BreakingNews 6/9/16: Nigeria has no plan to increase fuel price

[ Masterweb Reports: Isiaka Wakili reports ] - The Federal Government yesterday assured Nigerians that there is no plan to increase fuel price. The Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, gave the assurance yesterday after meeting behind closed-doors with President Muhammadu Buhari.
Kachikwu and Baru, in separate chats with State House correspondents, denied that there were plans to increase the fuel price from its current N145 per litre.
“There is nothing like that! Go to the Petroleum Products Pricing and Regulatory Agency (PPPRA),” Baru said.
Kachikwu first parried a similar question and directed journalists to the NNPC GMD.
But when asked further on any possible fuel price increase, the minister said: “There is no more to that effect.”
Kachikwu specifically disclosed that there was no memo before the federal government seeking any review of the existing fuel price.
Former Group Managing Directors of the NNPC had at the weekend, advocated an upward review of fuel price, arguing that the current price did not reflect the price-determining components of the commodity and the fluctuations of the foreign exchange rate.

...To transform tenants to house owners
The Federal Government has said that its affordable housing schemes would soon transform thousands of Nigerians from being tenants to proud owners of houses and plots of land.
This is contained in a statement by Malam Garba Shehu, the Senior Special Assistant on Media and Publicity to President Muhammadu Buhari, in Abuja yesterday.
Shehu said the scheme operated through the mortgage banking system was part of the programmes meant to uplift the quality of lives of the citizens.
“There are also programmes for affordable housing with mortgages which will transform thousands from tenant status to homeownership.’’
He said the Buhari-led administration had so far released N74 billion as part of capital allocations in the last three months.
According to him, more of the capital allocations will soon be released to revitalise the economy.
“Most of our road contractors had not been paid since 2012, many of them had sent their workers away adding to the unemployment problem.  This government has released capital allocations in the last three months that is more than the whole of 2015.  In 2015 Nigeria spent a paltry N19 billion on roads, in three months we have spent N74 billion and we are already releasing more,’’ he said.
Shehu, who was reacting to negative comments on the nation’s economy in some quarters, noted that the federal government had expended N26 billion in the transport sector in the last few months. He also revealed that the government would start a concession that would revive the nation’s rail system for freight. He expressed the hope that the movement of goods, particularly foodstuff through the rail system would reduce the cost of food items across market places in the country.
“In the transport sector in 2015, government spent just N4.2 billion; we have spent N26 billion with more to follow.  We are starting a concession that will revive our old rail system for freight, whilst we build a new high speed rail system. Moving heavy goods by rail will reduce our transport costs which will reduce food prices and will save our roads from damage from heavy loads,’’ he said. 
*Photo Caption - Oil barrels
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