Nigeria Faces Third Petrol Price Hike in 60 Days Amid Economic Pressures

The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of Premium Motor Spirit (PMS), or petrol, to ₦1,025 per litre in Lagos and ₦1,060 per litre in Abuja—marking the third price hike within two months.

This adjustment comes as the price of Nigeria’s Bonny Light crude drops from $75 to $72 per barrel, falling below the 2024 budget benchmark of $77.96. The lower crude prices, along with Nigeria’s ongoing deregulation policies, have contributed to these increases.

In response, fuel stations in Lagos quickly updated their rates, while some in Abuja temporarily paused operations to adjust meters. Independent stations, like Ardova Plc, continued selling at previous rates, further fueling a rush among consumers to purchase before new prices take effect.

This ongoing rise in fuel costs, largely driven by currency depreciation and the deregulation of the petroleum sector, has added to the economic strain on Nigerians, with many feeling the impact of escalating living expenses.

Nigeria’s National Power Grid Suffers Fourth Collapse in October, Heightening Energy Stability Concerns

On Tuesday night, Nigeria’s national power grid partially collapsed, causing blackouts across parts of the country already grappling with previous system failures. This incident marks the fourth grid collapse in October and the ninth for 2024.

Data from the Nigerian System Operator indicates that grid capacity dropped to 2,037.2 megawatts by 10:08 pm, with key power plants, including Sapele, Omotosho, and Kainji, reporting zero output. Meanwhile, the Dadinkowa G.S plant registered no output throughout the day.

These recurrent collapses have raised concerns about Nigeria’s energy reliability, affecting both residential and industrial consumers. Minister of Power Adebayo Adelabu announced plans to restore electricity to northern regions within 72 hours, following recent outages attributed to insurgent damage to key transmission lines. In response, President Tinubu has deployed military support to ensure the safety of ongoing repair efforts.

Latest Fuel Price and Petrol Scarcity Update for October 30, 2024

New Petrol Prices Across Nigeria

The Nigerian National Petroleum Company Limited (NNPCL) has announced an increase in petrol prices amid ongoing economic challenges. Fuel prices in Lagos have risen to N1,025 per liter, while Abuja residents now pay N1,060 per liter. This adjustment, confirmed at NNPCL stations, has placed additional pressure on citizens already coping with high living costs.

Since the end of fuel subsidies in May 2023 under President Bola Tinubu’s administration, petrol prices have surged from N145 to over N1,000 per liter, heightening financial strain nationwide.

Tinubu Meets Key Stakeholders to Discuss Local Currency Oil Sales

President Tinubu held a strategic meeting with Finance Minister Wale Edun, Dangote Group Chairman Aliko Dangote, and NNPC’s Group CEO Mele Kyari. This session, held at Aso Rock, focused on implementing a policy shift allowing crude oil sales in naira, aiming to stabilize fuel prices and strengthen the naira. The policy will initially be piloted at the Dangote Refinery, with hopes of reducing Nigeria’s reliance on dollar-based transactions.

Ghana Explores Petroleum Imports from Dangote Refinery to Lower Costs

Ghana’s National Petroleum Authority (NPA) announced it is exploring options to import petroleum products from Nigeria’s Dangote Refinery, aiming to cut reliance on costlier European imports. NPA Chairman Mustapha Abdul-Hamid indicated that sourcing from Dangote’s facility, which has a capacity of 650,000 barrels per day, could lower Ghana’s monthly import costs and reduce freight expenses. He also suggested that a unified African currency could further stabilize regional trade by reducing dependence on the dollar.

Top Nigerian Newspaper Headlines for Wednesday, October 30, 2024

Good morning, Nigeria! Here’s today’s roundup of key headlines across Nigeria:

  1. Tinubu Meets Dangote and Key Officials to Push Local Naira Payments for Crude
    President Bola Ahmed Tinubu met with the Crude Oil and Refined Products Sales in Local Currency Committee, led by Finance Minister Wale Edun, to discuss using the naira for local crude sales, supported by Dangote Refinery.
  2. Details of Tinubu-Biden Phone Call Unveiled
    President Joe Biden and President Tinubu discussed the recent release of Binance’s Head of Finance Compliance and shared appreciation for U.S.-Nigeria security partnerships.
  3. Power Minister Promises 72-Hour Resolution to Northern Power Crisis
    Power Minister Adebayo Adelabu announced plans to restore electricity to northern Nigeria within 72 hours, following outages due to insurgent attacks on critical power lines.
  4. Peter Obi Criticizes Borno Speaker’s Call for New Aircraft for VP Shettima
    Labour Party’s Peter Obi called Speaker Abdulkareem Lawan’s request for a new aircraft “insensitive,” urging leaders to focus on issues benefiting Nigerians.
  5. Asari Dokubo: Tinubu Saved My Life from Obasanjo’s Alleged Threat
    Ex-militant Asari Dokubo claims former President Olusegun Obasanjo would have harmed him without Tinubu’s intervention and pledges his support for Tinubu’s administration.
  6. Tinubu Launches 2025 Armed Forces Remembrance Day Campaign
    President Tinubu launched the 2025 Armed Forces Remembrance Day Emblem, honoring the military’s dedication to national security with donations from key officials.
  7. APC Suspends Rauf Aregbesola Over Alleged Anti-Party Activities
    The Osun State APC has suspended former Minister of Interior Rauf Aregbesola, accusing him of creating factions within the party and harming its unity.
  8. FCCPC Warns Banks on Violating Customers’ Rights Amid Service Disruptions
    The FCCPC called out banks for service outages affecting customer access to funds, advising them to keep customers informed during disruptions.
  9. Dangote Predicts End to Fuel Queues as Refinery Begins Production
    Aliko Dangote stated that fuel queues will vanish if oil marketers support his refinery, which can meet Nigeria’s fuel needs at full capacity.
  10. Minister Urges Improved Intelligence Sharing Among Security Agencies
    Police Affairs Minister Ibrahim Gaidam emphasized the importance of communication among security agencies to strengthen Nigeria’s fight against insecurity.

Stay tuned for more Nigerian news on Nigeria Times News!

Dollar to Naira Exchange Rate Today: Black Market and CBN Rates for October 30, 2024

Dollar to Naira Exchange Rate Today

What is today’s Dollar to Naira exchange rate on the black market, also known as the parallel market (Aboki FX)? Here’s a look at the black market rate for October 30, 2024, along with the official rates from the Central Bank of Nigeria (CBN).

Black Market Dollar to Naira Exchange Rate (Aboki Dollar Rate)
At the Lagos Parallel Market, players are buying dollars at N1743 and selling at N1748, according to Bureau De Change (BDC) sources. Please note, however, that the Central Bank of Nigeria does not recognize these parallel market rates and encourages individuals to use official banking channels for forex transactions.

Dollar to Naira (USD to NGN)Black Market Rate Today
Buying RateN1743
Selling RateN1748

CBN Dollar to Naira Exchange Rate

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1664
Selling RateN1665

Keep in mind that the actual rates for buying and selling forex may differ due to market fluctuations.

Nigeria’s Oil Price and Production Update
Nigeria’s crude oil prices dropped by 7%, reaching $72 per barrel—a decrease from $75 and below the 2024 budget benchmark of $77.96. Market reports suggest this decline is partly due to a tempered response from Israel to Iran’s recent missile attack, which initially stirred supply concerns.

The Organisation of Petroleum Exporting Countries (OPEC) reported a drop in Nigeria’s oil production to 1.324 million barrels per day (bpd) in September, down 2% from August’s 1.352 million bpd. Additionally, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated that total oil output, including condensate, was at 1.544 million bpd in September, down from August’s 1.570 million bpd—a 1.7% monthly decrease.

These developments raise concerns about Nigeria’s ability to meet its 2024 budget projections amid falling oil prices and production challenges.

House of Representatives Calls for Action in Anambra Killings

The House of Representatives has urged the Inspector General of Police, Kayode Egbetokun, and the Director General of the Department of State Services (DSS), Oluwatosin Ajayi, to take immediate action to find and prosecute those responsible for the recent killing of seven Nigerians in Ifite-Awka, Anambra State. This incident occurred near Nnamdi Azikiwe University when armed attackers, suspected to be cultists, opened fire on individuals, causing chaos.

The call for justice was raised as a matter of public importance by Yusuf Gagdi, a representative from Plateau State, who noted that all seven victims hailed from Kanam Local Government Area. Gagdi emphasized that the victims were peaceful citizens working as motorcycle riders near the university gate.

The Deputy Speaker, Benjamin Kalu, endorsed the motion, urging the police and DSS to promptly investigate the case to prevent further tension and ensure justice.

Northern Governors Oppose Tinubu’s Proposed Tax Reform

The 19 governors from Northern Nigeria have voiced strong opposition to the Federal Government’s Tax Reform Bill, recently submitted to the National Assembly. At the heart of their concerns is a proposed shift to a Derivation-based Model for distributing Value Added Tax (VAT), which they argue would disadvantage northern and less industrial regions.

Meeting in Kaduna under the Northern States Governors’ Forum (NSGF), the governors, led by Gombe State’s Muhammad Yahaya, issued a communique expressing their objections. They were joined by northern traditional rulers, the Chief of Defence Staff, General Christopher Musa, and other stakeholders.

The proposed reform, developed by a panel led by Taiwo Oyedele, would adjust the distribution of VAT revenue to favor the locations where goods and services are consumed, as opposed to the current system, which allocates VAT based on company headquarters. Northern states, many of which prohibit the sale of alcohol under Sharia law, currently benefit from VAT collected on alcohol sales nationwide, a practice the reform would end.

The communique argued that the shift would negatively impact the Federal Accounts Allocation Committee’s revenue distribution. The governors urged Northern representatives in the National Assembly to reject the bill, stating, “The contents of the reforms are against the interest of the North and other sub-nationals.”

While the governors emphasized their support for policies that encourage growth, they called for “fairness in the implementation of national policies,” to ensure equitable treatment across geopolitical zones. They also appealed for patience from Nigerians, assuring citizens that measures to ease economic hardship are underway.

NMA Calls for Uniform Salary Structure to Tackle Medical Brain Drain

The Nigerian Medical Association (NMA) President, Prof. Bala Audu, has called for a standardized implementation of the Consolidated Medical Salary Structure (CONMESS) across Nigeria’s 36 states, as the National Physicians’ Week begins in Uyo, Akwa Ibom State.

During a press conference, Audu emphasized that the ongoing “brain drain” — the exodus of healthcare professionals to other countries — stems from systemic issues, particularly the lack of fair and competitive salaries nationwide. He highlighted the theme for this year’s event, “Ensuring Universal Applicability in Remuneration: A Panacea to Talent Retention in the Healthcare System,” pointing out that pay disparities across regions and institutions create an unsustainable and unattractive working environment.

“The current mass migration of doctors is not due to individual choices alone but reflects a broader system failing to provide fair compensation and career fulfilment,” Audu said. “Fair remuneration is essential, not only as a salary figure but as recognition of the value we bring to society and a deterrent to burnout.”

Audu noted that salary inconsistencies persist even among similar healthcare institutions, leading to doctors and healthcare workers often feeling “overworked and underpaid.” These disparities discourage young healthcare professionals from staying in the workforce, increasing strain on those who remain.

The NMA president urged all levels of government to uniformly implement CONMESS and address overdue salary arrears, adding, “Investment in health infrastructure and improved working conditions are crucial for attracting and retaining healthcare talent.” He concluded by highlighting that other countries recognize the need for fair, competitive salaries to retain talent, and Nigeria must do the same to be competitive in the global healthcare sector.

Minister of Power Promises Northern Nigeria Power Restoration Within 72 Hours

The Minister of Power, Adebayo Adelabu, announced that electricity would be restored to Northern Nigeria within three days. Speaking to senators on Tuesday, Adelabu addressed the recent power outage affecting the region, which has been compounded by frequent grid collapses nationwide.

The disruption began on October 22 when the Transmission Company of Nigeria reported an outage across the North-East, North-West, and parts of North-Central Nigeria due to a trip in the 330-kilovolt Ugwaji-Apir transmission lines. According to the Independent System Operator’s Executive Director, Nafisatu Ali, the Shiroro-Kaduna line, critical for Northern power supply, was vandalized by insurgents.

In response, President Bola Tinubu has ordered military support to secure repair operations. Adelabu noted that power would temporarily be rerouted through the Ugwuaji-Makurdi line, which could cover 80% of the affected areas, as efforts are made to restore full functionality.

“Power will be restored to the North within the next two to three days using the Ugwuaji-Makurdi line temporarily,” Adelabu stated, adding that security agencies are assisting in accessing the damaged grid. Full repairs on the vandalized lines are expected within 14 days, with power anticipated to be fully restored across Northern Nigeria shortly after.

China makes efforts to bridge digital divide, brings fruits of development to more

By Jin Xin, People’s Daily

As digital technology advances rapidly, its impact can be seen everywhere.

Therefore, it’s essential to ensure that rural and remote communities, as well as elderly individuals and people with disabilities, can fully integrate into the digital society and bridge the digital divide.

In recent years, various regions across China have launched measures to enhance people’s digital literacy and skills, improve digital accessibility, and provide inclusive public services. These efforts aim to promote the equal sharing of digital development benefits for all.

In a “smart living room” at a comprehensive senior service center in Xianxia Xincun neighborhood, Changning district, Shanghai, an instructor was demonstrating how to use smart appliances to elderly residents.

“Lights in the bedroom, living room, and bathroom are connected to motion sensors, so they automatically turn on when someone passes by,” the instructor explained.

Enhancing digital literacy and skills among the elderly is a vital part of helping them embrace digital lifestyles and narrowing the digital gap.

The China Internet Development Foundation has launched programs such as “Silver Digital Literacy Program,” aiming to improve digital literacy of the elderly in 100 communities.

The China Association for Science and Technology has also introduced a relevant program, which plans to establish “tech universities” and teams of volunteers to help seniors learn about digital technology, and host workshops, training sessions, and seminars.

The All-China Women’s Federation has rolled out an action plan to help elderly women learn to use smart phones, smart appliances, and other digital products.

The elderly is not the only group that needs to be taken into consideration.

The vocational and technical training center for persons with disabilities of Jilin province has launched a drone operation training course.

“The instructors not only taught us how to fly drones but also gave us a detailed understanding of drone structure, flight principles, operational guidelines, and maintenance, laying a solid foundation for us to pursue relevant careers,” said one who participated in the training course.

Working to improve digital skills of people with disabilities, the center is creating new job opportunities for them. It offers training courses focusing on new digital business forms such as livestreaming, short video production, commercial photography, and mobile phone repair.

In parallel with digital literacy and skills improvement, efforts are also made to make smart terminals more accessible for the elderly.

China’s Ministry of Industry and Information Technology has facilitated the elderly friendly renovations of over 2,000 websites and apps often used by the elderly. Besides, China’s Ministry of Transport has expanded the reach of “one-click” ride-hailing services and improved accessible transportation options for seniors.

In September 2023, some first-year university students in southwest China’s Guizhou province joined a digital literacy course online. The course was originally designed for freshmen at East China Normal University in Shanghai, and was later extended to ten universities in Guizhou starting 2023, including Guizhou University of Commerce and Guizhou University of Finance and Economics. The course has been joined by over 38,000 students.

Since the launch of a “MOOC (massive open online courses) for Less-developed Western Region” initiative, universities in eastern China have provided 207,000 online courses to western institutions, gaining 590 million views so far.

Moreover, digital technology is advancing rapidly into rural areas. By the end of 2023, the internet penetration rate in rural China had reached 66.5 percent, underscoring the growing demand for digital literacy and skills in these communities.

In Golog Tibetan autonomous prefecture in northwest China’s Qinghai province, villager Drolma attended a workshop on livestream e-commerce, hoping to expand the online sales channel for local farm produce and handicrafts.

This workshop was part of a “Women Up” economic support program for rural women, which combines online and offline entrepreneurial training, startup incubation support, and resource matching to improve digital literacy and skills for rural women in western provinces like Sichuan, Guizhou, Yunnan, Shaanxi, and Gansu.

Alongside e-commerce, rural communities are increasingly exposed to educational programs on smart device use, internet security, and data security.

With a growing abundance of digital resources, an improving digital environment, and continually rising levels of digital literacy, the light of a digital civilization is illuminating the lives of more people across China.