyy speaks during a press conference during the EPC Summit at the Puskas Arena in Budapest , Hungary, Thursday, Nov. 7, 2024. © Denes Erdos/Copyright 2024 The AP. All rights reserved
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Ukrainian President Volodymyr Zelenskyy has called for more pressure on Russia, saying it must “feel what war is”.

In his nightly video address on Wednesday, Zelenskyy said recent long-range attacks on Russian military sites have been effective. However, he stressed that “the pressure on Russia must be maintained and increased at different levels.”

He also mentioned that Defence Minister Rustem Umerov, currently on a visit to South Korea, is discussing concerns about Russia’s possible collaboration with North Korea in its war against Ukraine with South Korean leaders.

Meanwhile, the Biden administration is urging Ukraine to grow its army by drafting more troops and changing its laws to allow conscription from the age of 18 instead of 25.

A senior US official, speaking anonymously, said on Wednesday that Ukraine needs more soldiers to counter Russia’s larger military as the war nears its third year. The official warned that Ukraine is not recruiting or training enough troops to replace those lost in battle while keeping up with Russia’s expanding forces.

Russia’s full-scale invasion of Ukraine was also discussed at a summit in Sweden on Wednesday, attended by the leaders of the Nordic-Baltic countries and Poland’s Donald Tusk.

During the meeting in Harpsund, Swedish Prime Minister Ulf Kristersson announced that the leaders had pledged to increase support for Ukraine, including providing more ammunition.

“We have a neighbour in need, and we must help. Our countries are the largest per capita contributors to Ukraine,” Kristersson said.

Poland’s Prime Minister Donald Tusk proposed creating a “sea police” in the Baltic Sea to strengthen regional security, a suggestion he said was well-received by other leaders.

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Dr Fabian Ihekweme, a critic to Governor Hope UZODINMA was abducted by policemen yesterday in front of his wife and children in their Abuja home and taken to Owerri.

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Dr Fabian Ihekweme, a critic was abducted by policemen yesterday in front of his wife and children in their Abuja home and taken to Owerri. His crime: criticizing Hope Uzodinma, Imo state governor.
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Suspected gunmen have reportedly abducted Fabian Ihekweme, the former commissioner for foreign affairs in Imo state.

In a viral video seen by TheCable, a woman who identified as Ihekweme’s wife pleaded for the release of her husband.

She added that the incident occurred on Wednesday afternoon at their residence.

“They first took my husband’s driver to my house and gave him the phone to call my husband, and when he came out, they picked him up,” the woman said.

“I do not know why they are trailing me; I don’t have any business with Imo politics; I don’t know why they are trailing my children.

“I don’t know where my husband is. They are still holding him now; Ndi Imo, please help me.”

Ihekweme, who served as a commissioner between 2020 and 2022 under the Hope Uzodimma-led administration, later defected to the Peoples Democratic Party (PDP).

In October, the former commissioner alleged that the governor refused to appreciate his efforts towards his reelection, despite all he did for him.

Henry Okoye, the Imo police spokesperson, told TheCable that the command had not been briefed about the abduction.

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