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Marketers Will Pay Naira for Dangote Fuel -IPMAN

Aliko Dangote Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators had continued to register with the plant. It was further gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were meeting with the management of the refinery to perfect the pricing template for products produced by the facility. On January 12, 2023, the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel. The President, Dangote Group, Aliko Dangote, had in a statement issued by the firm, said, “We have started the production of diesel and aviation fuel, and the products will be in the market within this mon

Nigeria’s Salvation Lies In Decentralisation Of Federal Powers – Sanwo-Olu




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The Lagos State Governor, Mr Babajide Sanwo-Olu, says decentralisation of some exclusive functions of the Federal Government, including provision of security, can provide instant solutions to the security challenges bedevilling Nigeria.


He said this on Tuesday while delivering a paper at the Freedom Online third annual lecture with the theme: “Nigeria: Foundation, Fundamentals and Future”.


The governor, who was represented by his deputy, Babafemi Hamzat, believes that the “flawed federalist ideals enshrined in the 1999 Constitution have continuously limited the power of the states to pursue individual development at their own pace”.


He, therefore, stressed that Nigeria must holistically address the “fundamental question” of federalism if the political class is serious about lifting the country out of its current quagmire.


The governor further stressed that provision of security must be “highly” decentralised, as states must play significant roles in providing internal security, while the Federal Government must face the issue of defence, foreign policy, border controls, currency, and customs among others.


Sanwo-Olu also called for a review of the terms of fiscal federalism between the centre and state governments, saying that the Federal Government must consciously devolve more responsibilities and resources to states and local governments as those entities are the closest to the people.


“Today, the revenue sharing formula is 52.6 per cent for the Federal Government, 26.7 per cent to the States and 20.6 per cent to local governments. The Federal Government takes the lion share, out-muscling the State and Local Governments, which are the closest tiers to the populace. State and local governments ordinarily should be drivers of development. As it is today, it is common knowledge that most states depend on monthly allowance from Abuja to survive,” he said.


He, however, encouraged Nigerians not to lose hope in spite of the challenges facing the nation.


According to him, the ongoing revolution in agricultural and investment in infrastructure by the current administration has started to gradually change the outlook of the national economy.


He said: “What is clear to me is that to achieve these reforms that we require, many of our laws need to change. We need to re-write and update obsolete laws to bring them in line with the realities of today.


“We must believe in what we produce, and encourage everyone who seeks to make a difference in this regard. We must also consume what we produce. One advantage we have is our population; we have a local market that is sufficient to sustain as much local production as we can achieve. Many other countries are too small to enjoy this kind of privilege.”


Sanwo-Olu also called for increased investment in technology and innovation, which he described as the magic wand Nigeria could employ to be on the same page with global development.

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