NNPCL lacks transparency in fuel subsidy removal gains, says World Bank
The World Bank’s December 2023 Nigeria Development Update criticizes the lack of transparency in the Nigeria National Petroleum Corporation’s financial gains post fuel subsidy removal.
It highlights unclear gains, including subsidy arrears and impacts on federation revenues.
Wale Edun, Minister for the Economy, pledges scrutiny of NNPCL’s revenue flow. While visible gains from exchange rate reforms are noted, clarity is urged on oil revenues and fiscal benefits from PMS subsidy reforms.
The institution emphasises lower-than-expected net oil revenue gains for the federation despite fuel subsidy removal.
NNPCL defends import monopoly amid marketers’ withdrawal
Nigerian National Petroleum CEO, Mele Kyari, defends the company’s import monopoly, citing oil marketers’ withdrawal due to price volatility.
Speaking to the Senate Committee on Finance, Kyari explained that oscillating prices in the downstream sector led marketers to halt importation.
Petroleum associations reportedly boycotted due to exchange rate fluctuations, including the Independent Petroleum Marketers Association of Nigeria, Depot and Petroleum Marketers Association of Nigeria, and Major Marketers Association of Nigeria.
FG targets N125bn revenue, 500k jobs from data protection plan
The Federal Government aims for N125billion revenue and 500,000 jobs through the Nigeria Data Protection Strategic Roadmap and Action Plan.
Launched by the Nigeria Data Protection Commission in Abuja, the plan was emphasized by Vincent Olatunji to fortify data protection.
The 5-pillar strategy includes governance, technology, human capital, cooperation, and funding.
Olatunji highlighted President Bola Tinubu’s goal of 2 million digital economy jobs, foreseeing over 500,000 jobs in data protection alone.
Eleme Petrochemicals set for capital market debut in 2024 says BPE Director
The Bureau of Public Enterprises plans to take Eleme Petrochemicals to the capital market in 2024, as announced by Director-General Alex Okoh.
This move aims to involve the Nigerian public in ownership, offering shares from as low as N10,000. Okoh highlighted the goal to dispel the notion of privatization benefiting only the wealthy.
EPCL, sold to Indorama in 2006, stands as a success story from the government’s privatization efforts, having originated as an NNPC subsidiary in 1988.
Egypt’s expected Sisi victory amid voter apathy
Egyptians voted on the final day of a presidential election largely foreseen to secure President Abdel Fattah al-Sisi’s extended six-year term amid minimal competition.
Despite authorities urging participation, many citizens expressed apathy, citing disillusionment with the system.
Dissatisfied individuals like 27-year-old taxi driver Hossam who spoke with Reuters cited declining living standards under Sisi’s rule.
The election marks Sisi’s third term following Mursi’s 2013 overthrow, with results anticipated by December 18.
