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The Confédération African Football (CAF) has announced Morocco as host of the 2024 edition of the CAF Women’s Champions League Finals.
The CAF Women’s Champions League Morocco 2024 will be played between November 9 and 23, 2024.
Morocco hosted the 2022 edition of the CAF Women’s Champions League – the premium women’s club football competition in Africa.
Eight (8) clubs will contest for the top prize with the winners getting USD 400,000 in prize money while runners-up will walk away with USD 250,000.
Mamelodi Sundowns are the current holders having won the competition twice in three years.
Morocco’s ASFAR is the other team that won the competition back in 2022 when they defeated Mamelodi Sundowns.
Since its inception, the CAF Women’s Champions League played a key role in shaping women’s football in Africa.
Morocco’s hosting of the CAF Women’s Champions League followed its successful hosting of the TotalEnergies CAF Women’s Africa Cup of Nations 2022 which was very successful.
[Leadership]
Kinsmen of late Senate President Dr Joseph Wayas have expressed fears that the body of their patriarch has again been abandoned at the National Hospital, Abuja.
Wayas’ remains arrived Nigeria after 33 months in a London morgue, on 10 July 2024.
Soon after, the Cross River State government set up several committees to plan for the burial but did not announce specific date for the event.
Three months after of the arrival of the body in the country, Wayas’ kinsmen are complaining over the slow pace of burial preparations.
Many of the kinsmen suspect that there may be issues, once more, amongst members of the Burial Planning Committee, as happened with the earlier one set up by former governor Ben Ayade.
One of the kinsmen, a youth leader named Williams Ben, said, “It is a big shame that a prominent son of the country like our patriarch is treated in this manner.
“They had ‘abandoned’ the body in London since he died in November 2021. Now the body is again abandoned even in his country three months after it was brought back home.”
But a chief in Basang community in Obanliku LGA, where Wayas hailed from, Ajong Ibed, disagreed that the body was abandoned. He also dismissed claims that there are issues amongst the central planning committee members.
According to him, “I hear that the various committees have been meeting in Calabar, preparatory to recommending a convenient date of burial to the state governor.
“I am sure the funeral will take place most probably after the Local Government Council elections in November 2024.”
Ibed disclosed that the Works Sub-committee of the Funeral Planning Committee was erecting the blocks for the mausoleum where the remains would be interred.
Further clarification was given by Chairman of Publicity Committee for the burial, and Chief Press Secretary to Governor, Bassey Otu.
He explained that everything was set but that the committee is waiting for the Presidency to fix a convenient date since it is a national burial.
“All committees have been working towards the burial. We’re actually awaiting a convenient date from the presidency. It’s going to be a national burial. You know Wayas was the number three citizen of Nigeria from 1979 to 1983.”
[DailyPost]
The House of Representatives on Wednesday, October 16, asked the federal government to expedite action in presenting the 2025 budget estimate to the National Assembly for consideration and passage
The House said that the delay in presenting the annual estimate to the lawmakers for consideration goes contrary to the provisions of the Fiscal Responsibility Act 2007 which require that the budget be presented to the National Assembly for consideration four months before the end of the year.
Leading the debate on the motion, Clement Jimbo (APC, Akwa Ibom) said the Fiscal Responsibility Act 2007 provides for the prudent management of the nation’s resources, ensures long-term macroeconomic stability of the national economy, and secures greater accountability and transparency in fiscal operations within a medium-term fiscal policy framework.
He averred that section 11(1)(b) stipulates that the federal government must, not later than four months before the commencement of the next financial year, cause to be prepared and laid before the National Assembly an MTEF for the next three financial years.
He said the time the National Assembly requires to exercise its functions as enshrined in section 88(2)(b) is technically being taken away by the non-compliance of section 11(1)(b) of FRA 2007 by Executive through the delay
Contributing to the motion, Billy Osawaru (APC, Edo) said getting the budget from the Executive and considering it within one month will adversely affect the oversight function of the parliament.
He said the House should resist the attempt to dump the budget on the Parliament and compel them to go through it and pass it within one month without necessarily doing justice to the provisions, adding that the parliament must not be dragged into doing its job.
Minority Leader of the House, Kingsley Chinda (PDP, Rivers) reminded his colleagues that the return to a budget circle of January to December is one ground on which the government prides itself, adding that what a good policy does is to help the government in planning.
He said the present government needs to be vigilant and alive to its responsibility, adding that the motion was a wake-up call.
He alleged that the parliament was compelled to rush through the 2024 budget, adding that this must not be allowed to reoccur in the name of trying to beat the budget circle.
According to him, the Medium Term Expenditure Framework should have been with the House for consideration by now so it can go through it adequately.
On his part, Solomon Bob (PDP, Rivers) said the House must have full-time. To examine the budget when presented to it, describing it as the most important bill to be passed by the House.
He suggested that whenever the executive brings the annual budget estimate late, the parliament should reject such a presentation and send it back to the Executive.
Adedeji Adeleke, the father of the award-winning superstar, David, popularly called Davido, has revealed what he went through securing the environmental permit for his power plant worth over $2 billion.
The billionaire industrialist disclosed this while speaking as a Layperson from the West-Central Africa Division during the Seventh Day Adventist General Conference Annual Council on Tuesday, which was held in Maryland, United States of America.
While sharing his experience as a Baptist member, Adeleke recounted how he ran into bottlenecks with ‘difficult government officials’, with a particular official saying to him that the project would never ‘see the light of day’.
He said he went on his knees and prayed to God because he did not want to accept the government official’s statement as the final say for his company, Pacific Energy which was closely working with Chinese engineering companies for the construction and design of the power projects.
“I am a businessman in Nigeria. I’m into the electricity business. I own a power plant, I generate about 15 per cent of the electricity needs for Nigeria. I have Chinese engineering companies that work for me. I’m building the biggest power plant in Nigeria that will be completed in January 2025. It is a 1,250-megawatt power plant.
“During the course of the design and getting the permit, we ran into difficult government officials. For environmental reasons, our permit was denied, and the particular government officials that I held a meeting with told me to my face that my project would never see the light of the day. But while he was saying that, I was saying in my mind that this guy is talking as if he is God. I was saying in my mind that God should listen to him; Because he is not God, whatever he is saying is null and void.”
“So I left, disappointed and I told my Chinese friends that unfortunately we have difficulty and this project is going to stall. Meanwhile, the project is worth about $2 billion. In the process, a lot of money had already gone into the design and preliminaries. Before we get to the stage where we would need a permit and then break ground. So my Chinese friend was worried because the Afrexim Bank of China was involved so that meant bankruptcy for him. I told him not to worry,” he said.
Adeleke further stressed that his Chinese friend had to travel down to Nigeria to discuss a way out because he never believed that prayer was enough to get the project done, noting that it did as the then Minister of Power granted the approval because he saw that the project was a brilliant one.
Recall that Adeleke had earlier spoken about this power project while delivering a lecture note at the 9th graduation ceremony of Adeleke University, Ede, Osun State in July 2023.
[Punch]
Senate President Godswill Akpabio says reports suggesting that the Department of State Services (DSS) has taken over the national assembly premises to stop an alleged impeachment plot against him is false.
The reports said the secret police had taken over all the entrances of the assembly’s complex on Tuesday.
Speaking on the floor of the senate, Akpabio dismissed the reports as “fake news”
The senate president jocularly said those behind the reports may be seeking revenue as a result of the traffic they could get on their websites.
“[They said DSS] has surrounded the national assembly to possibly stop the impeachment of principal officers,” he said.
“There is no limit to social media… we are sitting down here doing our work peacefully oblivious of the mischief.
“Which committee do we refer this to? (laughter)
“I understand that they are being paid if they have a lot of traffic, but I hope the public is aware that this is total fake news.”
Akpabio referred the matter to the special duties committee to report back “as soon as possible”.
[TheCable]
‘I’m Not Rich’ – Bimbo Akintola Exposes Nollywood Earnings, Speaks On Financial Disparities Among Colleagues
AFOLABI
Star Nollywood actress Bimbo Akintola is speaking about the heavily talked about topic of celebrity earnings vs the lifestyles they portray on social media. This is a discourse that has been happening for years now, and during a new interview, Bimbo Akintola also raised her own questions about the lifestyle after exposing the realities of what major names like IrokoTV and Africa Magic pay for their movies. Here's everything Bimbo Akintola said.
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Speaking about how the lifestyle that actresses portray on social media don't match up with the realistic realities of being an actress in Nollywood, Bimbo Akintola said:
BIMBO AKINTOLA: For a lot of actresses, people can't understand where the money is coming from. Cuz we all know what the industry is about. We all know what people earn. We all know what you can earn. Except you have money from home, maybe you're from a rich family, then some of the lifestyle we see especially on social media can be real. And if it's real, where is it from?
Being truthful, people come up to me and they say "look at actresses, they're very rich" and I say I don't know about that because me, I'm not rich. I say "when you see them, ask them what they do." I say it all the time. I say "ask them what they do." Because we all know how much them dey sell film na. Iroko, has Iroko passed 4 million? Is it not 4 million naira, or 5 max? That's how much a whole film is na. No be so? We all know how much e dey sell for Africa Magic, Africa Magic just went back to N4 million. They went down to 1.2, a whole film! All of us inside plus crew plus everybody, we know how much it is. And then yes, there is also Netflix and Netflix is international so obviously, the money is also bigger. But we also know what people earn for cinema films. We started with cinema before Netflix and that boosted people, but we also know how much we make for those films.
So, for a lot of actresses that I see, I don't know if the money is from home, maybe they're from very rich homes. Or there's other businesses that they're doing. Because there has to be with the amount of wealth that some of our colleagues show.
And then of course we've also heard stories of actresses being wanted by politicians, actresses dating politicians, actresses doing stuff with politicians and getting paid for it. So we've all heard that, and we all know that things like that do happen. But it's not just actresses that do that, women in Nigeria do that, because the poverty level is pretty high, isn't it? So a lot of women are on the level of whatever I can do to sustain myself and my family, I'm gonna do it.
….reduce tax burden on Nigerians, CISLAC tells FG
As hardship grips Nigerians, Oxfam in Nigeria raised alarm on Tuesday over the alarming trend of over 99% of wealthy Nigerians evading taxes while millions suffer from hunger.
This assertion was made during the presentation of two comprehensive studies titled Income and Wealth Inequality in Nigeria: Trends and Drivers and Taxing the Rich: Fair Tax Monitor in Abuja.
According to Oxfam, the reports highlight a deepening inequality crisis across the country. Despite being the fourth-largest economy in Africa, the benefits of economic growth are disproportionately concentrated among a small elite, leaving millions of Nigerians trapped in poverty.
The studies were conducted by Oxfam in collaboration with the Tax Justice Network Africa and the Civil Society Legislative Advocacy Centre (CISLAC). They explore the structural causes of inequality in Nigeria, focusing on issues related to income, wealth, gender, and regional disparities. The findings are based on statistical data, expert analysis, and contributions from key policy stakeholders.
Oxfam’s analysis reveals a staggering wealth gap in Nigeria, calling for the adoption of progressive wealth taxation and increased social investment to bridge the growing economic and social divide before a potential social crisis erupts.
The reports indicate that only 40 of Nigeria’s wealthiest citizens are compliant taxpayers, according to the Federal Inland Revenue Service (FIRS) and John Bean Technologies Corporation (JBT). This represents a compliance rate of just 0.035%, implying that over 99% of the country’s wealthiest individuals evade or avoid paying taxes.
To address these issues, Oxfam urges the Nigerian government to implement several key measures:
Increase Social Spending: Currently, Nigeria allocates only 2-3.5% of its budget to education and 4-7% to healthcare, well below global standards. The government should raise social sector spending to at least 10% of the budget in health, education, and agriculture.
Implement Progressive Taxation: Establish a wealth tax targeting high-net-worth individuals. A 1% tax on net worth over $1 million could generate approximately $7.5 billion annually, which could fund critical social programs.
Invest in Human Capital Development: Enhance education, job creation, and healthcare, particularly in rural and underserved populations. Improving wages, reducing corruption, and expanding educational opportunities—especially for women and girls—will enhance Nigeria’s Human Development Index (HDI) by 2030.
Support Smallholder Farmers and Reform Agriculture: Strengthen policies that improve access to credit, land, and rural infrastructure for smallholder farmers. Prioritizing women’s land rights and promoting sustainable farming practices will help bridge the rural-urban divide.
Reform Land Policies: Establish a National Land Commission, conduct a National Land Audit, and ensure that land redistribution programs are transparent and inclusive, particularly regarding gender disparities.
Collaborate with Civil Society: Non-state actors, including civil society organizations, the private sector, and community groups, should advocate for pro-poor policies, hold the government accountable, and promote gender equality.
Develop a Comprehensive Wealth Registry and Strengthen Tax Enforcement: This will ensure that high-net-worth individuals contribute their fair share to the nation’s revenue.
In his address, Anwual Rafsanjani, Executive Director of CISLAC, urged the government to implement a Net Wealth Tax, raise the Capital Gains Tax to align with global best practices, and exempt basic goods from VAT while introducing luxury taxes on high-end items such as private jets, luxury cars, and yachts.
He further proposed that the government fully exempt Nigerians earning below the minimum wage or less than N840,000 annually from Personal Income Tax (PIT), while raising the top tax rate to at least 40% for the top 1%. Rafsanjani also advocated for the introduction of an Inheritance and Gift Tax targeting estates exceeding N50 million, along with renegotiating Double Taxation Agreements (DTAs) that disproportionately benefit multinational corporations to strengthen Nigeria’s tax sovereignty.
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 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.
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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.“