Business
Fuel scarcity: We have been vindicated – Ethnic Nationalities Youth Leaders
The Coalition of Ethnic Nationalities Youth Leaders in Nigeria have expressed anger over the worsening fuel scarcity in the country.
It could be recalled that the youths, under the aegis of Nigeria Ethnic Nationality Youth Leaders Council Worldwide had slammed a one-week resignation ultimatum on the General Managing Director of the Nigerian National Petroleum Corporation Limited, NNPCL, Mele Kyari.
However, with the ultimatum ended today, Kyari remains in office as the NNPCL helmsman.
This is also as fuel scarcity has spread across the country, with long queues being witnessed at the few filling stations dispensing the product.
Angered by the worsening situation, the youth leaders told President Bola Tinubu that they were running out of patience.
In a statement made available to journalists by Mazi Okwu Nnabuike, the Publicity Secretary of the group, urged President Tinubu to save the Nigerian masses from more sufferings.
Okwu said it was unacceptable that Nigerians would continue to spend man-hours at petrol stations even with all the assurance that came with subsidy removal.
The youths said “It is inconceivable that fuel scarcity has returned to Nigeria, even on a large scale, to such an extent that workers find it difficult to go to work.
“Those who manage to join the long queues spend hours daily and end up not even getting the product. This is no longer acceptable; the youths and indeed all Nigerians are running out of patience.
“We once again urge President Bola Tinubu to relieve the NNPCL GMD, Mele Kyari of his appointment.
“As today, the NNPCL remains the sole-importer of petrol and has also remained a cog in the wheel of local refining of the product.”
“The time has come for the government to rise up to the occasion and give an attitude suggestive of the belief in some quarters that it was not concerned about the sufferings of the Nigerian masses.
“Kyari and his entire team should be disbanded as a matter of urgency and a new team capable of bringing in the needed reforms brought on board.
“This is the only way to regain the people’s confidence in the government,” the group declared.
Nigeria’s public debt rose by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024 from N97.34 trillion ($108.23 billion) in 2023.
The Debt Management Office (DMO) disclosed this in its latest public debt profile report.
The debt stock consists of external debt of N70.29 trillion ($45.78 billion) serviced with $4.66 million and domestic debt of N74.38 trillion ($48.44 billion).
The report showed that the country’s external debt increased by 83.89 per cent YoY from N38.22 trillion ($42.5 billion) in 2023.
Domestic debt also grew by 25.7 per cent YoY from N59.12 trillion ($65.73 billion) in 2023.
The report further indicated that the Federal Government’s domestic debt component rose by 32 per cent YoY to N70.41 trillion from N53.26 trillion in 2023.
But the domestic debt of states and the Federal Capital Territory declined YoY by 32 per cent to N3.97 trillion in 2024 from N5.86 trillion in 2023.
The rise in public debt can be attributed to fluctuating trends in exchange rates amidst changes in global economic conditions.
The sharp increase, particularly in external debt, highlights the nation’s vulnerability to exchange rate volatility and changes in global economic conditions.
With the continued depreciation of the naira, the cost of servicing foreign debt could escalate, adding pressure on the country’s financial resources.
The Nigerian National Petroleum Company Limited (NNPCL) has announced the appointment of a new eight -man Senior Management Team.
The appointment followed the recent announcement followed the appointment of the Group Chief Executive Officer (GCEO) and Board of Directors.
Disclosing this in a statement on Friday, NNPCL Chief Corporate Communications Officer, Olufemi Soneye, said the appointments all take immediate effect.
“Following the appointment of the Group Chief Executive Officer and Board of Directors, the Nigerian National Petroleum Company Limited (NNPC Ltd) has announced the appointment of a new 8-man Senior Management Team on Friday,” he stated.
“The team which will be headed by the GCEO, Mr Bashir Bayo Ojulari, has Rowland Ewubare as Group Chief Operating Officer; Adedapo Segun as Group Chief Financial Officer; and Olalekan Ogunleye as Executive Vice President Gas, Power & New Energy.
“Other members of the team are: Udy Ntia as Executive Vice President Upstream; Mumuni Dangazau as Executive Vice President Downstream; Sophia Mbakwe as Executive Vice President Business Services; and Adesua Dozie, as Company Secretary & Chief Legal Officer. All appointments are with immediate effect.”
Ngozi Okonjo-Iweala, the director-generaI of the World Trade Organisation (WTO), says the recent tariffs announced by the United States (US) will have significant implications for global trade and economic growth prospects.
On April 2, President Donald Trump announced sweeping global tariffs on all imports into the US, imposing 14 percent on Nigeria.
In a statement on Thursday, Okonjo-Iweala said the WTO secretariat is closely monitoring and analysing the measures announced by the nation.
The WTO DG said many members have “reached out to us”, adding that the secretariat is actively engaging with them in response to their questions about the potential effect on their economies and the global trading system.
“The recent announcements will have substantial implications for global trade and economic growth prospects,” the economist said.
“While the situation is rapidly evolving, our initial estimates suggest that these measures, coupled with those introduced since the beginning of the year, could lead to an overall contraction of around 1% in global merchandise trade volumes this year, representing a downward revision of nearly four percentage points from previous projections.”
Okonjo-Iweala expressed concern over the decline and the potential for escalation into a tariff war with a cycle of retaliatory measures that could lead to further declines in trade.
“It is important to remember that, despite these new measures, the vast majority of global trade still flows under the WTO’s Most-Favored-Nation (MFN) terms,” she said.
“Our estimates now indicate that this share currently stands at 74%, down from around 80% at the beginning of the year. WTO members must stand together to safeguard these gains.”
According to the WTO DG, trade measures of this size have the potential to create significant trade diversion effects.
Therefore, she called on members to “manage the resulting pressures responsibly to prevent trade tensions from proliferating”.
“The WTO was established to serve precisely in moments like this — as a platform for dialogue, to prevent trade conflicts from escalating, and to support an open and predictable trading environment,” Okonjo-Iweala said.
She encouraged members to utilise the forum to engage constructively and seek cooperative solutions.