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‘Petrol Price In Nigeria Is One Of The Cheapest In Africa’ – Lai Mohammed

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images 2020 09 08T105913.610 'Petrol Price In Nigeria Is One Of The Cheapest In Africa' - Lai Mohammed

The Federal Government on Monday said despite the recent increase in the price of Premium Motor Spirit to N162 per litre, the price of the commodity in Nigeria remained among the cheapest in Africa.
The Minister of Information and Culture, Lai Mohammed, said this at a press conference in Abuja.
Mohammed was joined at the briefing by the Minister of Power, Sale Mamman; and the Minister of State for Petroleum Resources, Timipre Sylva.
The minister said, “In spite of the recent increase in the price of fuel to N162 per litre, petrol prices in Nigeria remain the lowest in the West/Central African sub-regions.
“Below is a comparative analysis of petrol prices in the sub-regions (naira equivalent per litre): Nigeria -N162 per litre; Ghana -N332 per litre; Benin -N359 per litre; Togo – N300 per litre; Niger – N346 per litre; Chad -N366 per litre; Cameroon -N449 per litre; Burkina Faso -N433 per litre; Mali -N476 per litre; Liberia – N257 per litre; Sierra Leone -N281 per litre; Guinea -N363 per litre; and Senegal – N549 per litre.
“Outside the sub-region, petrol sells for N211 per litre in Egypt and N168 per litre in Saudi Arabia.
“You can now see that even with the removal of subsidy, fuel price in Nigeria remains among the cheapest in Africa.”
Mohammed added that with the 60 per cent reduction in the nation’s revenue, the present regime can no longer afford to subside petrol prices.
He noted that fuel subsidy alone gulped N10.413trn between 2006 and 2019.
Continuing, he said, “Government can no longer afford to subsidise petrol prices because of its many negative consequences. These include a return to the costly subsidy regime.
“With 60% less revenues today, we cannot afford the cost. The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this administration.
“The days in which Nigerians queue for hours and days just to buy petrol, often at very high prices, are gone for good. Of course, there is also no provision for fuel subsidy in the revised 2020 budget, because we just cannot afford it.
“The cost of fuel subsidy is too high and unsustainable. From 2006 to 2019, fuel subsidy gulped 10.413trn. That is an average of N743.8bn per annum.
“According to figures provided by the NNPC, the breakdown of the 14-year subsidy is as follows: in 2006, subsidy was N257bn; in 2007, it was N272bn; 2008 -N631bn; 2009 -N469bn; 2010 -N667bn; 2011 -N2.105trn; 2012 -N1.355tn; 2013 -N1.316tn; 2014 -N1.217tn; 2015 -N654bn; 2016 -figure not available; 2017 -N144.3bn; 2018 -N730.86bn; and 2019 -N595bn.”

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FG Adds Emirates To List Of Banned Airlines

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images 9 2 FG Adds Emirates To List Of Banned Airlines

The federal government has withdrawn the approval granted to Emirates to conduct international flight operations in the country.
Hadi Sirika, minister of aviation, disclosed this via a post on his Twitter handle on Friday.
The ban will take effect on September 21, 2020.
The Nigerian Civil Aviation Authority (NCAA) had, in a memo earlier in September, included Emirates in the list of approved airlines for international flights for both Abuja and Lagos airports.
But the minister said the decision to reverse the approval was taken after a meeting of the presidential task force (PTF) on COVID-19 with European Union ambassadors on Friday.
Sirika also said there were discussions on the ban on Lufthansa and Air France-KLM.
“The PTF sub committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st Sept. 2020,” the minister wrote.

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Union Bank supports 10 NGOs with N1.7m through UnionBetta donations

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images 1 1 Union Bank supports 10 NGOs with N1.7m through UnionBetta donations

Union Bank, a leading financial institutions, has again delivered on its promise to support charitable organisations with a portion of proceeds from the UnionBetta savings product.  

Launched in 2016, UnionBetta is a sub-account which allows Union Bank customers earn attractive interest rates for saving for as little as N5000 monthly. In return, the bank donates a percentage of the interest earned to select Non-Governmental Organisations (NGOs) on behalf of its customers.

In selecting the recipients, priority was given to NGOs making impact in areas such as gender equality, education, talent development and agriculture which are key pillars of Union Bank’s citizenship efforts that align with Sustainable Development Goals (SDGs) 1,2,4, 5 and

This year, a total of One million, Seven Hundred Thousand Naira (N1.7m) was donated to 10 different charitable organisations to help support their activities. Some of the recipients include United Methodist Church of Nigeria Orphanage, Jalingo; Zinnok Initiative for Women & Children, Abia; Teens Dream Initiative, Kwara and Lagos Food Bank Initiative. Others include Uduak Charles Diaries, Akwa-Ibom; Flexisaf Foundation, Abuja and Adolescent Friendly Research Initiative & Care, Ekiti.

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Leadership crisis rocks Airline Operators of Nigeria

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images 2020 09 18T102156.435 Leadership crisis rocks Airline Operators of Nigeria

Cracks have emerged in the ranks of the Airline Operators of Nigeria (AON) following allegations that the choice of its new leaders was frought with anomalies after and disenfranchisement of several members.

At the Annual General Meeting of the Association held at the Murtala Muhammed Airport terminal two (MMA2) Conference Hall on September 16, the Chairman of Azman Air, Abdulmunaf Yunusa Sarina, was elected President, taking over from Captain Nogie Meggison, while the Chairman of Air Peace, Allen Onyema, emerged the Vice President.

Other newly elected executive members are Shehu Wada of Max Air, while the Chief Executive Officer of Med-View Airline, Muneer Bankole, his counterpart at Overland Airways, Captain Edward Boyo, among others were elected as members of the Board of Trustees. The AGM also approved the change of leadership nomenclature from Executive Chairman to President.

In his acceptance speech, Yunusa expressed gratitude to the Association and pledged to work hard and ensure that the challenges airlines are facing like multiple taxation, VAT, duty waiver and forex constraints would be addressed.“As an active member of AON, I am fully aware of all the pending matters and problems facing our Association such as the issue of multiple taxation, VAT and Federal Government’s intervention to airline operators, duty waiver and forex. I will like to assure you that I will continue from where the former chairman stopped to take the matter up with all relevant authorities until we achieve our goals.

“Although it is difficult for an association like AON to solve its problems, we shall do our very best. I am therefore requesting the cooperation and support from each and every one of you to achieve that. I will like to thank the former Chairman for the success recorded during his tenure and hope that he will always be available to advise and guide us,” Yunusa said.

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