Connect with us

News

Gains achieved from removal of fuel subsidy – Presidency

The presidency has listed some of the gains Nigeria has achieved from the removal of fuel subsidy

The presidency has listed some of the gains Nigeria has achieved from the removal of fuel subsidy.

President Bola Tinubu on assuming office on May 29, 2023 said that the era of fuel subsidy was gone in the country.

Majority of Nigerians, especially the poor have found it extremely difficult to feed or breathe since then as the prices of food items have gone up.

The presidency despite the pains and lamentations of Nigerians, however, believe that Tinubu’s administration has made progress.

As such, the President Bola Ahmed Tinubu (PBAT) Media in a post on its official X account on Monday night listed some of the gains Nigeria has achieved from the removal of fuel subsidy.

“Here are the gains Nigeria has achieved and what the President Tinubu-led government has been able to actualize from the removal of fuel subsidy among other ongoing reforms in the country,” the PBAT Media wrote.

Economic Gains:

  1. Reduced Fiscal Burden: Subsidy removal freed trillions of Naira enabling investment in critical sectors.
  2. Increased Revenue: The Federal Government now collects full revenue from fuel sales, bolstering its finances.
  3. Improved Macroeconomic Stability: Reduced subsidy expenditure helped stabilize the economy, lowering inflation and interest rates.

Investment Gains:

  1. Attracted Foreign Investment: Subsidy removal made Nigeria’s oil sector more attractive to investors, sparking new investments.
  2. Private Sector Participation: The removal of subsidy has encouraged private sector involvement in the oil industry, driving growth and efficiency.
  3. Increased Economic Activity: Subsidy savings invested in infrastructure and social programs stimulated economic growth.

Transparency and Accountability Gains:

  1. Reduced Corruption: Subsidy removal eliminated opportunities for corruption and rent-seeking.
  2. Improved Governance: Enhanced transparency and accountability in government spending.
  3. Better Resource Allocation: Funds redirected to priority areas like healthcare, education, and infrastructure.

Energy Sector Gains:

  1. Market-Driven Pricing: Subsidy removal allowed market forces to determine fuel prices, promoting efficiency.
  2. Increased Refining Capacity: Encouraged investment in domestic refining, reducing import dependence.
  3. Diversified Energy Mix: Subsidy savings invested in renewable energy sources, promoting diversification.

Social Gains:

  1. Improved Healthcare: Subsidy savings invested in healthcare infrastructure and services.
  2. Enhanced Education: Increased funding for education, improving access and quality.
  3. Infrastructure Development: Subsidy savings invested in roads, bridges, and transportation.

Environmental Gains:

  1. Reduced Smuggling: Subsidy removal decreased fuel smuggling, reducing environmental pollution.
  2. Encouraged Cleaner Energy: Investment in renewable energy sources promotes cleaner energy and reduced carbon emissions.

Overall:

  1. Monthly allocations to many states and local governments have increased significantly, with some getting up to 40% increase.
  2. Nigeria has successfully paid billions of inherited debts from several administrations.
  3. Hundreds of billions have been allocated to the revolutionary Students Loan and Consumer Credit Schemes.
  4. Landmark infrastructures are currently going on across the country, with existing roads and railways getting completed and new ones such as Lagos-Calabar highway moving at incredible pace.
  5. Nigeria’s foreign reserves has increased from $34bn in 2023 to $39bn in October 2024.
  6. ⁠The debt to revenue ratio has dropped drastically from 97% in 2023 to around 64%.
  7. ⁠Fuel consumption has dropped drastically from 66 million litres daily to 25 million liters, signifying a massive reduction in smuggling to nearby countries.
  8. ⁠Payment of debts owed to gas companies has resulted in massive improvements in electricity generation from 4300MW to 5500MW.
  9. Over 1 million MSMEs have benefited from N50,000 grants.
  10. The minimum wage has been increased from N30,000 to N70,000

The PBAT Media explained that these gains demonstrate the positive impact of fuel subsidy removal on Nigeria’s economy, energy sector and the society.

“It has been a challenging year so far but it must be said that so much progress has been made in the bid to reposition the economy for a sustainable future,” it concluded.

News

You can’t fire somebody you didn’t employ—Odoh to Tinubu

The recently dismissed Vice-Chancellor of Nnamdi Azikiwe University, Awka, Professor Bernard Odoh, has rejected his removal, claiming that President Bola Tinubu “can’t fire somebody you didn’t employ.”

Odoh, in a Thursday interview on Arise TV, said his dismissal failed to follow due process and undermined the autonomy of the institution’s governing council, which had appointed him.

“You can’t fire somebody you didn’t employ. The Visitor (Tinubu) appointed the council and the council followed due process to engage and give me a letter. He can’t remove me through a press release,” Odoh said.

Yesterday, Tinubu, in a statement by his spokesperson, Bayo Onanuga, announced that he has dismised Odoh as Unizik Vice-Chancellor as well as the institution’s Registrar, Mrs. Rosemary Ifoema Nwokike and also approved the dissolution of the governing council of the 33-year-old institution.

“The sacking of the governing council and officials followed reports that the council illegally appointed an unqualified vice chancellor without following due process,” Onanuga said.

Onanuga said the controversial appointment drew the attention of the federal government after tensions arose between the institution’s Senate and the governing council.

In response, Odoh refuted claims that his appointment had violated university laws, stating that his selection as VC had “followed a straightforward procedure” and not “through a press release”

“I’m not disobeying Mr. President, but it is the governing council that will recommend my sack after investigating me,” adding that “Mr. President could have been ill-advised.”

“There was no panel of inquiry. I was not appointed through a press release but rather by a constituted authority which followed a straightforward procedure.”

He also noted that his records were validated by the Sokoto State High Court and corroborated by the university’s registrar at the time of his confirmation.

“What some people did was to pay somebody to remove my records from the university.

The VC who appointed me still teaches at the Nnamdi Azikiwe University, Awka, and he wrote my reference letter,” he added.

Odoh also alleged that his removal was influenced by regional bias, stating that being from Ebonyi State, often regarded as a ‘third-class people’ had made him a target.

“I’m from Ebonyi State. We are regarded as third-class people. People feel I’m not qualified because I come from Ebonyi State. People have ganged up to remove me at all costs.

Continue Reading

News

Ekpa, four others arrested in Finland for terrorism

Simon Ekpa and four others have been arrested in Finland for terrorism
Simon Ekpa and four others have been arrested in Finland for terrorism

Finnish-Nigerian separatist agitator Simon Ekpa, alongside four other individuals, has been arrested in Finland for terrorism. 

A report from Finland states the self-declared Prime Minister of the Biafra Republic Government in exile, was remanded in custody by the Päijät-Häme District Court on suspicion of public incitement to commit a crime with terrorist intent.

In a statement published on its website on Thursday, the Central Criminal Police of Finland announced the arrests of five individuals on suspicion of terrorist crimes. 

The police indicated that Ekpa was arrested “on suspicion of public incitement to commit a crime with terrorist intent,” while the other four individuals were arrested “for financing a terrorist crime.

According to the police, the suspect is believed to have promoted his activities from Finland through means that have incited violence against civilians and authorities, as well as other crimes in the South-Eastern region of Nigeria.

Crime Commissioner Otto Hiltunen, head of the investigation from the Central Crime Police, stated that “the man has carried out this activity, among other things, on his social media channels.” The statement also mentioned that four other individuals are suspected of financing this activity. 

“Claims will be heard in the Päijät-Häme District Court today, November 21. The detention demands are linked to a preliminary investigation in which a Finnish citizen of Nigerian descent, born in the 1980s, is suspected of public incitement to commit a crime with terrorist intent, ” the statement added,

All five suspects were arrested earlier this week, and “international cooperation has been carried out during the preliminary investigation.”

Continue Reading

News

GATEWAY GAMES: All the facilities for the Festival will be ready – Commissioner for Sports, Honourable Isiaka Wasiu


  • …We are leaving no stone on turn in order to deliver a world class event – Governor Dapo Abiodun
    By Oluwatobiloba Zeal-Adepetu Kumoye

“The construction firms handling the renovation works at the Moshood Abiola Stadium, Kuto in Abeokuta, the Sports Complex in Ijeja and other venues to be used for the 2024 National Sports Festival will complete their various projects before the start of the event.”

This is the assurance from the Ogun State Commissioner for Sports, Honourable Isiaka Wasiu in an interview with your authoritative and award-winning news channel FIRST ZEALMEDIACAST BLOG on Thursday.

Honourable Wasiu explained that the State Government under the dynamic stewardship of His Excellency Prince Dapo Abiodun is committed to deliver a National Sports Festival that will be remembered for a long time to come.

The State Government is giving a facelift to the Moshood Abiola Stadium built over three decades ago.

THE FACILITY UPGRADE:

★ Re-Grassing the pitch
★ Re-Laying the tartan track
★ Construction of tennis courts
★ Expansion of the media gallery
★ Construction of handball courts
★ Ultra morden digital score board
★ The VIP section will be upgraded

“Similarly, the Sports Complex in Ijeja that houses basketball, squash, table tennis and scrabble among other sports is receiving equal attention.

The renovation works there has reached an advance stage,“ the Commissioner said.

Meanwhile, the Director General of the National Sports Commission (NSC), Honourable Bukola Olawale Olopade, who until his appointment was the Boss of the Local Organizing Committee (LOC), for the Festival paid a visit to the State governor His Excellency Prince Dapo Abiodun in Abeokuta.

During the visit, the Governor said, “As we prepare to host the 22nd National Sports Festival, the “2024 Gateway Games,” in Ogun State this January, we are proud to welcome 12,000 to 15,000 athletes from across the country.

This Festival promises to be historic, with a state-of-the-art games village accommodating all athletes—a first in the event’s history.”

He went on to state that, “We have made significant upgrades to key facilities, including the MKO Abiola Stadium, Ijeja Sports Centre, and Remo Stars Stadium, alongside new basketball courts.

These legacy projects will serve Ogun State and the nation for decades, fostering talent development at world-class standards.”

“Innovations such as a digitized feeding system, efficient transport clusters, and comprehensive support for journalists will ensure a seamless experience for all participants.

With the invaluable support of Premium Trust Bank as lead sponsor, our Local Organizing Committee is working tirelessly to deliver the best Festival ever hosted in Nigeria.” the governor added.

“This event reaffirms Ogun State’s commitment to youth empowerment and sports development, creating opportunities for the next generation to shine. Together, we are setting a new standard for excellence.” He concluded.

For the first time in the history of the National Sports Festival, Babcock University, a private university will be providing standard accommodation facilities for all the athIetes.

Continue Reading

News

Tinubu should be blamed for PDP crisis – Sowunmi

A PDP member, Segun Sowunmi says President Bola Tinubu should be blamed for the crisis rocking the party

A member of the Peoples Democratic Party (PDP), Segun Sowunmi, has said that President Bola Tinubu should be blamed for the crisis rocking the party.

He said this while criticizing Tinubu’s appointment of the former governor of Rivers State and PDP member, Nyesom Wike as the Minister of the Federal Capital Territory (FCT).

Speaking in an interview on Channels TV’s Politics Today programme on Wednesday, Sowunmi lamented that the president didn’t consult the elders of the party before making the appointment.

He said: “President Tinubu is the problem of the PDP, he has no business taking Wike from our party and appointing him as minister without talking to us.”

Sowunmi said Tinubu ought to have learnt from former president, Olusegun Obasanjo who consulted the Peoples Democratic Party before forming a government of national unity.

He explained that for the crisis in the PDP to be resolved, Wike should be relieved of his duty by the president and returned to the party.

According to him, once that is done, the opposition party will have the stamina to move fast in unity and clear ambition.

Continue Reading

News

CAF Awards: Oshoala Missing as Nnadozie, Ajibade bag nomination

The Confederation of African Football (CAF) has nominated Super Falcons stars Rasheedat Ajibade and Chiamaka Nnadozie for the prestigious 2024 CAF Women’s Player of the Year award.

The pair, who have consistently showcased their exceptional talent on both national and international stages, are part of a ten-player shortlist for the coveted honor.

Ajibade and Nnadozie were key members of the Nigerian women’s national football team at the 2024 Olympic Games in Paris.

Despite the team’s overall performance, the duo stood out with their remarkable contributions, solidifying their status as two of Africa’s finest female footballers.

Beyond their national exploits, they also excelled with their respective clubs, further cementing their reputation as world-class players.Rasheedat Ajibade, a dynamic forward, played a crucial role for Atletico Madrid during the 2023/24 season.

Her performances were instrumental in helping the Spanish club secure a third-place finish in the highly competitive Spanish Iberdrola league.

Ajibade’s ability to deliver in critical moments and her consistent goal-scoring prowess have made her one of Atletico Madrid’s most dependable players.

Her agility, vision, and knack for finding the back of the net have earned her widespread acclaim and recognition.

On the other hand, Chiamaka Nnadozie has continued to redefine the goalkeeping position with her exceptional talent and composure under pressure.

The Paris FC shot-stopper played a pivotal role in her club’s qualification for the UEFA Women’s Champions League, a feat that underscored her importance to the team.

Known for her quick reflexes, commanding presence in the box, and remarkable shot-stopping abilities, Nnadozie has consistently proven to be one of the best goalkeepers in Africa and beyond.

Her outstanding performances during the year also earned her the Best Goalkeeper award at the 2023 CAF Awards, a testament to her excellence between the posts.

The nomination of Ajibade and Nnadozie reflects the growing recognition of Nigerian female footballers on the global stage. It also highlights the legacy of excellence maintained by Nigerian players, with Asisat Oshoala winning the Women’s Player of the Year award in 2023.

As the countdown to the 2024 CAF Awards begins, fans and football enthusiasts eagerly await the final announcement.

Whether Ajibade or Nnadozie clinches the title, their nominations alone are a testament to their hard work, dedication, and exceptional contributions to the beautiful game.

Continue Reading

News

Naira crashes against US Dollars

The Nigerian naira has resumed its depreciation against the United States dollar, recording significant losses at both the official and black market foreign exchange (FX) platforms on Wednesday.

Data from the FMDQ Securities Exchange reveals that the naira weakened further to ₦1,687.52 per dollar at the official FX market, down from ₦1,678.93 per dollar traded on Tuesday.

This decline represents a loss of ₦8.59 in just one day, signaling continued challenges for Nigeria’s currency amidst ongoing economic uncertainties.

Similarly, in the parallel or black market, the naira exchanged for ₦1,750 per dollar on Wednesday, reflecting a ₦10 drop from the ₦1,740 rate recorded the previous day.

The sustained weakness in the naira is a source of concern for businesses, investors, and citizens, as it exacerbates inflationary pressures and increases the cost of imported goods and services.

The depreciation occurred despite a rise in FX transaction turnover, which climbed significantly to $173.29 million on Wednesday compared to $128.59 million on Tuesday.

This 34.7% increase in trading volume indicates a higher demand for foreign exchange, which may have contributed to the naira’s weaker performance.

Market analysts believe the persistent volatility of the naira stems from a variety of factors, including high demand for foreign exchange, speculative trading activities, and limited supply of dollars in the economy.

The widening gap between the official exchange rate and the black market rate further underscores the inefficiencies in Nigeria’s FX management system, raising concerns about the Central Bank of Nigeria’s (CBN) intervention strategies.

Over the past several months, the naira has been on a fluctuating trajectory against the dollar, despite various policy measures and interventions implemented by the CBN.

These measures, aimed at stabilizing the currency, include adjustments to interest rates, efforts to attract foreign investments, and targeted funding for critical sectors of the economy.

However, the results have been mixed, with the naira continuing to face significant headwinds.

The challenges with the naira’s value reflect broader economic issues, such as dwindling foreign reserves, heavy reliance on oil exports, and subdued revenue generation from non-oil sectors.

Experts are urging the government to adopt more holistic and sustainable economic reforms to address structural problems and restore confidence in the naira.The current depreciation trend highlights the urgent need for coordinated policy responses to stabilize the FX market, manage inflation, and ensure long-term economic stability in Nigeria.

Continue Reading
Advertisement

Trending