Top 5 Stories Of The Day | Nigerians Lament As Fuel Scarcity Persists, Sells For Over ₦1,000/litre

Fuel
  • Nigerians lament as fuel scarcity persists, sells for over ₦1,000/litre
  • Tinubu gives reason for fuel subsidy removal
  • FCCPC probes MultiChoice for its recent hike in subscription fees
  • Naira gains against the US dollar in black market
  • SERAP files lawsuit against NNPCL over alleged missing revenues

Across Nigeria’s 36 states and the Federal Capital Territory, these are the five top Nigerian news stories you shouldn’t miss.

Nigerians lament as fuel scarcity persists, sells for over ₦1,000/litre

Nigerians have raised their voices against the fuel scarcity in the country, which has led to an increase in fuel price per litre nationwide.

The scarcity of premium motor spirit (spirit) in filling stations has left long queues at the remaining functioning fuel stations nationwide as everyone attempts to buy fuel.

There have been reports of people buying black market fuel at the rate of ₦1,200 in some places while some fuel stations sell between ₦800 to ₦1,100 per litre.

Tinubu gives reason for fuel subsidy removal

President Bola Ahmed Tinubu backs his reason for enforcing the fuel subsidy removal on Nigerians upon entering power.

The President, who spoke at the World Economic Forum in Saudi Arabia, claimed that implementing the fuel subsidy removal policy was a necessary evil to prevent the country from going bankrupt.

“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth,” Tinubu said.

FCCPC probes MultiChoice for its recent hike in subscription fees

The Federal Competition and Consumer Protection Commission (FCCPC) was made aware of MultiChoice, owner of DSTV and GOTV’s latest price review for the subscription packages when Nigerians complained of the hike in price despite inflation in the country.

The FCCPC began investigating the media company and its reason for increasing its subscription prices. The investigation led to a factor of reasons which led to increased prices.

According to the acting vice Chairman of FCCPC, Adamu Abdullahi, “We got a four-page letter from Multichoice telling us the reason for this price increase. We need to bring in NCC and maybe NBC and Multichoice, sit down and look at all these variables that they claim caused the rise in prices,” he began.

“At a glance, we saw things like the cost of electricity, running generators, the cost of dollars for spare parts and so on. We’ll review these items individually and determine how they have affected their operations.”

Naira gains against the US dollar in black market

The Nigerian currency, the naira, has appreciated against the US dollar in the black market, rising to ₦1,275/$.

The rate represents a 9.8% increase from its previous rate on April 26, which was recorded at ₦1,400/$.

However, as it appreciates in the parallel market, the naira continues its downward trend against the dollar in the official market as it trades for ₦1,339/$.

SERAP files lawsuit against NNPCL over alleged missing revenues

NNPCL

The Socio-Economic Rights and Accountability Project (SERAP) has sued the Nigerian National Petroleum Company Limited (NNPCL) over the alleged missing $2 billion and ₦164 billion revenues.

SERAP claimed that NNPCL could not account for the missing funds and requested that the agency remit the $2 billion and ₦164 billion in the Federation Account.

The activist organisation has demanded that the court order a mandamus on NNPCL and also offer those involved in the manipulation of funds over to the ICPC and EFCC.

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