We Can’t Access CBN’s ₦250 Billion Gas Intervention Fund – Oil Marketers | Sauce.NG
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We Can’t Access CBN’s ₦250 Billion Gas Intervention Fund – Oil Marketers

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Marketers of petroleum products in the downstream oil sector have lamented their inability to access the N250bn intervention facility of the Central Bank of Nigeria for the National Gas Expansion Programme, more than one year after its introduction.

Dealers of Liquefied Petroleum Gas, popularly called cooking gas, and Premium Motor Spirit (petrol) said barriers to accessing the fund were complex, and urged the government to re-engineer the scheme to effectively deepen gas usage in Nigeria.

In September 2020, the CBN introduced the N250bn facility for the NGEP as part of measures to improve access to finance for private sector investments in the domestic gas value chain.

It said the scheme would stimulate investments in the development of infrastructure to optimise domestic gas resources for the economy, putting the country’s proven gas reserves at 188 trillion cubic feet of gas.

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The apex bank said the low level of investment in the industry had resulted in the minimal production and utilisation of Compressed Natural Gas and LPG as clean alternative sources of domestic energy in Nigeria.

But for more than one year after introducing the N250bn intervention, operators in the downstream sector said they had yet to start accessing the fund despite making effort’s.

Members of the Nigerian Association of Liquefied Petroleum Gas Marketers, the Independent Petroleum Marketers Association of Nigeria, and the Petroleum Products Retail Outlets owners Association of Nigeria said they had not been able to access the fund.

IPMAN and PETROAN members own the bulk of the filling stations in the country, and many of them are involved in the sale of LPG, while NALPGAM members are basically cooking gas dealers.

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The President, PETROAN, Billy Gillis-Harry, said despite concerted efforts by members of his association to access the fund, it had remained difficult to get the money.
When asked by our correspondent on Friday whether PETROAN had started accessing the N250bn facility for gas expansion, he replied, “No, not at all. That is a promise that has not been delivered because the process of delivering it is just very complex.

“That is a project that is difficult to access because the CBN is not helping matters. Also, the process is not giving the kind of guarantee to access the money. So, they need to meet with stakeholders to re-engineer the process.”

Gillis-Harry had said in July that marketers were in the process of converting over 7,000 retail outlets across the country to autogas stations as part of measures to deepen the use of gas in automobiles.

He told our correspondent at the time that the marketers were getting set to deploy the N250bn fund to actualise the conversion process and purchase products.

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But on Friday, he said the requirements of CBN had constituted stiff barriers to accessing the fund.

When asked to explain some of the barriers to accessing the fund, Gillis-Harry said, “The stumbling block is the required guarantee for the release of the fund.”

Confirming the position of PETROAN, the National Public Relations Officer, IPMAN, Chief Ukadike Chinedu, said the requirements by the apex bank for accessing the fund were cumbersome.

“The N250bn is for the gas expansion programme but we have not started accessing the fund. There are so many procedures to access it and it is quite tedious.”

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Ukadike, however, said the gas programme would require time to become fully effective, adding that marketers, in partnership with the government, would have to deploy enough conversion centres for vehicles that would prefer running on gas.

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“I Am Extremely Proud Of You” – MC Oluomo Congratulates Son On Bagging First Degree

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Musiliu Akinsanya, popularly known as MC Oluomo, the Chairman of Lagos State Parks and Garages Management, has expressed his utmost pride for his son following his graduation from ESGT University, Dream Campus, Benin Republic.

MC Oluomo took to his Instagram page to congratulate his son for bagging his first degree while also reaffirming how proud of him he is.

It was gathered that the son bagged his first degree in International Relations from the university in Benin Republic.

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“Congratulations on your graduation, as you bagged your first degree in International Relations, faculty of social sciences at ESGT UNIVERSITY, DREAM CAMPUS, BENIN REPUBLIC.

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“I am extremely proud of you, the fruit of your years of toiling is plain for all to see. Your life is a huge inspiration to everyone around you, including us, your parents. So much has been committed into your education but none of them is as important as seeing you excited to walk up the podium of success.

“May your every wish and desire come true. Today, we are so grateful and proud of all the best things you did. I Love you and I pray to God to give you the ability to do more great things in life.”

Several people have gone on the post to congratulate MC Oluomo and his son for this new feather added to his cap.

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“Banana Island Straight! I Dey Go Buy House” – Lady Declares As She Flaunts Cash Saved In Piggy Bank (Video)

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A lady has broken her piggy bank after some months of saving patiently in it.

The lady took to social media to share a clip showing the moment she broke her saving box.

In the viral video, the lady, after saving diligently, broke open the box to see the proceeds of her months of assiduous savings and repeated denial of the impulse to break it at some point.

When she opened the box, it was filled with many 1000 naira notes which were counted out to be about 700,000 naira.

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The lady then jokingly declared that she would be heading straight for Banana Island to get herself a house there.

Watch the video:-

 

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A post shared by Instablog9ja (@instablog9ja)

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