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IPMAN Announces Reduction in Petrol Prices for Consumers.

Ikechukwu Emmanuel

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has recently announced a significant reduction of ₦50 per litre in the price of Premium Motor Spirit (Petrol) for consumers. This decision follows a new agreement established between IPMAN and Dangote Refinery, as confirmed by IPMAN’s National President, Abubakar Maigandi, during an interview on Tuesday.

Maigandi elaborated on the new pricing structure, stating that Dangote Refinery has set a price template of ₦940 per litre for depot purchases and ₦990 per litre for truck purchases for IPMAN members. This strategic move is expected to facilitate a decrease in petrol prices nationwide, providing much-needed relief to consumers who have been grappling with fluctuating fuel costs.

Currently, petrol prices among IPMAN members range from ₦1,150 to ₦1,200 per litre. With the newly negotiated prices, Maigandi indicated that members would reduce their selling price by ₦50, depending on their location. For example, in Maiduguri, where the price is currently ₦1,200 per litre, the anticipated reduction could bring the price down to ₦1,150 or potentially lower.

This development marks a significant shift in the Nigerian fuel market, as IPMAN has secured the ability to purchase petrol directly from Dangote Refinery, effectively ending the Nigerian National Petroleum Company’s monopoly as the sole buyer of Dangote petrol. The new pricing arrangement is expected to enhance competition and stabilize fuel prices across the country.

As Nigeria continues to navigate the complexities of its fuel market, this reduction in petrol prices is a welcome development for consumers and a step towards more equitable access to essential resources.

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Benue Governor Alia Denies Defection Rumors, Affirms APC Leadership.

Ikechukwu Emmanuel

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Makurdi, Benue State – Governor Rev Fr Hyacinth Alia has vehemently refuted recent rumors alleging his planned defection to the Social Democratic Party (SDP). In a statement released by his Chief Press Secretary, Tersoo Kula, Governor Alia dismissed the claims as “dubious” and a smear campaign orchestrated by unnamed “discontented politicians in Abuja.”

The Governor reaffirmed his unwavering commitment to the All Progressives Congress (APC), emphasizing his role as the party leader in Benue State. He accused his detractors of attempting to sow discord between him and President Bola Ahmed Tinubu, asserting the strength of their existing relationship.

Governor Alia declared that the allegations, which included insinuations of joining forces with former Kaduna State Governor Nasir El-Rufai, are “absolutely gratuitous and lack any trustworthy evidence.” He urged the Benue public to disregard unsubstantiated information and reiterated his dedication to serving the state with transparency and unwavering resolve. He highlighted his efforts to reconnect Benue with the federal government, resulting in numerous benefits for the state and its people, and reaffirmed his commitment to President Tinubu’s “Renewed Hope” agenda.

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APC Aims for Anambra: Governor Otu Expresses Optimism.

Ikechukwu Emmanuel

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Governor Bassey Otu of Cross River State, Chairman of the All Progressives Congress (APC) Anambra State Governorship Primary Election Committee, has voiced confidence in the party’s potential to secure victory in the upcoming gubernatorial election. Addressing APC delegates in Awka, Governor Otu emphasized the possibility of wresting control of Anambra State from the incumbent All Progressives Grand Alliance (APGA), currently led by Governor Charles Soludo.

Governor Otu highlighted the strategic importance of aligning Anambra with the ruling party at the center, suggesting that such alignment would benefit the state’s populace. He further stressed the need for unity amongst party members, urging them to support the eventual primary election winner and work cohesively towards achieving success in the general election. The governor underscored the APC’s growing presence in the Southeast, emphasizing the potential impact of adding Anambra to its regional portfolio. His remarks signal a renewed and determined effort by the APC to expand its influence in the region.

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Nigeria’s Public Debt Burden Significantly Increases.

Ikechukwu Emmanuel

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Nigeria’s public debt has experienced a substantial surge, reaching N144.67 trillion by December 2024, a 48.58% increase from the N97.34 trillion recorded at the close of 2023. This data, released by the Debt Management Office, indicates a year-on-year increase of N47.32 trillion and a quarter-on-quarter rise of 1.65%.

This escalation is primarily attributable to increased external and domestic borrowing. External debt rose by 83.89% to N70.29 trillion, while domestic debt increased by 25.77% to N74.38 trillion. The Federal Government accounts for the majority of both external (N62.92 trillion) and domestic (N70.41 trillion) debt.

This significant increase in Nigeria’s debt profile has prompted concern among financial experts, particularly regarding the country’s capacity to manage this growing burden amidst existing infrastructural deficits. The implications of this rising debt for Nigeria’s economic stability and future development remain a critical area of analysis.

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