Taiwo Oyedele, chairman of the presidential fiscal policy and tax reforms committee, says Nigerian businesses are strained due to taxes paid in foreign currency.

Speaking at the Nigerian Financial Intelligence Unit (NFIU) first revenue assurance summit, Oyedele said businesses are required to pay certain taxes in dollars, which amounts to an estimated $3.5 billion annually.

According to Oyedele, the practice not only strains local businesses but also contributes to the depreciation of the naira.

“We found that Nigerian businesses are being asked to pay some taxes in dollars — NIMASA, NPA, etc. which amounts to an estimated $3.5 billion a year,” the chairman said.

“We are crying that our naira is losing value; why wouldn’t it lose value when we impose unnecessary dollar demands?”

In his address, titled “The Importance of Revenue Assurance in Economic Stability,” Oyedele noted that revenue should be used to enhance the lives and livelihoods of citizens rather than simply serving as a financial target.

He called for a coherent policy environment that fosters investment and collaboration among federal and state agencies.

‘RELEASE DATA IN 48 HOURS OR FACE CONSEQUENCES’

Oyedele warned government agencies against withholding data from each other, noting that the data does not belong to them.

Giving an instance, Oyedele said the Joint Tax Board (JTB) was required to pay for data access from governmental sources.

He questioned how the government would generate revenue if the agencies were selling data.

To prevent government agencies from withholding data, Oyedele announced plans to draft legislation mandating the free provision of government-held data, with strict deadlines for compliance.

“Our economy must be designed to be conducive and investment friendly, our policy environment must be purposeful and coherent, let’s not be pulling in different directions, states versus federal or even within federal agencies.

“JTB (Joint Tax Bank) told me as part of the work we are doing, the number of agencies they were looking for data, you know they were commending the NFIU and we are grateful for the NFIU and the leadership… and they were asking them to come and pay for data.

“JTB was being asked to pay for data I couldn’t believe it. In the same Nigeria, government has data and government is selling data and we say government does not have revenue,” he said.

“How are we suppose to have revenue if we are selling data?

“So we drafted a law, it is not your data, it is our data, you will give it. In fact we will give you a deadline of 48 hours. If you don’t release the data, there will be consequences. We are criminalising it. Give the data.”

He further stressed the necessity of linking domestic data with international standards to ensure the integrity of information while making revenue collection processes efficient and transparent.

Oyedele said protocols are being developed to ensure data integrity and protection.

‘FOCUS ON PROBLEM-SOLVING RATHER THAN OBSTRUCTING EFFORTS’

Addressing misinformation surrounding his committee’s initiatives, Oyedele criticised unfounded claims about fiscal policies, particularly a recent report alleging the committee announced a 10 percent reduction in federal government allocations from the federal account allocation committee (FAAC).

On October 13, Oyedele denied proposing a reduction in the federal government’s share of revenue from FAAC.

He said his committee’s recommendation was explicitly in respect of the value-added tax (VAT) revenue.

Speaking on the issue, the chairman urged stakeholders to focus on problem-solving rather than obstructing efforts to improve the economy.

‘EFFECTIVE COLLECTION OF TAXES WILL INCREASE REVENUES WITHIN 3 YEARS’

Oyedele announced that the committee has proposed a synchronised tax system that includes eight key taxes across federal, state, and local levels.

He said the effective collection of the taxes could result in a four- to five-fold increase in revenues within two to three years.

Additionally, Oyedele proposed a national framework for subsidies aimed at alleviating financial pressures on businesses, expressing hope that political leaders will adopt the reforms while calling for unity among stakeholders in implementing the reforms.

In her remarks, Hafsat Bakari, chief executive officer (CEO) of the NFIU, said while the unit’s work on tax crimes initially focused on supporting the Federal Inland Revenue Service (FIRS), NFIU has now expanded its efforts to partner with sub-national counterparts.

Bakari said most tax evasion occurs at the state level and that financial transaction data held by the NFIU would greatly benefit state internal revenue services.

“While FIUs were created by international conventions to address criminal activity, the same international conventions and standards require that we put in place measures to protect the integrity of the information that we provide,” Bakari said.

“To this end, our approach to working with States is built on the establishment of a memorandum of understanding which sets out the principles, objectives and limitations of the intelligence provided.”

She also announced the creation of the crime records information management system (CRIMS), a secure platform for requesting and receiving intelligence from the agency.

Bakari said through CRIMS, paper records, which are prone to compromise, have been eliminated.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), says the country’s foreign reserves rose by 12.74 percent to $39.12 billion as of October 11.

Cardoso spoke on Tuesday when he appeared before the house of representatives committee on banking regulation.

The CBN governor said the country’s reserves stood at $34.70 billion at the end of June.

Data from the apex bank had showed that foreign reserves fell to $32.29 billion on April 15 — the lowest level in over six years.

Cardoso said the nation’s foreign exchange reserves have “grown significantly” with remittance flows currently representing 9.4 percent of total external reserves.

“The reserves rose by 12.74% to $39.12 billion as of October 11, 2024, from $34.70 billion at the end of June 2024,” he said.

The CBN governor said the foreign reserves are driven largely by foreign capital inflows, receipts from crude oil-related taxes and third-party.

“In Q2 2024, we maintained a current account surplus and saw remarkable improvements in our trade balance,” he said.

“The current external reserves position can finance over 12 months of import of goods and services or 15 months of goods only.

“This is substantially higher than the prescribed international benchmark of 30 months, reflecting a robust buffer against external shocks.

“Regarding the foreign exchange market, the bank implemented various reforms including a unification strategy, which streamlined various exchange rate windows into a single model, adopting the willing buyer, willing Seller’ approach to enhance FX liquidity and financial market stability.

“This move was aimed at fostering transparency, reducing market distortions, and enhancing the efficiency of foreign exchange allocations.

“This consolidation involved the implementation of new operational guidelines which included removing the international money transfer operators (IMTOs) quote cap.

“Additionally, the bank resumed the sales of FX at the NAFEM and Bureau De Change (BDC) segments, bolstered by an improved supply from foreign portfolio investors (FPIs).

“In the foreign exchange market, we have achieved increased transparency and improved overall supply. By allowing the foreign exchange rate to be determined by market demand and supply, the CBN has reduced arbitrage and speculative activities and eliminated the front-loading of FX demand.

“These policy measures have effectively narrowed the exchange rate disparities between the NAFEM and BDC segments which have largely led to the convergence of FX rates.

“Improved transparency in the market has restored market confidence leading to increased capital inflows which enabled the CBN to clear existing FX backlogs.

“The settlement of all legitimate backlogs of outstanding FX obligations by the bank has significantly improved Nigeria’s credibility and ratings across the global financial market, helping to boost investor confidence, and enhanced liquidity in the foreign exchange market.

“With improved investor confidence, foreign investments have increased as evidenced by a significant rise in capital importation by 65.56% to $6.49 billion between January and July 2024, compared to $3.92 billion in the corresponding period of 2023.

“Collectively, these actions have contributed significantly to the stability of the financial system.”

‘INFLATION REMAINS A CONCERN’

Cardoso admitted that inflation remains a pressing concern, but said there are reasons for an optimistic outlook.

The latest data by the National Bureau of Statistics (NBS) indicate that the consumer price index (CPI), which measures the rate of change in prices of goods and services, rose to 32.7 percent in September.

The increase was the first in three months after the country’s inflation rate declined twice in July and August.

Cardoso said inflation has shown “gradual moderation,” indicating that the monetary policy measures are “becoming effective”.

“We anticipate steady moderation of inflationary pressures in the last quarter of 2024, supported by our monetary policy measures and the federal government’s recent initiatives such as tax incentives on businesses in the economy,” he said.

“To combat inflation, we have fully reverted to an orthodox monetary policy approach and implemented a comprehensive set of monetary policy measures.

“These include raising the policy rate by 850 basis points to 27.25%, increasing cash reserve ratios and normalising open market operations as our primary liquidity management tool.

“In addition, we have adopted an inflation-targeting (IT) monetary policy framework as part of the bank’s enterprise strategy (2024-2028).

“The IT framework, widely adopted across various global economies, is renowned for its effectiveness in combating persistent inflation.”

The CBN govenor said these measures are aimed at stabilising prices, optimising liquidity management, and engendering an effective monetary policy framework.

The Economic and Financial Crimes Commission on Tuesday arrested a radio host, Favour Ekoh, in connection with an alleged N700 million Ponzi scheme.

The anti-graft agency accused Ekoh, who anchors the “Prime Time” programme on Urban Radio 94.5FM in Enugu State of luring unsuspecting investors into a fraudulent investment scheme, promising exorbitant returns.

A statement by the EFCC Head of Media and Publicity, Dele Oyewale, stated that Ekoh allegedly lured her victims into investing in a scheme called ‘Life Trading under Leverage Index Limited’, where she promised a 10 per cent return on investment.

Oyewale said, “On Monday, October 14, 2024, a team of operatives from the Enugu Zonal Directorate of the Economic and Financial Crimes Commission visited Urban Radio Enugu to invite Favour Ekoh for questioning regarding her involvement in an alleged N700m Ponzi scheme fraud, which has affected about 50 victims.” 

“The victims claimed that after investing their money in the company located at No. 1 Colliery Street, Okpara Avenue, Enugu, the company shut down operations without returning their principal or profits.”

Oyewale added that Ekoh was the primary link to the victims, many of whom were left stranded after the company’s sudden disappearance.

“Ekoh’s role as the host of Prime Time made her a trusted figure, which she allegedly exploited to promote the fraudulent scheme.

“When our operatives arrived at the radio station, holding a warrant for Ekoh’s arrest, they identified themselves to the station’s Managing Director, Bamikole Owoyomi, and explained their mission.

“However, a staff member called the chairman of the station, who ordered that the building’s gates be locked, effectively holding our officers hostage.”

The EFCC added that the situation necessitated a rescue operation.

Oyewale said, “In response to the unlawful detention of our officers, a rescue team was deployed, leading to the arrest of Owoyomi, Ekoh, and two security guards involved in the obstruction.

“The operatives acted within the law, and no equipment at the radio station was tampered with.”

Oyewale noted that Ekoh was not arrested while on air, stressing that “the nature of the fraudulent dealings required a sting operation to ensure her apprehension.”

After being allowed to make a statement at the EFCC Enugu office, Ekoh, along with Owoyomi and the security guards, was released.

“Owoyomi and the guards were arrested for obstructing justice but have since been released after making their statements,” the EFCC added.

The EFCC reiterated its respect for the media as the fourth estate of the realm and a critical stakeholder in the fight against corruption.

However, the commission condemned the actions of the radio station’s staff, stating that the precipitate and unlawful obstruction of EFCC officers from carrying out their duties was unacceptable.

The Peoples Democratic Party, PDP has implored the Independent National Electoral Commission, INEC to conduct a free, fair and credible governorship election in Ondo State.

Governor Seyi Makinde of Oyo State, who is also the Leader of the party in the South-West Zone, made the appeal on Tuesday in Akure, during the official flag-off of the PDP governorship election campaign.

The governor said the party would not do what he termed a fraudulent election in Edo State, saying “We don’t want that in Ondo”.

Makinde also called for the removal of the INEC Resident Electoral Commissioner, REC in the state, Mrs Oluwatoyin Babalola, saying the party had no confidence in her to deliver a credible election.

The governor said the call for Babalola’s removal was to safeguard electoral integrity and ensure fairness and level playing ground for all parties in the forthcoming November 16 governorship election in the state.

“The last governorship election in Edo State was a fraud and we don’t want that in Ondo State.

“The current REC is from Ondo State, we don’t want her to conduct this election otherwise we will continue to protest. We will not condone injustice,” Makinde said.

Also speaking at the rally, Osun State Governor, Ademola Adeleke, who doubles as the Chairman, Ondo National Campaign Council, said the PDP governorship candidate in Ondo State, Agboola Ajayi was a tested hand.

The PDP National Chairman, Umar Damagun, who spoke on the last Edo State governorship election, claimed that the PDP candidate, Asue Ighodalo, was the legitimate winner of the election.

According to Damagun, the election in Edo did not meet the necessary democratic standards.

“We don’t want what happened in Edo State in Ondo State.

“We want free, fair and credible elections in Ondo State.

“Our governorship candidate, Agboola Ajayi, is a well-tested candidate that can deliver dividends of democracy to the good people of Ondo State,” he said.

Ajayi, the governorship candidate of the PDP, said that his seven-point agenda would definitely transform the future of the people in the state if voted for.

The Federal Government has dismissed reports claiming that the United Kingdom endorsed a petition submitted by Yoruba Nation agitator, Sunday Adeyemo, popularly known as Sunday Igboho.

The petition, which called on the UK government to consider the creation of a Yoruba nation, was submitted at 10, Downing Street, London, last week.

In a statement on Tuesday, the spokesperson for the Ministry of Foreign Affairs, Amb Eche Abu-Obe, described media reports surrounding the petition as “highly misleading.”

Abu-Obe clarified that the UK had no official involvement or endorsement of the document.

He explained that “Following media reports on the petition submitted at No. 10, Downing Street by Mr Sunday Adeyemo popularly known as Sunday Igboho, the British High Commissioner in Abuja was invited to shed light on the issue.

“During the meeting, the High Commissioner noted with concern that the matter was overblown, indicating that the media reports were highly misleading.”

He said the High Commissioner confirmed that the delivery of the petition was part of an established practice of receiving letters and petitions at 10, Downing Street.

He emphasised that the petition had no backing from any UK government agency or the UK Parliamentary Petitions Committee.

“Furthermore, the High Commissioner informed that he was aware of the letter being delivered but added that it was merely an established practice of allowing the delivery of letters and petitions to No. 10.

“It was not endorsed by any agency of the UK government nor the UK Parliamentary Petitions Committee.

“The UK government typically does not concern itself with petitions concerning the sovereign affairs of another country,” Abu-Obe added, quoting the High Commissioner.

The diplomat further noted that similar petitions had been rejected by the UK government in the past.

The British High Commissioner reaffirmed the importance of the strong bilateral relationship between the UK and Nigeria and assured the Nigerian government that the country would continue to work closely with Nigeria on matters of mutual interest.

Sunday Igboho, in a post by his spokesman, Olayomi Koiki, via his X (formerly Twitter) handle on Sunday, confirmed that the petition was submitted to UK Prime Minister Keir Starmer.

The petition was filed by Igboho on behalf of Prof Adebanji Akintoye, the leader of the Yoruba Nation movement.

Koiki wrote: “At exactly 14:00 hrs Dr Chief Sunday Igboho delivered a petition to the UK Prime Minister on behalf of Prof Adebanji Akintoye, leader of the YORUBA NATION movement, and Olayomi Koiki, his spokesman @10DowningStreet.”

All efforts to get reactions from Igboho failed but a source told The PUNCH on Tuesday that the Yoruba Nation agitator would issue a statement today.

The Senator representing Kano South in the National Assembly, Kawu Sumaila, has indicated that many politicians in the country harbour hard drugs in their homes and offices.

Speaking on Tuesday while contributing to a debate during plenary on the general principles of a bill seeking to establish a national institute for drug awareness and rehabilitation, Senator Sumaila said the drugs are usually stockpiled by the workers.

He added that he could take the Senate leadership to houses and offices of political leaders where mountains of hard drugs are stockpiled.

The lawmaker said politicians and appointees should be made to go through compulsory drug tests before elections and appointments.

“We need to create a situation where before conducting elections or before taking appointments, you must go for a drug test.

“As I am speaking now, most of our officers in our constituencies, most of our political officers, most of our houses, when you go there you will find that out there is a mountain of drugs.

“There are drug dealers in our offices and our houses.

“I am immune to talk, I am in the chamber of the senate and I can take you to some of the political leaders who are in so many ways contributing to drug abuse in Nigeria.

“Mr President, we need to be serious,” he said.

The Senator was, however, ruled out of order by Deputy Senate President Barau Jibrin, who presided over the plenary.

Cited order 36 of the standing rules of the upper legislative chamber, Jibrin said; “Your contribution is not relevant to the subject matter.”

The bill is sponsored by the senator representing Kano Central, Hanga Rufa’i.

A high court sitting in Ikeja, Lagos State, on Tuesday ordered social media critic, Martins Vincent Otse AKA VeryDarkMan to delete defamatory videos on human rights lawyer, Femi Falana, SAN.

The court also ordered the critic to desist from making any comment about the Falanas again.

This comes after Falana revealed he is resisting the temptation to file a criminal complaint against VeryDarkMan for accusing him of allegedly facilitating pardon for cross-dresser Idris Okuneye, also known as Bobrisky.

DAILY POST recalls that VeryDarkMan, on September 24 2024, leaked a voice call recording of Bobrisky narrating how singer Falz contacted him during his six months jail term.

Responding to the allegations, the Falanas had filed a letter demanding a retraction of the statements and an apology from VeryDarkMan within 24 hours.

The Kwara State Police Command said that it would prosecute the three police officers found guilty of allegedly killing an ND II student of the Kwara State Polytechnic, Ilorin, Qoyum Abdulyekeen Ishola, in the court of competent jurisdiction.

The Kwara State Commissioner of Police, Mr Victor Olaiya, made this disclosure in a statement released by the Police Public Relations Officer, Ejire-Adeyemi Toun, on Monday night, saying the police authorities had dismissed the three officers found culpable in the student’s killing.

In the statement entitled, “Final Update on the case of Qoyum Abdulyekeen Ishola”, the police named the three dismissed officers as Inspector Abiodun Kayode, Inspector James Emmanuel and Sergeant Oni Philip.

“The Kwara State Police Command wishes to provide an important update regarding the investigation into the tragic incident involving the loss of Qoyum Abdulyekeen Ishola on September 14, 2024.

“After a thorough investigation and an internal disciplinary trial, the three officers involved –AP/No 233828 INSPR. Abiodun Kayode, AP/No 287410 INSPR. James Emmanuel, and F/No 497868 SGT. Oni Philip, have been found guilty of the following offences; 1. Leaving beat. 2. Corrupt practices.3. Unlawful or unnecessary exercise of authority.

“Consequently, they have been dismissed from the Nigeria Police Force, with effect from October 4, 2024. They will be arraigned in court soonest.”

The CP stressed that the decisive action highlighted the unwavering commitment of the Inspector General of Police, IGP Kayode Egbetokun, to uphold justice, professionalism, and accountability across the Nigeria Police Force.

“The Kwara State Police Command, led by Commissioner of Police, CP Victor Olaiya psc(+), extends its deepest condolences to the family, friends, and colleagues of Qoyum Abdulyekeen Ishola. We share in their grief and remain committed to providing them with support during this difficult period,” he stressed.

Ishola, a 21-year-old student of the Department of Electrical Electronics of Kwara State Polytechnic was allegedly murdered by the police during a stop and search operation at the Fate area of Ilorin on September 4, 2024.

Following the tragic death, students of the polytechnic embarked on a protest at the headquarters of the state police command and the Government House demanding justice for the student.

The Student Union Government of the Kwara State Polytechnic demanded an open investigation from the Nigeria Police Force to uncover the killer of the late student.

The police, in the statement, also said, “We urge the public to always exercise patience and trust in the legal process, as we remain dedicated to maintaining law and order within Kwara State. The command appreciates the cooperation of all citizens and assures them that justice has been served.

Despite promising to bring down the price of petrol during his campaign, President Bola Tinubu has repeatedly increased petrol price by about 488 per cent – from N175 in May 2023 to N1,030 in October 2024 – inflicting more pains on the already impoverished Nigerians.

The first assignment performed by President Bola Tinubu when he assumed office on May 29, 2023, was the removal of the petrol subsidy. Immediately after he took the oath of office, Tinubu, like a man in a hurry, quickly announced, “The fuel subsidy is gone.”

Immediately after the pronouncement, the country’s economic situation took a downward dive, changing for the worse. Filling stations, including the ones owned by the Nigerian National Petroleum Company Limited, raised the pump price of petrol to above N500 per litre. Some Nigerians, who had hoped that the new administration would turn around the situation positively began to feel uneasy; though they were persuaded by the President, who stated that there would be gain after pain.

Remarkably, Tinubu hiked the fuel price without recourse to the promise he made in Abeokuta during his campaign that he would bring down the price of petrol.

While campaigning, Tinubu and the other major contestants vowed to remove fuel subsidies if elected into office. However, when he was in Abeokuta in Ogun State, the then-candidate of the All Progressives Congress appeared to have backtracked when he promised to bring down fuel prices. The former Lagos State Governor had accused the Muhammadu Buhari administration of causing artificial fuel scarcity to make him lose the election.

Addressing APC supporters in Yoruba, Tinubu said, “Won ni epo ma won, o ma di N200, o ma di N500. E lo fokanbale, a maa gbe wale” meaning“They said there would be a fuel price hike; that it will rise to N200, to N500. Put your mind at rest; we will bring it down.”

This elicited jubilations from the crowd who saw the Lagos politician as a messiah. However, the reverse has been the case since he’s been at the helm of affairs in the last 16 months.

To the average Nigerian, petrol means more than what it is in other countries. The country’s economy depends almost solely on fuel. Both the rich and the poor need petrol for one activity or the other, it may be for vehicles or to run engines used for commercial services.

Also, in a country where over 85 million people have no access to electricity, petrol has always been the hope of the people, both the rich and the poor alike, to avoid darkness. Nigeria is also one of the largest markets for power generators in the world.

With the rising cost of petrol, access to electricity has been reduced, especially in rural communities.

Similarly, those who don’t have reasons to buy petrol feel the impact of the price hike whenever they try to use public transport because commercial drivers have jerked up the cost of transportation. With the high cost of transportation, the prices of items in the markets have continued to rise daily.

The masses’ problem was compounded about two weeks after Tinubu’s inauguration when he also floated the naira.

In June, the Central Bank of Nigeria directed Deposit Money Banks to remove the rate cap on the naira at the Investors and Exporters Window of the foreign exchange market, to allow for a free float of the national currency against the dollar and other global currencies.

Following this development, the naira depreciated from around N400 per dollar to over N700/dollar during trading on the I&E window on June 14, 2023. Today, the naira has further lost its value, trading at over N1,600 as of Wednesday.

This means the price of petrol would continue to rise because the product is priced in dollars.

When the President devalued the exchange rate, the cost of petrol rose again. However, the NNPC quickly introduced subsidy payment through the back door. While the landing cost of petrol was around N1,200, the NNPC sold at half the price based on the promise of the Federal Government to pay the shortfall or what was tagged “under-recovery.”

For close to a year, the NNPC sold the product at about N600/litre. The oil firm kept denying claims that it was paying subsidies.

Recently, however, the energy firm admitted to selling below the cost price.

The Chief Financial Officer of the company, Umar Ajiya, stated, “In the last eight to nine years, NNPC has not paid anybody a dime as subsidy; no one has been paid a kobo by NNPC in the name of subsidy. No marketer has received any money from us by way of subsidy.

“What has been happening is that we have been importing PMS, which has been landing at a specific cost price, and the government tells us to sell it at half price. So, the difference between the landing price and that half price is a shortfall.

“And the deal is between the federation and NNPC to reconcile. Sometimes, they give us money, so there is no money exchanging hands with any marketer in the name of subsidy,” he said.

Following reports that the NNPC was indebted to a number of its PMS importers, the company hastily denied it, telling The PUNCH that there was nothing like that.

“NNPC Ltd does not owe the sum of $6.8bn to any international trader(s). In the oil trading business, transactions are carried out on credit, so it is normal to have outstanding amounts at certain times,” the company’s spokesperson, Olufemi Soneye, stated.

A few weeks later, the national oil company admitted that it owed its suppliers. It stated this when there seemed to be no way out of the lingering fuel queues in filling stations.

“NNPC Ltd has acknowledged recent reports in national newspapers regarding the company’s significant debt to petrol suppliers. This financial strain has placed considerable pressure on the company and it poses a threat to the sustainability of fuel supply,” Soneye said in another statement in September.

Immediately after Soneye’s comment, NNPC raised the PMS pump price from N600 to N855/litre or more, depending on the location. This significant hike coincided with the unveiling of the Dangote refinery’s PMS, fuelling concerns about what the future held for Nigerians, with hopes that the private refinery would crash the price of the product.

As the NNPC started lifting PMS from the refinery in September, it announced another price increase. Soneye hinted that a litre of the product was purchased at the rate of N898. It also announced that it would sell petrol between N950 and N1,119.

Soneye explained that the price might go for as high as N1,019/litre in Borno State and N999.22 in Abuja, Sokoto, Kano, and others.

In Oyo, Rivers and other areas in the South, it would be N960/litre and N950 in Lagos and its environs. Since the announcement, the NNPC retained the price of petrol below N900.

However, without direct communication, the state-owned company increased the price to N1,030 on Wednesday, throwing the masses into confusion.

There were reports that the NNPC was planning to quit as the sole off-taker of Dangote PMS to allow marketers to buy directly from the refinery.

At the moment, the two parties are not talking to Nigerians. The technical committee set up to organise the naira-crude sale to local refineries is also not communicating, even as long queues resurfaced in filling stations across the country.

Public outcry

Since the Tinubu government came on board, there has been one outcry or the other from the masses. On several occasions, labour unions and youths took to the streets to protest economic hardships.

In August and October, Nigerian youths staged protests demanding an end to bad governance. One of their demands is that the President should return fuel subsidies to reduce economic challenges.

Following the latest hike, the Nigeria Labour Congress and the Organised Private Sector called for the immediate reversal of the hike in petrol prices, accusing the government of only focusing on fuel price increments.

The NLC, in a statement signed by its president, Joe Ajaero, described the decision of the NNPCL as an aberration.

Ajaero stated, “Even following the logic of market forces, we find it an aberration that a private company (NNPCL) is the one fixing prices and projecting itself as a hegemonic monopoly. We challenge the government to go to the drawing board and present us with a blueprint for inclusive economic growth and national development instead of this spasmodic holism and palliative policy.

“It needs no stating the fact that the latest wave of increase has grossly altered the calculations of Nigerians once again at a time they were reluctantly coming to terms with their new realities.

“It will further deepen poverty as production capacities dip, more jobs lost with multidimensional negative effects. In light of this, we urge the government to immediately reverse this rate hike as previous increases did not produce any good results. People only got poorer.”

Meanwhile, experts have blamed the devaluation of the naira for the high price of petrol. To some, the President should not have floated the naira at the same time it removed fuel subsidies.

In an interview, the spokesperson of the Crude Oil Refinery Owners Association of Nigeria, Eche Idoko, advised the government to sell crude to local refineries at N1,000 to a dollar.

In conclusion, Tinubu’s administration has reneged on its promise to bring down petrol prices, instead implementing a series of crippling hikes that have plunged Nigerians into deeper economic hardship. The removal of fuel subsidies and the floating of the naira has created a perfect storm, resulting in skyrocketing prices and widespread suffering.

The data is stark: Petrol prices have risen by 488 per cent in just over a year from N175 to N1,030. The naira has lost significant value, trading at over N1,600 to the dollar. Nigerians are bearing the brunt, with increased transportation costs, higher market prices, and reduced access to electricity.

The government must take responsibility for its policies and engage with stakeholders to find sustainable solutions. It is believed that reversing the price hike, exploring alternative energy sources, and supporting local refineries could alleviate the crisis.

As Nigerians continue to struggle, one thing is clear: the President’s broken promise has become a harsh reality, and the nation demands accountability and urgent action.

Inspector General of Police (IGP), Kayode Egbetokun has clarified the decision to withdraw police officers from local government headquarters in Rivers State, following the recent election of new local government chairmen.

According to Egbetokun, once the elections concluded, the police no longer found it necessary to maintain their presence at local government secretariats.

Naija News recalls that after the newly elected Chairmen were sworn in and directed to resume duties at the Secretariats, suspected thugs launched attacks, setting some local government buildings on fire and causing extensive damage to government property.

The IGP’s comments came during a Tuesday meeting with Police Strategic Commanders in Abuja.

He elaborated on the legal challenges the police faced in their role in the Rivers State elections. “We acted very professionally and followed legal and democratic tenets,” he said, explaining that contradictory court orders had placed the police in a complex position.

Egbetokun noted that multiple court rulings—one in Abuja advising against police involvement in the election, a subsequent order in Rivers supporting police participation, and finally, another Federal High Court directive barring police engagement—complicated matters.

After consulting the legal department, the IGP followed the advice to honor the Federal High Court’s ruling to remain uninvolved in the elections.

IGP Egbetokun said, “We were not supposed to have any issues in Rivers. The issues were avoidable. We acted very professionally and followed legal and democratic tenets.

“We were preparing for the LG elections in Rivers State when a high court in Abuja said Police should not take part in the election. A high court in Rivers said the Police should perform its constitutional role. Another court, this time, a Federal High Court again came up with an order barring the Police from taking part in the election.

“As IGP I sent the 3 different court orders to our Legal department because we have very sound lawyers including a Senior Advocate of Nigeria for advice. The advice was that we should go with Federal High Court order and stay off.

“Because all our operations are guided by the rule of law. I wrote the governor intimating him of this decision to stay off the election and that Policemen would not be involved.

“Before then we had intelligence that some persons were planning to attack and burn down the SIEC. So the next day, policemen were deployed to the Rivers State Electoral Commission (River SIEC) to protect the commission.

“The next day, the governor came out making all sorts of allegations including saying that Police were there to tamper with election materials which was unexpected.

“After the election of the LG chairmen, if we had remained and continued to seal the LGs, we would have been accused of taking sides. That is why we withdrew our men from the secretariat.

“However following the outbreak of violence, and Mr President directed that we restore order, we went back and did so. So the police only obeyed court orders in its action.“