Economy
Petrol Pricing: CNPP Accuses NNPC of Economic Sabotage
By Aduragbemi Omiyale
The Conference of Nigeria Political Parties (CNPP) has again hit hard at the Nigerian National Petroleum Company (NNPC) Limited, accusing it of economic sabotage.
In a statement signed by its Deputy National Publicity Secretary, Mr James Ezema, the group claimed the state-owned oil agency has continued to hold the nation to ransom over its interference in the distribution of locally refined petroleum products.
CNPP, in the statement made available to Business Post, expressed deep concern about the lingering controversy surrounding the pricing of petrol from the Dangote Refinery and the role of the NNPC in the matter, stressing that the unresolved issue has far-reaching implications for the economy, livelihoods, and democracy in Nigeria and Africa.
The association warned that, “The failure to address this crisis may lead to catastrophic consequences for democracy in Nigeria and Africa, stating that it will continue to stand in solidarity with the Nigerian people as we demand immediate action to avert a looming danger and save our democracy.
It pointed out that the “recent revelation that NNPCL purchased fuel from Dangote Refinery at N898 per litre, contradicting earlier claims of N760 per litre, has sparked outrage. This discrepancy raises questions about transparency, accountability, and the potential for exploitation of the ordinary citizens.”
“We urge the federal government to intervene immediately and ensure that the pricing of petrol from Dangote Refinery is fair, reflective of production costs, and aligned with global standards,” the organisation stated.
The CNPP warned that the high pump price of petrol in Nigeria has a “direct impact on the cost of living, exacerbating hunger and hardship among the masses.”
“With fuel queues a common sight and prices tripling since the subsidy removal in May 2023, citizens are bearing the brunt of the inefficient energy policies of the President Bola Ahmed Tinubu administration.
“The CNPP therefore warns that if this crisis is not addressed within the next seven days, it may lead to a national outcry, threatening democracy in Nigeria and Africa,” it noted.
Speaking on the role of NNPCL and querying if it constitutes economic sabotage or protectionism, the CNPP stated that, “NNPCL’s interference in the distribution of locally refined petroleum products is nothing but national economic sabotage in an effort to conceal information and prevent Dangote Refinery from directly selling its petroleum products to marketers.
“NNPCL constituting itself as a middleman in the distribution of locally refined products undermines the oil refining companies’ potential to provide relief to Nigerians.
“We demand that the Federal Government of Nigeria, through its company, the NNPCL, ceases its meddling and allows Dangote Refinery to operate freely, ensuring competitive pricing and supply.”
Insisting the matter has impacts on democracy and accountability, the CNPP called on “the international community to hold the Federal Government and NNPCL accountable for their actions if this crisis escalates and breeds anarchy that threatens democracy in Nigeria and Africa.
“The concealment of information and lack of transparency in NNPCL’s operations are unacceptable.
For instance, NNPCL is said to be using crude oil for debt repayments either on its behalf or on behalf of the Nigerian federal government.
“But this has remained a secret or a mere speculation. If it is true, did the National Assembly approve such extra-budgetary expenditures? What are the processes and procedures adopted by the NNPCL leading to any agreement on loan repayment with our crude oil? Does the NNPCL under the Petroleum Industry Act own Nigeria’s crude oil to decide to do with it as it wishes? The CNPP strongly demands that the Federal Government categorically answer these questions as Nigerians deserve to know.
“The CNPP equally demands that President Tinubu officially directs that Dangote Refinery and other local refineries, as private businesses, operate without undue interference from the NNPCL,” CNPP stated.
While calling for immediate action, the CNPP said, “We also urge the Federal Government to immediately resolve the pricing controversy surrounding Dangote Refinery, ensure transparent and competitive pricing of petrol, allow Dangote Refinery and other local refineries to sell their products directly to petroleum marketers in Nigeria, address the high cost of living and alleviate hunger and hardship among the masses, and enforce presidential directive on an adequate supply of crude oil for domestic consumptions to Dangote Refinery and other local refineries in naira.
By Modupe Gbadeyanka
The federal government, the 36 states of the federation and the 774 local government areas have received N1.727 trillion from the Federal Accounts Allocation Committee (FAAC) for December 2024.
The funds were disbursed to the three tiers of government from the revenue generated by the nation in November 2024.
At the December meeting of FAAC held in Abuja, it was stated that the amount distributed comprised distributable statutory revenue of N455.354 billion, distributable Value Added Tax (VAT) revenue of N585.700 billion, Electronic Money Transfer Levy (EMTL) revenue of N15.046 billion and Exchange Difference revenue of N671.392 billion.
According to a statement signed on Friday by the Director of Press and Public Relations for FAAC, Mr Bawa Mokwa, the money generated last month was about N3.143 trillion, with N103.307 billion used for cost of collection and N1.312 trillion for transfers, interventions and refunds.
It was disclosed that gross statutory revenue of N1.827 trillion was received compared with the N1.336 trillion recorded a month earlier.
The statement said gross revenue of N628.972 billion was available from VAT versus N668.291 billion in the preceding month.
The organisation stated that last month, oil and gas royalty and CET levies recorded significant increases, while excise duty, VAT, import duty, Petroleum Profit Tax (PPT), Companies Income Tax (CIT) and EMTL decreased considerably.
As for the sharing, FAAC disclosed that from the N1.727 trillion, the central government got N581.856 billion, the states received N549.792 billion, the councils took N402.553 billion, while the benefiting states got N193.291 billion as 13 per cent derivation revenue.
From the N585.700 billion VAT earnings, the national government got N87.855 billion, the states received N292.850 billion and the local councils were given N204.995 billion.
Also, from the N455.354 billion distributable statutory revenue, the federal government was given N175.690 billion, the states got N89.113 billion, the local governments had N68.702 billion, and the benefiting states received N121.849 billion as 13 per cent derivation revenue.
In addition, from the N15.046 billion EMTL revenue, FAAC shared N2.257 billion to the federal government, disbursed N7.523 billion to the states and transferred N5.266 billion to the local councils.
Further, from the N671.392 billion Exchange Difference earnings, it gave central government N316.054 billion, the states N160.306 billion, the local government areas N123.590 billion, and the oil-producing states N71.442 billion as 13 per cent derivation revenue.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.65 per cent gain on Friday, December 13, boosted by three equities admitted on the trading platform.
On the last trading session of the week, Okitipupa Plc appreciated by N2.70 to settle at N29.74 per share versus Thursday’s closing price of N27.04 per share, FrieslandCampina Wamco Nigeria Plc added N2.49 to end the session at N42.85 per unit compared with the previous day’s N40.36 per unit, and Afriland Properties Plc gained 50 Kobo to close at N16.30 per share, in contrast to the preceding session’s N15.80 per share.
Consequently, the market capitalisation added N6.89 billion to settle at N1.062 trillion compared with the preceding day’s N1.055 trillion and the NASD Unlisted Security Index (NSI) gained 19.66 points to wrap the session at 3,032.16 points compared with 3,012.50 points recorded in the previous session.
Yesterday, the volume of securities traded by investors increased by 171.6 per cent to 1.2 million units from the 447,905 units recorded a day earlier, but the value of shares traded by the market participants declined by 19.3 per cent to N2.4 million from the N3.02 million achieved a day earlier, and the number of deals went down by 14.3 per cent to 18 deals from 21 deals.
At the close of business, Geo-Fluids Plc was the most active stock by volume on a year-to-date basis with a turnover of 1.7 billion units worth N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 million.
In the same vein, Aradel Holdings Plc remained the most active stock by value on a year-to-date basis with the sale of 108.7 million units for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with a turnover of 297.3 million units worth N5.3 billion.
By Adedapo Adesanya
The Naira appreciated further against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N1.50 or 0.09 per cent to close at N1,533.00/$1 on Friday, December 13 versus the N1,534.50/$1 it was transacted on Thursday.
The local currency has continued to benefit from the Electronic Foreign Exchange Matching System (EFEMS) introduced by the Central Bank of Nigeria (CBN) this month.
The implementation of the forex system comes with diverse implications for all segments of the financial markets that deal with FX, including the rebound in the value of the Naira across markets.
The system instantly reflects data on all FX transactions conducted in the interbank market and approved by the CBN.
Market analysts say the publication of real-time prices and buy-sell orders data from this system has lent support to the Naira in the official market and tackled speculation.
In the official market yesterday, the domestic currency improved its value against the Pound Sterling by N12.58 to wrap the session at N1,942.19/£1 compared with the previous day’s N1,954.77/£1 and against the Euro, it gained N2.44 to close at N1,612.85/€1 versus Thursday’s closing price of N1,610.41/€1.
At the black market, the Nigerian Naira appreciated against the greenback on Friday by N30 to sell for N1,650/$1 compared with the preceding session’s value of N1,680/$1.
Meanwhile, the cryptocurrency market was largely positive as investors banked on recent signals, including fresh support from US President-elect, Mr Donald Trump, as well as interest rate cuts by the European Central Bank (ECB).
Ripple (XRP) added 7.3 per cent to sell at $2.49, Binance Coin (BNB) rose by 3.5 per cent to $728.28, Cardano (ADA) expanded by 2.4 per cent to trade at $1.11, Litecoin (LTC) increased by 2.3 per cent to $122.56, Bitcoin (BTC) gained 1.9 per cent to settle at $101,766.17, Dogecoin (DOGE) jumped by 1.2 per cent to $0.4064, Solana (SOL) soared by 0.7 per cent to $226.15 and Ethereum (ETH) advanced by 0.6 per cent to $3,925.35, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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