BREAKING: DANGOTE REFINERY BEGINS FIRST PETROL ROLLOUT

download

BREAKING: DANGOTE REFINERY BEGINS FIRST PETROL ROLLOUT

Dangote Refinery has commenced the rollout of its first Premium Motor Spirit (Petrol) from its 650,000 barrels per day Lagos-based refinery.

The President of Dangote Group, Aliko Dangote, disclosed this during a press conference with journalists on Tuesday.

He stated that the company’s petrol will substitute import dependence, bring down inflation, and stabilize the Naira against the dollar.

According to him, the petrol will hit the Nigerian market as soon as discussions are finalized with the Nigerian National Petroleum Company Limited.

“The quality will match that of anywhere in the world.

“It is a day of celebration. It is a day to give thanks to God, to give thanks to Mr. President, and also to friends who have been supportive in ensuring that this refinery produces gasoline. We are now here.

“As soon as we finalize with the Nigerian National Petroleum Company, our product will start entering the market.”

Upon commissioning in January 2024, the $20 billion refinery commenced production of Naphtha and Aviation Fuel months ago.

The development comes as Nigerians groan over prolonged fuel queues across the country.

This comes as petrol sells for above N1,000 per liter in some parts of the country.

  • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

    Related Posts

    20 GOVERNORS BORROW FRESH N446BN AS REVENUES TUMBLE

    20 GOVERNORS BORROW FRESH. N446BN AS REVENUES TUMBLE Debt servicing costs incurred by 29 state governments consumed 80.7 per cent of their Internally Generated Revenue during the first six months of 2024, highlighting the significant financial burden the sub-nationals currently face.The dire situation also forced the governors to borrow a total sum of N446.29 billion within the same period despite a 40 per cent increase in its statutory allocation from the Federation Account.The latest information is according to an analysis of data obtained by our correspondent using the budget implementation reports from each state’s website and Open Nigerian States. This BudgIT-backed website serves as a repository of government budget data.The performance report is prepared quarterly and issued within four weeks from the end of each quarter.This heavy burden underscores a critical issue in fiscal management, as the vast majority of the revenue that states could otherwise allocate to essential public services and development projects is being diverted to meet debt obligations.It also reveals the severe constraints faced by state governments in managing their debt burdens inherited from previous administrations and addressing the needs of their residents.Nigerians had hoped that with an increased statutory allocation of 40 per cent from the central government, state governors should have more than enough to fulfill their statutory obligations.In 2023, state governors got the most FAAC allocations in at least seven years. The rise in FAAC allocations to the three tiers of government, especially states followed the petrol subsidy removal and currency reforms of the current administration. The reforms have reportedly led to a 40 per cent boost in income. Experts believe the revenue increase should have reduced state governments’ appetite for more borrowing.Instead, the sub nationals are spending a large chunk on repaying loans and taking more loans.Most of the Federal Accounts Allocation Committee funds for Osun, Ondo, Kaduna, and Cross Rivers states will be used in servicing debts this year.This is because these states currently have a deficit of N10.94bn, N27.72bn, N15.83bn, N10.02bn respectively following debt servicing deductions by FAAC.With such a large portion of revenue being used to service debt, it becomes increasingly challenging for states to achieve long-term economic stability and improve the quality of life for their residents.Earlier this year, Kaduna State governor, Uba Sani had complained vehemently about the huge debt burden inherited from previous administrations, lamenting that it had stopped the prompt payment of salaries and more borrowings in the last nine months of his government.The governor who made this known while addressing a Town Hall Meeting at the late Umaru Musa Yar’Adua Hall, stated that his administration inherited a total of $587m, N85bn, and 115 contract liabilities.He said, “Despite the huge debt burden of $587m, N85bn, and 115 contractual liabilities sadly inherited from the previous administration, we remain resolute in steering Kaduna State towards progress and sustainable development. We have conducted a thorough assessment of our situation and are sharpening our focus accordingly.”State governors had faced an uphill task of stimulating the economies of their respective states after they inherited at least N2.1tn in domestic debts and $1.9bn in external debts from their predecessors.This was as 22 states spent a total sum of N251.79bn to service debt borrowed by past administrations within nine months of assuming office (July 2023 and March 2024).The situation also forced the state governments of Ekiti, Cross River, and Ogun to propose a suspension of their foreign debt repayments worth $501m due to severe foreign exchange volatility.The request, though rejected by FAAC, was part of their efforts to mitigate the heightened debt service burdens, which state officials claimed has significantly hampered their ability to service existing debts.Experts say the high debt servicing costs leave little room for investment in infrastructure, education, healthcare, and other key areas…

    AGENCY ISSUES ALERT OF ANOTHER FLOODING COMING FROM CAMERON

    AGENCY ISSUES ALERT OF ANOTHER FLOODING COMING FROM CAMERON The Nigeria Hydrological Service Agency (NIHSA) has alerted Nigerians of release water from Lagdo Dam in Cameroon. Lagdo Reservoir is a reservoir located in the Northern Province of Cameroon, on the Benue River, in the Niger basin. The lake covers an area of 586 km2. In a statement on Tuesday, Director General of NIHSA, Umar Mohammed, alerted Nigerians on the development, but said there is no cause for alarm as major flooding is not expected in Nigeria. The statement said states such as Kogi, Nasarawa, Adamawa, Taraba, Benue, Anambra, Bayelsa, Delta, Edo, Cross River, and Rivers should be well prepared to mitigate the impact of the water. He said: “The Nigerian Hydrological Services Agency, NIHSA, wishes to inform the general public that the authority in Lagdo Dam in Cameroon has informed the Agency that the dam Management will begin regulated water releases at the rate of 100m³/s (8, 640,000m³/day) today 17 September 2024. “The water releases are expected to increase gradually to 1000m³/s in the next seven days depending on the inflow from the upstream Garoua River, which is the main feeder into the reservoir and a major contributor to the Benue River. “However, the dam managers further stated that the planned water releases will be gradual so as not to exceed the conveyance capacity of the Benue River system and cause major flooding downstream Nigeria. “The spilling of waters from Lagdo Dam is expected to stop as soon as noticeable decrease in flow from the Lagdo reservoir. “The Agency wishes to State that there is no cause for alarm as major flooding is not expected downstream Nigeria as the flow levels along the River Benue are still within the warning levels. “Notwithstanding, it is highly imperative for all states that are contiguous to the river Benue system, namely; Adamawa, Taraba, Benue, Kogi, Edo, Delta, Anambra, Bayelsa, Cross River, and Rivers; the government at all levels (Federal, State, and Local Government Areas) step up vigilance and deploy adequate preparedness measures to reduce possible flood impacts that may occur as a result of increase in flow levels of our major rivers at this period. “The Agency will continue to monitor closely the flow situation of the trans-boundary River Benue and the national inland rivers and steadily provide regular updates on water levels across major rivers to forestall further flood disasters.” The development comes when residents of Maiduguri, Borno State capital, are still coping with effect of devastating flood which led to loss of lives and displacement of hundreds of thousands.

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    CONFUSION OVER YAHAYA BELLO’S TANGO WITH EFCC

    • By Dons Eze
    • September 18, 2024
    • 31 views

    20 GOVERNORS BORROW FRESH N446BN AS REVENUES TUMBLE

    • By Dons Eze
    • September 18, 2024
    • 36 views

    PRESSURE MOUNTS ON EFCC TO RELEASE YAHAYA BELLO AFTER TINUBU CAMP NEGOTIATED HIS APPEARANCE

    • By Dons Eze
    • September 18, 2024
    • 76 views

    AGENCY ISSUES ALERT OF ANOTHER FLOODING COMING FROM CAMERON

    • By Dons Eze
    • September 18, 2024
    • 26 views

    FINALLY, EX-KOGI GOVERNOR, YAHAYA BELLO, HONOURS EFCC INVITATION

    • By Dons Eze
    • September 18, 2024
    • 39 views

    BREAKING: GOV FUBARA DIRECTS 23 LGA CHAIRMEN TO CONTEST RIVERS LG ELECTION UNDER APP

    • By Dons Eze
    • September 18, 2024
    • 99 views