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Airlines May Shut Down Soon As Jet Fuel Crisis Persist

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  • The price of aviation fuel has risen from N200 per litre risen to over N700 per litre in the local market

There is no end in sight to the crisis over aviation fuel known as Jet A1 as the Airline Operators of Nigeria (AON) has raised fears that three airlines may soon shut down operations.

Though the three airlines were not mentioned, the Vice-President of AON, Mr. Allen Onyema, confirmed that the fuel price has now hit an all-time high of N714 per litre.

The FidelinfoNews gathered that several interventions by the Federal Government and the National Assembly have failed to resolve the crisis as the price of Jet A1 continues to skyrocket.

In his presentation at the ongoing Federal Airports Authority of Nigeria (FAAN) National Aviation Conference (FNAC) in Abuja, Onyema said while the aviation fuel crisis is not limited to Nigeria, it was made worse by the naira to dollar exchange.

He disclosed that in order to address the challenge, the Federal Government had approved 10,000 metric tonnes of aviation fuel to the airlines but said the carriers were yet to access it.

He noted that 16 months ago, the price of aviation fuel was about N200 per litre but has risen to over N700 per litre today in the local market.

He said: “That is why we ran to the government and the Federal Government has given us about 10,000 metric tonnes of fuel at the cost of N580 per litre in Lagos and about N607 per litre outside Lagos.

“This is not the only issue. Since the COVID-19 crisis, most airlines all over the world, including Nigeria have not recovered from COVID-19, except those whose countries have injected so much funds to assist them. This is nobody’s fault. It just happened. The government has tried its best by giving us this aviation fuel. This aviation fuel can take airlines out, not only in Nigeria but everywhere in the world.

“Some airlines outside Nigeria have closed down because of the effects of rising aviation fuel. If these things are not addressed in Nigeria, it can affect the bottom-line of all airlines in Nigeria.

“We have come to realise that there is little or nothing the committee set up can do because this is as a result of foreign exchange and the price of oil all over the world now. The fuel marketers will sell according to what they are paying. The cost of aviation fuel has increased, even in London and every other country. Our own is worse because of the increase in foreign exchange.”

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BREAKING: Alaafin Of Oyo’s wife, Olori Is Dead [PHOTO]

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Few months after the demise of Lamidi Adeyemi, Alaafin of Oyo, one of the late monarch’s wives, Olori Kafayat, has passed away.

Details of the queen’s death are still sketchy at press time . The FidelinfoNews gathered that she breathed her last on Friday night.

 

Olori Kafayat Adeyemi, who was the fourth wive of the late Oba Adeyemi III, was the mother of Prince Adebayo Adeyemi (D’Gov), the present Chairman of the Oyo State Local Government Pensions Board

The Alaafin of Oyo, Oba Lamidi Adeyemi, who died in April, lived his life to the fullest.

He was a boxer, gym enthusiast, a dandy dresser, quite energetic (he embarked on a three-hour road walk on his 82nd birthday) and boasted of some of the most beautiful queens in his harem.

That his light-skinned oloris, all 18 of them, could pass for beauty queens was never in doubt.

 

 

 

 

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BREAKING: Buhari Okays Reappointment Of Oniha As DG Boss

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President Muhammadu Buhari has approved the renewal of the appointment of Patience Oniha as the Director-General of the Debt Management Office (DMO) for a second term of five years.

A statement issued in by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said the re-appointment was in accordance to Section IV (9-i) of the Debt Management Office (Establishment ETC) Act, 2003.

The statement further said that the renewal takes effect from July 1, 2022.

“Her appointment for a second term was based on the significant achievements recorded by the DMO in the last 5 years, under her leadership.

“Amongst the achievements are the introduction of Sukuk and Green Bonds to finance the development of infrastructure where there is a huge gap.

“Under her watch, as part of the initiatives to improve the sustainability of the public debt and opening up avenues for raising long term funds for corporates, the DMO introduced long term Bonds with tenors of 30 years in the domestic and international markets.

“This is aside from attracting diverse investors including retail investors to the FGN Bond Market, ” the statement said.

It further added, “Internally, Oniha introduced reforms to strengthen the DMO, as a critical agency in the public finance ecosystem of the country.”

End.

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Senate To Continue Investigation Despite CJN’s Resignation

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The Senate has resolved to continue with its investigation into the crisis in the Supreme Court despite the resignation of Justice Tanko Muhammad as the Chief Justice of Nigeria (CJN).

Lawmakers in the upper chamber of the National Assembly made the resolution during the plenary on Tuesday following a motion moved by the Chairman of the Senate Committee on Judiciary, Human Rights and Legal Matters, Senator Opeyemi Bamidele.

Addressing his colleagues during Tuesday’s plenary, Senator Bamidele who cited Orders 41 and 51 to move the motion drew the attention of the Senate to the assignment given to the committee at the last plenary, relating to the state of affairs of the Supreme Court.

The Senate, in its resolution, mandated the committee to go ahead with its assignment in the quest to find a long-lasting solution by interacting with relevant stakeholders to look into the complaints raised in the petition by the justices.

It also directed the committee to interface with relevant stakeholders in the three arms of government and other stakeholders and collate aggregate views and positions on the short-term, medium-term and long-term measures needed to decisively address the crisis facing the judiciary.

The lawmakers stated this to include the immediate fiscal interventions, as well as long-term and sustainable budgetary allocations required for the optimal performance of the judiciary in line with global best practices.

They also resolved to wish Justice Muhammad well after many years of meritorious service to the nation and to pray for his good health.

The Senate President, Ahmad Lawan, had last Tuesday directed the committee to get involved in the matter with a view to unravelling the root cause of the problem in the judiciary and how best the Senate could intervene to address the concerns raised by the justices.

Justices of the Supreme Court had in a petition addressed to the immediate past CJN raised concerns over the deplorable welfare conditions and difficult working environment in the apex court.

 

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