By Suleiman Yakubu

The Nigerian National Petroleum Company Ltd. has attributed the increase in the price of Premium Motor Spirit (PMS), also known as petrol, to market realities.
The company’s Group Chief Executive Officer, Malam Mele Kyari, stated this in an interview with newsmen shortly after a private meeting with the Vice President, Kashim Shettima, at the Presidential Villa on Tuesday in Abuja.
Kyari explained that the increase in the price of PMS has nothing to do with supply issues, adding that there is a robust supply of the product in the country.
"I don’t have the details at this moment. You know we have the Marketing Wing of the company; they adjust prices depending on market realities.
"And this is the meaning of making sure that the market regulates itself so that prices will go up and sometimes they will come down also, and this is really what we are seeing in reality; this is how the market works.
"There is no supply issue completely when you go to the market, you buy the product, you come to the market, and you sell it at the prevailing market price. There is nothing to do with supply; we don’t have supply issues."
"There is robust supply; we have over 32 days of supply in the country; that’s not a problem. What I know is that market forces will regulate the market; prices will go down sometimes and sometimes they will go up, but there will be stability in supply.
He assured Nigerians that the policy was the best way for the country to go forward.
"And I am also assuring Nigerians that this is the best way to go forward so that we can adjust prices when the market comes.
"I know that a number of companies have imported petroleum products, so many of them are online. Market forces have started to play; people have confidence in the market, and people in the private sector are now importing products.
"And there is no way they can recover their costs if they cannot take market-reflective costs," Kyari said.
On his part, Alhaji Farouk Ahmed, Chief Executive Officer, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said the authority doesn’t set the price of the product, but the market determines itself.
"As a regulator, you know I told you back in May that we are not going to be setting prices; the market will determine itself, and as you saw back in early June when prices came out, they were based on the cost of importation plus other logistics of distribution and of course the profit margin of the importer.
"This market is deregulated and open to all participants. As I mentioned also yesterday (Monday), when I was in Lagos, we have about 56 marketing companies that have applied for and obtained licences to import.
"Out of those 10, 10 of them have indicated they will supply within the third quarter, which is July, August, and September. And out of those, we have already received some cargo from some of these Marketers.
Prudent Energy, AYM Shafa, and Emadeb Cargo are arriving tomorrow (Wednesday). So this is like just an encouragement to see that the market is liberated and everyone is free to import so long as you are working within the framework, especially in terms of quality."
He insisted that the authority as a regulator would not put a cap on the price because it was not part of those importing the product.
"But as a regulator, we are not going to put a cap on the price because we are not part of those importing; we are not a marketing company; we are just a regulator.
"So when you say market forces are working, basically what it means is that you can see the price of crude oil going up. A couple of weeks ago, it was recovering around 70 dollars per barrel; now it is around 80 dollars per barrel.
"So of course the crude price also drives the product price, you know, because the imposters are importing; they are basing it on the course of importation plus other cost elements in terms of local distribution."

By Suleiman Yakubu

Nigeria First lady, Sen. Oluremi Tinubu on Tuesday in Abuja officially immortalised the late Mrs Maryam Babangida by renaming the National Centre for Women Development (NCWD) after her.
The first lady who commissioned the former National Women Development Centre as Maryam Babangida National Centre also unveiled her First Lady’s portrait and a compendium of activities of First Lady and Wives of Governors of Nigeria 2015-2023.
She said the sterling contribution of late Maryam on the lives of ordinary Nigerians and described her as a matriarch who has impacted women, especially those in rural areas and in Africa as a whole.
“Her Excellency the late Maryam was an icon who redefined the scope of women’s participation in national development and through her pet programme Better Life for Rural dwellers touched ordinary lives especially at the rural areas.
“I am happy that I was part of the ninth National Assembly Senate when the bill for the renaming of the centre was passed and assented into law.
Mrs Tinubu, said the bill for the change of name was passed by the Senate on March 29, 2023, while the House of Representatives passed the same on April 5, 2023.
According to her, the renaming is in line with the amendment of the National Centre for Women Development Act, Cap. N15, Laws of the Federation of Nigeria, 2004, to enhance the functions of the centre.
She said: “The government under the last administration of President Muhammadu Buhari approved the bill by assenting to it in May 2023.
“By this information, we want our esteemed partners, the general public, and indeed the media personnel to take note of the changes and help publicise them to the nooks and crannies of Nigeria and even beyond.”
Asabe Vilita-Bashir, the Director-General of the centre, noted the huge contribution of the late first lady, especially her “Better Life for Rural Women” project, which impacted the lives of women nationwide.
“Maryam Babangida is someone that Nigerian women will not forget, and we are doing this to encourage other women leaders to emulate her virtues, commitment, and support for women.
“This will serve as an inspiration to all women in leadership positions to do more for Nigerian women and will be recorded in history,” she said.
Moji Makanjuola, the Chairman, Implementing Committee for Infrastructure and Renaming of the Centre, said: “Renaming the Centre is significant for women. There is something that should remind us of yesterday and enable us to do our work better.
“We need to start putting history into perspective; if we don’t do that, we will lose sight of who we are as a people, country, nation, and tribe.
“What has been achieved here is that collectively, Nigerian women spoke with one voice that we want a change that will give us a focus on what we are doing as women in development.
“I pray that the centre expands beyond where we are today and that it will be a citadel of hope for Nigerian women and indeed black women around the world.”
Also, Hajiya Aliyu, a beneficiary of the late Maryam Babangida’s programme, “Better Life for Rural Women”, said the renaming of the centre was apt in recognition of its impacts on the lives of Nigerian women.
“This will remind people and other first ladies that are coming to do better than her and not to come and go after several years without doing anything for the Nigerian women.
The Vice President’s wife, Hajia Nana Shettima; the two sons of the late Maryam, Mohammed and Aminu Babangida; the Director General of the centre, Dr. Asabe Bashir; and the Permanent Secretary, Federal Ministry of Women Affairs, Monilola Udoh, were among the dignitaries that graced the occasion.