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Debt Management Office (DMO) says Nigeria’s total public debt stock climbed to N39.556 trillion in 2021 against N32.915 trillion in the previous year.
Patience Oniha, director-general of DMO, said this on Thursday at a media briefing in Abuja.
Oniha said the total debt includes new borrowings by the federal government and the sub-nationals.
She added that the amount helped in financing the budget deficit, capital projects and support economic recovery.
“Nigeria’s total public debt as at December 31, 2021, was N39.556 trillion or $95.779 billion. The amount represents the total external and domestic debts of the Federal Government of Nigeria (FGN), 36 state governments and the federal capital territory,” Oniha said.
“The comparable figure for December 31, 2020, was N32.915 trillion or $86.392 billion. The public debt stock for December 31, 2021, includes new borrowings by the FGN and the sub-nationals. For the FGN, it would be recalled that the 2021 appropriation and supplementary acts, included total new borrowings (from domestic and external sources) of N5.489 trillion to part-finance the deficit.
“Borrowings for this purpose and disbursements by the multilateral and bilateral creditors account for a significant portion of the increase in the debt stock. Increases were also recorded in the debt stock of the states and the FCT.”
She said that despite the debt increase, Nigeria is still within the total public debt stock to gross domestic product (GDP) limit of 55 percent set by the World Bank and 70 percent set by the Economic Community of West African States (ECOWAS).
She added that the federal government is “mindful of the relatively high debt-to-revenue ratio” and has initiated various measures to increase revenues through the strategic revenue growth initiative and the introduction of Finance Acts since 2019.
“The new borrowings were raised from diverse sources, primarily through the issuances of the Eurobonds, sovereign Sukuk, and the FGN bonds. These capital raisings were utilised to finance capital projects and support economic recovery,” she added.
“With the total public debt stock to GDP as at December 31, 2021, of 22.47 percent, the debt-to-GDP ratio still remains within Nigeria’s self-imposed limit of 40 percent. This ratio is prudent when compared to the 55 percent limit advised by the World Bank and the International Monetary Fund (IMF) for countries in Nigeria’s peer group, as well as, the ECOWAS convergence ratio of 70 percent.”
Despite low debt-to-GDP, Nigeria’s debt-to-revenue ratio is alarming. In 2020, out of the federal government’s total revenue of N3.42 trillion in 2020, N3.34 trillion was used to repay loans, representing 97 percent.
Nigeria has raised a $1.250billion seven-year Eurobond in the International Capital Market (ICM).
Debt Management Office (DMO) announced in a statement Thursday night that the Eurobond offer was launched at an initial price of 8.75 per cent per annum, adding that on the back of strong investor demand, Nigeria was able to revise the price guidance to 8.5 per cent per annum.
According to the DMO, the Order Book continued to grow, reaching a peak of $4 billion.
The Order Book included many quality investors in the United States, Europe and Asia. “With this strong investor interest, the price was tightened to 8.375% per annum, the Order Book still remained high at USD 3.676 billion and retained the quality investors.
“Nigerian investors also participated in the Offer with a total subscription of USD60 million.
”Proceeds of the Eurobond will be used to finance critical capital projects in the Budget to bridge the deficit in infrastructure and strengthen Nigeria’s economic recovery.
“Equally important, it would contribute directly and in full to the level of Nigeria’s external reserves,” the DMO said.
Less than six hours after his inauguration as the sixth Governor of Anambra, Charles Soludo has announced the appointment of three persons into his administration.
The statement containing the new appointments was released to reporters by Soludo’s media aide, Joe Anatune, on Thursday in Awka.
The statement announced the appointment of Osita Chukwulobelu, a professor, as Secretary to the State Government (SSG) and Chukwudi Okoli as the Accountant General, while Chinedu Nwoye has been appointed as the deputy chief of staff/state chief of protocol.
Soludo, a former governor of Central Bank of Nigeria, was sworn-in earlier on Thursday in a low-key ceremony in Awka.
The governor, in his inaugural speech, assured residents of the state that he would work every day to make them proud.
He thanked the people for voting him at the November governorship election, just as he praised the All Progressive Grand Alliance (APGA) and the party leaders for giving him the platform to serve the people.
He particularly praised the National Chairman of APGA, Victor Oye, and the immediate past governor of the state, Willie Obiano, for their “unwavering support and commitment to the realisation of a new Anambra project”.
“As I repeatedly promised, I will work hard every day to make Anambra proud,” Soludo said.
He said he would forward the list of the nominees for the commissioners to the state House of Assembly within one week.
Soludo said he would immediately begin the implementation of his urban regeneration plan in the state.
The governor reiterated his position that his administration would only rely on made-in-Anambra products to encourage local production.
The Economic and Financial Crimes Commission on Thursday arrested former Anambra State Governor, Willie Obiano at the Murtala Muhammad International Airport, Lagos.
Obiano, who has been on the Commission’s watchlist for months, was arrested at about 8.30pm.
He was reportedly on his way out of the country to Houston, Texas in the United States after handing over to his successor, Governor Charles Soludo.
Details of the arrest are currently sketchy but unconfirmed sources claimed it is connected to financial impropriety while in office.
The former governor is said, "to have been arrested by eagle-eyed operatives of the EFCC while trying to escape Nigeria for Houston in the United States of America on Thursday night".
The Spokesman for the EFCC, Wilson Uwujaren, confirmed the arrest.
Wilson said the ex-governor will be detained in Lagos pending further actions by the anti-graft agency.
It would be recalled that the media had reported on November 24 2021, that the EFCC had placed the ex-Governor of Anambra State, Willie Obiano, on a watch list, a move described then by the state government as laughable.
Since coming into office in 2013, Governor Obiano has never been linked with any scam or fraud-related controversy but his sudden placement on the EFCC watch list raises serious concern among his followers and political associates.
The EFCC had requested the Nigeria Immigration Service to inform it anytime the Governor is travelling out of the country from any of the international airports, as well as other points of entry and exit.
The move was seen as an indication that the agency may have been discreetly investigating the governor and possibly have intelligence that he was planning to escape after handing over power to his successor, Professor Charles Soludo, on March 16, 2022.
An American cybercrime expert, Gary Warner, says some scammers are behind the viral report of a notorious Nigerian fraudster, Ramon Abbas, aka Hushpuppi, laundering $400,000 while inside a prison in the United States.
Warner, Director of Research in Computer Forensics at the University of Alabama, stated this on Twitter on Thursday, hours after the purported report and the accompanying documents filtered in.
He said the document shared to back the report is a doctored version of a June 2020 affidavit, adding that the edited document was intended to get people to visit a scammer website.
He tweeted: “People are asking me if it is true that #Hushpuppi laundered $400,000 in #Stimulus cards from in prison.
“The document they showed is an edit of a June 2020 Affidavit. The new version is fake, intended to get people to visit a scammer EIP website.”
The circulated document had claimed that the Federal Bureau of Investigation through its agent, Andrew John Innocenti, presented documents before the United States District Court of California on Wednesday with fresh evidence indicting HushPuppi of committing fraud and money laundering in the U.S. Federal correctional facility.
Reports of resignation by the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN has been debunked on Thursday, as he insists that he won't resign until the expiration of his tenure in May 2023.
Malami, who delivered a keynote address at a media conference that was organised by the National Association of Judiciary Correspondents, NAJUC, Abuja Chapter, described the report that he resigned to further his political ambition in the forthcoming general elections, as the handiwork of purveyors of fake news.
He said there would be need to prosecute journalists that allow themselves to be used by mischievous politicians.
According to him “many public officers have been victims of malicious media reports, mischievous and deliberate distortion of facts. No doubt, the media is important in shaping public opinion, but hate speech and fake news challenge our cherished and collective culture of peaceful and harmonious co-existence as a people.
“You are journalists in the Nigerian Justice Sector because Nigeria exists as an entity. We cannot afford to spill the beans on account of mischievous actions and inactions of some who claim to be journalists.
“There has to be consequences for the conduct of the journalists that offer themselves to conscription by agents of destruction that make it their stock in trade to spread fake information about personalities and issues.
“Effective legislative framework may be a considerable option. I am happy we begin to address these issues at conferences, symposia and workshops. Your inputs in this direction would be very much welcome.
“It is high time that we enhance media literacy for Nigerians to appreciate fact-checking and verification of information.
“Many who relied on some unprofessional information disseminators will be taken aback that the Malami that was claimed to have resigned as Attorney General of the Federation and Minister of Justice was still seen in office discharging his functions including attending the Federal Executive Council meeting yesterday, granting interviews to journalists and still today declaring this conference open as the Attorney General of the Federation.
“There is naturally an end to everything. My tenure in office has not yet ended. I pray for a glorious end.
“I call on journalists to refrain from fake news, defamation, sedition, hate speech, blasphemy, and incitements of inflammatory statements in their reportage that could jeopardize our corporate existence as a nation and hamper the peace we have been enjoying”.
It will be recalled that President Muhammadu Buhari had before he signed the Electoral Act Amendment Bill 2022 into law, urged the National Assembly to expunge section 84 (12) of the Act, which he argued would disenfranchise serving political appointees.
The section particularly made it mandatory that political office holders must firstly resign from office, before they could vie for any elective position.
It reads: “No political appointee at any level shall be a voting delegate or be voted for at the convention or congress of any political party for the purpose of the nomination of candidates for any election.”
The Senate had since declined to accede to President Buhari’s demand.
Malami, who is reportedly eyeing the governorship seat in Kebbi State, is believed to be among political appointees that would be affected by the Amended Electoral Act.
The AGF, while commending NAJUC, maintained that the theme of the conference; ‘The Judiciary and 2023 General Elections: The Way Forward”, as well as the sub themes; ‘Stemming The Tide of Conflicting Judgements in Nigeria’s Judicial System’, and ‘Enforcement of Court Judgement Debts; The Obstacles, The Remedies’, were very apt and timely.
“With the 2023 General Election approaching, I hope this conference will address the practice where journalists would be conscripted by agents of destructions to spread false information about personalities and issues. Unprofessional media practitioners have been reporting untrue and fabricated information against public office holders”, he added.
Instagram celebrity, Ramon Olorunwa Abbass, popularly known as Hushpuppi has received fresh charges as US prosecutors submitted court documents showing that he committed fraud and laundered over $400k while in prison.
This was disclosed by an agent, who claims to be working under the Federal Bureau of Investigation of the national government of United States, Andrew Innocenti in a document.
The documents which were presented before the United States District Court of California on Wed 16th March 2022 showed fresh evidence indicting HushPuppi of committing fraud and money laundering in U.S Federal correctional facility.
The court documents stated that Hushpuppi, while in U.S Federal correctional facility, participated in the purchase and laundering of Economic Impact Payment debit cards fraudulently obtained from stolen data of U.S citizens and residents.
Economic Impact Payments are financial support offered by the US government to U.S residents according to the CARES Act. One of the ways eligible US residents receive their Economic Impact Payments is by debit cards.
From the documents presented in court, it was found that hackers use data of U.S residents to file and obtain Economic Impact Payments debit cards. They sell off these EIP cards in underground marketplaces to other cyber criminals.
United States authorities said that although prisoners have limited access to telephone, video, internet and computer use because of their right to privacy in a court filing. Like the rest of the detainees, Hushpuppi was granted access to the computer network as well.
However, between January 28 and March 4, 2022, security authorities at a federal prison in the United States noticed that Hushpuppi was using the internet more often.
A dedicated system was setup for him and his activities were recorded for 7 days.
It was found that Hushpuppi was actively buying EIP debit cards from an underground cyber criminal marketplace called StimulusCard (“https://stimuluscard.com/”). While being recorded, Hushpuppi bought a total of 58 EIP debit cards with a total value of $429,800 on the site and laundered the money through one AJ.
President Muhammadu Buhari says Mai Mala Buni, Yobe state governor, should be allowed to plan the national convention of the All Progressives Congress (APC).
TheCable had reported how Buni worked to scuttle the APC convention scheduled for March 26.
The plot came to light after Abubakar Sani Bello, Niger governor, took over the affairs of the APC.
Independent National Electoral Commission (INEC) had subsequently rejected a notice of a national executive committee (NEC) meeting announced by Bello.
In a letter dated March 16 and addressed to Atiku Bagudu, Kebbi governor and chairman of the Progressives Governors Forum (PGF), Buhari said APC “has demonstrated its inability to proceed with the issue of effecting change in the leadership of its Caretaker Extraordinary Convention Committee (CECC)”.
The president said there is a need for the party to avoid litigation owing to the fact that the party has aggrieved members who have threatened to go to court.
“It has come to my attention that, because of recent events, the APC is faced with a multiplicity of court cases pending against it in various courts across the country. As a result of this, the party faces the possibility and prospect of the invalidation of all its activities and actions by the Independent National Electoral Commission (INEC),” the letter seen by TheCable reads.
“The party has demonstrated its inability to proceed with the issue of effecting change in the leadership of its Caretaker Extraordinary Convention Committee (CECC), in a way that is inclusive, legal and respectful of the time limit set and required for giving the INEC Sufficient notice of the time and venue for holding its convention.
“No doubt, these controversies and uncertainties, as enumerated above, pose a real threat to the party; and may lead to a possible nonrecognition of its activities, elections and the probable invalidation of all its other actions by INEC. This may ultimately even lead to its implosion and non-existence.
“First, the issue of the leadership of the Caretaker Extra Ordinary Convention Committee (CECC), should immediately return to status quo ante.
“Second, all members of the governors’ forum and their followers should desist from any behaviour or utterance that will likely lead to disunity in the ranks of the party, and ultimately jeopardise the transition to the convention.
“Third, the Mai Mala Buni-led CECC should, accordingly, be allowed to proceed with all necessary preparations to hold the convention as planned-unfailingly, on 26th March, 2022.”
The Yobe state governor had earlier on Wednesday met with the president who is in the United Kingdom (UK) for a two-week medical checkup.
Nigerian Electricity Regulatory Commission on Wednesday declared that subsidy on power amounting to about N600bn during some period had now been stopped by the Federal Government.
It also revealed that electricity tariffs were raised in February this year, and was quick to, however, state that the tariff payable by some customers in the franchise area of one of the distribution companies was reduced.
This came as power generation companies condemned Nigerian Bulk Electricity Trading company, stating that NBET was failing in its obligations in terms of payment for power generated by the Gencos.
Speaking at a press briefing in Abuja on the challenges in the power sector and other issues, the Chairman, NERC, Sanusi Garba, stated that subsidy on electricity was a policy issue of the Federal Government that had to be halted.
He said, “The role of the commission is to make a determination of the rates that consumers should pay. So we strike a balance between consumers and investors.
“Now subsidy is a policy issue determined by the government. The government will decide that the rates calculated or agreed by the regulator may at this time not be passed on to consumers. It has happened many times.
“In the past four, five years the level of subsidy has gradually been reduced, because you cannot run the electricity market on life support and say that investors cannot get their return on investment until government steps in to provide the required funding.”
Garba added, “So that policy decision (stopping electricity subsidy) is as announced by the Minister of Finance. The subsidies have been, at one time as high as N600bn a year, and gradually coming down to about N30bn or so this year.”
On concerns about the rise in electricity tariffs, the NERC boss stated that the adjustment was made in February this year following some economic fundamentals considered by the commission.
“What happened on February 1, 2022, is a minor review of tariff. It is very clear on our website that every six months we will adjust rates to take care of the foreign exchange component of cost and also inflation,” he stated.
Garba described the tariff adjustment as absolutely straightforward, stressing that the distribution companies were meant to inform their customers of the changes.
On the recent blackouts and repeated collapse of the national electricity grid, the NERC chairman said the rupturing of gas pipelines by vandals and routine maintenance works on some power plants contributed to the instability of the country’s power system.
This was further buttressed by the Federal Ministry of Power in a statement issued in Abuja the media aide to the power minister, Sanusi Isa, where it stated that the national grid suffered double system collapse within two days due to so many factors
“The current energy crisis confronting some key sectors of the economy also contributed to the problems we are facing now in the power sector,” the statement read in part.
It added, “We are where we are today also because of the increasing vandalism of pipelines that also supply gas to the power plants.
“This too is being resolved in collaboration with the relevant agencies. NNPC and other gas suppliers are working relentlessly to restore gas supply for optimum power supply.”
The ministry said the Federal Government was doing everything possible through the relevant security agencies to stop the vandalism of pipelines.
“Routine maintenance of power generating plants had also contributed to the current power outages we are experiencing,” it stated.
The power ministry added, “These challenges do not in any way indicate that the ongoing rehabilitation of the national grid by the government is not yielding results.”
This came as the Gencos, through their umbrella body, Association of Power Generation Companies, declared on Wednesday that NBET was failing in its obligations in terms of payments for power supplied to the grid by Gencos.
NBET had in a statement on March 13, 2022, stated that it was making payments to Gencos as and when due and had never defaulted on any payment cycle to date.
It further claimed that the percentage payment made to Gencos had continually been on the increase, with the N701.9bn payment assurance guarantee of government and that this ensured a minimum of 80 per cent of Gencos invoices for years 2018 and 2019.
NBET had also stated that the second payment guarantee of N600bn ensured an average of 95 per cent payment of Gencos invoices for 2020.
But the Gencos through APGC kicked against the claims of NBET on Wednesday, stressing that the bulk trader was giving out false information.
“As power generation companies, we believe that their (NBET) claim is devoid of the true picture of the realities of the generation companies in the Nigeria electricity supply industry and therefore capable of misleading the numerous consumers and stakeholders who deserve to know the truth,” APGC stated.
It added, “This is because, a perusal of their response shows that NBET never said anything about their payment details, from 2015 till 2017.
“We also believe that NBET is deliberately redirecting the focus from its inability to carry out its obligations which has thrown the Gencos in a financial quagmire, by focusing its insistence on the payments from the payment assurance fund.”
The Gencos charged NBET to publish its payments as this would show the level of indebtedness of the bulk trader to power generators.
Naira has dropped to N585 against the dollar at the parallel section of the foreign exchange market.
The figure represents N4 or 0.7 percent depreciation compared to the N581 it traded last week.
Bureaux De Change operators (BDCs), popularly known as ‘abokis’, who spoke to our correspondent in Lagos on Wednesday, said the naira exchanges for N585 to the dollar while they purchase at N578/$1, leaving a gain of N7.
A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules.
Since the suspension of trading information by abokiFX — citizens have resorted to street traders for current parallel market rates of the local currency.
However, Central Bank of Nigeria (CBN) has consistently maintained that the parallel market represents less than one percent of foreign exchange (FX) transactions and should never be used to determine the naira/dollar exchange rate.
On the apex bank’s website, the naira closed at N416.42 to a dollar on the official market.
This implies that the official market rate has dropped N3 since January.
The Nigerian economy is expected to take a hit from the Russia-Ukraine crisis as an import-driven nation and a possible decline in diaspora remittances from Europe, especially the war zone. Since the crisis started on February 24, Nigeria’s foreign reserves have dropped by $138 million to $39.7 billion.
Next week, CBN’s policy-setting committee will meet to discuss monetary rates and the geopolitical concerns in Europe.
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The United Kingdom has said it never suspended student, work and family visas in Nigeria.
The British High Commission, in a statement yesterday, said the clarification became necessary as a result of reports circulating in the Nigerian media and online that the UK has suspended student, work and family visas for Nigerian applicants.
“This is not true. It is still possible to apply for any category of UK visa in the usual way on gov.uk and via our Visa Applications Centres (VAC) in Nigeria.
“Our VACs remain open and customers are welcome to apply for a standard visa of any category in the usual manner, this includes student, family, work and visit visas.
“However, due to a reprioritisation of resources in response to the humanitarian crisis arising from the invasion of Ukraine, the UK has temporarily suspended its priority visa service. As our 15 March statement, made clear, this temporary suspension only applies to the UKVI’s expedited, added-value ‘Priority’ and ‘Super Priority’ visa services. This suspension is to enable the UKs global visa operation to prioritise applications for the new Ukraine Family Scheme,” the British High Commission said.
The British High Commission further said the decision to suspend priority visa services was also clearly stated on UKVI’s guidance page, which sets out the latest decision waiting times for visa applicants outside the UK.
“On behalf of UKVI, the British High Commission in Nigeria would like to apologise for any inconvenience this development has caused.
“The British High Commission in Nigeria will issue an updated statement the moment ‘Priority’ and ‘Super Priority’ visa services resume,” the British High Commission also said.
Central Bank of Nigeria (CBN) has introduced cash collection centres called Bank Neutral Cash Hubs (BNCH), to be established by registered processing companies or deposit money banks (DMBs) based on business needs.
The apex said this in the guidelines for the registration and operation of BNCH in Nigeria, released on Monday and signed by Ahmed.B.Umar, director, currency operations department.
The CBN said BNCHs would provide a platform for customers to make cash deposits and receive value irrespective of the bank with which their account is domiciled.
They will be located in areas with high volumes of commercial activities and cash transactions.
“The key objective of setting up Bank Neutral Cash Hubs (BNCH) is to reduce the risks and cost borne by banks, merchants and huge cash handlers in the course of cash management activities; deepen financial inclusion; leverage on shared services to enhance cash management efficiency,” the guideline reads.”
“A BNCH may carry out the following: Receipt of Naira denominated deposits on behalf of financial institutions from individuals and businesses with high volumes of cash; High volume cash disbursement to members of the public on behalf of financial institutions; any other activities that may be permitted by the CBN.”
The BNCHs are, however, barred from carrying out investing or lending activities.
They are also not allowed to receive, disburse, or engage in any transaction involving foreign currency or sub-contract another entity to carry out its operations as well as undertake any other transaction not prescribed by the guideline.
On deposit and withdrawal limit at cash hub facility, the apex bank specified a minimum transaction value of N500,000 for individuals and a minimum transaction value of N1 million for corporate entities.
Only deposit money banks and cash processing companies are allowed to request approval to operate BNCH registration and pay a non-refundable application fee of N100,000 and a non-refundable approval fee of N500,000.
A Court of Appeal has stopped Shell Plc from selling any assets in Nigeria until a decision is reached on the company's appeal of a nearly $2 billion penalty for an alleged oil spill.
A copy of the court ruling, which was seen by Reuters on Monday, was issued on March 11 and also ordered Shell to deposit the money in an account controlled by the court within two working days.
A spokesperson for Shell's Nigeria unit said the company would immediately appeal the decision.
A panel of three judges said Shell, acting through its agents or subsidiaries was restrained from "selling, allocating, vandalising or disposing off any of its assets/properties ..." pending the determination of the appeal.
Shell's appeal hearing is set to begin on May 5.
"We are disappointed at this outcome. We have a strong belief in the merit of our case and will take immediate steps under the law to appeal and stay the execution of the decision until the appeal is determined," the spokesperson said.
A Federal High Court in November 2020 ordered Shell to pay 800 billion naira ($1.95 billon) to 88 communities of Egbalor Ebubu in Rivers state, who had accused the company of an oil spill that damaged their farms and waterways.
Shell, which denied causing the spill, then appealed the verdict.
Shell started talks with the Federal government last year about selling its stake in the West African country's onshore fields, where it has been active since the 1930s, as part of a global drive to reduce its carbon emissions.
The company, the most significant international oil major operating in Nigeria, has faced a string of court cases in the past over oil spills.
Last year, Shell agreed to pay a Nigerian community $111.68 million to settle a case over an oil spill that took place more than 50 years ago.
Airline operators in Nigeria have threatened to shut down operations in three days if the price of aviation fuel, popularly known as Jet-A1, is not brought down.
They called on Nigeria National Petroleum Corporation (NNPC) Ltd to give them a licence to import the product in order to avert the shutdown.
Chairman, Air Peace, Allen Onyema, made the call at a stakeholders’ meeting with the deputy speaker, House of Representatives, Idris Wase, on Monday.
The meeting, attended by NNPC Group Managing Director, Mele Kyari, marketers and airline operators in the country, was a follow up to the earlier meeting held on the scarcity and high price of aviation fuel in the country.
Onyema, who spoke on behalf of the airline operators, said aviation fuel marketers are arbitrarily increasing the product’s price which led to the skyrocketing of air ticket prices and disruptions of flights.
According to him, the marketers have refused to disclose the intricacies involved in the pricing and how they arrived at the hike.
He informed that the recent price hike to over N500 started in January 2022 from its initial price.
Onyema said though he was not threatening any further hike in the ticket price, an airline ticket may rise to N120,000 in no distant future.
He added that, apart from the high cost of aviation fuel, airline operators are paying threefold of what other airlines pay as insurance in other climes.
Onyema added that since they can buy aircraft that cost hundreds of millions of dollars, they also have the money to import aviation fuel.
Earlier, the deputy speaker had expressed his disappointment over the failure of NNPC and the marketers to bring down the price as agreed in the last meeting.
He alleged that the two parties were using unnecessary technical terms to confuse the House over the issue.
On his part, the NNPC GMD said, as of present, 19 companies have stock of aviation fuel, but the pricing still remains a thing of contention between the companies and airline operators.
He added that they have engaged other companies to supply aviation fuel to airlines in order to increase its availability.