News
Reps invite minister over lingering petrol scarcity
The House of Representatives has summoned Minister of State (Petroleum Resources) Heineken Lokpobiri to address the ongoing petrol scarcity across Nigeria. The invitation was made following a motion of urgent importance by Umar Ajilo. Relevant stakeholders in the petroleum industry have also been summoned.
Before the invitations were issued, the House expressed concerns over the difficulties Nigerians are facing due to the scarcity and the rising cost of petrol. They criticized the Nigerian National Petroleum Corporation Limited (NNPCL) for failing to resolve the perennial fuel scarcity problem despite having sufficient resources.
Umar Ajilo highlighted the hardships faced by Nigerians, with petrol prices soaring as high as N1,200 per liter in some states. He called for immediate action by the government to address the situation permanently.
The NNPCL expressed hope that normalcy would return soon, with the Major Oil Marketers Association of Nigeria (MEMAN) evacuating 300 million liters of petrol from Apapa and other parts of Lagos. MEMAN believes the scarcity will end in a few days.
However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) threatened to shut down filling stations if the Federal Government fails to pay over N200 billion owed to them from the subsidy regime era.
NNPCL stated that logistical issues caused a three-day disruption in distribution, which has since been resolved. They assured that product scarcity has been minimal, but some may be exploiting the situation for profit.
MEMAN assured the public of adequate petrol supply, with their members evacuating 300 million liters of petrol, well above normal levels.
IPMAN demanded payment of their outstanding debt and warned of a nationwide shutdown if not paid promptly.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) denied profiteering from the scarcity, stating they sell at NNPC’s approved prices.
In Lagos, filling stations had long queues, with prices ranging from N567 to N700, while black market prices reached N1,000 per liter. Badagry was severely affected, leading to transport fare hikes.
In the Federal Capital Territory, queues were longer than usual, and prices ranged from N700 to N1,000 per liter.
Ogun Traffic Compliance and Enforcement Corps (TRACE) deployed personnel to maintain order at filling stations.
In Osun State, the Taskforce on Petroleum Price Monitoring warned against hoarding petrol, while The Osun Masterminds (TOM) called for the shutdown of schools to alleviate the suffering caused by the scarcity.
Similar situations were reported in Ondo, Rivers, Kwara, Kano, Adamawa, Niger, Plateau, Taraba, and Jigawa states, with pump prices ranging from N670 to N1,200 and above in black markets.
News
Senate confirms Oyedele as minister
During the screening, Oyedele proffered solutions to getting out of the various economic issues in the country.
The Senate has confirmed the nomination of Taiwo Oyedele as Minister of State for Finance.
His confirmation comes after two hours of screening as lawmakers grilled him on various aspects of the economy.
Oyedele’s screening followed a motion moved by Opeyemi Bamidele, the Senate leader, after he called for the suspension of the Senate rule to allow strangers to come into the chamber.
During the screening, Oyedele proffered solutions to getting out of the various economic issues in the country.
Oyedele was escorted to the chamber by Bashir Lado, the Special Adviser to the President on the National Assembly ( Senate), alongside others.
His screening followed President Bola Tinubu’s letter to the Senate on Tuesday, requesting his confirmation as a minister.
Tinubu had, on March 3, nominated Oyedele, who currently serves as chairman of the presidential committee on fiscal policy and tax reforms, as Minister of State for Finance.
News
Tinubu appoints Lamido Yuguda as CBN’s Deputy Governor
Lamido Yuguda’s last public post was as director-general of the Securities and Exchange Commission, a position he held from 2020 to 2024.
PRESIDENT Bola Tinubu has approved the appointment of Lamido Abubakar Yuguda as Deputy Governor of the Central Bank of Nigeria (CBN)
The appointment is in accordance with Section 8(1) of the Central Bank of Nigeria Act, 2007.
This was disclosed on Wednesday by the presidential spokesman, Bayo Onanuga.
The President charges Yuguda to discharge his responsibilities with renewed dedication, professionalism, and commitment to Nigeria’s economic stability and growth.
Lamido Yuguda’s last public post was as director-general of the Securities and Exchange Commission, a position he held from 2020 to 2024.
He is an alumnus of Ahmadu Bello University, where he graduated in 1983 with a B.Sc. in Accountancy.
In 1991, he obtained a master’s degree in Money, Banking and Finance from the University of Birmingham, United Kingdom.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a CFA charterholder.
He began his career in 1984 at the Central Bank of Nigeria (CBN) as a Senior Supervisor in the Foreign Operations Department.
He also worked as an economist in the Africa Department of the International Monetary Fund from 1997 to 2001, when he returned to the CBN.
He retired from the CBN in 2016, after he had served as Director of the Reserve Management Department for six years.
News
JUST IN: IGP Disu Assigns Portfolios to New DIGs
DIG Zachariah Fera Achinyan has been deployed to Legal Services, DIG Zango Ibrahim Baba to Research and Planning, and DIG Isyaku Mohammed to Training and Development departments.
The Inspector-General of Police (IGP) Olatunji Disu has assigned the new Deputy Inspectors -General of Police (DIGs) their duties responsibilities.
Sources said that the DIGs were assigned departments based on their areas of competence.
DIG Zachariah Fera Achinyan has been deployed to Legal Services,
DIG Zango Ibrahim Baba to Research and Planning, and DIG Isyaku Mohammed to Training and Development departments.
Similarly, DIG Margaret Agebe Ochalla has been posted to the Force Criminal Investigation Department (FCID);
DIG Mohammed Abdul Sulaiman to Finance and Accounts; DIG Kenechukwu Onwuemelie will oversee the Force Intelligence Department (FID); DIG Fayoade Adegoke will head Information and Communication Technology, while DIG Umar Shehu Nadada has been posted to Operations departments.
BREAKING: Former Super Eagles Midfielder Henry Nwosu Dies at 62
2Baba in talks with Defense Minister to leverage music for Nat’l Security
Trump says he thinks Putin is helping Iran
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
News3 days agoTinubu appoints Lamido Yuguda as CBN’s Deputy Governor
-
News3 days agoSenate confirms Oyedele as minister
-
Business1 day agoSenate will pass 2026 budget after Sallah break, says Akpabio
-
Entertainment1 day agoTiwa Savage foundation to train 100 African music talents
-
Politics1 day agoCourt bars Aiyedatiwa from re-contesting for third term
-
International3 days agoIran tells world to get ready for oil at $200 a barrel as it fires on merchant ships
-
International3 days agoIEA agrees to release record 400 million barrels of oil to address Iran war supply disruptions
-
International1 day agoTrump says he thinks Putin is helping Iran