Bad News: Buhari Don Increase Fuel Pump Price O - IReporteronline
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Bad News: Buhari Don Increase Fuel Pump Price O

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The Federal Government has increased the cost of fuel at the pump to N212 per litre.

This was announced in the March guiding retail price by the Petroleum Products Pricing Regulatory Agency (PPPRA) released on Thursday night.

According to PPPRA, a litre of fuel would now be sold for prices ranging from N209 to N212 per litre for March compared to the N186 it retailed for in February.

This is coming just eleven days after the Nigerian National Petroleum Corporation (NNPC) promised there would be no price hike for fuel.

On February 28, NNPC spokesman, Kennie Obateru, gave the assurance in a statement, in reaction to the long queues in some states.

“Contrary to speculations of an imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March”, he noted.

Now, in the template published on its website, the PPPRA explained that the increment was due to the market determinants and importation costs.

The expected ex-depot price for wholesale products marketers now stands at N206.42 per litre. The addition of retailers’ margin of N6.19 per litre would bring the expected retail price (lower band) N209.61 per litre and expected retail price (upper band) N212.61 per litre.

A few days ago, the federal government said it has concluded plans to hold a national conference aimed at reducing the price of petrol to N100 per litre.

The Senior Special Assistant to the President on Niger Delta Affairs, Ita Enang, at a news conference on Tuesday in Abuja said the meeting will hold on March 16 and 17.

Enang noted that the summit’s outcome would help to crash the country’s prices of petroleum products.

“As the cost of crude goes higher, the price of refined petroleum products goes higher, but if we refine these petroleum products in Nigeria, the cost will be very low.

“The intendment of the conference is to mobilise these resources so that we can bring the prices of refined petroleum products down to below N100 per litre.”

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Group Advocates Ban On Open Grazing In Edo

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A Non-governmental organisation, New Nigeria Initiative (NNI), Wednesday, advocated a ban on open grazing to prevent herders and farmers clash in Edo.

The group said Edo and the entire country were being gripped by endemic brutality, untold cruelties and awful cycles of events arising from clashes between herdsmen and farmers.

President of the group, Mr Uwadiae Odigie, stated this when the group visited the state acting permanent secretary, state ministry of Agriculture and Natural Resources, Peter Aikhuomobhogbe, in Benin .

According to him, “NNI had in the wake of these attacks in June, 2000 dropped a private bill titled:  “the Prohibition of cattle grazing” in the State House of Assembly.
“But, regrettably nothing came out of it and the result has been the reign of reckless bloodshed by  criminal herdsmen in the State.
“The unabated tragic drama mostly in Edo spurred us to re-introduced a modified version of the bill  to the Dtate House of Assembly.”
Responding, the acting permanent secretary said government was concerned about the security situation in the state.

Aikhuomobhogbe said, “Government is doing its best to ensure food security in the state. If the cattle continue to destroy farmlands, it will affect food security.”

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10 Former Nigerian Governors Linked With N30billion Properties In UK

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A new report has linked 10 former Nigerian governors to properties worth £56 million (about N30 billion) in the United Kingdom.

The report on illicit financial flow (IFF) from Nigeria to the UK and the United Arab Emirates (UAE) also shows that 216 properties are owned by 13 law enforcement officers in the UAE.

The report was presented at a media roundtable organised by the Human and Environmental Development Agenda, (HEDA Resource Centre) in collaboration with the MacArthur Foundation.

The identities of the former governors were not disclosed.

Dr. Gbenga Oduntan of the Kent Law School, University of Kent, UK presented the report titled, “Fixing Nigeria’s Illicit Financial Flows: A critical review of UK and UAE Policies, Laws and Practices.”

Commenting on the report, Chairman of HEDA, Olanrewaju Suraju, said funds stolen from Nigeria and taken to the UK and UAE were mind-boggling.

He noted that both countries have become enablers of illicit funds and stressed the need to challenge external collaborators aiding the flow of illicit funds out of Nigeria.

“We should make it difficult for people to take out the proceeds of crimes,” he said, adding that the UK and UAE should protect their systems from “those toxic resources.”

The HEDA Chairman noted that while over $50 billion is lost annually to illicit financial flow in Africa, Nigeria is the leading country in terms of IFF.

Stakeholders have however advocated for the creation of a tripartite anti-corruption task force for the three countries to stop the illicit financial flow.

Oduntan, who presented the research report, said apart from the huge amount of money illegally stashed abroad by politically exposed persons in Nigeria, $15 billion alone is lost to tax evasion by multinationals in Nigeria.

In addition, he said there is heavy under-invoicing between Nigeria and the UK, adding that fixing Nigeria’s illicit financial flow would require the destination countries to collaborate with Nigeria to shut down their systems against suspected proceeds of crimes.

However, he lamented that this is not the case, saying in the UAE, findings show that prosecution of money laundering cases is very low.

Source: Sahara Reporters

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JUST IN: Boko Haram Currently Attacking Borno Community

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Damasak, the headquarters of Mobbar Local Government Area of troubled Borno state has again come under Boko Haram attack on Wednesday afternoon, a security source told SaharaReporters.

The incident is the 8th attack on the community within a week, the source added.

Damasak is a border community with the Niger Republic north and is about 180 km drive from Maiduguri, the state capital.

The insurgents had on Tuesday evening invaded the community and wreaked havoc without confrontation.

The gunmen were reported to have razed the Divisional Police Command, schools, shops and residential houses as they hoisted their flags in strategic locations within the town.

On Saturday, the insurgents attacked the community, setting fire on United Nations facilities and forcing humanitarian workers to flee for their lives.

About three soldiers were shot dead by the gunmen while many persons were killed when a military jet that came to salvage the situation dropped a bomb that landed in a compound where civilians were having christening.

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