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Federal Government Confirms NNPC as Sole Buyer of Premium Motor Spirit from Dangote Refinery

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Federal Government Confirms NNPC as Sole Buyer of Premium Motor Spirit from Dangote Refinery....KINDLY READ THE FULL STORY HERE▶

The Federal Government has announced that the Nigerian National Petroleum Company Limited (NNPC) will be the sole buyer of Premium Motor Spirit (PMS) produced by the Dangote Refinery. This decision aligns with a broader agreement regarding the supply of crude oil to the refinery and the subsequent distribution of petrol and diesel in the domestic market.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this update during a press briefing in Abuja. The minister clarified that interested marketers would purchase PMS from NNPC through its trading subsidiary. This comes as part of a commercial arrangement that governs how crude oil will be supplied to the Dangote Refinery and how refined products will be distributed.

NNPC’s New Role in PMS Distribution

The announcement appears to contradict a recent statement from NNPC, which had previously indicated it would not serve as the sole distributor of petrol produced by Dangote Refinery. Under the new directive, however, NNPC will retain exclusive purchasing rights for PMS, which it will then sell to various marketers. This arrangement allows the government to maintain some control over pricing through agreements with the refinery.

Dangote Refinery to Begin Petrol Distribution

Edun, represented by the Executive Chairman of the Federal Inland Revenue Service, Dr. Zaccheus Adedeji, further announced that Dangote Refinery will begin distributing petrol to marketers with an initial supply of 25 million liters per day starting on Sunday, September 15, 2024. From October 1, 2024, the NNPC will start delivering crude oil to the Dangote Refinery, with payments made in naira. In exchange, the refinery will supply PMS and diesel of equivalent value to the domestic market, also to be paid for in naira.

Implications for Nigeria’s Economy

This new approach has broad economic implications, particularly for Nigeria’s foreign exchange situation. By allowing crude oil sales and refined products to be transacted in naira, the government aims to reduce pressure on the local currency. The minister also emphasized that this shift would help eliminate unnecessary transaction costs and improve the availability of petroleum products across the country.

Additionally, regulatory costs associated with the Nigeria Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), and other federal bodies will also be settled in naira, streamlining the financial aspects of the supply chain.

Supporting Local Currency Transactions

This decision is part of a broader strategy approved by President Bola Tinubu on July 29, 2024. The directive, endorsed by the Federal Executive Council, mandates NNPC to sell crude oil to local refineries, including Dangote, in naira. By doing so, the government seeks to foster more stable and efficient transactions within the oil sector while also mitigating the adverse effects of currency fluctuations on Nigeria’s economy.

In addition, a technical committee has been established to oversee the implementation, execution, and monitoring of this initiative over the next three to six months.

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“I Have Jonathan’s Certificate Of Return!” – Agbedi Drops Shocking Political Claim.

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Fredrick Agbedi, a House of Representatives member representing Bayelsa State, has called on Nigerians to applaud the Peoples Democratic Party (PDP) for encouraging former President Goodluck Jonathan to make a political comeback. During an appearance on Arise Television’s morning show this Wednesday, Agbedi maintained that Jonathan holds the full right to seek the presidency in 2027.....KINDLY READ THE FULL STORY HERE▶

Regarding the former president’s potential candidacy, Agbedi remarked:

  • The PDP has repeatedly discussed Jonathan’s potential run, and the internal processes are nearly finished.

  • He is currently in possession of the official Certificate of Return, which is intended for presentation to Jonathan.

  • Given Jonathan’s track record of “credible transformation” during his tenure, Agbedi argued that citizens should support the PDP’s efforts to nominate him as a solution to Nigeria’s current challenges.

  • Emphasizing the spirit of national service, Agbedi questioned the opposition to Jonathan’s potential return, asking where else a dedicated leader should serve if not for the betterment of his own country.

  • He confirmed that should Jonathan choose to run, it would be under the banner of the PDP.

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“Oborevwori Ran To APC Because I Am A Threat”: Omo-Agege Drops Political Bombshell.

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Former Deputy Senate President Ovie Omo-Agege recently alleged that Delta State Governor Sheriff Oborevwori joined the All Progressives Congress (APC) from the Peoples Democratic Party (PDP) due to fears regarding electoral competition. Speaking on Arise Television’s The Morning Show on Wednesday, Omo-Agege claimed the Governor’s decision was motivated by political survival rather than ideological alignment. The former senator specifically asserted, “Oborevwori chickened out from the PDP to the APC because I am a threat” in anticipation of the 2027 elections.....KINDLY READ THE FULL STORY HERE▶

Highlighting the APC’s performance during his leadership in the 2023 elections, Omo-Agege noted that the party secured two of the three senatorial seats in Delta State. He further emphasized his influence by pointing out his victory in Delta Central, where he claimed to have defeated the governor’s candidate by a margin of roughly 15,000 votes. Omo-Agege also attributed the recent wave of defections from the PDP to the APC to his post-election mobilization efforts across the state. Despite the Governor’s shift in party affiliation, Omo-Agege expressed confidence in his political influence and remains certain of his electoral base leading into 2027.

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Owo Church Massacre: Four Sentenced To Death By Hanging In Landmark Terror Verdict.

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Ondo State Governor, Lucky Aiyedatiwa, has expressed his support for the court ruling that sentenced four individuals to death for their participation in the June 5, 2022, attack on St. Francis Catholic Church in Owo. Through his spokesperson, Ebenezer Adeniyan, the Governor affirmed that this verdict proves justice will ultimately prevail against those who harm innocent people.....KINDLY READ THE FULL STORY HERE▶

The ruling was delivered by Justice Emeka Nwite of the Federal High Court in Abuja, following a terrorism case initiated by the Department of State Services (DSS). Governor Aiyedatiwa characterized the decision as a triumph for the rule of law and a moment of relief for the families impacted by the tragedy. He further praised the judicial and investigative teams for their dedication to bringing the perpetrators to account.

Highlighting the state’s stance against violence, the Governor stated, “This judgment sends a strong message that those who take innocent lives will face the full weight of the law, regardless of how long it takes to secure justice”. He also lauded the Owo community and the Catholic Church for maintaining peace throughout the difficult aftermath.

While acknowledging that the court’s decision cannot replace the lives lost, Aiyedatiwa noted that it provides some closure to the grieving families and bolsters faith in the justice system. Finally, he pledged his administration’s continued partnership with security agencies to enhance public safety and prevent future occurrences, while offering prayers for the victims and their families.

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