Author

Folarin Kehinde

Headlines

NNPCL Dedicates 8 Million Barrels Monthly To Offset $8.8bn Loan Repayment

by Folarin Kehinde
written by Folarin Kehinde

The Nigerian National Petroleum Company Limited (NNPC) has committed 272,500 barrels per day of crude oil in exchange for loans totaling $8.86 billion through a series of crude-for-loan agreements.

This commitment translates to roughly 8.17 million barrels of oil per month dedicated to various loan deals, as revealed by an analysis of reports from the Nigeria Extractive Industries Transparency Initiative and NNPC’s financial statements.

Some of the major initiatives financed by these deals include Project Panther, Project Bison, Project Eagle Export Funding, Project Yield, and Project Gazelle.

NNPC has already repaid $2.61 billion, or 29.4% of the total loan, leaving $6.25 billion outstanding. Of the $8.86 billion facility, $6.97 billion has been received so far across seven crude-for-loan agreements.

One key project, Project Panther, is a joint venture between NNPC and Chevron Nigeria Limited, secured through international and local banks. It obtained a $1.4 billion loan backed by 23,500 barrels per day (bpd), with repayments starting after a moratorium period. Financing terms include SOFR plus a 5.5% margin and a liquidity premium.

Project Bison involved NNPC’s acquisition of a 7.25% stake in the Dangote Refinery, backed by a $1.04 billion loan from Afrexim Bank with 35,000 bpd pledged. NNPC fully repaid this loan by June 2024.

Project Eagle Export Funding consisted of three loans. The initial $935 million loan, taken in 2020 and secured by 30,000 bpd, was repaid by September 2023. A second loan of $635 million was also repaid within the same period, while the third, worth $900 million and secured by 21,000 bpd, is set for repayment starting in June 2024, with full maturity expected by 2028.

Project Yield, aimed at revamping the Port Harcourt Refinery, was financed with a $950 million loan, secured by 67,000 bpd. The loan, obtained in 2022, will begin repayment in December.

Despite this, the refinery has yet to commence production as of August, with delays persisting despite assurances from the Federal Ministry of Petroleum Resources and NNPC.

Lastly, Project Gazelle was designed to stabilize Nigeria’s foreign exchange market. In December 2023, NNPC secured a $3 billion forward sale agreement, pledging 90,000 bpd from Production Sharing Contracts. By the end of 2023, $2.25 billion had been drawn, with repayments set to begin mid-2024.

These crude-for-loan arrangements come at a time when Nigeria is grappling with efforts to boost its oil production.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

Lagos to ban single use plastics, sachet water, others in Jan ’25

by Folarin Kehinde
written by Folarin Kehinde

The Lagos State Government has announced plans to ban circulation of Single Use Plastics, such as pet bottles, sachet water, among others from January 2025 across the state.

Recall that the state government had in January 2024 banned the use of styrofoam in all government establishments and across the metropolis in general, following increasing prevalence of plastic waste and its negative effect on the environment in recent years.

Meanwhile, stakeholders in the sector have urged the state government to carryout phase implementation of the ban rather than outright enforcement for effective and efficient compliance as well as giving it human face in the present economic hardship.

Commissioner for the Environment and Water Resources, Tokunbo Wahab, announced this on Thursday, at a stakeholders’ workshop and awareness on the implementation of the ban on usage of Styrofoam and SUPs for packaging in Lagos, held at Manufacturer Association of Nigeria, MAN HOUSE, 77 Awolowo Road, Ikeja.

Wahab, who was represented by the Special Adviser on The Environment, Olakunle Rotimi-Akodu, explained that the ban set to commence from January 2025, is part of measures by the State Government to put in place policy guidelines for plastic utility in further ensuring a sustainable management of plastic waste, healthy and safe environment.

Wahab added that the policy guideline will also be backed up with appropriate legal framework to be established through an enabling law.

He disclosed that Lagos presently generates about 13,000 tonnes of waste products monthly, with plastics making up over 60 per cent.

According to Wahab, “Plastics waste materials make up a significant proportion of solid wastes and litter the metropolis.

“It has become a highly visible part of the waste stream, PET, Styrofoam and nylon for sachet water, popularly called “pure water” commonly being used for water and beverages, take away plates and cups, carrier bags, among others.

“This development is posing environmental challenges ranging from Ecosystems degradation, Drainage clogging and flooding, Lagoon and Ocean debris with attendant harm to human resulting in high socio-economic impacts on the State.”

He stressed that effective plastic waste management is fundamental to delivery of the State government’s priority transformational agenda as laid down in Lagos State Development Plan (LSDP) and THEMES’ Plus Agenda of Governor Bababjide Sanwo-Olu, because it is a resource that can be managed to achieve economic, social and environmental benefits.

Wahab added that sustainable plastic waste management will create value from the waste stream and formalize the waste-pickers’ sector to improve livelihoods and reduce the pressure on landfill.

“It will improve the situation of the State’s drainage channels and reduce plastic pollution in the marine environment,” the commissioner stated.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

Thousands of Nigerians struggle for bread distributed by APC chieftains in Lagos [VIDEO]

by Folarin Kehinde
written by Folarin Kehinde

A viral video circulating on social media has shown thousands of Nigerians struggling to receive loaves of bread distributed by chieftains of the All Progressives Congress (APC) in Lagos State.

The incident took place during Nigeria’s 64th Independence Anniversary on Tuesday, sparking widespread reactions about the country’s growing economic hardship.

In the video, citizens are seen standing in long queues, while Nigerian Army personnel direct them in batches to receive one loaf of bread each.

The distribution was carried out by individuals wearing customized T-shirts with images of President Bola Tinubu and other APC stakeholders.

The footage, which was shared on various platforms, including Instagram, shows the masses scrambling for the bread in a tightly secured environment.

A blogger, thetattleroomng, captioned the video, “Lagosians seen queuing up amidst strong security to receive bread in celebration of Nigeria Independence Day.”

The bread distribution has raised concerns about the severe economic conditions Nigerians are facing.

Many believe the struggle for basic commodities like bread reflects the deepening poverty in the country, exacerbated by high inflation and the removal of fuel subsidies, which have worsened living standards.

A comment from a netizen on Instagram, @official_donlatino, summed up the frustration: “No be rice again them done reduce una to Agege bread e never reach 2 years e come be like this. Them even carry Army dey share Agege bread.”

Another user, @bum_bad, expressed surprise at the scene, writing, “Is it that these people can’t afford bread? Or they are just not contented with what they have?”

Similar sentiments were shared on X (formerly Twitter), with users expressing their disbelief at the sight of people queuing for bread.

Another user, @bum_bad, expressed surprise at the scene, writing, “Is it that these people can’t afford bread? Or they are just not contented with what they have?”

Similar sentiments were shared on X (formerly Twitter), with users expressing their disbelief at the sight of people queuing for bread.

One user, @iDAN, commented, “I never thought the day would come when Yorubas would be lining up for a loaf of bread.”

Recall that massive protests were recently held in August and on October 1, as frustration mounts over the government’s inability to address issues like inflation, unemployment, and the high cost of living.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

BREAKING: Court bars VIO from stopping, imposing fines over road traffic violations across Nigeria

by Folarin Kehinde
written by Folarin Kehinde

A Federal High Court in Abuja has issued an order barring the Directorate of Road Traffic Services (otherwise known as VIO) from further stopping vehicles on the road, impounding or confiscating vehicles, and imposing fines on motorists.

Justice Evelyn Maha issued the order in a judgment on a fundamental rights enforcement suit: FHC/ABJ/CS/1695/2023 filed by a human rights activist and public interest attorney, Abubakar Marshal.

Also affected by the order are the Director of Road Transport; the Area Commander, Jabi, and the Team Leader, Jabi, and the Minister of the FCT, also listed as respondents.

The judgement, which followed a lawsuit by rights attorney Abubakar Marshal of Falana and Falana Chambers, significantly pruned the powers of one of the country’s most dreaded road traffic enforcers and brought respite to millions of motorists across the country.

The order did not apply to the Federal Road Safety Corps, which has operated for decades as the largest body of road traffic marshals in Nigeria.

In her judgement, Ms Maha said VIO officers “are not empowered by any law or statute to stop, impound, confiscate the vehicles of motorists and or impose fine on motorists.”

Subsequently, the judge entered an order of perpetual injunction restraining the VIO and its agents, privies, allies or anybody acting on its behalf from further violating the rights of Nigerians to freedom of movement, presumption of innocence and right to own property without lawful justification.

It was not immediately clear whether or not the VIO would apply the judgement, a spokesman for the directorate did not immediately return a request seeking comments about the ruling on Thursday afternoon.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

BREAKING: Tinubu writes NASS, submits 4 tax reform bills

by Folarin Kehinde
written by Folarin Kehinde

Nigeria’s President, Bola Tibubu has written to the National Assembly seeking lawmakers’ consideration for the quick passage of four tax bills.

The president in his letter which was read on the floor of the plenary by the Speaker of the House of Representatives, Tajudeen Abbas, said that the proposed tax bills have been designed in line with the reforms outlined by his administration.

Reading the president’s letter on Thursday, October 3, Abbas listed the four bills as – Nigeria Tax Bill 2024, the tax administration bill, the Nigeria Revenue Service establishment bill, the Joint Revenue Board establishment bill.

According to the letter, the Nigeria Tax Bill 2024 would provide the fiscal work for tax in the country.

For the tax administration bill, it will provide a clear and concise legal framework for all taxes in Nigeria and reduce disputes.

In addition, the Nigeria Revenue Service establishment bill seeks to repeal the Federal Inland Revenue Service Act and in turn establish the Nigeria Revenue Service.

Also, the Joint Revenue Board establishment bill will create a tax tribunal and a tax ombudsman.

According to President Tinubu, these four bills will strengthen Nigeria’s fiscal institutions and align with the objective of the government towards the nation’s development.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Business

We’ve Removed VAT On Diesel, Cooking Gas, Tinubu Assures

by Folarin Kehinde
written by Folarin Kehinde

The Nigerian government has said that it has taken out Value Added Tax on cooking gas, diesel and some other products.

Wale Edun, Nigeria’s minister of finance and the coordinating minister of the economy said this in a statement on Wednesday.

The statement signed by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga, said that the Federal Government is planning on incentives that are aimed at revitalising Nigeria’s oil and gas sector.

According to him, these incentives will include VAT modification order 2024 and notice of tax incentives for deep offshore oil and gas production.

He added that this decision is in line with the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024.

He said: “In addition, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects.

“This initiative is aimed at positioning Nigeria’s deep offshore basin as a premier destination for global oil and gas investments,” he added.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

War: UN Sec Gen, Guterres banned from entering Israel

by Folarin Kehinde
written by Folarin Kehinde

The United Nations, UN, Secretary General, Antonio Guterres has been declared a persona non-grata and banned from entering Israel following the latest attacks from Iran.

Israel’s Minister of Foreign Affairs, Israel Katz made the declaration over Guterres’ silence on Iran’s latest attack on Israel.

On Tuesday, Iran launched over 180 ballistic missiles into Israel.

The Israeli military said it received no reports of injuries from the Iranian missile attack.

However, posting on X, Katz wrote: “Today, I have declared UN Secretary-General @antonioguterres persona non grata in Israel and banned him from entering the country.

“Anyone who cannot unequivocally condemn Iran’s heinous attack on Israel, as almost every country in the world has done, does not deserve to step foot on Israeli soil.

“This is a Secretary-General who has yet to denounce the massacre and sexual atrocities committed by Hamas murderers on October 7, nor has he led any efforts to declare them a terrorist organization.

“A Secretary-General who gives backing to terrorists, rapists, and murderers from Hamas, Hezbollah, the Houthis, and now Iran—the mothership of global terror—will be remembered as a stain on the history of the UN.

“Israel will continue to defend its citizens and uphold its national dignity, with or without António Guterres.”

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

JUST IN: Reps demand GCON honour for speaker, reject CFR

by Folarin Kehinde
written by Folarin Kehinde

Members of the House of Representatives, drawn from various political parties, on Wednesday called for the conferment of the national honour of the Grand Commander of the Order of the Niger on the Speaker, Tajudeen Abbas.

The House described as demeaning the conferment of the Commander of the Federal Republic on the Speaker and the GCON on the Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun, by President Bola Tinubu.

Recall that President Tinubu announced the conferment of different categories of honours on the nation’s leaders during his Independence Day speech on Tuesday.

Moving a motion of urgent public importance during Wednesday’s plenary session, the Deputy Spokesman of the House, Philip Agbese, described as unacceptable the treatment of the House of Representatives as if it were inferior to the Senate, in apparent reference to the conferment of the GCON on the Senate President, Godswill Akpabio.

He noted that in the order of protocol, the Speaker is ranked 4th, questioning why the CJN, who is ranked 5th, was accorded a higher honour.

The lawmakers, who took turns to make their contributions, said they were not speaking for Abbas as an individual, but for the Office of the Speaker.

Details later……

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

BREAKING: President Tinubu proceed on two week leave to UK

by Folarin Kehinde
written by Folarin Kehinde

President Bola Ahmed Tinubu will depart Abuja today for the United Kingdom to begin a two-week vacation, as part of his annual leave.

A statement by the Special Adviser to the President (Information & Strategy), Bayo Onanuga on Wednesday, said he will use the two weeks as a working vacation, and a retreat to reflect on his administration’s economic reforms.

He will return to the country after the leave expires.

The president had celebrated Nigeria’s 64th Independence Day anniversary with a speech, where he said the Federal Government would introduce a 30-day confab aimed at including the youths in his administration.

The President said the modalities of the confab and selection of delegates would be designed as soon as possible.

“As we work to overcome the challenges of the day, we remain mindful of the next generation as we seek to galvanise their creative energy towards a better future,” he said during his second Independence Day Anniversary Broadcast since he assumed office on May 29, 2023.

“We lead today with the future we wish to bequeath to our children in focus, recognising that we cannot design a future that belongs to them without making them its architects.

“Considering this, I am pleased to announce the gathering of a National Youth Conference. This conference will be a platform to address the diverse challenges and opportunities confronting our young people, who constitute more than 60 per cent of our population.

“It will provoke meaningful dialogue and empower our young people to participate actively in nation-building. By ensuring that their voices are heard in shaping the policies that impact their lives, we are creating a pathway for a brighter tomorrow.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

BREAKING: FG suspends sale of subsidised rice, workers kick

by Folarin Kehinde
written by Folarin Kehinde

A cross section of civil servants in Abuja have expressed concerns over the suspension of the sale of Federal Government’s subsidised rice at N40, 000 per bag of 50 kilograms.

They made their feelings known after discovering the sudden disappearance of officials at different registration units for the purchase of the rice.

The News Agency of Nigeria (NAN) recalls that the Federal Government promised to sell 30, 000 metric tonnes of 50 kilograms bags of milled rice to Nigerians at subsidised rate of N40, 000.

While inaugurating the scheme, Mr Abubakar Kyari, the Minister of Agriculture and Food Security explained that the move by the government was part of its intervention and efforts to crash the prices of food items in Nigerian markets.

NAN also reports that the sale commenced and lasted for over a week, before it was put on hold without notice, an action, workers that were yet to benefit from, decried.

Speaking with NAN, Mrs Mary Nwachukwu, said she was surprised and disturbed when she got to the point of payment at the federal secretariat and found out the officials were not on duty.

`I was encouraged to come to the registration unit at the secretariat, only for me to be told that the whole thing has been suspended.

“Nobody knows what may happen next and if the scheme will still continue,’’ she asked.

Mrs Kudirat Muktah, another civil servant who said she experienced delay in accessing the rice at the initial stage, frowned at the suspension order.

“I was here for two days to get my name registered, but because of the huge crowd, I decided to wait until it eases off, only to be told now that the exercise has been suspended.

“What I heard from the grapevine was that the suspension was as a result of the rowdiness and chaos at the registration and payment point.

“If they can adopt a better method of access to the rice, it will be better for us,’’ she said.

Mr Sylvester Edwards, equally expressed disappointment at the news of the suspension of the sale of the rice, even after he had struggled for two days to get his name written down.

“My brother, I spent two days here before I could register my name, waiting to be called for the rice, but now I am hearing another story.

“Although, we heard that the rice will be accessed through another method, but we cannot trust this government.

“The palliative rice will, to some extent ease the burden of hunger, so, it is important for the government to bring it back,’’ he said.

Meanwhile, finding by NAN confirmed that there was a new arrangement on ground for the purchase of the rice, to end the cumbersome process.

An authoritative source in the Office of the Head of the Civil Service of the Federation, who pleaded anonymity, said it was not the office that coordinated the scheme as speculated.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Newer Posts
Older Posts