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Petrol Price Relief: Oyedele Reveals How Tinubu Government Will Fund 30-Day Discount

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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has clarified that the 30-day petrol discount introduced by Nigerian National Petroleum Company Limited (NNPC) Retail does not amount to a return of fuel subsidy.....KINDLY READ THE FULL STORY HERE▶

Reports indicate that Oyedele had earlier announced at a press conference that motorists and other consumers would enjoy reduced petrol prices at NNPC filling stations for 30 days.

In a statement released on Friday, the minister explained that the temporary price reduction was being funded entirely from NNPC Retail’s profit margin, without the use of public funds.

While acknowledging the relief the initiative would provide for households, commuters and transport operators, Oyedele stressed that the arrangement should not be confused with the fuel subsidy system abolished by the Federal Government in 2023.

He explained that a margin discount occurs when a retailer reduces or temporarily gives up part or all of its profit margin to offer customers lower prices. A subsidy, on the other hand, involves the government using public revenue to cover part of the cost of a product.

According to the minister, NNPC Retail purchases petrol from the Dangote Refinery and other suppliers at prevailing market prices before adding its retail margin to determine the pump price.

“The cost of the discount is borne by the retailer alone,” Oyedele stated, maintaining that the discounted petrol price remained consistent with market conditions.

He further explained that selling crude oil belonging to the Federation below market value would constitute a subsidy because the resulting shortfall would ultimately be borne by public revenue.

Oyedele also defended NNPC Retail’s decision to reduce its profit margin, describing the move as consistent with the company’s responsibility to promote the availability, distribution and affordability of refined petroleum products across the country.

He noted that NNPC Retail, a wholly owned subsidiary of NNPC Limited, was established more than two decades ago as a petroleum marketing and retail company and had historically sold petrol at prices lower than those of some other marketers.

The minister maintained that the current discount was a commercial decision that any retailer could adopt, adding that the initiative was designed to ease the financial burden on consumers while supporting the company’s business operations.

Addressing concerns that the reduced profit margin could affect NNPC Limited’s earnings and the dividends paid to the Federation, Oyedele argued that increased sales volumes and stronger customer loyalty could compensate for the lower profit earned per litre.

He added that the strategy could eventually boost NNPC Retail’s overall profitability and increase dividend payments to the Federation, potentially benefiting both consumers and the government.

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‘I’m Like A Father To Tinubu, Governors’ – Pete Edochie Declares.

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Veteran Nollywood actor Pete Edochie has described himself as a father figure in society, saying his age and influence give him the standing to be heard by political leaders and government officials.....KINDLY READ THE FULL STORY HERE▶

The veteran actor maintained that his influence extends beyond the entertainment industry, adding that he sees himself as a father figure to President Bola Ahmed Tinubu and Nigeria’s 36 state governors.

Naija News reports that Edochie made the remarks during an interview with TV3.

The 79-year-old actor explained that he would turn 80 in the next six months, making him older than the president and all the state governors. He said this age difference influenced how he related to them.

Edochie also recalled how he used his platform to appeal to the government for financial assistance for an ailing colleague, an intervention he said yielded results.

He stated, “I was interviewed in my house in Enugu. During that period, one of my colleagues was ill, so I used that opportunity to call on the government to come to his aid.

“The following week, the government sent half a million naira to him. In the next six months, I will be turning 80. I am older than all the governors and the president, so when I talk to them, it is like a father talking to a son.”

Pete Edochie Speaks On Health Challenges

Meanwhile, the veteran actor has opened up about his current health challenges, revealing that he is experiencing difficulties walking and recurring swelling in different parts of his body.

Edochie reportedly disclosed his condition during a visit to Ghanaian actor Emmanuel Armah in Accra, where he went to show support for the ailing actor.

According to Edochie, he is currently unable to walk properly, while the swelling affects different parts of his body at different times before subsiding.

He explained that his hand was swollen during the visit, adding that the condition sometimes affects his leg before the swelling reduces.

Despite his physical challenges, the actor expressed hope that his condition would improve. However, he also voiced concern about becoming a burden to those around him.

Speaking about his situation, Edochie said, “Sitting down here, I’m not very well myself. I’m not walking, that is a problem for me now, but I still have hope that I will recover myself.

“Sometimes I get up and parts of my body are swollen. After sometime it goes down again. Like my hand is swollen now, later my leg. Just take me. Don’t let me bother the people who are around me. No. Just take me.”

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Beyond Football: Tottenham’s Xavi Simons Returns To School In Surprise Move.

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Tottenham Hotspur midfielder Xavi Simons has enrolled at Harvard Business School while recovering from a serious knee injury that is expected to keep him out of action for an extended period.....KINDLY READ THE FULL STORY HERE▶

The 23-year-old Netherlands international suffered a rupture of the anterior cruciate ligament (ACL) in his right knee, ruling him out for the remainder of the season and potentially a significant part of the following campaign.

With his return to competitive football not expected until next year, Simons has decided to use his time away from the pitch to further his education and explore opportunities beyond his football career.

The midfielder has secured a place on Harvard Business School’s Crossover Into Business programme, a remote learning course designed to help professional athletes acquire business knowledge and prepare for future ventures.

Announcing his enrolment on LinkedIn, Simons said he was determined to make productive use of his recovery period.

“I’m going back to school. During my recovery, I’ve been trying to use my time in the best way possible. Football is still my main focus, but I also want to keep learning and improving away from the pitch,” he wrote.

The programme connects athletes with Harvard MBA students, providing participants with opportunities to learn about business management, entrepreneurship and various industries.

Simons also explained that his ambitions extended beyond football, noting that he wanted to broaden his knowledge and develop skills that could benefit him in the future.

“I’ve always been interested in more than just football. I want to understand the business side of the game better, learn from people in different industries and keep developing as a person,” he added.

During his rehabilitation in the United States, the Tottenham midfielder also visited Harvard’s campus in Boston, where he met Professor Anita Elberse.

Simons had previously met Elberse during his time at Barcelona and Paris Saint-Germain.

The decision to pursue the programme during his recovery reflects the midfielder’s desire to continue developing academically and professionally while working towards his return to football.

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Why We Chose Peter Obi: Nigerian Guild Of Editors Breaks Silence.

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The Nigerian Guild of Editors (NGE) has explained its decision to invite Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), to its conference in Enugu.....KINDLY READ THE FULL STORY HERE▶

The guild said the conference was designed as a professional platform for editors and other stakeholders to discuss critical issues affecting the country, including democracy, elections, journalism, artificial intelligence (AI), disinformation and Nigeria’s future.

News reports that the NGE’s explanation followed an editorial published by The Nation newspaper, which accused the guild of failing in its journalistic responsibilities.

The editorial, titled “Journalists Failed Journalism,” criticised the NGE over the participation of Obi and Pat Utomi, an NDC chieftain, at the conference.

It questioned why Obi, one of the politicians seeking the presidency, was given an opportunity to address editors when other presidential aspirants were not afforded similar representation.

The newspaper also argued that Obi’s appearance could create the impression that the guild was supporting a particular political party, especially with the 2027 general elections approaching.

In its response, the NGE, through its president, Eze Anaba, rejected the newspaper’s portrayal of the conference and demanded an apology from its editorial board.

The guild explained that the programme featured an executive session on the second day, which brought together governors, political party chairmen, heads of government agencies and other prominent figures in the political and public sectors.

It maintained that Obi’s participation should be understood within the wider context of the conference and should not be interpreted as an endorsement of the NDC or any political candidate.

The NGE further disclosed that it invited leaders of major political parties, including Nentawe Yelwatda, chairman of the All Progressives Congress (APC); David Mark, chairman of the African Democratic Congress (ADC); and Cleopas Moses Zuwoghe, chairman of the NDC.

According to the guild, the invitations were followed by reminders and personal engagements by its leadership in an effort to encourage wider participation.

It stated that Anaba personally spoke with Yelwatda and Chibuike Amaechi, the ADC vice-presidential candidate, about attending the conference.

The guild also revealed that Ukeh followed up with Paul Ibe, media aide to ADC presidential candidate Atiku Abubakar, to encourage the party and its leaders to participate.

The NGE questioned why it should be held responsible when political parties or their representatives who had been invited failed to attend the event.

The guild also highlighted the involvement of government officials and representatives, arguing that their presence further demonstrated the conference’s broad-based nature.

It disclosed that Tunde Rahman, a senior media assistant to President Bola Tinubu, addressed the editors on the administration, while the Minister of Information and National Orientation, Mohammed Idris, was represented by Ali M. Ali, Managing Director of the News Agency of Nigeria (NAN).

Additionally, Vice-President Kashim Shettima addressed the conference virtually from the United States.

The guild maintained that the participation of political leaders and government representatives demonstrated that the conference was intended to provide a platform for broad engagement and discussion, rather than promote the interests of any particular political party or presidential candidate.

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