Business
Tinubu Promises To Ensure Energy Security And Support Dangote’s Refinery As Fuel Prices Rise
President Bola Ahmed Tinubu has expressed confidence in Nigeria’s potential for achieving energy security while emphasizing the importance of supporting Aliko Dangote’s ambitious 650,000 barrels per day refinery.
During a recent visit by the Implementation Committee on Naira-based sales of crude oil and refined products to the Aso Villa, Tinubu outlined his vision for a sustainable oil and gas sector in Nigeria.
In a statement released by his spokesperson, Bayo Onanuga, the president highlighted the need for solutions that steer clear of the challenges Nigeria has faced in the past four decades.
He stressed that the new Naira-for-crude deal must not revert the country to previous issues experienced during the era of petrol subsidies.
Tinubu stated, “Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years.”
His remarks express a commitment to avoiding past mistakes while ensuring that the oil sector operates efficiently and sustainably.
The president acknowledged that while there may be necessary adjustments in costs and revenues within the oil sector, the government will not return to outdated practices.
He emphasized the importance of creating a predictable environment for investment in the energy sector.
“We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated,” he asserted, pointing out that a stable environment is essential for the long-term success of investments in the country’s energy landscape.
Market forces, according to Tinubu, must play a central role in determining the dynamics of the oil and gas sector. He stated,
“The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government can meet on the worksheet.”
In the same forum, Aliko Dangote shared his concerns regarding the performance of his refinery, which began supplying petrol on September 15, 2024. He revealed that the facility is currently operating at a loss, primarily due to petrol retailers overlooking the availability of over 500 million litres of fuel produced by the refinery.
The Nigerian government initiated the Naira-for-crude deal with Dangote Refinery on October 1, 2024, aiming to create a more stable and efficient market for crude oil sales.
However, despite this initiative, many Nigerians continue to struggle with high fuel prices, which have soared to over N1,030 per litre across NNPCL retail outlets.
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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