The Minister of State for Petroleum Resources, Timipre Sylva, has alleged that marketers who engage in racketeering activities are responsible for the rising cost and scarcity of Premium Motor Spirit in parts of the country.
On Wednesday, February 8, at the Aso Rock Villa in Abuja, Sylva informed State House reporters of the results of the Federal Executive Council, which was presided over by President Muhammadu Buhari.
Despite Nigeria National Petroleum Company Limited’s efforts to maintain a steady supply of fuel across the country, the minister claimed that problems still exist at distribution centers.
He clarified that the ministry had given orders to stop racketeering, which had caused fuel prices to skyrocket. But despite the fact that supply constraints still exist, these instructions have been ignored.
Therefore, Sylva, again, directed the regulatory agency NMDPRA to sanction erring filling stations.
In January 2023, the FG officially increased the price of petrol to N185 per litre, from N170 per litre.
The petroleum minister, who insisted that PMS is now available nationwide, blamed the scarcity on factors outside the control of his Ministry.
However, he said the distribution challenge would not hinder the February 25 and March 11 election.
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Sylva said the NNPCL has assured the Independent National Electoral Commission that petroleum products would be available for the exercise.
Meanwhile, Asiwaju Bola Ahmed Tinubu, the presidential candidate for the All Progressives Congress, on Wednesday, February 8, commended the governors of the 36 states for supporting the Nigerian people against the Central Bank’s new Naira and cashless policies, which have caused the general populace anguish.
This was contained in a statement issued by the Director, Media and Publicity, APC Presidential Campaign Council (PCC), Bayo Onanuga.
Tinubu asserted that the Governors, particularly the APC Governors, who brought the lawsuit against the CBN and the Federal Government before the Supreme Court on behalf of the unfortunate Nigerians who must bear the brunt of the Naira redesign policy’s shoddy implementation did a commendable job.
The old N200, N500, and N1000 notes will continue to be legal money after the February 10 deadline until the case is finally resolved, according to an interim injunction issued by the Supreme Court on Wednesday morning in a lawsuit filed by the governments of Zamfara, Kogi, and Kaduna States against the Central Bank of Nigeria and the Federal Government.
In response to the Supreme Court’s decision, Tinubu stated that the governors had prevented the nation from suffering from unnecessary political and economic crises and hardships, which were undoubtedly unintended effects of the central bank’s monetary policies.
