Cynicism played out on Nigerian social media as August morphed into September. Contributors pulled up the statement by Mele Kyari, MD of NNPCL, assuring the resumption of production at the Port Harcourt refinery in August 2024. The media reported Kyari’s promise on 15 July.  

Cynical references to the statement trended until Monday, 2 September.  

On 3 September, the news took various dimensions. 

• The government announced a new premium motor spirit (PMS) price of N897 per litre. 

• Dangote Refinery announced its readiness to supply 25 million metric tons of PMS to the market; Chairman Aliko Dangote said the federal government will determine the price. 

• Dangote Refinery was still determining the offtake of the supply by the government; it threatened to seek buyers in the export market.  

• NNPC did not respond to queries about its August deadline for resuming the Port Harcourt refinery.  

• There were conflicting reports about the price hike. Minister of State Heineken Lokpobiri denied reports that he ordered NNPC to fix fuel prices at N1000 per litre. His denial came alongside the announcement of the price hike. 

• Nigerian oil subsidies and fuel prices are dramas in four acts. 

Act 1, Scene 1: "SUBSIDY IS GONE!" 

Scene 2: Exchange rate unification and currency floatation neutralised subsidy removal. The pump price became higher than the landing cost, with NNPC covering the differential. SUBSIDY IS BACK! 

Act 2, Scene 1: Dangote Refinery is our saviour.  

Scene 2:  

Dangote: I need Crude Oil.  

NNPC: We cannot give you. 

Dangote: You must give us. PIA said you must leave out a portion of Crude Oil produced for domestic supply. 

NNPC: We have signed a forward sales agreement. 

Dangote: PIA, a law supersedes any agreement.  

NNPC/NMPDRC: You are not ready. Even your Diesel needs to be improved. And we won't allow you to become a monopoly. 

Dangote: My Diesel is more qualitative than yours. I am offering you a lifeline with PMS. But that’s no problem; I know what’s happening in Malta.  

NNPC: (No comment)  

Act 3, Scene 1:  

NNPC: We will give you Crude Oil. We will sell it to you in Naira.  

Dangote: Thank you. 

Act 4, Scene 1:  

NNPC: We are profitable, but we are in $6 billion debt, and it is becoming challenging to guarantee supply. 

NNPC then raises the pump price to N897, which is closer to the landing cost.  

NNPC: (And then suddenly) Dangote, we will be the exclusive buyers of your petrol.  

Dangote: No Problem (Nigerians: No problem? ????).  

Scene 2:  

Nigerians: NNPC, why are you interested in being the sole buyers of Dangote's petrol?  

FG/NNPC: For pricing purposes.  

Nigerians: Una wan become monopolist, too? Shey, you accused Dangote of such? ???? 

NNPC: No Comment  

Nigerians: Wait. How much will you sell the petrol for now? ???? 

NNPC: FEC will decide.  

Nigerians: So, you want to peg the price? DEREGULATION IS GONE? ???? 

NNPC: No Comment.  

Nigerians: Wait. How will you now find money and pay your $6 billion debt?  

NNPC: We will find ways.  

 

Nigerians: Jira Jira Jira (Wait, Wait), I hope you are not planning to peg the price above what would have been the actual market price and below what it would have cost if imported to discourage import and yet still accrue windfall.  

 

NNPC: No Comment.  

Nigerians: Is that how you intend to get the money to pay your debt?  

NNPC: No Comment.  

Nigerians: Hmm ???? 

WE WATCH! ???? 

Sha, congratulations, Dangote. You made history. 

Abdulhaleem Ishaq Ringim 

 

We’re not lying; Port Harcourt refinery starts production in August, Kaduna December – Kyari. 

 

***Says by the end of the year, Nigeria will be a net exporter of petroleum products 

***As CBN Ministers say, Nigeria is emerging stronger 

*** Nigerians should persevere; the indicators are showing that the economy is doing well, Senator Sani Musa 

Courtesy Vanguard. 

I Can't give up because I have a mother and two brothers — Blind 23-Yr-Old  

• Overheard on Price Control 

 

Last month, FG gave traders one month to bring down the prices of food items; yesterday, FG increased the pump price of petrol , a master strategy by the master strategist. 

• Despair and lamentations 

 

 

 

 

A COUNTRY CONFUSING HERSELF AND HER POLICIES – NIGERIA! 

✓ A 14-year-old cannot be admitted into the university to study, but a 13-year-old can be married.  

✓ A school certificate holder cannot become a director in the civil service, but a school certificate holder can become president of the entire country.  

 ✓ Although the country is among the major oil-producing countries in the world, it imports the fuel it consumes.  

✓ The country has the highest number of foreign Doctors in the UK and USA, but its leaders travel abroad for their medical needs. 

✓ The country shoots armless protesters but holds peace parleys with bandits. 

 ✓ The country rehabilitates terrorists, but their victims languish in refugee camps. 

✓ UAE and Qatar are deserts converted to 

paradise. Nigeria is "paradise" converted to "hell". ...  

 

Let each of us ponder over this...

 

When will Nigeria be salvaged⁉️

 

• The Victor Osimhen transfer saga 

 

While it lasted, football star Victor Osimhen's transfer from Napoli FC of Italy to another club ignited conversations and fights among pundits and fans on social media.  

Osimhen wanted to move to a European club. He was not keen on Saudi Arabia, where they offered big money. He seemed to lose out on the transfer deadline, but Turkish club Galatasaray came through for him when all seemed lost. 

Super Eagles star William Trust-Ekong celebrated Osimhen on Facebook: Victor Osimhen is an inspiration. From selling water in Lagos traffic to becoming the most expensive African footballer in history. 

What a story!  

https://web.facebook.com/watch/?v=598105001237102 

Ex-Super Eagle Odion Ighalo considered criticisms of Osimhen unfair while it lasted.  #ighalojude stated on X: “No human being is perfect, and we have all made mistakes in life, but seeing comments about this young man from his country’s people makes me sad, without even knowing what happened. I spoke to him, and I could feel the pain in his voice. The way he’s been treated, this young man plays with his heart and passion for his country.” 

It ended well for Osimhen. Galatasaray, a regular top club in Europe, signed him on acceptable terms. Napoli reduced his release clause from $150m to $75m, he can break from the loan if another club comes in the next window, and he will continue to earn the salary he earned at Napoli.  

 

 

Victor Osimhen 

 

 

I Can't give up because I have a mother and two brothers — A blind 23-Yr-Old  

• Overheard on Price Control 

Last month, FG gave traders one month to bring down the prices of food items; yesterday, FG increased the pump price of petrol ⛽, a master strategy by the master strategist.