Nigerian Govt Increases Landing Cost Of Petrol—-The Nigerian government has increased the landing cost for imported premium motor spirit (PMS), also known as petrol, by 4% to N956.13 per litre in October 2024, up from N919.55 in September 2024 .

This change is mainly driven by the fluctuating value of the Naira against the US dollar, with an exchange rate of N1,645/$ used for October, compared to N1,625/$ in September.

Breaking down the costs, the product cost is N887.45 per litre, with additional expenses including freight (N10.37), port charges (N7.37), NMDPRA Levy (N4.47), and storage cost (N2.58), totaling N913.12 per litre . Finance costs, such as letter of credit (N16.53) and total interest (N43.01), push the landing cost to N956.13 per litre.

Petroleum marketers are concerned that matching local and imported product prices may not be sustainable if exchange rates are left to market forces .

They advocate for openness and competitiveness to create a level playing field. With deregulation, marketers anticipate healthy competition in Nigeria’s domestic market, enabling them to source products from cheaper markets.

(VANGUARD)

-as council chairman wants subsidy on agric products

Lawmakers of the Lagos State House of Assembly on Friday held simultaneous stakeholders’ meetings with their constituents with renewed commitments to boost food security and sufficiency in the state.

They also called for collaboration by the stakeholders to end food insecurity.

Speaking in his Agege Constituency 1, the Speaker of the House, Rt. Hon. Mudashiru Obasa, identified food insecurity as a multi-faceted challenge requiring the efforts of the government and the people to resolve.

This year’s stakeholders’ meeting is the ninth in the series and has the theme: ‘Ensuring Food Security for Sustainable Future: Youth Participation and Home-Grown Farming’.

Dr. Obasa said the Lagos Assembly was committed to ensuring food security in line with the United Nation’s sustainable
development goals of eradication of poverty.

“We at the Lagos State House of Assembly are committed to making Lagos an producing state and not just a consuming state in the agriculture value chain to tackle the present-day reality of food insufficiency.

“Our commitment is exemplified through transformational laws and policy supervision in the agricultural sector,” he said noting that with the collaboration of the Assembly, the government of the state has made giant strides in the agriculture sector.

He listed some of the agricultural initiatives to include the setting up of the 34-hectare Ikorodu Fish
Farm Estate which has the capacity to produce and
process 10,000 tons of fish per year partnering
with 400 fish farmers in the State

He mentioned the AGRIC-YES
programme and “the Oke-Aro and Gberigbe Pig Farm Estates that currently partners with 1,200 farmers and have the capacity of housing and processing 88,000 mature pigs per annum.

“It is important to reiterate that, on our part as lawmakers, we have also created an enabling
environment for farming activities to thrive in the state,
particularly through the passage of anti-open grazing of livestock Law in September, 2021.”

He said to achieve food sufficiency, farming capacity needs to be widened while residents should consider animal husbandry.

In his opening remarks, the chairman of Agege Local Government Area, Ganiyu Egunjobi, identified insecurity and non-availability of low interest loan for the youth population as responsible for the food crisis.

“This meeting cannot come at a better time. The problem responsible for the food shortage are many among which are insecurity that has prevented many farmers from accessing their farms. Farming in Nigeria is no longer attractive to the teeming youths.

“I want to suggest to the government at all levels to subsidise farming and also give loans at very low interest to farmers. The government should also improve on existing physical infrastructures in farming communities that would discourage urban migration and encourage youths to embrace farming. Farming and youth unemployment are recurring issues which require multidimensional interventions to tackle,” he said.

The keynote speaker, Dr. Akinyemi Olusegun of the Lagos State Ministry of Agriculture, urged the youths and residents in the state to engage in urban farming.

“In Lagos, we are more than 22 million and as a result we have a huge need for food. People want to eat and engage in food business,” he said urging youths to focus on home-grown farming.

Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly