Economy
NARTO: Risk Of Losing N300 Billion If FG Bans 60,000- Litres Capacity Tankers From Roads

NARTO: Risk Of Losing N300 Billion If FG Bans 60,000- Litres Capacity Tankers From Roads
Risk of losing N300 billion if FG bans 60,000- litres capacity tankers from roads. Mr Othman said the cause of the accidents was not 60,000-litres capacity of the tankers but could be the condition of the roads, state of vehicles and the drivers.
The National Association of Road Transport Owners (NARTO), has expressed fear over Federal Government’s plan to ban 60,000 litres capacity tankers from Nigerian riads following the rising cases of accidents involving fuel tankers.
NARTO President, Yusuf Othman during an interview in Abuja on Sunday, said such a move would cause a loss of N300 billion worth of investments by tanker owners.
The Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is considering placing a ban on 60,000 litres capacity petroleum tankers, due to incessant accidents/deaths involving them in the country.
The NMDPRA proposed a restriction of petroleum tankers capacity to a maximum of 45,000 litres to reduce accidents, explosion and fatalities.
Apart from determining appropriate truck carrying capacity, the NMDPRA had put in place other safety measures, including installation of anti-spill safety valves in tanker trucks, public sensitisation against scooping at accident scenes and regular stakeholders’ meeting, among others.
The regulator is of the view that the noncompliance with the established safety measures led to the recurrence of these accidents.
Mr Othman, however, said the cause of the accidents was not the usage of 60,000 litres tanker capacity, but attributable to the condition of the roads, state of vehicles and the drivers.
He said that 2,000 trucks with 60,000 litres capacity worth N150m each, amounting to N300 billion investments were involved in the transportation of petroleum products nationwide.
Mr Othman explained that some of theo investments were being financed by commercial banks, while some were personal investments of the tanker owners.
He saud, “Every truck owner is an investor and every investment is done with a view to get a return. We have about 2,000 trucks worth about N150 million each, which is about N300 billion. It will not be fair for them to go down the drain; we are trying to see if there is a win-win situation.
“We all are not happy with the recent development that led to loss of lives and we pray that it will not be repeated. It’s a monumental loss, as well as a monumental loss of investments.
“However, as much as we appreciate the concern of the public and government in this respect, we believe that the 60,000 litres tanker capacity is not the cause of the accidents because the weight is on the back axle. In such an accident, people rush to start scooping and in the process of doing that explosion occurs.”
He appealed to the Federal Government to consider a buy-back policy to help the investors, if it wishes to phase out completely the usage of 60,000 litres tanker capacity in the distribution of petroleum products.
Speaking on safety regulations and measures, he said the association ensured compliance by the members and ensured that only licensed drivers who were physically and mentally okay with good health and vision plied the road.
He further said that the association trained and retrained tanker drivers on regular basis, and also ensure that the trucks were inspected twice a year to be road worthy.
He maintained that the habit of scooping the petroleum products at accident scenes resulted in the monumental loss of lives, hence general public enlightenment became very apt.

NARTO
He stated, “If the capacity is reduced to 45,000, the truck cannot have a balance; reducing from 60,000 to 50,000 litres capacity could be fine, but not 45,000 litres capacity. All the 60,000 litres trucks are new, that is why they are able to carry 60,000 litres of petroleum products. Old trucks cannot carry 60,000 litres of products and are phased out because they don’t make any economic sense.
We support the government and also want the government to support our private investments. We are still talking with the Federal Government, and I believe we will resolve the matter amicably.
Economy
Adewale Adeniyi Transforming Nigeria Customs Service For Greater Efficiency

Adewale Adeniyi Transforming Nigeria Customs Service For Greater Efficiency
Adewale Adeniyi Transforming Nigeria customs service for Greater Efficiency. The appointment of Adewale Adeniyi as the 31st Comptroller General of the Nigeria Customs Service (NCS) has ushered in a wave of transformative reforms, enhancing efficiency and service delivery within the agency.
Modernizing the Customs Service
Under Adeniyi’s leadership, the NCS has implemented innovative strategies that have not only streamlined trade facilitation but also significantly boosted revenue generation.
These reforms have reinforced the service’s role as a critical player in economic growth, international trade, and border security.
Legislative Overhaul: A New Legal Framework
One of the major milestones achieved during Adeniyi’s tenure is the Nigeria Customs Act 2023, signed into law on April 20, 2023. This law replaces outdated customs regulations, ensuring a modernized, autonomous, and internationally compliant customs administration under the supervision of the Minister of Finance.
Strategic Reforms for Efficiency
Adeniyi introduced several key reforms aimed at improving trade processes and customs operations:
Time Release Study (TRS): This tool, developed by the World Customs Organization (WCO), helps identify delays in the clearance of goods, allowing for more efficient trade processing.
Authorized Economic Operator (AEO) Program: Recognizing compliant businesses in international trade, this initiative strengthens the supply chain and improves security.

Adewale Adeniyi
Customs Trade Modernization Project (TMP): Launched in 2022, this project is expected to generate $250 billion in revenue and create employment opportunities as the NCS expands its workforce.
Boosting Revenue and Trade Facilitation
Adeniyi’s reforms have led to record-breaking revenue collection, with the NCS generating over N5 trillion in 2024 and setting an ambitious target of N6 trillion for 2025.
Through strategic stakeholder engagement, legal modernization, and cutting-edge trade facilitation measures, the Nigeria Customs Service is now better positioned to drive economic growth, enhance security, and improve global trade efficiency.
Economy
Oil Prices Hits $70/b As Nigeria’s Output Surpasses OPEC+ Quota For February

Oil Prices Hits $70/b As Nigeria’s Output Surpasses OPEC+ Quota For February
Oil Prices Hits $70/b as Nigeria’s output surpasses OPEC+ quota for February. Oil price steadied after the Organization of the Production Export Countries released its monthly report, with Brent crude maintaining its earlier gains, trading above $70 a barrel on Thursday.
OPEC said on Wednesday that Kazakhstan led a sizeable jump in February crude output by the wider OPEC+, highlighting a challenge for the producer group in enforcing adherence to agreed output targets.
In its monthly report for March 2025, OPEC+, which includes OPEC plus Russia and other allies, in February raised output by 363,000 barrels per day to 41.01 million bpd, led by Kazakhstan.
The hike is more than twice as much as a scheduled 138,000 bpd rise in OPEC+ output starting in April as the group phases out its most recent layer of output cuts.
The plan for higher output, as well as concern about trade tariffs, have put downward pressure on oil prices. Kazakhstan, the world’s largest landlocked country, has been producing at a record high, and well above its OPEC+ quota, as U.S. oil major Chevron.

Oil Prices
According to the OPEC data, which it compiles from secondary sources, Kazakhstan produced 1.767 million bpd of crude in February, up from 1.570 million bpd in January. Kazakhstan’s OPEC+ quota is 1.468 million bpd.
The OPEC data also showed some other OPEC+ nations such as the United Arab Emirates, Nigeria and Gabon pumping above their quotas, but by far smaller amounts.
Akwa Ibom
Umo Eno Commissions Model school In Oron, Charges Shool Heads On Maintwnance Culture

Umo Eno Commissions Model school In Oron, Charges Shool Heads On Maintwnance Culture
Umo Eno commissions model school in Oron, charges shool heads on maintwnance culture and directs head teachers to live in school
Akwa Ibom State Governor, Pastor Umo Eno, has charged heads of schools and other institutions to ensure preservation of government infrastructures within their custody and to ensure that the intended benefits of government investments in the sector are delivered to the targeted beneficiaries.
He also tasked headmasters and headmistresses of model primary schools built across the State to utilize the live-in facilities to enhance their care for the pupils, and protection of the facilities in line with the aspirations of his administration’s ARISE Agenda.
Speaking at the commissioning ceremony of the Model Primary School, Uko-Oyukim in Oron Local Government Area, Governor Eno said a special education monitoring team was about to be activated to monitor the model schools, warning that any headteacher found not living on campus or whose school facilities are not well managed would be replaced.
He, therefore, tasked the Akwa Ibom State Infrastructure & Assets Management and Maintenance Agency to step up their vigilance over the educational facilities, adding that he was willing to bring to bear his private business experience as a hotelier, where he would work round the clock to ensure every guest enjoys utmost comfort, to make Akwa Ibom children receive the best from government investment in the education sector.
“Very soon, we are setting up education monitoring teams, and the team will help us ensure that all of these facilities are intact. They will monitor all these schools we are opening, from the washroom to the classrooms, all the facilities, the curriculum and of the work they are doing.
“The Headmasters or Headmistresses will also ensure that non of these facilities are destroyed. We must continue to maintain the standard. I am setting up a Governor’s Monitoring team, but they will work with the Honourable Commissioners to ensure that they give us the right information.
“If we come to your school, particularly our schools that are remodelled, and we find out that the standards are dropping, we will change the head Master or Mistress immediately.
If we come to the school and discover that you are not living on the school compound, we will send you back somewhere else.
“We can not use your money to put this edifice in place, only for it to go down in few months,” the Governor stated.
Speaking on behalf of Oron stakeholders, the Deputy Governor, Senator Akon Eyakenyi, described the emergence of Governor Umo Eno as God’s blessing to Akwa Ibom State and particularly thanked the Governor for accepting to be used to extend God’s love to Oron people.
According to Senator Eyakenyi, Governor Umo Eno’s value for education which fueled his drive to pursue and obtain a PhD has been demonstrated in his identification of primary education as being fundamentally imperative and therefore investing in giving Akwa Ibom children a good start up.

Umo Eno Commissions
The Commissioner for Education, Professor Ubong Umoh, presenting an overview of the project, commended Governor Umo Eno’s model primary school initiative, maintaining that such underscores his administration’s dedication to transforming the educational landscape thereby fostering academic excellence and social development.
He said the Uko-Oyukim Model Primary School, designed to accommodate 495 pupils in 19 fully furnished classrooms on a 25:1 pupils to teacher ratio, was fully equipped with library, early childcare development facilities, solar-powered ICT laboratory, modern sick bay, spacious auditorium, dedicated staff quarters, seperate gender-specific sanitary facilities, with comprehensive human kinetic facilities that enhances education and sports development.
Pupils of the school, little Miss Happiness Antai and Master Godwin Asuquo, conveyed the feelings of the school community through a special address and a ballad which expressed the gratitude of the pupils, teachers and their parents to the Governor for the kind gesture he has extended to them through the state-of-the-art facilities.
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