Crude Oil
Ibrahim Magu failed to account for interest on N550 billion recovered loot – panel
Voice of Nigeria A prior presidential panel, which investigated the suspended acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, indicted him, a report has alleged. The report noted that the embattled EFCC boss had been unable to account for the interest generated from N550bn cash recovered from 2015 to 2020. The panel is separate from the panel led by a former President of the Court of Appeal, Justice Ayo Salami, which is currently probing Magu and other top officials of the agency. The chairman of the previous committee was Alhaji Abdullahi Ibrahim and the members were DIG Anthony Ogbizi; a member from Federal Ministry of Justice; Mualledi Dogondaji from the EFCC; Hassan Abdullahi from the DSS; an unnamed member from the Office of the Accountant General of the...
Petrol price hike a move to end subsidy regime – expert
AHA Taxis Nigeria’s first professor of the Capital Market and former Imo State Finance Commissioner, Prof Uche Uwaleke, on Wednesday described the hike in petrol price from N123.50k/litre to a price band of N140.80 to N143.80 as an indication that the Federal Government was ready to gradually exit the fuel subsidy regime. The Petroleum Products Pricing and Regulatory Agency (PPPRA), in a memo to oil marketers on Wednesday, said that the upward review of petrol price stemmed from existing market realities which were taken into consideration before the new pump price was released. Prof Uwaleke told newsmen that exiting the subsidy regime was necessary in view of plummeting government revenue and the pressure on government finances occasioned by COVID-19. ‘Fortunately for the Nigerian economy...
PDP rejects N108 ex-depot fuel price, insist on N70 pump price
The Peoples Democratic Party, PDP, has rejected the new ex-depot price of N108 per litre of the Premium Motor Spirit insisting on a new pricing template that must accommodate a pump price of between N60 to N70 per litre to reflect the crash in the price of crude oil and petroleum products in the international market. The party described the N108 ex-depot price as fraudulent and a far cry from the appropriate pump price template that should not exceed N70 given the prevailing situation in the international oil market. In a statement issued by the national publicity secretary of the party, Kola Ologbondiyan, the PDP maintained that the N108 ex-depot price with a projected additional N9 per litre Expected Open Market “completely unacceptable to Nigerians.” The statement read: “The federal gov...
