The increasing water level of the River Niger has become a threat to Abuja. Abbas Idriss, the head of Abuja’s Emergency Management Agency, said that data from the Nigeria Hydrological Services Agencies showed that the water level monitored over the last month shows a higher level than was recorded in 2012 and 2018 when floods hit. This data comes after the NiHSA’s 2019 Annual Flood Outlook which declared 74 local government areas in the country as having a high probability of experiencing a flood. Serious flooding hit Abuja a few days ago, drowning a finance director of the Abuja High Court, Tony Okecheme.
The NNPC plans to re-enter and begin full operations at the Chad Basin, Gongola and Benue Trough and is seeking military support for the protection of its workforce and high-tech equipment on the sites. NNPC’s chief executive, Mele Kyari told the Chief of Defence Staff, Gen. Gabriel Olonisakin, that the FG had suspended crude oil exploration in the Lake Chad Basin following the attack on personnel of the NNPC, in Borno State by suspected members of Boko Haram terrorist group. The visit to the Chief of Defence Staff is Kyari’s first port of call following his appointment to seek the support of the Armed Forces to help the NNPC in re-entering the sites. Olonisakin described NNPC as a strategic corporation that would be given full military support to enable it to deliver on its mandate to the country. The Armed Forces operations, code-named, Operation Wase and Operations Delta Safe, along with other operations, Olonisakin said, were geared towards protecting pipelines and various oil and gas facilities.
The chairman of the Revenue Mobilisation Allocation and Fiscal Commission, Elias Mbam, says that the FG will review the federation allocation sharing formula for all the tiers of government based on the current economic realities. This is coming almost 20 years after the formula was established. According to the current revenue allocation formula designed during the Obasanjo administration, the FG gets 52.68% of oil revenues, states, 26.72% and local governments 20.60%. 13% of oil and gas revenue collected at the federal level is shared to the oil-producing states as derivation revenue to compensate for ecological disasters arising from oil production. However, the RMAFC had the need to review the formula for balanced development of the country in 2013. The commission proposed a new revenue formula in December 2014, but for some reasons, never saw the light of day. Five years on, the RMAFC chairman said the commission plans to constitute a standing committee by next week to review the revenue sharing formula, aside from the push for the diversification of the country’s revenue for more sustainable growth and economic development, Mbam said.
Data from the NBS shows that Nigeria imported 5.61 billion litres of petrol in Q2 2019. The report also showed that 1.38 billion litres of diesel, 12.22 million litres of kerosene, 131.36 million litres of aviation fuel, 77.24 million litres of base oil, 41.79 million litres of bitumen, 27.68 million litres of low pour fuel oil and 354.70 million litres of Liquefied Petroleum Gas were imported into the country in same period. The petrol distribution in states in the period was put at 5.18 billion litres, followed by 1.28 billion litres of diesel and 131.42 million litres of kerosene. The NBS noted an increase in the cost of importing the product due to an increase in the volume. The country spent ₦190 billion to import petroleum products, representing 5.15% of Nigeria’s import bill in Q1 2019. Meanwhile, recent reports from the NNPC suggest that the corporation has now set another target to stop importation by 2020.