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Instablog9ja
7 hrs
9
Daily consumption of Premium Motor Spirit (PMS) or petrol in Nigeria has dropped drastically under one year after President Bola Tinubu assumed office on May 29, 2023.
Data obtained by Channels Television from the Nigerian Midstream and Downstream Product Regulatory Authority (NMDPRA) Daily Truck Out Report, showed that consumption as of August 20, 2024, was 4.5 million litres per day. The daily petrol consumption as of May 2023 was 60, 000 million litres per day, according to the NMDPRA.
An estimation brings daily consumption down by 92 per cent after May 29, 2023. Analysis of the report, shockingly, revealed that out of the 36 states of the federation, only 16 states got product allocation from the Nigeran National Petroleum Company Limited (NNPCL) in the month under review.
This meant that those states that did not get product allocation suffered scarcity in August. A breakdown of how NNNPCL distributed the products among the 16 states, showed that Niger got the highest allocation of 21 trucks, amounting to 940, 000 litres daily, Lagos got the second highest of 12 trucks amounting to 726, 001 litres, and Kaduna got 12 trucks of 454, 001 litres.
Other states such as Oyo got 12 trucks of 454 litres, Kano 9 trucks, Ondo 6 trucks, Kwara 6 trucks, Edo 4 trucks, and FCT 4 trucks. The likes of Sokoto state received 4 trucks from the NNPCL, Ogun state got three trucks, Osun three, Gombe one, Benue one, Ekiti one and Kebbi, one truck.
President Tinubu on May 29, 2023, declared an end to petrol subsidies, which at that time had gulped about N12tn in 10 years. According to the president, payment of petrol subsidies was no longer sustainable as it had plunged the country into huge debts.
It added, “Multiple shocks in a context of high economic insecurity Niger dan estimate to aened oper in 202. Sine 2018/19, an additional nearly 35 million people have fallen into poverty, so that more than half of Nigerians (51.1 per cent of the population in 2023) are now estimated to live in poverty.”
A related report by a foreign news medium, AFP, also detailed how Nigerians have since abandoned their cars as a result of the pounding hardship. “I parked it at my son’s house. I use public transport now,” Emmanuel, a 72-year-old retired health worker, told AFP. “It is not convenient, but it is what the economy demands.” Car dealers in Lagos and Abuja told AFP that they had seen more and more people trading their fuel-guzzling cars and sports utility vehicles (SUVs) for more efficient vehicles to cut costs.
People are actually selling their big cars these days,” Maji Abubakar, a car dealer in Abuja, told AFP. “The problem is that even if you put them on the market, there isn’t much demand for them. It has been more than a year since I sold a car with an eight-cylinder engine, and the major reason is the price of petrol,” he added.
Investopedia
7 hrs
13
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Shares of Vans and The North Face owner VF Corporation (VFC) slumped Monday as JPMorgan put the apparel giant on its “Negative Catalyst Watch” list and warned about its financial outlook.
JPMorgan analysts wrote in a note to clients that after “recent fieldwork and management access,” they cut their fiscal 2025 earnings per share (EPS) estimate to 65 cents, which they noted was 35% below the Wall Street consensus. The analysts based that on an 8% year-over-year decline in revenue, also worse than consensus forecasts.
JPMorgan warned of “continued wholesale challenges” at The North Face, noting management said retailers were reluctant to take inventory risks because of the warmer start to the fall and winter last year. The analysts added their research found “ongoing traffic headwinds globally across brands in the portfolio” impacting direct-to-consumer revenues.
The analysts maintained a “neutral” rating on the stock, with a price target of $16, implying about 12% downside from Monday's intraday price of $18.25.
VF shares were down nearly 7% in intraday trading Monday, and have lost close to 3% of their value since the start of the year.
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Instablog9ja
8 hrs
12
An analysis of the 2024 approved budget of the Abia State government has revealed that the state Governor, Alex Otti, allocated the sum of N5,845,000,000 for purchase of cars for himself, commissioners, permanent secretary, judiciary and Government House/MDAs, Shara Reporters is reporting.
In February this year (2024), the National Bureau of Statistics (NBS) reported that the poverty index of Abia State stood at 30 percent, meaning that 30 percent of people of the state are living in multi-dimensional poverty.
Earlier this month, SaharaReporters reported how residents and business owners within and around Nkwo Ngwa market in Aba, Abia State, lamented and berated Governor Otti over their flooded bad road.
The residents and business owners had accused Governor Alex Otti’s administration of engaging in social media propaganda to hype his administration while “he is only patching roads constructed by the previous government.”
However, despite the public outcry of poverty and poor state of infrastructure in the state, and the Governor’s promised commitment to reposition the state and lift the people of the state from poverty, a review of the 2024 approved budget revealed that Governor Otti allocated the sum of N1,545,000,000 to the Office of the Governor for, “Purchase of vehicle for commissioners, Judiciary and Permanent Secretary.”
Also, he allocated a total sum of N2.8 billion to the Office of the Governor for, “Purchase of motor vehicles for Government House/MDAs.” The budget document also showed that Governor Otti allocated N1.5 billion to the Office of the Governor for, “Purchase of 2 number Toyota Hilux.
However, he had attributed the N1.5 billion budget for the purchase of the two Toyota Hilux allocated to the Governor’s Office to a software glitch generated by the Excel package used in preparing the budget document.
Governor Otti claimed that the overall numbers of vehicles (two Toyota Hilux) are correct but the figure is not N1.5 billion but N150 million for two units of Hilux vans at N75 million each.
Media reports had quoted Otti as saying, “If you check N1.5 billion against N487 billion budget, that translates to about 0.3%, less than half percent of the total figure, and I believe that it is not that significant in determining the outcome. So even if the wrong number was carried down to the total, it wouldn’t have been material.
“But suffice it to say that anything that comes from the government must be correct. It is an error, and it has been corrected. I don’t think there’s anything to worry about. The overall numbers are correct and the figure of N1.5 billion was actually N150 million; two units of Hilux vans at N75 million each will give you N150 million, that’s the correct number.”
Investopedia
8 hrs
15
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Shares of Kenvue (KVUE) took off Monday morning on indications activist investor Starboard Value has taken a large stake in the consumer health products maker.
and report it's unclear how big of an investment the hedge fund has made in the maker of Tylenol, Band-Aids, and Listerine.The , which first reported the news, said that Starboard has taken a "sizable stake" and wants the company to make changes to boost its stock price, while pointed out that the share price has fallen 18% since Kenvue began trading last year after it was spun off of Johnson & Johnson (JNJ).
The noted that Starboard founder and Chief Executive Officer (CEO) Jeff Smith is expected to outline the firm's plans for Kenvue at tomorrow's 13D Monitor Active-Passive Investor Summit in New York.
added that Smith will also speak at the conference about Starboard's plans for Pfizer (PFE) after it recently made an approximately $1 billion stake in the drug maker.
has reached out to both Starboard and Kenvue for comment.
Kenvue shares had been roughly flat year-to-date before rising 6% soon after markets opened Monday.
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Instablog9ja
9 hrs
12
Nigerian Immigration Service has confirmed Bobrisky’s interception at the Seme border while attempting to flee to Benin Republic.
In keeping with its commitment to securing the borders, Nigeria Immigration Service (NIS) intercepted Okuneye Idris Olanrewaju otherwise known as Bobrisky at the Seme Border over an attempt to Exit the Country.
The Service wishes to inform the public that OKUNEYE IDRIS is a person of interest over recent issues of public concern. He is undergoing interrogation and will be handed over to the appropriate Authorities for further action.
The Service assures the public that it will continue to be civil and professional in its statutory responsibility of manning the Country’s Borders.
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Investopedia
9 hrs
14
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Spirit Airlines (SAVE) shares jumped nearly 40% in premarket trading Monday as markets reacted to a late-Friday filing that saw the discount carrier say it has extended the deadline on a debt refinancing plan with credit card processors Visa (V) and Mastercard (MA).
The deadline for the refinancing originally was extended from September to Monday, but Spirit said in the filing that the deadline has been extended again to Dec. 23. The company said it "remains in active and constructive discussions with holders of its senior secured notes due 2025 and convertible senior notes due 2026 with respect to their respective maturities."
Spirit also said it has borrowed the entire $300 million available from a revolving credit line, and expects to end the year with at least $1 billion in liquidity.
Shares of the discount airline were up 37% at $2.01 an hour before the opening bell Monday, but have lost nearly 90% of their value since the start of the year.
Legal challenges that eventually led Spirit and JetBlue Airways (JBLU) to abandon their attempted merger; cost-cutting maneuvers like delaying jet deliveries and furloughing pilots amid warnings of lower revenue; and a recent report that Spirit is considering filing for bankruptcy have sent the stock plummeting this year.
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