NIGERIA NEWSPAPERS: Today's Thisday Newspaper Headlines [18 May, 2018].


Below are the headlines found on The Thisday Online Newspaper for today, Friday, 18 May, 2018.

Fri, 18 May 2018
The governors of the 36 states of the federation are canvassing a novel initiative that will see each state taking responsibility for subsidising petroleum products consumed within its territory.

Arising from their discontent over the claim by the Nigerian National Petroleum Corporation (NNPC) that it supplies a ridiculous 60 million litres of petrol daily to the domestic market, the governors are contending that instead of deducting the difference between the landing cost of petrol and the official pump price of the product before remitting net crude oil receipts to the Federation Account, every state should be responsible for paying its own subsidy according to its consumption.


 
The push by the governors to take over the responsibility of paying subsidy payments on fuel in their respective states could prove to be a major solution to the inefficiency and graft that has characterised fuel imports and consumption in the country for decades.

Other than the crippling impact fuel subsidies have had on the treasury, the shortfall in remittances by NNPC to the Federation Accounts often leaves the three tiers of government sharing less revenue than actual oil receipts accruing to the coffers of the state-run oil firm.

Should states assume control of subsidy payments to oil marketers, they would get more revenue from the Federation Account and would have to negotiate with residents to determine the price at which petrol should be sold in their territories, meaning that some states could pay more or less as petrol subsidy.

Control by the states could also lead to efficiency in the importation of petroleum products and could see daily consumption dropping to about 30 million litres a day.

However, governors unable to use the extra revenue at their disposal judiciously to ensure that there is no fuel scarcity in their states would have to contend with irate residents.

Speaking with journalists shortly after the meeting of the Nigerian Governors’ Forum (NGF) Wednesday night, the chairman of the forum and governor of Zamfara State, Abdulaziz Yari, said the state chief executives expressed reservations over the sudden rise in petrol consumption and cash call expenditure, which now runs into trillions of naira.

Elaborating on the proposed initiative, Yari said the move would actually help to reduce the volume of petrol imported and also the amount spent on subsidy.

He said the proposal was to be tabled before Thursday’s National Economic Council (NEC) meeting for deliberation and approval.

Yari, who described the NNPC’s claim of importing 60 million litres of petrol daily as unbelievable, however, said the three tiers of government would need to apply caution in implementing the new initiative to avoid disruption in fuel supply.

“Well, we don’t want to play into the hands of these people so that there will be another fuel scarcity. You know the problem is also from Nigerians, they would blame us for causing the scarcity and they won’t know why there was a shortage.

Fri, 18 May 2018
It’s meant to be a cash cow, but the state oil company of Africa’s biggest producer is bleeding money.

The Nigerian National Petroleum Corporation, the Abuja-based behemoth that dominates Nigeria’s energy industry, has recorded losses for at least last three years, culminating in a total loss of N546.63 billion, statements on its website show.


 
The corporation’s unaudited financial operations reports showed that NNPC reported losses of N267.14 billion, N197.49 billion and N82 billion in 2015, 2016 and 2017, respectively, in contrast to its budgets that showed operating surpluses of N466.94 billion, N334.04 billion and N601.15 billion for the three years under review.

NNPC will probably register another loss in 2018, according to Ecobank Transnational Inc., as its refineries and fuel-retailing arm fail to generate profit.

The pain for NNPC, which produces oil and natural gas in partnership with Royal Dutch Shell Plc, Exxon Mobil Corp. and Chevron Corp., comes even as national energy firms from Norway to Saudi Arabia thrive with crude prices recovering from their crash in 2014.

It also lays bare President Muhammadu Buhari’s difficulty in fulfilling his election campaign pledge to modernise a company that’s been a byword for inefficiency and opacity since its creation in the 1970s.

With oil accounting for more than half of government revenue and 90 per cent of export income, the company is a primary target of those seeking access to state funds and is vulnerable to political interference.

Tensions erupted last year between Emmanuel Kachikwu, the chairman of NNPC, and Maikanti Baru, the managing director, over how more than $20 billion of contracts were agreed.

“The very public power tussle shows the difficulties in reforming the organisation,” Malte Liewerscheidt, an analyst at Teneo Intelligence, said in an email to Bloomberg from Abuja.

Until a pending but long-delayed Petroleum Industry Governance Bill (PIGB) designed to overhaul the petroleum sector and split up parts of NNPC comes into effect, “political considerations will continue to interfere with vital business needs,” he said.

Nigeria’s state oil company has lost money three years running, hugely missing its targets

The state oil company doesn’t publish full audited financial results, though it releases limited numbers on its operating performance. These include earnings for core units, but exclude items such as taxes and dividends from a 49 per cent shareholding in Nigeria LNG Ltd., one of the world’s biggest exporters of liquefied natural gas.

Those numbers show that NNPC made an N82 billion ($246 million) operating loss in 2017. That was an improvement from 2015 and 2016, but still far from the operating income it budgeted for at N601 billion.

Fri, 18 May 2018
The death toll continued to mount without let in parts of the country on Tuesday when 10 persons were brutally murdered in Birnin Gwari Local Government Area of Kaduna State, following an attack on five villages in the area.

The attack on Birnin Gwari preceded yet another invasion on villages in Logo Local Government Area of Benue State by suspected herdsmen on Wednesday morning, leading to the deaths of three persons.


 
The herdsmen attack on the Benue communities took place when Vice-President Yemi Osinbajo was on a two-day visit to the state to assess the damage caused by the farmers-herdsmen crisis.

In the case of Birnin Gwari, the attack occurred on the same day the Chief of Army State, Lt.-Gen. Tukur Buratai, visited the area, which has recorded dozens of attacks in recent months.

During his visit, Buratai had ordered troops to be deployed in Birnin Gwari and had given them an ultimatum to flush out the bandits within three weeks.

The bandits were said to have invaded the communities again in Birnin Gwari on Tuesday at about 5:00 p.m.

A vigilante group in the area, Birnin Gwari Vanguard for Security, said in a statement that the attack lasted for over three hours.

“The bandits attacked the villages around 5:00 p.m. on Tuesday and it lasted for three and a half hours.

“The villages are Mashigi, Dakwaro, Sabon Gida and another village adjacent to Dakwaro,” the statement said.

Fri, 18 May 2018
Fitch Ratings has affirmed Nigeria’s long-term foreign-currency Issuer Default Rating (IDR) at ‘B+’ with a negative outlook.

This is just as the country’s external reserves recorded a second consecutive day drop to $47.787 billion as of May 15 compared with N47.846 billion last Friday.


 
External reserves figures seen on the Central Bank of Nigeria’s website showed that this was the second time the accretion to the forex reserves currently at a five-year high was halted.

Fitch, a global rating agency, explained in a statement Thursday that the ‘B+’ rating it assigned to the country reflected Nigeria’s position as Africa’s largest economy and most populous country, its net external creditor position and its well-developed domestic debt market, low levels of domestic revenue mobilisation and GDP per capita, and low ranking on governance and business environment indicators.

It stated that the negative outlook further reflected uncertainty about the sustainability of Nigeria’s economic growth momentum as the impact of earlier shocks ease and progress in addressing high-interest service ratios.

However, Fitch predicted that Nigeria’s GDP growth would accelerate to 2.4 per cent in 2018, as the country continues to climb out of the oil price shock recession that characterised 2016 and the first quarter of 2017.

Nigeria’s growth rate turned positive in the second quarter of 2017, and the recovery of oil production to 2.1 million barrels per day (including condensates) by the fourth quarter of 2017, boosted oil revenue.

Greater FX availability also provided a lift to non-oil export sectors, particularly agriculture.

“Fitch expects that these trends will continue, but notes that tight monetary conditions will continue to weigh on Nigeria’s growth outlook. Fitch forecasts 2019 growth to rise slightly to three per cent, compared with 4.8 per cent for the five years prior to 2016.

Fri, 18 May 2018
Baba Tunde George Ojo Olubiyo is the Chief Executive/Founder, Sri Word of Inspirational and Transformational Entertainment. As a man of many parts, Olubiyo is passionate about helping young Nigerians realise their God-given potential, in order to be able to use their talents to better their personal lives as well as contribute positively to the betterment []The post 'Why I'm Passionate about Human Psychology' appeared first on THISDAYLIVE. 

Fri, 18 May 2018
Mary Ekah Founder, Nigeria Democratic Congress Party (NDCP) and presidential aspirant for the 2019 election, Dr. Johnson Edosomwan, has said that he would create over seven million jobs for Nigerian youths each year if elected as the president of Nigeria come 2019. Speaking during an exclusive interview with THISDAY in Lagos recently, the Edo State-born []The post I'll Create 7 Million Jobs for Nigerian Youths, Says Johnson Edosomwan appeared first on THISDAYLIVE. 

Fri, 18 May 2018
The Senior Pastor of Praise Arena, Pastor Jummy Adetoyese-Olagunju has appealed to state governments across the country to reintroduce moral instruction as a main subject in the educational mainstream curriculum and set up programmes that would help in celebrating honesty, faithfulness and patriotism among youths within their states. Olagunju made this known at the 2018 []The post Cleric Tasks Govt on Need for Moral Instruction in Schools appeared first on THISDAYLIVE. 

Fri, 18 May 2018
From Thursday May 24 to Saturday May 26 in Lagos, the maiden edition of the Excel Convention will hold at the Charis Event Centre, Ikeja. The convention which is the very first of its kind in Nigeria and Africa as a whole is being organised by an Evangelist from Kentucky, United States of America, Dr. []The post First Excel Convention Holds in Nigeria May 24 appeared first on THISDAYLIVE. 

Fri, 18 May 2018
Ayodeji Ake QuickHelp device is Artificial Intelligence (AI) enabled to provide services that make it unique which means it can provide you every information you need in an interactive way, it's the first chat board to enable speech recognition, Chief Executive Officer, QuickHelp Nigeria, Mr. Tosin Odubela has said. Briefing the journalists in Lagos, Odubela []The post QuickHelp, Device for Swift Service Delivery Berths appeared first on THISDAYLIVE. 

Fri, 18 May 2018
Seun Tayo-Balogun, the Chief Executive Officer of Brief Essentials, an online lingerie store, is an entrepreneur, a start-up and business consultant focusing on e-commerce, who provides strategic and tactical advice to business owners. In this interview with Mary Ekah, she reveals her plans to revolutionise lingerie and underwear retailing in Nigerias online market place Why []The post 'Entrepreneurs Should Think Positively to be Successful' appeared first on THISDAYLIVE. 
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