APA – Lagos (Nigeria)
The report that oil marketers, on Sunday, indicated that the cost of petrol, would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that oil marketers, on Sunday, indicated that the cost of petrol would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market.
They also hinted that dealers seeking to import PMS were being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity.
The warning came barely one week after the local currency crossed the N900/dollar ceiling, with the naira selling at over 945/dollar at the parallel market on Friday.
Oil dealers said the CBN Importers and Exporters official window for foreign exchange, which boast of a lower exchange rate of about $740/litre, had remained illiquid and unable to provide the $25m to $30m required for the importation of PMS by dealers.
This, they said, had led to the suspension petrol importation by dealers who were initially eager to import the commodity.
Operators told The PUNCH that the only marketer, Emadeb, who imported the commodity recently, was now finding it tough to recoup its investment due to the depreciation of the naira.
Senior officials of major oil dealers, who spoke to The PUNCH in separate interviews on Sunday, said petrol price hike was imminent unless the local currency appreciates in the coming weeks.
The newspaper says that the widening gap between the demand and supply of dollars in the banks and at the parallel market has continued to worsen the value of the naira, findings by The PUNCH have revealed.
In less than three weeks, the naira lost N100 after sliding from 860/$ to 960/$ at the parallel market as of Friday.
Before the Central Bank of Nigeria enabled the free float of the naira against other global currencies in June, the naira had traded at 471/$ at the Investor & Exporter window.
However, on June 13, a day after the regulator floated the local currency, the naira rose to 664/$ the next day.
However, the naira which traded in a close margin at both the official I&E window and parallel market soon began to witness serious volatility in the black market.
After crossing the N900/dollar ceiling at the parallel market last week, the local currency tumbled to 925/dollar in Lagos.
On Friday, the naira reached a high of 799/$ before closing at 740.60/$ at the I&E forex window. However, at the parallel market, the naira closed at 930/dollar in Lagos and 960/$ in Abuja at the parallel market.
The development came as dollar shortage hits banks with several lenders complaining of not having enough greenback to meet customers’ demand.
At the parallel market, currency dealers also complained of dollar shortage.
The Guardian reports that the Socio-Economic Rights and Accountability Project (SERAP) has sued Senate President, Godswill Akpabio, and Speaker of the House of Representatives, Tajudeen Abbas, at the Federal High Court, Lagos, over what it described as unlawful plan to spend N40 billion on 465 exotic and bulletproof cars for members and principal officials, and N70 billion as ‘palliatives’ for new members.
The suit came on the heels of a statement by Akpabio that the Clerk of the National Assembly had sent holiday allowances into various bank accounts of senators, “while some Nigerians are faced with extreme poverty.”
In the suit, number FHC/L/CS/1606/2023, filed last Friday, SERAP is seeking an order of mandamus to direct and compel Akpabio and Abbas to review and reduce the costs.
The organisation is seeking an order restraining Akpabio and Abbas from demanding or receiving the money until an assessment of the socio-economic impact of the spending on 137 million poor Nigerians is carried out in public interest.
SERAP is also seeking an order of mandamus to direct and compel Akpabio and Abbas to repeal the Supplementary Appropriation Act 2022 to reduce the budget for the National Assembly by N110 billion to reflect current economic realities in the country.
It said: “Unless the reliefs sought are granted, the lawmakers will spend the N110 billion, and the travesty and apparent conflicts of interest and self-dealing by members of the National Assembly would continue.
“It is a fundamental breach of their fiduciary duties for members of the National Assembly to arbitrarily increase their own budget and to use the budget as a tool to satisfy the lifestyle of lawmakers.”
According to the body, “while N70 billion ‘support allowance’ is budgeted for 306 new lawmakers, only N500 billion worth of palliatives is budgeted for 12 million poor Nigerians. N40 billion is also allocated to buy 465 SUVs and bulletproof cars for members and principal officials.”
In the suit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare and Ms Blessing Ogwuche, the organisation said: “The plan to spend N110 billion is a fundamental breach of constitutional and international human rights obligations.
The newspaper says that one week after the expiration of the ultimatum it got from the Economic Community of West African States (ECOWAS), the junta that overthrew Niger’s president, Mohamed Bazoum, on July 26, 2023, has justified the change of government in the country, while also stating its readiness for dialogue.
Leader of the junta, General Abdourahmane Tchiani, who spoke in Niamey, capital of Niger at the weekend while receiving in audience Nigeria’s Intervention Team, led by Sheik Bala Lau, said the military intervention was informed by imminent threat to both Niger and Nigeria, which had to be averted.
Lau, who is the National Chairman of Jamatul Izalatu Bida Waikamatu Sunnah, in a statement he personally signed yesterday, quoted Tchiani as explaining the rationale behind the coup.
He said Tchiani, who accorded the team a warm reception, claimed the coup was well intended, adding that they struck to stave off an imminent threat that would have affected not only Niger Republic, but also Nigeria.
Lau said the junta welcomed the Nigerian team’s intervention, adding that their doors were open to explore diplomacy and peace in resolving the matter.
According to the release, Tchiani, however, said it was painful to the coup leaders that the ECOWAS leaders did not hear their side of the matter before issuing ultimatum to quit office. He also apologised for not according the team sent by President Bola Tinubu, led by a former Head of State, Gen. Abdulsalami Abubakar (rtd), the required attention because they were infuriated by ECOWAS ultimatum.
While tracing the historical ties between the two countries, Tchiani said Niger and Nigeria were not only neighbours, but brothers and sisters, who should resolve issues amicably.
Speaking earlier, Lau said the team had earlier told President Tinubu, who is also the Chairman of Authority of ECOWAS Heads of State and Government, that their position was that the political impasse in Niger be resolved through dialogue.
GIK/APA
Nigeria: Press spotlights plans to raise petrol price to N720/litre, suspend fuel imports, others
