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Dangote’s Refinery To Slash Nigeria’s ₦6 Trillion Fuel Import Bill
Dangote’s Refinery To Slash Nigeria’s ₦6 Trillion Fuel Import Bill
The commencement of fuel supply from the Dangote Petroleum Refinery is set to significantly cut Nigeria’s annual fuel import bill, currently at around ₦6.2 trillion. At the Africa CEO Forum Annual Summit in Kigali, Rwanda, Aliko Dangote, chairman of the Dangote Group, announced that the refinery will start distributing premium motor spirit (PMS) next month……CONTINUE READING....KINDLY READ THE FULL STORY HERE▶
This development signals a major shift towards self-sufficiency in fuel supply for Nigeria and potentially extends its influence to the wider West African region. The Dangote Refinery, a $20 billion investment, aims to meet local demands for petrol, diesel, and aviation fuel and reduce dependency on imports.
Dangote expressed confidence in the refinery’s capacity, stating, “By sometime in June, Nigeria shouldn’t import anything like gasoline; not one drop of a litre.” This aligns with the Nigerian government’s strategy to minimize fuel imports, especially after President Bola Tinubu’s removal of fuel subsidies, which reduced petrol imports to about one billion litres monthly.
The operation of the refinery is expected to provide significant economic relief by cutting down the substantial costs associated with fuel imports. Nigeria, which currently spends an average of about ₦520 billion monthly on petrol imports, could save billions annually through local production.
Local refining is projected to eliminate the financial inefficiencies seen in the importation process, offering cheaper fuel to Nigerian consumers and stabilizing market prices. The reduction in fuel imports is also anticipated to bolster Nigeria’s foreign exchange reserves and strengthen the naira.
A source from the Central Bank of Nigeria (CBN) indicated that this shift would decrease the demand for foreign currency, improving the country’s economic position and potentially leading to a stronger national currency. “As the dollar demand reduces, the naira will rebound and that is good for the economy,” the CBN source stated.
As the Dangote Refinery prepares to begin operations, the potential economic benefits for Nigeria are substantial. This move not only promises to cut the national import bill significantly but also positions Nigeria as a key energy supplier in the region, offering economic advantages that extend beyond mere cost savings.
The African Democratic Congress (ADC) has criticized the simultaneous absence of President Bola Tinubu and Vice President Kashim Shettima from Nigeria, calling it a dangerous violation of the Nigerian Constitution. In a statement issued on Tuesday by National Publicity Secretary Bolaji Abdullahi, the opposition party challenged the legality of the President’s prolonged stay abroad.....KINDLY READ THE FULL STORY HERE▶
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Constitutional Violation: Under Section 145 of the Constitution, a president going on vacation for up to 21 days must formally transmit a written declaration to the National Assembly leadership, allowing the Vice-President to act. The ADC noted that President Tinubu has exceeded this 21-day limit since departing on August 30 without transferring power.
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Rejection of Proxies: The party dismissed the Presidency’s defense that Secretary to the Government of the Federation (SGF) George Akume could represent the President, stating that SGF status does not confer presidential or constitutional authority.
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No “Working Vacation”: The ADC rejected the notion of a “working vacation,” arguing that Nigeria is a constitutional democracy rather than a private enterprise managed remotely via phone calls and press statements.
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The Paris-UNGA Irony: The party slammed it as a “national disgrace” that French President Emmanuel Macron left France to attend the United Nations General Assembly (UNGA) in New York, while President Tinubu remained behind vacationing in Paris.
“President Tinubu cannot be vacationing in Paris while President Macron is in New York representing France and expect Nigerians to accept that it is okay for their President to continue to hang around in a country after the host has left to attend to more important things,” the party stated.
The ADC has formally challenged the Presidency and the National Assembly to clarify who is currently exercising executive powers and under what constitutional provision.
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The Subsidy Debate Explodes: Kwankwaso Confirms NDC Will Ease Nigerians’ Fuel Pain Through Alternative Regimes!.
Rabiu Kwankwaso, the vice-presidential candidate of the Nigerian Democratic Congress (NDC), has criticized President Bola Tinubu’s removal of the fuel subsidy on his inauguration day, stating that the policy has plunged Nigeria into severe economic turmoil.....KINDLY READ THE FULL STORY HERE▶
Speaking during an appearance on Arise Television, Kwankwaso revealed that an incoming NDC administration would reintroduce the fuel subsidy under a new framework. He emphasized that there are alternative methods to provide relief to citizens without reverting to the old, inefficient system.
Key Highlights:
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Alternative Subsidy Model: The NDC plans to bring back fuel support in a modified way to ease the financial burden on Nigerians.
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Refinery Development: Kwankwaso stressed that if private business owners can successfully build refineries, the government should be fully capable of doing the same.
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Commitment to Lower Prices: The party is fully dedicated to implementing policies that will drive down the cost of petroleum products across the nation.
“We’re bringing back fuel subsidy in our own way. There are so many ways to do that. Now we have a refinery built by a businessman and I am sure more will be built,” Kwankwaso stated. “We in the NDC will do all it takes to put the price of oil down.”
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared that President Bola Tinubu has successfully resolved the political and religious tensions that once surrounded the All Progressives Congress (APC) Muslim-Muslim presidential ticket.....KINDLY READ THE FULL STORY HERE▶
Speaking during an interview on TVC News, Wike reflected on the 2023 general elections, admitting that the same-faith ticket initially caused deep concerns, prompting all of his own children to support the Labour Party candidate, Peter Obi. However, he noted that public perception has since shifted, with many realizing that the initial fears were misplaced.
Key Highlights from the Interview:
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Shifting Public Sentiment: Wike stated that the intense religious campaigns and anxieties surrounding the ticket have dissipated, noting that people who were previously carried away by identity politics no longer view it as a problem.
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Dismissal of Peter Obi’s 2027 Prospects: The FCT Minister asserted that Peter Obi—whom he referenced as the presidential candidate of the Nigeria Democratic Congress (NDC)—cannot win the upcoming 2027 presidential election.
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Political Verdict on Tinubu: Praising the administration’s current standing, Wike concluded that President Tinubu has effectively put the Muslim-Muslim ticket controversy to rest through governance.
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