FG assures of end to aviation fuel scarcity

The Minister of State for Petroleum, Dr. Ibe Kachikwu has assured that the federal government was doing everything possible to tackle the scarcity of Aviation fuel also known as Jet A1.

Kachickwu, who disclosed this on Thursday while speaking to aviation correspondents at the Nnamdi Azikwe International Airport, said the sector has being privatised and the production of Jet A1 was entirely in the hands of the private sector, adding that the federal government has been trying to work with them to douse the rousing tension.

He disclosed that in the short term he has been trying to liaise with countries where there is immediate availability of the product and on the long term they are working on repairing the Jet A1 pump producing in the refineries

He said “Everyone us, including the newly sworn in General Managing Director of the Nigeria National Petroleum Cooperation (NNPC), are doing our best to find a short-term solution to this problem before looking at the systemic problem and how it as affected the private sector to provide the aviation fuel.

The Minister of Aviation, Hadi Sirika, however, appealed to users, airline operators, travellers for the scarcity of the aviation fuel, blaming the scarcity not on the ministry of Petroleum, but also on the scarcity of Foreign exchange at the Central Bank of Nigeria.

He said “the government was doing all it could to address the problem, and the Minister of state Petroleum was making every effort and his also doing certain negotiations to ensure that the product is available for our use. The CBN, Ministry of Petroleum is doing is best and we at the ministry of Aviation are doing our best on what affect us and I will address you in due course”

Comments

BOOM: Nigeria’s External Reserves Drops To Lowest In 11 Years

Nigeria’s foreign exchange reserve fell to $25,780,765,483 (25.78 billion) as of August 16, the lowest we have seen since 2005. The drop was down 2.11% from a month ago. The Nations external reserves dropped below $26 billion for the first time on the 5th of August 2016 after it closed at about $25,971,610,949. In fact, the external reserves has dropped by about $480 million dollars in August alone compared to just $100 million in the whole of July. Ironically, the current balance of $25.9 billion is worth about 80% more than what it was in Naira following the depreciation of the naira after it was floated. The CBN has in the past few days ramped up sales of dollars at the interbank in the hope that it will create liquidity in a market that is yawning gape to swallow forex after nearly almost two years of intense rationing by the CBN. The Naira weakened to its lowest ever at the interbank after it closed at about N362.5/$1 in midday trading. The Naira will eventua...

Alert: Naira Gains A Massive 5% Against the Dollar

The exchange rate rebounded on Friday to close at N308 at the official interbank market. The local currency gained about 5.2% reversing the N325 it closed with on Thursday. According to reports, the gains was mostly due to a sale of forex by the Central Bank of Nigeria providing enough liquidity to meet the demand currently in the market. The naira has closed at an all time low of N364 to the dollar on Thursday following a surge in demand. The central bank has been selling dollars almost daily to boost liquidity and support the naira. Join our BBM channel for instant updates : C0030863D

Emefiele gives insight, on what to Expect during his second term

The newly re-appointed Governor of the Central Bank of Nigeria, Godwin Emefiele, over the weekend enumerated the things intends to accomplish during his second term in office. Emefiele enumerated his plans while speaking to journalists at the University of Nigeria Nsukka (UNN), on the sidelines of the institution’s Special Convocation which took place on Friday. The CBN Governor gave delivered a lecture at the event. Driving down inflation: According to Emefiele, he intends to focus on policies that would drive down the country’s inflation rate, improve price stability, and drive economic growth. Emefiele’s Stern Warning: The CBN Governor further disclosed that he plans to work with his team to drive down imports and encourage exports. He also used the occasion to issue a stern warning to those who meddle with policies aimed at achieving economic stability, telling them that they will be caught and punished by law. Mr Emefiele’s second term plans came just a few days after ...

The Finance Dude

Search This Blog