The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike disclosed this in a statement on Wednesday.

According to him, marketers have more than 2,000 pending tickets for the purchasing of 45,000 liters of petrol.

He hinted that the situation may lead to another round of fuel scarcity nationwide.

“I can’t confirm the price now because the portal is still shut down.

“We have more than 2,000 tickets for 45,000 liters (of petrol). That is 45,000 multiplied by 2,000, you can now know the number of million liters it will be. This is just an estimate, you know I don’t work with NNPCL and I don’t know what is on their system,” Ukadike stated.

He added that a 45,000-litre truckload of PMS is around N39.5 million, making N79 billion when multiplied by 2,000.

Reacting to the development, the spokesperson of NNPCL, Olufemi Soneye admitted that the state-owned firm has a significant backlog to address.

He said that the portal closure was intended to prevent the company from holding marketers’ funds for an extended period.

Soneye assured that the portal would soon be reopened; however, he failed to state the date when it would happen.

“We have a significant backlog to address. The closure is intended to prevent us from holding marketers’ funds for an extended period,” Soneye had explained.

“It will be reopened once the backlog has been sufficiently reduced. We are working to address it as soon as possible,” he stated.

The development comes as Nigerians struggle with high energy costs.

Recall that NNPCL in September 2024 announced a fresh price increase for petrol nationwide after lifting the product from Dangote Refinery.

Nigerians currently buy petrol between N950 and N1,100 per liter nationwide.

This comes after the government-owned refinery with a combined 250 barrels per day failed to kick off petroleum products production in September 2024.

Recall that in August, the Chief Financial Officer of NNPCL, Umar Ajiya disclosed that Port Harcourt Refinery’s petroleum products would be for testing before it is supplied to the domestic market in September.

However, when the DAILY POST correspondent reached out to the spokesperson of NNPCL, Olufemi Soneye on Tuesday for an update, he did not respond.

DAILY POST observed that the Minister of State Petroleum (Oil), Heineken Lokpobiri has also kept mum.

However, Maire Tecnimont SpA, the contractor overseeing the rehabilitation of the refinery, said it would provide details on the project’s completion on or before October 2, Wednesday.

The contractor’s comment came through a law firm, Olajide Oyewole LLP, in response to a letter from a Senior Advocate of Nigeria, Femi Falana, who had inquired about the completion timeline for the refinery’s rehabilitation.

Earlier, the President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi confirmed to DAILY POST that work was in progress at the Port Harcourt Refinery.

He, however, failed to start when the petroleum products rollout will kick off.

Recall that in July, Mele Kyari, the Group Chief Executive Officer of NNPCL had announced that the refinery, with a combined capacity of 250 barrels per day, would commence operation in August.

Earlier, NNPCL had announced March and July 2024 dates for the commencement of the refinery after its mechanical completion in December last year.

There are indications among stakeholders that the coming on stream of the Dangote Refinery and Port Harcourt Refinery will reduce the price of petrol which currently stands at between N950 and N1,100 per litre.

Recall that upon the lifting of Dangote Petrol in September, NNPCL announced fresh petrol pump prices across its retail outlets nationwide.

NBS disclosed this in its recent Cost of a Healthy Diet, CoHD data released on its official website.

According to NBS, this represents a slight 0.8 percent decline compared to N1,265 recorded in July this year.

NBS said, “This is a lower bound (or floor) of the cost per adult per day excluding the cost of transportation and meal preparation.”

On a zonal level analysis, the average CoHD was highest in the South West at N1,554 per adult per day, compared to N1.014 per adult per day in North West.

The data comes as Nigeria’s headline and food inflation stood at 32.15 percent and 37.52 percent in August. NBS is yet to release inflation data for September.

Meanwhile, Nigerians have lamented that NBS inflation data does not reflect reality.

The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf said that despite the decline in Nigeria’s inflation figure, reality showed that prices of goods and services had remained on the high side.

In July, the Nigerian Government announced a 150-day zero import waiver on husked brown rice, grain, sorghum, millet, maize, wheat and beans, however, the government footdrag in its implementation.

Tinubu made this known during his 64th Independence Day speech on Tuesday.

According to him, the initiative, which will commence in November 2024, aims to ensure the welfare and safety of workers across the country.

“In addition, later this month, we shall launch The Renewed Hope Labour Employment and Empowerment Programme (LEEP).

“It is conceived as a comprehensive suite of interventions at job creation by the Federal Ministry of Labour and Employment that is aimed at facilitating the creation of 2.5 million jobs, directly and indirectly, on an annual incremental basis whilst simultaneously ensuring the welfare and safety of workers across the country”, he said.

The president had also announced the national 30-day Youths Conference to address economic hardship.

According to him, the confab will ensure that the voices of youths are heard and recommendations implemented by his administration.

He said better days are ahead for Nigeria, urging Nigerians not to lose hope in the country.

Abubakar Maigandi, the President of Independent Petroleum Marketers Association of Nigeria disclosed this in an exclusive interview with DAILY POST on Monday.

According to him, his assessment of the government-owned refinery with a combined 250 barrels per day comes after he visited the plant last week.

He said Premium Motor Spirit (Petrol) and other petroleum products production will kick off soon in the Port Harcourt refinery but he failed to state the exact date.

He noted that the Refinery did not kick off production in September as earlier scheduled due to linkages, stating that the NNPCL has started to fix the setback.

“Recently (Last week) we were in Port Harcourt Refinery. There is serious progress going on there. There is serious work on going there. The way I see the Port Harcourt Refinery, very soon they too will start fuel production but I can’t say the date.

“They intended to start fuel production but with for certain linkages. Now they are repairing the linkages to make things intact. They are working seriously beyond what people are thinking,” he said.

This comes after several missed kick-off dates.

The latest missed kick-off was in September.

Recall that in July, Mele Kyari, the Group Chief Executive Officer of NNPCL had announced that the refinery, with a combined capacity of 250 barrels per day, would commence operation in August.

Earlier, NNPCL had announced March and July 2024 dates for the commencement of the refinery after its mechanical completion in December last year.

In a statement made available to DAILY POST in Taraba State on Tuesday, it urged NNPCL to immediately cease its meddling and allow Dangote Refinery and other local refineries to operate freely, ensuring competitive pricing and supply.

Signed by its National Publicity Secretary, James Ezema, the conference expressed deep concern over the lingering controversy surrounding the pricing of petrol from the Dangote Refinery, citing far-reaching implications for the economy, livelihoods, and democracy in Nigeria and Africa.

The discrepancy, according to the CNPP, raises questions about transparency, accountability, and the potential for exploitation of ordinary citizens.

It expressed concern at the high pump price of petrol, which it believed had exacerbated hunger and hardship among the masses, with fuel queues becoming a common sight and prices tripling since the subsidy removal in May 2023.

“NNPCL constituting itself as a middleman in the distribution of locally refined products undermines the oil refining companies’ potential to provide relief to Nigerians.

“We demand that the Federal Government of Nigeria, through its company, the NNPCL, ceases its meddling and allows Dangote Refinery to operate freely, ensuring competitive pricing and supply,”. it stated

The conference argued that the concealment of information and lack of transparency in NNPCL’s operations were unacceptable, and questioned whether the National Assembly approved extra-budgetary expenditures and the processes adopted by NNPCL for loan repayments with crude oil.

“For instance, NNPCL is said to be using crude oil for debt repayments either on behalf of itself or on behalf of the Federal Government of Nigeria. But this has remained a secret or a mere speculation,” CNPP stated.

The President disclosed this on Tuesday during his 64th Independence Day celebration nationwide broadcast.

According to him, his administration in the last 16 months has made gains in retooling and repositioning Nigeria’s economy.

He added that Nigeria under his watch has reduced its debt service ratio from from 97 percent to 68 percent.

“The economy is undergoing the necessary reforms and retooling to serve us better and more sustainably. If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences.

“We have cleared the ways and means of a debt of over N30 trillion. We have reduced the debt service ratio from 97 percent to 68 percent”, he said.

Nigerian Senate in February 2024 vowed to probe N30 trillion ways and means loan under former President Muhammadu Buhari’s government.

This comes as NGX market capitalization, which opened at N56.641 trillion, closed at N56.882 trillion.

The All-Share Index also gained 0.42 percent to settle at 98,987.42 points on Wednesday against 98,568.59 points reported on Tuesday.

Consequently, the Year-To-Date return increased by 32.38 percent.

Market breadth closed positive with 31 gainers and 24 losers on the floor of the Exchange.

Further analysis showed that on the gainers’ chart, Flour Mill and Seplat led by 10 percent each to close at N60.50 and N4,103.10 per share respectively.

EllahLakes followed by 9.97 percent to close at N4.08, Honeywell Flour gained 9.87 percent to close at N5.01 and ABC Transport advanced by 9.57 percent to close at N1.26 per share.

On the flip side, Multiverse led the losers’ chart by 9.90 percent to close at N9.10, and Caverton trailed by 9.86 percent to close at N3.29 per share.

Axa Mansard dropped 6 percent to close at N5.50, FBN Holdings declined by 6.45 percent to close at N29, while Fidelity Bank shed 6.40 percent to close at N15.35 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 6.75 percent.

A total of 603.31 million shares valued at N12.58 billion were exchanged in 9,723 deals, compared with 763 million shares valued at N11.78 billion traded in 12,081 deals posted previously.

On the activity chart, Fidelity Bank led in volume with 121.73 million traded shares, while FBN Holding led in value, with deals worth N3.46 billion.

Recall that at the end of trading on Tuesday, equity investors also gained N104 billion, occasioned by the rise in prices of Infrastructure Debt Fund, First Bank of Nigeria Holdings, Ellah Lakes and others.

This plan is part of the government’s Economic Stabilisation Bills approved by the Federal Executive Council on Monday.

The Chairman of the Presidential Committee on Fiscal Policy Tax Reforms, Taiwo Oyedele disclosed this in a statement on his official X account.

According to him, the initiative termed “Tax Identification Consolidation and Collaboration (TICC)” will help increase Nigeria’s tax base and widen revenue.

He noted that the plan is part of the 15 different tax, fiscal, and establishment laws to facilitate economic stability and set the country on the path for sustained inclusive growth.

He added that the Economic Stabilisation Bills have been sent to the National Assembly for approval.

“Introduction of ‘Tax Identification Consolidation and Collaboration (TICC)’ initiative to expand the tax base, widen the tax net, and create a level playing field for businesses”, he stated.

This comes weeks after the Federal Government denied plans to increase Value-Added Tax to 10 percent from 7.5 percent amid uproar.

The Presidential candidate of the Peoples Democratic Party, PDP, Atiku Abubakar had condemned the move to increase VAT, noting that the attempt would consume the very essence of Nigerian people.

DAILY POST recalls that Oyedele in May 2024 had hinted at the need to adjust VAT.

The development comes as Nigerians face high cost of living and inflation which stood at 32.15 percent in August.