Oil marketers have said they will embark on mass retrenchment following the failure of the Federal Government to pay the debt owed them for importation of petroleum products as well as the accrued interest on loans from banks and exchange rate differential.
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The Federal Government has started a $41bn railway expansion to reduce dependence on oil and diversify the economy, the Minister of Transportation, Mr. Rotimi Amaechi, has said.
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To achieve the President Muhammadu Buhari administration’s target of meeting the nation’s needs and end the importation of petroleum products by 2019 which cost the country N3.35 trillion last year, the Ministry of Petroleum Resources is executing a three-pronged strategy.
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In the last one year, the country has spent about N4.74tn on the importation of petroleum products, an amount that is made up of N3.4tn for the actual products and N1.34tn on logistics.
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–Throughputs fall below minimum benchmark –Operators, survey seek friendly policies Cargo handling operations at the nation’s ports are at a low ebb, as cargo throughputs have fallen below the Guaranteed Minimum Tonnage (GMT). The benchmark was captured in the agreement entered by the Federal Government and the concessionaires 10 years ago.
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The Federal Government has said it would further review its pricing template for petrol with the aim of removing several multi-layered charges and costs that affect the pump price of petrol at service stations across the country.
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In a landmark initiative, the Managing Director/Chief Executive, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Mr. Aliyu Abdulhameed, yesterday announced the commencement of an innovative scheme which would allow for the movement of cattle from the northern parts of the country to markets in the southern region by rail. This is expected to douse the frequent tension among […]
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Two mobile policemen were killed in the early hours of Tuesday at Hawan Kibo along Jos-Abuja road as armed robbers attacked a convoy of bullion vans belonging to the Central Bank of Nigeria. Our correspondent gathered that the bullion vans and their retinue of armed mobile policemen escorts had left Jos in the early hours of Tuesday enroute Abuja.
Continue reading »Duties on shipping business at the ports have shot up astronomically in the wake of the new flexible foreign exchange rate policy of the Central Bank of Nigeria (CBN). Already, the Federal Government has launched the implementation of the new policy, which customs and clearing agents lament has hiked duties by about 40 per cent. The Nigeria Customs Service (NCS) […]
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