The report that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has described the Nigeria Labour Congress (NLC) planned nationwide protest against fuel subsidy removal as unnecessary and misplaced priority is one of the trending stories in Nigerian newspapers on Monday.
The Guardian reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) has described the Nigeria Labour Congress (NLC) planned nationwide protest against fuel subsidy removal as unnecessary and misplaced priority.
The NLC had fixed January 27 for its protest across the 36 states and a grand protest in Abuja over the planned fuel subsidy removal.
Speaking to The Guardian yesterday, Senior Special Assistant on Special Duties to the Chairman, National Task Force on Anti-Pipeline Vandalisation, Petroleum Product Adulteration and Monitoring, Nwozuzu Chigozie, said rather than protest over fuel subsidy, the union should have vent its anger over failure of the authorities to invest in modular refineries.
He noted that the Petroleum Industry Act (PIA) signed into law by President Muhammadu Buhari on August 16, 2021, had no provision for subsidy.
According to him, the conversation about fuel subsidy in Nigeria should have been a thing of the past because it was an obvious wastage of the nation’s resources which he said is benefiting only a few.
He said: “In the 2022 budget, there is nothing like fuel subsidy. The landing cost of Premium Motor Spirit (PMS) currently is around N400 per litre. The truth is it is against business ethics for importers to sell fuel below the landing cost.
“The labour leaders campaigning for massive protest won’t tolerate that kind of thing in their individual businesses. For a very long time NNPC has been in the business of importation and many business owners refused to import because of a lot of corruption.”
The newspaper says that the Central Bank of Nigeria (CBN) has released guidelines for the newly-introduced electronic invoicing (e-invoicing) and evaluator for exporters and importers, saying the process commences on February 1, 2022.
The new regulation, it stated, is aimed at determining the accurate value for goods leaving the country or otherwise. The migration was announced in August, last year. At the weekend, the apex bank said the electronic process, which replaces the hard copy, would commence on February 1. It added that the invoice must be authenticated by the authorised dealer banks.
This was disclosed in a circular signed by the Director, Trade and Exchange Department, Dr. O. S. Nnaji, and addressed to authorised dealers and the general public. “Effective February 1, 2022, all import and export operations will require the submission of an electronic invoice authenticated by the authorised dealer banks on the Nigeria single-window portal – Trade Monitoring System.
“This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria… No importer/exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by authorised dealer banks presented together with the relevant document for payments,” the document said.
The Punch reports that the deployment of fifth generation technology has got a boost as the Federal Government through the Central Bank of Nigeria has placed the telecommunication sector on the priority list for access to foreign exchange.
The Global System for Mobile Communications Association in late 2021 said Nigeria needs about $500m and 6000 base stations to roll out 5G in 10 cities.
The CBN’s decision means telcos can now access adequate forex to acquire major equipment from overseas for 5G deployment, and enhance their other forex-related activities. In November 2021, the Chairman, Association of Licensed Telecoms Operators of Nigeria,
Gbenga Adebayo, said lack of seamless access to forex and other factors were affecting the growth of the sector.
However, in an interview with our correspondent on Thursday, Adebayo said the CBN’s latest decision meant telcos could access adequate forex to fulfill their international obligations and invest in infrastructure as well.
He said, “We are grateful to the CBN for this listing, for the priority consideration. We are also grateful to the minister for his intervention in this regard. “This will allow players to honour our international obligations.
The newspaper says that the World Bank and the African Development Bank approved a total sum of $2.83bn to Nigeria in 2021, It has been learnt.
However, the financing is not limited to the Nigerian government, as it also covers Nigerian agencies and firms.
This was according to statements by the international banks announcing the financing approvals. The statements were obtained from the websites of the banks.
On February 5, 2021, the World Bank announced the approval of $500m for the Nigerian government to support the improvement of electricity access and services to Nigerians. On May 25, 2021, the Washington-based Bank announced the approval of $700m credit for the Nigeria Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene Program.
The programme provides six million people with basic drinking water services, and 1.4 million people access improved sanitation services.
On September 30, 2021, the Washington-based bank approved a $400m credit in additional financing from the International Development Association to provide upfront financing for safe and effective COVID-19 vaccine acquisition and deployment within the country.
On December 16, 2021, the World Bank approved an $800m credit from the IDA for the National Social Safety Net Programme Scale-Up. In total, the World Bank approved $2.4bn, offering Nigeria more financing than the AfDB.
The Sun reports that the Trade Union Congress (TUC), at the weekend, gave the Federal Government conditions to meet before the final removal of subsidy on petrol in June, failing which it threatens industrial action.
The congress, in a resolution at the end of its National Executive Council (NEC) meeting in Abuja, insisted that Federal Government must ensure that the conditions precedent put forward by the TUC on the deregulation of the downstream such as the revitalization of refineries, establishment of new ones, including modular refineries, effective policing of borders to stem the rate of petroleum products smuggling, e t c is implemented.
President of the TUC, Quadri Olaleye, who spoke after the meeting, said the NEC-in-session mandated the congress to take all necessary steps to ensure that these conditions are met before subsidy is removed. Consequently, he said the NEC-in-session has directed state councils and affiliates to commence mobilisation of members for industrial actions against subsidy removal without government fulfilling conditions.
“The proposal by National Council of State on the final removal of subsidy on premium motor spirit (PMS) as from June 2022 should take into consideration the attendant economic impact on the masses. There must be assurances that refineries are fully overhauled and establishment of modular refineries encouraged,” he said.
The newspaper says that the President of African Development Bank (AFDB), Akinwumi Adesina, has said that Dangote Refinery would save Nigeria about $9billion from importing refined petroleum products when the refinery fully begins operation.
Adesina, who made this known on Saturday during a tour at the construction site of the refinery, codenamed the petrochemical company, “Africa’s Growth Acceleration Company” (AGAC), maintained that it is capable of taking care of Africa’s petroleum needs even to the rest of the world.
According to him, consistent fiscal policies, essential infrastructure and support for indigenous industrialists and achievers are essential for more of Dangotes to emerge in the country, stressing the need to harness Nigeria’s human capital for the socio-economic growth, development and sustenance, not only for Nigeria but to the rest of the world.
“This refinery is world class, capable of reversing the trend of exporting crude oil and importing refined products therefrom, as well contribute to the value chain. This project is Africa’s pride because it would serve as the industrial free gate for massive Industrialization.
“We have invested about $300m in Dangote because we have faith and confidence in him. And, in fact, every nation needs Dangote, we shall continue to support African champions. Most importantly, our human resources and infrastructural development must be our top priority” he added.
GIK/APA