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Fayose at Finance Ministry, Demands Payment of N1.1bn Allocation

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Ekiti State Governor Ayo Fayose.
  • Fayose at Finance Ministry, Demands Payment of N1.1bn Allocation

The Governor of Ekiti State, Ayodele Fayose, on Wednesday visited the headquarters of the Federal Ministry of Finance and demanded the release of the state’s N1.1bn budget support facility for the month of January.

Fayose visited the ministry and requested to see the Minister of Finance, Mrs. Kemi Adeosun, over the non-payment of the allocation but was told that the finance minister was at the Presidential Villa attending the weekly Federal Executive Council meeting.

Addressing journalists at the ministry, Fayose claimed that Ekiti was the only state that had yet to receive its January allocation.

The governor said that he received a text message from the Central Bank of Nigeria recently that the money had been paid only to be informed again by the apex bank that Ekiti was not included on the list of payment.

This, according to him, was unacceptable as many workers in the state are currently suffering the negative impact of the delay in releasing the fund.

He said, “I believe I should do a follow up today (Wednesday) to meet with the minister of finance for an update, but she actually called me on Tuesday that she just got back but she was going to look into it today (Wednesday) and have it resolved as soon as possible.

“You will however appreciate that Ekiti civil servants are restive, having spent money during Christmas and there is no money in January, obviously there will be challenges.

“By the time I got here, the minister has already gone for the Federal Executive Council meeting, but I met the Special Adviser, who assured me that the matter will be resolved when the minister is back.

“What we are talking about is a part of the monthly allocation and the budget support fund which is about N1.1bn that have not been paid.

“I believe this should be done immediately and I want to believe also that it was a mix up and not political. But if it is political, they will have a lot of questions to answer why it should be so.

“If they want to fight Fayose, they should fight Fayose, not the civil servants of Ekiti, but I appreciate her promise to resolve the matter.”

The governor said if the promise of the finance minister was not quickly implemented, he would have no other option but to continue to raise the alarm by bringing the issue back to the public domain.

He said, “It is only Ekiti that is involved and this is the second time and that explains why I was suspicious and have to act fast.

“I got a text from the Central Bank of Nigeria that the money has been paid and later I learnt that there is a withdrawal of that instruction that Ekiti was not included in the list out of the entire federation.

“So, naturally when it happened that it was just Ekiti State alone, I have to be suspicious. The minister has given me her word, at her level as a minister, that is good enough.

“If the promise of the minister to resolve this issue as quickly as possible is not adhere to, I will have to bring it back to the public domain.

“We are all in the court of the public opinion where the public is able to judge whether justice is served at all times. Governance is beyond all of us but I want to believe that they will do it.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

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Crude oil - Investors King

Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

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Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

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power project

Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

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Crude Oil

Again NNPC Raises Petrol Price to N897/litre

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Petrol - Investors King

The Nigerian National Petroleum Company (NNPC) Limited has once again increased the price of Premium Motor Spirit (PMS) from N855 per litre on Tuesday to N897 on Wednesday.

The increase was after Aliko Dangote, the Chairman of Dangote Refinery, announced the commencement of petrol production at its refinery.

The continuous increase in pump prices has raised concerns among Nigerians despite the initial excitement from the refinery announcement.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the 650,000 barrels per day refinery will supply 25 million litres of petrol to the Nigerian market daily this September.

This, NMDPRA said will increase to 30 million litres per day in October.

However, the promise of increased fuel supply has not yet eased the situation on the ground.

Tunde Ayeni, a commercial bus driver at an NNPC station in Ikoyi, said “I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed to N897. This is terrible, and yet they still haven’t started selling the product.”

The price hike comes as NNPC continues to struggle with sustaining regular fuel supply.

On Sunday, the company warned that its ability to maintain steady distribution across the country was under threat due to financial strain.

NNPC cited rising supply costs as the cause of its difficulties in keeping up with demand.

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