Business
NNPCL Denies Paying Fuel Subsidies in Last Nine Years
In response to recent controversies, the Nigerian National Petroleum Company Limited (NNPCL) has issued a statement clarifying that it has not dispensed any fuel subsidies over the past nine years.
This declaration was made by Alhaji Umar Ajiya, the company’s Chief Financial Officer, during a briefing in Abuja on Monday.
The clarification addresses ongoing speculation that the Nigerian government continues to provide fuel subsidies, despite President Bola Ahmed Tinubu’s administration announcing their removal in May 2023.
Ajiya emphasized that NNPCL has not issued any payments under the guise of subsidies during this period. Instead, he explained that the company has been managing the financial discrepancies arising from the importation of Premium Motor Spirit (PMS).
According to Ajiya, the NNPCL’s role involves importing PMS at a specific cost, while the government dictates a selling price that is lower than the cost price.
The difference between these prices, referred to as the “shortfall,” is reconciled directly with the Federation. Ajiya stated that this arrangement does not involve any direct subsidy payments to marketers.
He elaborated that, rather than paying subsidies, the NNPCL has been handling importation costs and reconciling the financial shortfalls with the government. The company does not transfer any funds to marketers in the form of subsidies.
This statement follows recent comments by the Minister of Budget and National Planning, Abubakar Bagudu, who indicated that savings from the removal of fuel subsidies are being used to maintain the current pump prices of fuel.
Additionally, it was reported that NNPCL is seeking a N2.6 trillion claim from the Nigerian government for foreign exchange differentials related to fuel importation between August 2023 and June 2024.
Business
Bitcoin and Dollar Rise Again With Donald Trump’s Win In Election
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
Business
USD Weakens Amid The Upcoming US Presidential Election
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Business
Dr. Aguoru States The Use Of Card Pins Online Has A High Security Risk
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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