Business
PETROAN Seeks N100 Billion Investment to Stabilize Nigeria’s Fuel Sector
The Petroleum Product Retail Outlet Owners Association (PETROAN) has clarified that their N100 billion intervention request from President Bola Ahmed Tinubu is not a bailout but an investment aimed at saving Nigeria’s energy sector from collapse.
Billy Gillis-Harry, the National President of PETROAN, explained in a recent interview that the funds would be placed in an energy bank, providing petrol dealers with access to affordable, single-digit interest loans.
The proposed fund, he argued, would help reduce the price of Premium Motor Spirit (PMS), which is currently sold for between N935 and N1,100 per liter in Nigeria.
He emphasized that the request is not for free money, but for the government to invest in the establishment of an energy bank where the N100 billion could be used as seed capital.
Gillis-Harry stated, “We are not asking for free money.
We’re requesting that the government place the N100bn into the energy bank as seed capital.
This will allow us to access loans with a lower interest rate, ultimately helping reduce fuel prices and improve the sector.”
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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