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NNPC Fail To Meet Debt Commitments Due To Inadequate Finances

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NNPC Fail To Meet Debt Commitments Due To Inadequate Finances

The Nigerian National Petroleum Corporation (NNPC) was unable to meet its debt obligations as due in January, as a result of inadequate finances.

The national oil company was also encumbered by huge outstanding federation accounts allocation committee remittances and other financial obligations which impeded its operations and financial stability.

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Documents show that at the height of the nationwide fuel crisis between December  and January, NNPC could not import petroleum products because of lack of funds.

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The documents detail the challenges NNPC faced early this year, and include an exchange between President Muhammadu Buhari and the corporation, in which its management expressed frustration with growing fuel consumption levels in the country.

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In a January memo, NNPC group managing director Maikanti Baru, raised concerns over depletion in the nation’s strategic fuel reserves because of massive diversion and hoarding of petroleum products.

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Nigerian News

“More Prosperous Days Will Come Soon” – Lai Mohammed

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"More Prosperous Days Will Come Soon" - Lai Mohammed

Minister of information and culture, Lai Mohammed, wants Nigerians to be patient with president Muhamadu Buhari on the issue of price hikes.  He says better days are ahead.

He made the call in Lagos on Saturday during a meeting with online publishers.  The minister said it was mere coincidence that the hikes in both the pump price of fuel and electricity tariff happened simultaneously.  He said even with the hike in fuel prices, Nigeria still has the cheapest fuel prices and electricity tariff in all of west Africa.

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The minister said the government was forced to take some tough decisions in order to mitigate the effect of the economic slowdown and the drastic fall in government revenues.  Mohammed said when oil prices collapsed at the height of the global lockdown caused by COVID-19, the government had to deregulate PMS prices.

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He said the international prices of crude oil on local fuel prices will not last forever.  He also said the emergence of modular refineries in the country will help in lowering the cost of petroleum products.

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Nigerian News

Rivers State Imposes N100 Million Fine On Violators Of COVID-19 Burial Protocols

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Rivers State Imposes N100 Million Fine On Violators Of COVID-19 Burial Protocols

The Rivers State government is not joking around with the enforcement of COVID-19 protocols on burials.  It has announced a fine of one hundred million naira for violators.

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State commissioner for health, Dr. Princewill Chike said in a statement on Saturday the decision to impose the fine on violators was taken at the state’s executive council meeting in Port Harcourt.

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He said a directive has gone out to chairmen of local government councils in the state to ensure full compliance with the protocols in their various localities.

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Chike said the government’s stipulation still stands forbidding more than fifty persons from attending burials in the state.

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Nigerian News

Nationwide Planned Industrial Action Averted

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Nationwide planned industrial action averted

The Nigerian Labour Congress and the Trade Union Congress have suspended the planned nationwide strike that was to commence today.  The strike was planned as a protest against the recent increase in electricity tariff and the hike in petrol pump price.

After a marathon meeting with labor leaders on Sunday, minister of labor and employment, Chris Ngige announced the decision by both parties to suspend the planned strike.

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He said a two-week time table has been set for a technical committee of labor leader, government agencies and ministries to look into issues of the electricity tariff hike.

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The committee is charged with the duty of harmonizing the basis for the new tariff because of what he said was conflicting information that was not in sync with the national electricity regulatory commission’s policy that guided the tariff hike.

Electricity distribution companies have been ordered to halt the application of the new tariff during the two weeks.

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On the issue of fuel pump price increase, both parties have agreed to rehabilitate the nation’s refineries to reduce fuel prices.

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