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Kachikwu however said the government has put various measures in place to address the issue of scarcity within the 18 months.

He said it was part of his administration’s mandate to revive the rail sector, stating that the Abuja-Kaduna rail line was a major achievement because it has met the needs of the masses.

Six days of anti-government protests in OPEC’s third-largest producer added a geopolitical risk premium to oil prices, although Iran’s production and exports had not been affected.

The rebound in fees to above pre-crisis highs will be welcome news for global advisors who complain they are being squeezed by regulatory requirements amid competition from boutique players.

Kachikwu made the call on Thursday in Abuja during a public hearing organised by the National Assembly Joint Committee investigating the cause of recent fuel scarcity in the country.

He said the depreciation in naira value had led to the increase in revenue collected in 2017 compared to what was collected in 2014.

Inaugurating the facilities in Kaduna, Buhari said the customs and the port officials must make the facilities work and not to frustrate business, commercial and industrial enterprises with unnecessary bureaucracy.

Kachikwu said this on Thursday in Abuja during a one-day public hearing of the National Assembly Joint Committees on Petroleum (Downstream) investigating the causes of recent fuel scarcity recorded across the country in December 2017.

This followed the presence of three officials of the Independent Petroleum Marketing Association of Nigeria, laying claim to the presidency of the Association at the Senate public hearing

Though the Senate is on break, the committee was mandated to conduct the public hearing because of the urgency of the matter

Speaking to State House correspondents after a closed door meeting with the President in the Presidential Villa, Abuja, Shittu said the China EXIM Bank had agreed to pay the entire $550 million for the procurement of the satellites.

The marketers gave the commendation in a statement issued by their National Secretary, Alhaji Danladi Passali, after the National Executive Meeting on Wednesday in Abuja.

The order was contained in a statement on Wednesday in Abuja by the NNPC Spokesman, Ndu Ughamadu.

The News Agency of Nigeria reports that the index closed lower at 38,187.28 compared to 38,264.75 achieved on Tuesday, indicating a loss of 77.47 points or 0.21 per cent.

The governor gave the arrest order on Wednesday when he visited the site and discovered that work was ongoing in spite of the directives from the Federal Government to stop work.

Antai Asuquo, the Warri Zonal Operations Controller, said on Wednesday in Warri that the filling stations were sealed in Warri, Ughelli, Sapele, Isoko and Asaba.

A statement from the management of the ministry indicated that the Nigerian Gas Processing and Transportation Company Limited had reported a fire on its Escravos Lagos Pipeline system near Okada, Edo State on January 2.

Statistics obtained by the News Agency of Nigeria from the exchange indicated that the stock, which opened trading in 2017 at N84.43, dropped by 48.50 per cent to close the year at N43.48 per share.

Abdullahi said in the statement: “The attention of the Senate has been drawn to a claim said to have been made by the Chief of Staff to the President, Mallam Abba Kyari, during a meeting with stakeholders in the oil industry on the perrenial fuel scarcity in the  country to the effect that the payment of debt owed to oil marketters was being delayed because the National Assembly has not approved request presented to the legislature for loan meant for that purpose.

The meeting, which was presided over by the Chief of Staff to the President, Alhaji Abba Kyari, was held at the old Banquet hall of the Presidential Villa, Abuja.