The Federal Government has assured consumers of Premium Motor Spirit, PMS, otherwise known as petrol that the price of the product would soon crash relatively below N100 per litre, if its ongoing effort to regularize the activities of artisanal refiners materializes.
The government argued that integrating this class of actors into the mainstream petroleum production would enable Nigerians to procure the product at the price cheaper and affordable.
Speaking in Abuja during a meeting with the Domestic Refinery Owners Association of Nigeria, DROAN, the Special Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, Senator Ita Enang, regretted that what Nigerians are paying for was the real cost of petrol but for services.
According to Enang, “So what Nigerians are actually paying for is not the real cost of the product, it is the services, and by the time we engage with you, and we are able to have the domestic Nigerian Refinery, all those other charges will be eliminated and like you have been telling me, the price of refined petroleum products will come under N100 per litre.”
Senator Enang said as soon as local refineries begin operation, the price of petroleum products would be forced to crash.
He explained that the reason why petroleum products prices are high is that the process of extracting, exporting, refining and bringing it back to Nigeria is very cumbersome and expensive.
He said, “As we succeed with you, which I believe that we will succeed, we will eliminate and be able to crash the price of refined petroleum product because what makes refined petroleum products costly is one, the cost of freight, sending it abroad to be refined, you pay Port Authority, you pay NIMASA, you pay for the chatter of the vessels that take it there.
“You pay the duties in the in Nigeria, you pay the duties in the country that it is landing, you pay the duty of those countries, you pay the labour of those countries where they refined and then you bring them back, you pay the freight, you pay the vessel if it is not landing early and it is hanging somewhere in the sea, and all that is transferred to the price of the refined products.
“And finally you’ll now see that NNPC will put their price, Petroleum Product Price Regulatory Agency, PPPRA, Department of Petroleum Product, DPR, will put their price.
The former Chairman, Senate Committee on Ethic, Rule Privileges noted further said that subsidy payment wasn’t benefiting ordinary Nigeria, but just a few corrupt individuals, hence the need to remove it became necessary.
He said, “As we were locked down, the price of crude oil collapsed, I think it led consequently to the lowering of the price of refined product and I think we relaxed and we thought we have ended it now suddenly the price went up.
“We said look, we no more can sustain subsidy in this country because subsidy only benefits a corrupt set of people and it doesn’t really touch the ordinary man.
“And having withdrawn subsidy it becomes that refiners are petroleum product must sell it at a market-driven price, and the price went up, therefore, it becomes necessary for us to accelerate our engagement with you as our Nigerian resources to solve Nigeria’s economic problem.”
On the local refiners, he said, for the purpose of integrating them and their efforts into the planning for the economy of Nigeria, the government had also engaged with the team that constructed the locally fabricated refinery in an Ahmadu Bello University Zaria, and they attended a briefing with the Minister of Science and Technology.
“We have also engaged with the team in federal University of petroleum, Efurum, they have a department that is fabricating locally, Nigeria Refinery, which will produce and refine petrol diesel, kerosene and make other byproducts available for other institutions.
“So since after the last meeting, these are the things that we’ve done to take the ministry forward, so it became necessary to have to invite you one, to brief you on what we’ve done, that although we were on National lockdown, we were not locked up in terms of thinking and planning for the economy”, he added.
Access Bank Announces N50b Interest-free Loan For Businesses
Access Bank has announced N50 billion in support of Nigerians through interest-free loans and grants to support communities, the youths as well as micro, small and medium-sized businesses.
The bank posted this on its official LinkedIn page.
It said the move was to support businesses following the crippling COVID-19 lockdown as well as the looting and arson that trailed the #ENDSARS protests.
According to the bank; “Now more than ever, we remain committed to our purpose of impacting lives positively.
” In light of the recent occurrences, we will be supporting Nigerian businesses with N50billion interest-free loans and grants. Watch this space for more information.”
The support by Access Bank is expected to help business owners and entreprenuers alleviate and stimulate economic activities, as well as produce many positive multiplier effects on the economy.
“As a way of supporting SMEs and the working class of the country following the recent damage of properties and livelihoods experienced across the nation, @myaccessbank has rolled out interest free loans of up to N50bn.
“The fund is expected to serve as a kickstart to these affected communities, people and businesses. #AccessCares #All4One,” the bank added.
PenCom Makes Data Recapture Exercise Condition To Process RSA Transfer Request
The National Pension Commission said the completion of the Data Recapture Exercise (DRE) is a prerequisite for processing any Retirement Savings Account (RSA) transfer request by RSA holders who registered before 1st of July 2019.
“The National Pension Commission (the Commission) introduced the Data Recapture Exercise (DRE) in August 2019 in order to obtain complete, accurate and current data of all RSA holders (both active and retired), the commission stated.
The statement added that “Accordingly, Pension Fund Administrators (PFAs) were directed by the Commission to obtain the relevant information required for the DRE from RSA holders and the process is on going. One of the information required for the exercise is the National Identity Number (NIN).
“The Commission is desirous to ensure that all RSA holders are able to exercise their rights of transferring their RSAs trom one PFA to another, in anticipation of the formal launch of the RSA Transfer System during the last quarter of 2020.
“The Commission therefore wishes to notify all RSA holders that the completion of the DRE is a prerequisite for processing any RSA transfer request by RSA holders who registered before 1 July 2019.”
PenCom explained to fast track the DRE, it approved a proposal of the Pension Operators’ Association of Nigeria (PenOp) for an industry Shared Service Initiative (SSI).
“Consequently, PenOp has engaged agents to conduct the DRE on behalf of all PFAs. This arrangement will enhance efficiency in carrying out the exercise as it would allow an agent to recapture all RSA holders in the same organization on behalf of all PFAs. In partnership with the National Identity Management Commission (NIMC), the selected agents will have the ability to carry out NIN registrations seamlessly.
“The Commission hereby appeals to all active RSA holders and retirees to cooperate with the agents that would be visiting their organisations to carry out the DRE. Meanwhile, the Commission remains committed to providing necessary support to the pension industry to ensure the success of the DRE,” it noted.
Senate Confirms Dahir-Umar DG PenCom, Four Board Members
The Senate confirmed the appointment of Mrs. Aisha Dahir-Umar as the substantive Director General of the National Pension Commission (PenCom) on Tuesday.
President Muhammadu Buhari had penultimate week, sent the name of Dahir -Umar to the Senate, seeking the lawmakers ’ confirmation for her to be the substantive DG and others , to the board of the agency.
The lawmakers also confirmed Dr Oyindasola Oluremi Oni, from North Central as the Chairman of the commission.
Also confirmed were Clement Akintola (South -West); Ayim Nyerere ( South – East) and Charles Emukowhale (South – South), as commissioners of the PenCom board.
However, the Senate refused to confirm the appointment of Hannatu Musa (North -West) because she was unable to present her discharge certificate from the National Youths Service Corps.
Until her confirmation, Dahir-Umar , from the North -East geopolitical zone , held the position in acting capacity .