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Diesel Price Hits N950/Litre

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More Companies to Shutdown, Unemployment Loom

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1 month ago

August 15, 2023

Oche Onu

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Oil marketers, on Monday, said the foreign exchange crisis in Nigeria and the recent implementation of a 7.5 per cent Value Added Tax on Automotive Gas Oil, popularly called diesel, had pushed up the cost of the commodity to between N900 and N950/litre in many states.

The development has made local manufacturers say that the situation may lead to the closure of some factories and job losses.

Speaking under the aegis of the Natural Oil and Gas Suppliers Association of Nigeria at a press briefing in Abuja, the marketers explained that their inability to access the United States dollars was impeding their ability to import diesel.

The National President, NOGASA, Benneth Korie, told journalists that the cost of diesel was around N650/litre before the Federal Government introduced a 7.5 per cent VAT on the commodity.

On June 20, 2023, The PUNCH reported that the Federal Government had commenced the implementation of the payment of 7.5 per cent VAT on diesel.

Officials of the Nigeria Customs Service and Federal Inland Revenue Service had confirmed this in Abuja, stressing that AGO was not exempted from the payment of VAT based on the VAT Modification Order 2021.

Speaking at the press briefing on Monday, the NOGASA president said, “Diesel price is now approaching N900 to N950/litre depending on where you are buying it from. Before the introduction of VAT on diesel by the FIRS, diesel was around N650/litre.

This increase in price is also due to the scarcity of the dollars. The government has to intervene in this dollar situation. All bank CEOs, Central Bank of Nigeria and others must meet to address this dollar issue. The way it is going, it will destroy a lot of things for us if it is not controlled.”

Korie also called on President Bola Tinubu to get Nigeria’s refineries working. He said the pressure by marketers and other importers on dollars would reduce when Nigeria’s refineries start to pump out refined products.

“Our refineries were built by human beings and can be fixed by human beings. I believe Nigerian engineers can fix these refineries, instead of us depending on imports. This is not sustainable.

“We are pilling pressure on the very limited dollars in the country by importing petroleum products and other commodities. But once our refineries start working, this pressure will drastically reduce.

The government has to fix our refineries,” he stated.

The NOGASA president also decried the state of Nigerian roads, as he gave an instance with the Port Harcourt-Warri road, stressing that about 500 tankers were currently trapped on that road due to its abysmal nature.

“For two weeks now our tankers have been on that road; you can’t cross it. Our roads are bad, our trucks trapped on the Warri-Abuja road for two weeks, our drivers are kidnapped, killes, while others suffer.

“Some of the roads are blocked. If the government does not fix those roads, then petroleum products will stop coming to Abuja and other locations across the country,” Korie stated.

Manufacturers lament hike
Meanwhile, reacting on the development, the Director-General of the Nigerian Textile Manufacturers Association, Hamma Kwajaffa, said several textile manufacturers were contemplating to shut down their operations owing to rising costs, largely caused by skyrocketing energy costs.

The DG said textile manufacturers could not afford to buy diesel at the projected price of _
He said, “Many are contemplating closing for now. We can’t meet up with that kind of amount. We have less than 24 textiles today, those who are working are contemplating closure. They have been pushed to the wall. These businesses are not in charity. They have to break even.

In the same vein, the Chief Executive Officer of Coleman Technical Industries Limited, George Onafowokan said increased diesel costs implied increased cost of production for the company.

He urged the government to find lasting solutions to the constant increase in diesel costs.

Onafowokan said, “Whenever the price of diesel goes up, it makes everybody’s cost go up.

Logistics costs will go up for everybody, power costs will go up if diesel sells at N950.

We are all in crisis. For most businesses in Nigeria, especially manufacturers, we are taking hits day in day out and sincerely, the government needs to do better not only in giving palliatives to the people, but for the businesses that are employing them, especially manufacturers.”

SOURCE: PUNCH

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BREAKING: Gunmen attack Benue Link vehicle again, abduct passengers

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Kidnappers Demand N60 Million as Ransom

Published

5 days ago

September 19, 2023

Oche Onu

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Reports reaching InsideBenue reveals that some gunmen have on Sunday attacked a Benue Link passenger bus, abducting not fewer than 10 passengers.

The incident occured around Olanyega community along Otukpo-Otukpa road in Okpokwu Local Government Area of Benue State.

According to the Secretary General of the Amalgamated Union of Public Corporation, Civil Service Technical and Recreational Services Employees (Benue Links chapter), Comrade Gabriel Tachia, the fully loaded bus was on its way to Makurdi from Onitsha before it was hijacked on the Benue road.

“Four passengers were released as at yesterday night (Sunday) after the army gave the abductors a hot chase. It was a fully loaded bus (with 15 occupants). The bus was returning from Onitsha to Makurdi,” Tachia told newsmen.

Mr Omale Omale, the Commissioner for Power, Energy and Transport who confirmed the development to newsmen in Makurdi said information are sketchy.

The Makurdi Zonal Centre of Nigerian Television Authority (NTA), said among the passengers abducted was a staff of the organisation.

According to the report, the kidnappers demanded N60 million, but reduced the demand to N16 million as ransom before their victims gain freedom.

The operation which lasted over 30 minutes, according to locals, occurred at 2:30pm on Sunday, leaving motorists plying that section of the highway helpless.

A local chief in the area, who escaped being caught up in the attack, narrated that the spot – Olanyega/Okpudu – where the incident happened on the Otukpo-Ugbokolo-Enugu Expressway had over time become unsafe for commuters.

Recall that similar incident involving two buses of the transport company a fortnight ago around Ajaokuta in Kogi State. 28 people were kidnapped.

Tachia however added that eight of the 10 Lagos-bound passengers abducted in Kogi axis had been released remaining two victims.

The Police Public Relations Officer (PPRO) for Benue Command, SP Catherine Anene, confirmed the incident.

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Reactions Trail Nomination of Nollywood Actor-Son as Late Pastor Odukoya’s Successor

Published

6 days ago

September 18, 2023

Oche Onu

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Jimmy Odukoya

Following the nomination of Nollywood actor and son of the late Pastor Odukoya, Jimmy Odukoya as successor of his popular father by the Board of Trustees of Fountain of Life Church on Sunday, a social media influencer, Barr. Jov Tersoo took to his Facebook page to congratulate the new overseer. But his post with different reactions from his readers:

Tersoo writes: Congratulations to Jimmy Odukoya. This is why some people keep referring to Pentecostal churches as family empires. Also a reason why no one want to serve under another person as a pastor. No matter how good and faithful you are, the general overseer’s son is prepared to take the lead when the father is gone. May his reign be great.

Below are some of the reactions:

✍ Idoko Noah Sanni commented “The hair style if not natural dada (dread) and you still remain in the church you need check up,we thank God for orthodox background”

✍ Tertindi Teeter writes: “Thanks be to God Almighty who uses the foolish things of the world to confound the wise.”

✍ Ololade Paul writes:
“With this kind of hair style? This is not how we met Christianity!”

✍ Usha Humphrey writes: “He looks like a superstar”

✍ Walter Ogar writes: “Joel Osteen took over from his father John Osteen, founder of Lakewood Church and has surpassed all expectations. Just listen to God, what is he saying?”

✍ Ishaya Danladi writes: “The founder of the Redeemed Christian Church of God followed a path that most overseers dread to take. He made someone not even related to him to take over the helm of affairs before his departure. Most presidents and founders of modern pentecostal churches start their work with the view that it is a family business.”

✍ Aondona Manta write: “Jov, Who was the leader of the Jerusalem council of elders, or if we must put it in today’s parlance, the Chairman of the Board in Jesus’ ministry after his death and resurrection?”

✍ Sammie Adoche writes: “Until you know the circumstances surrounding his nomination it’s wrong to call any church a family business. Jimmy is not someone who will normally want to take up such mantle but if it’s God’s what will he do.”

✍ Ayodele Yemitope writes “I feel that’s subjective… It’s not all churches that get another person that’s not a family member that ends up more Successful and it’s not all churches that has the son or family of the founder take over that becomes a Success. What matters is if God is leading in that direction. Jimmy has been a Pastor in TFL for a while now long before the Dad’s death. But for the Dreads that seems kind off out of place to many. Every other things is okay from man’s point of view from God side that’s for those that have heard in line. The real deal is when the Latter House Surpass the Former”

✍ Dommie Kay writes “Any man that can go sit in the salon, washing, conditioning drying and braiding, as in braiding his hair should be feared, e get why. Even women don’t enjoy the experience, we only enjoy it for the beauty of the outcome.”

Jimmy, a Nollywood actor and musician who featured prominently Netflix’s ‘Woman King’ movie as Oba Ade was announced to the church on Sunday as his father’s successor.

According to a member of the BoT, Pastor Rotimi Okpaise, the late Taiwo Odukoya confided in the board of trustees (BoT) members about the succession plan before his demise.

Okpaise said the BoT unanimously elected Jimmy as the senior pastor and chairperson of the board..

Jimmy will be formally installed on Saturday, September 30, 2023.

The former Senior pastor and founder died on August 7, Odukoya, in the United States of America aged 67.

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AFCON’23: Full List of Qualified Countries

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South Africa, Nigeria, Ghana face the big boys

Published

1 week ago

September 14, 2023

Oche Onu

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24 countries have qualified for prestigious continental Africa Cup of Nations holding in Cote D’Ivoire next year. All 24 countries will justle for the golden cup.

The tournament will feature 12 former AFCON champions with Nigeria, a three-time champion not left out.