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President Bola Tinubu has said his administration remains undeterred in its pursuit of comprehensive economic security for the country.
He also promised to address foundational challenges and create a fair and equitable system in which all Nigerians can thrive.
Tinubu made the promise when he received leaders of Afenifere, the respected Yoruba Socio-Cultural Organization, at the State House in Abuja, on Wednesday.
President Tinubu said his administration is re-engineering Nigeria’s finances and seeking to boost the purchasing power of citizens and spread prosperity down the line, by instituting a credit system where the element of cash is not an impediment to a significantly enhanced standard of living for all citizens.
The President said Nigeria must secure itself economically first before it can achieve any of its more sophisticated objectives.
He said: ‘’We are committed to the economic survival of our country. To re-engineer the finances of our country, we must start in earnest. So first, retool, revamp the economic opportunities available, and resolve to continue taking the firm and steady baby steps that are necessary.
‘’Education is a strong weapon against poverty. To empower the people, we must invest in the future of our youths. We have seen the problems parents face in training their children in school; it is the reason why we established the National Student Loan Programme, which is taking off well.
‘’We are equally examining what to do with the high degree of unemployment. We must help vulnerable people by providing social security. We are looking at how to provide allowances for the unemployed, and we are developing ways to boost the purchasing power of citizens with the Consumer Credit Scheme. If we remove the cash upfront element to buy a car or a house, we will reduce the propensity for fraud and corruption across the land.”
Speaking on security, the President declared that those who threaten the sovereignty of Nigeria would pay a heavy price.
“I am irrevocably committed to the unity of Nigeria and constitutional democracy. Constitutional democracy has been reflected greatly here since we assumed office.
“What we face now is the challenge of terrorism. Security of life and property is very necessary for development. I can tell you we are achieving success. We have degraded terrorism to a level that they cannot threaten the sovereignty of Nigeria any longer.
‘“Banditry and kidnapping will be defeated. And there is no payment of ransom whatsoever. We are taking the battle to them. We are getting results more rapidly than before.
“We are working hard on intelligence gathering. Those who think they can threaten the sovereignty of Nigeria will have themselves to blame. They have a price to pay. And we are not going to relent,’’ he affirmed.
The Economic and Financial Crimes Commission (EFCC) will today (Thursday) arraign a former governor of Kogi State, Yahaya Bello, before a Federal High Court sitting in Abuja.
Naija News reports that the governor will be arraigned alongside three other suspects, Ali Bello, Dauda Suleiman, and Abdulsalam Hudu.
The EFCC is arraigning them before Justice Emeka Nwite on 19-count charges bordering on money laundering to the tune of N80, 246,470, 088.88 (Eighty Billion, Two Hundred and Forty-Six Million, Four Hundred and Seventy Thousand and Eight Nine Naira, Eighty Eight Kobo).
They will face 19 counts of alleged fraud in a charge marked FHC/ABJ/CR/98/2024 filed on March 6, 2024, by a Senior Advocate of Nigeria (SAN), Dr. Kemi Pinheiro.
Pinheiro and two other SANs – Jubrin Okutepa and Rotimi Oyedepo – will lead seven other lawyers from the EFCC against the defendants.
Count 1 of the charge reads: “That you, Yahaya Adoza Bello, Ali Bello, Dauda Suleiman, and Abdulsalam Hudu (Still at large), sometime in February 2016, in Abuja, conspired amongst yourselves to convert the total sum of N80,246,470,089.88 which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: criminal breach of trust and you thereby committed an offense contrary to Section 18(a) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 as amended.”
Count 2: “That you, Yahaya Adoza Bello, sometime in 2023, in Abuja, indirectly procured one Ali Bello, Dauda Suleiman, and Abdulsalam Hudu (still at large) to use the sum of N950,000,000.00 for the acquisition a property lying, being and situate at No. 35 Danube Street, Maitama District, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18 (c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”
Count 3: “That you, Yahaya Adoza Bello, sometime in February 2021 in Abuja, indirectly procured one Ali Bello, Dauda Suleiman and Abdulsalam Hudu (still at large) to use the sum of N100,000,000.00 for the acquisition a property lying, being and situate at No. 1160, within Cadastral Zone C03, Gwarimpa II District, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”
Count 4 “That you, Yahaya Adoza Bello, sometime between 2018 to 2020, indirectly procured one Yakubu Siyaka Adegbenga, Iyadi Sadat and Abba Adaudu to use the sum of N920,000,000.00, for the acquisition a property lying, being and situate at No.2 Justice Chukwudifu Oputa Street, Asokoro, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”
Count 5: “That you, Yahaya Adoza Bello, sometime in 2022, in Abuja, within the jurisdiction of this Honorable Court, indirectly procured one Ali Bello, Dauda Suleiman, Rabiu Musa Tafada Global Ventures and Abdulsalam Hudu (still at large) to use the sum of N170,000,000.00 for the acquisition of a property lying, being and situate at block D Manzini Street, Wuse Zone 4, Abuja, which sum you reasonably ought to have known forms part of proceeds of your unlawful activity to wit: criminal breach of trust, and you thereby committed an offense contrary to section 18(c) of the Money Laundering (Prohibition) Act, 2011 as amended and punishable under section 15 (3) of the same Act.”
The EFCC also accused Bello of procuring a firm to transfer the aggregate sum of US$570,330.00 to an account number in TD Bank, United States of America, “which sum you reasonably ought to have known forms part of proceeds of unlawful activity to wit: Criminal breach of trust.”
The last count accused the former Kogi State Governor of indirectly procuring E-Traders International Limited, Aleshua Solutions Services, Whales Oil and Gas, Forza Oil and Gas, Dada Grand Merchant Limited to transfer $556,265 to account number 4266644272 domiciled in TD Bank, United States of America “which sum you reasonably ought to have known forms part of proceeds of unlawful activity to wit: Criminal Misappropriation and you thereby committed an offense contrary to section15(2)(d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15(3) of the same Act.”
The Central Bank of Nigeria (CBN) has reduced the Loan-to-deposit ratio (LDR) of banks to 50 per cent from 65 per cent.
The apex bank made this known in a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy”.
The circular was signed by the Acting Director of the Banking Supervision Department, CBN, Adetona Adedeji.
In a bid to increase lending to the economy especially Small and Medium Enterprises, SMEs, retail mortgage and consumer loans, the CBN on July 3, 2019, increased Banks’ LDR to 60 per cent from 57 per cent.
The LDR was further raised to 65 per cent in January 20020.
The reduction in the LDR according to analysts at Afrinvest Securities is to allow banks to comply with the Cash Reserve Ratio, CRR of 45 per cent.
They said, “Today, the CBN in a circular to Deposit Money Banks titled “Re: Regulatory Measures to Improve Lending to the Real Sector of the Nigerian Economy” announced a scale down of the Loans to Deposits Rate (LDR) by 15.0ppts to 50.0% – reversing previous threshold set by the past CBN administration in January 2020.
“In our view, this downward review of LDR allows banks to comply with the 45.0% CRR directive, and eases off pressure on the lenders considering the restrictive nature of other CBN directives including the Net Open Position (NOP) ceiling of 20.0% short and 0.0% long. Thus, we believe this policy would enhance the ability of banks to sweat out assets without creating unnecessary risks.”
The CEO of Rainoil Limited, Gabriel Ogbechie, disclosed that the Nigerian government has resumed the controversial payment of fuel subsidies, now estimated at about N600 billion monthly, due to the recent devaluation of the Naira.
This statement was made during the Stanbic IBTC Energy and Infrastructure Breakfast Session in Lagos, stirring significant discussions on the nation’s economic and energy policies.
Return of the Subsidy
Mr Ogbechie detailed the resurgence of the fuel subsidy following the adjustment in foreign exchange rates. “When Mr. President came in May last year, one of the things he said is that subsidy is gone. And truly, the subsidy was gone because immediately, the price of fuel moved from 200 to 500 per litre. But a few weeks later, the government devalued the exchange rate, and the Dollar moved to about N750. At that point, the subsidy was beginning to come back,” Ogbechie explained.
He further highlighted that with the official closure of the dual exchange rate markets and the consolidation to about N1,300 per dollar, the subsidy on petrol was unmistakably reinstated. “The moment the two markets officially closed, officially the market went to about N1,300. At that point, that conversation was out of the window. Subsidy was fully back on petrol,” he emphasized.
Subsidy Calculations and Implications
Ogbechie broke down the current subsidy figures, stating, “If you look at our daily consumption, say 40 million liters, and we’re spending N500 per liter, that is about N20 billion every day, N600 billion every month, and 7.2 trillion yearly depending on how we look at it. So, subsidy is definitely back on petrol.” These numbers not only highlight the financial magnitude of the subsidy but also underscore the economic pressures faced by the Nigerian government in maintaining fuel price stability.
Government and Public Perspectives
The reimplementation of the fuel subsidy has sparked debates across various sectors. The former governor of Kaduna State, Nasir El Rufai, echoed concerns by stating that the federal government is spending more on petrol subsidy than before. Meanwhile, Mrs. Olu Verheijen, Special Adviser to the President on Energy, elucidated the government’s stance, “The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.”
She added, “If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently, and that does not negate the fact that subsidy has been removed.”
NNPC’s Position
Contrarily, the Nigerian National Petroleum Corporation (NNPC) has maintained that no subsidy is paid to its account from the federal government. Mele Kyari, GCEO of NNPC, stated in August 2023, “I told you there’s no subsidy whatsoever, we are recovering our full cost from the products that we import. We sell to the market, we understand why the marketers are unable to import. We hope that they do this very quickly, and these are some of the interventions the government is doing. There is no subsidy.”
A few days after the commemoration of the 10-year anniversary, another Chibok girl, Lydia Simon, has been rescued by troops of Operation Desert Sanity III, North East Operation Hadin Kai.
She was rescued with her three children by the troops of 82 Division Task Force Battalion in Ngoza LGA of Borno State, yesterday.
Sources told Vanguard that, Lydia, who was on serial number 68 among the abducted missing girls, escaped from the camp of Ali Ngulde in Mandara Mountain, where she was held in captivity for several years.
She surrendered to troops of 82 Division Task Force Battalion at Ngoshe in Gwoza LGA. The rescued Chibok girl was five months pregnant and claimed she was from Pemi Town in Chibok.
President Bola Tinubu, on Wednesday, promised harsh consequences for persons who pit themselves against Nigeria’s sovereignty and security.
He also said his administration had made considerable gains against banditry and kidnapping through intensified campaigns buoyed by intelligence gathering.
“Those who think they can threaten the sovereignty of Nigeria will have themselves to blame. They have a price to pay. And we are not going to relent,” Tinubu said when he received leaders of the Yoruba socio-political Organisation, Afenifere, at the State House in Abuja on Wednesday.
The delegation was led by the leader of Afenifere, Pa Reuben Fasoranti, Oba Olu Falae, and other eminent citizens.
The President’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed the details of Wednesday’s talks in a statement titled, ‘President Tinubu receives leaders of Afenifere, says the administration is resolute in achieving economic security in a fair and equitable system for all Nigerians.’
Speaking on security, the President declared that those who threatened the sovereignty of Nigeria would pay a heavy price.
The declaration by Tinubu came days after Yoruba Nation agitators, dressed in military camouflage and armed with guns, stormed the Oyo State Government Secretariat, attempting to hoist the Yoruba Nation flag on the premises of the Oyo State House of Assembly.
The Yoruba Nation promoters are seeking the breakaway of the Yoruba people from the Federal Republic of Nigeria.
They contended that the interest of the Yoruba people had not been adequately protected in Nigeria, saying their welfare would be better taken care of under a separate sovereign entity to be known as Yoruba Nation.
But Tinubu speaking on Wednesday, vowed to keep Nigeria as one.
The President said, “I am irrevocably committed to the unity of Nigeria and constitutional democracy. Constitutional democracy has been reflected greatly here since we assumed office. What we face now is the challenge of terrorism.
“Security of life and property is necessary for development. I can tell you we are achieving success. We have degraded terrorism to a level that it can no longer threaten Nigeria’s sovereignty.
“Banditry and kidnapping will be defeated. And there is no payment of ransom whatsoever. We are taking the battle to them. We are getting results more rapidly than before. We are working hard on intelligence gathering.”
The President said his administration was re-engineering Nigeria’s finances and seeking to boost citizens’ purchasing power and spread prosperity by instituting a credit system where the element of cash does not impede a significantly enhanced standard of living for all citizens.
He argued that Nigeria must first secure itself economically before achieving its more sophisticated objectives.
“We are committed to our country’s economic survival. To re-engineer our country’s finances, we must start in earnest,” he explained.
According to Tinubu, this will require first retooling, revamping the economic opportunities available, and continuing to take the necessary firm, steady baby steps.
“Education is a strong weapon against poverty. To empower the people, we must invest in the future of our youths.
“We have seen the problems parents face in training their children in school; it is why we established the National Student Loan Programme, which is taking off well,” he explained.
He assured the Yoruba leaders that his administration would emphasise the Consumer Credit Scheme and provide allowances for the unemployed to reduce the high unemployment rate.
“We must help vulnerable people by providing social security.
“We are looking at how to provide allowances for the unemployed, and we are developing ways to boost the purchasing power of citizens with the Consumer Credit Scheme.
“If we remove the cash upfront element to buy a car or a house, we will reduce the propensity for fraud and corruption across the land,” President Tinubu said.
He thanked the delegation for their prayers and support and assured them he would not relent in his resolve to advance Nigeria.
“God bless Nigeria. God bless our unity; our diversity must bring prosperity for all for the sake of Nigeria,” Tinubu concluded.
Earlier in his remarks, Oba Olu Falae commended the President for his courageous decisions, the rehabilitation of the Third Mainland Bridge in Lagos, and other critical ongoing projects.
Oba Falae urged the President not to relent in ensuring fairness and equity for all Nigerians while noting the importance of a constitutional amendment to devolve more powers to the states.
He said, “We are delighted about what you are doing for our country, and we assure you of our continued support.
“We thank you for visiting Akure in February 2024 and believe it is proper to reciprocate your kind gesture.
“We appreciate this relationship, and we need to make it work in the interest of Nigeria.”
Describing President Tinubu as the most important political figure in Africa, the monarch conveyed the elders’ expectations of him to lead the country with knowledge, courage and integrity.
“We have no doubt that your tenure will mark a turning point in our country’s history. Under your leadership, Nigeria will be repositioned,” he said.
The Afenifere Chief also promised firm support for the President, saying, “We will stand by you as you make all efforts to improve the Nigeria story. Be assured that Afenifere will not abandon you in fair or foul weather. As long as you remain faithful to the principles of fairness, integrity, and courage expected of you as the leader of Nigeria, we will stand by you.”
The Organised Private Sector (OPSN) has decried the new tariff of N225/kwh for Band A electricity customers, saying that over 65 per cent of private business-es, especially manufacturing sec-tor and SMEs, may be forced to close down due to the high electricity tariff.
The Association called for the suspension of new tariff implementation to enable all stakeholders have meaningful dialogue around the process and method-ology of determining electricity tariff as well as jointly agreeing on the transparent mechanism re-quired for tariff setting.
It said Nigeria now ranks third after Germany and the United Kingdom on the list of countries with high electricity costs.
The Association, comprising top Business Membership Organisations (BMOs) Manufactures As-sociation of Nigeria (MAN), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Nigeria Employers’ Consultative Association (NECA), Nigerian Association of Small-Scale Industrialists (NASSI) and Nigerian Association of Small and Medium Enterprises (NASME) representing more than five million businesses in Nigeria stated this in a joint release.
It said that “the OPSN has received numerous complaints from its member-companies on the implications of the recent astronomical increase in electricity tariff by the Nigerian Electricity Regulatory Commission (NERC) for Band A customers without the required and proper consultations with the private sector.
“This sudden exponential in-crease in the face of inadequate electricity supply, is inimical to the competitiveness of Nigerian products and businesses and will definitely exacerbate the impact of high cost of production. Meanwhile, the astronomical increase is against the MYTO Order referenced NERC/2023/05, which valued the cost-reflective tariff at N114.8/Kwh (determined using exchange rate of N919.39/$1). It also does not reflect the current exchange rate reality that has seen the naira appreciated by 62.95 percent over the dollar in the last one month.”
It explained that “a closer look at the impact of increase in elec-tricity tariff to N225/kwh (determined using exchange rate of N1463.31/$1) on the cost profile of a medium sized company using 700 kw revealed that the firm will need to pay about N1.4 billion per annum for electricity. In China, a similar medium sized company will pay a little over N24 million.”
It added that “what is most worrisome with the Nigerian case is the fact that the electricity to be supplied is not adequate. Also, the increase is coming on the heels of macroeconomic instability, infrastructure deficits, as well as other supply side constraints limiting the performance of the productive sector.”
[Leadership]
Another Chibok girl, Lydia Simon, has been rescued by troops of Operstion Desert Sanity III, North East Operation Hadin Kai.
She was rescued along with her three children by the troops of 82 Division Task Force Battalion in Ngoza LGA, on Wednesday April 17, 2024.
Zagazola Makama, a counter insurgency expert and security analyst in the Lake Chad region, said that Lydia who was on serial number 68 among the abducted missing girls escaped from the camp of Ali Ngulde in Mandara Mountain where she was held in captivity for several years
She surrendered to troops of 82 Division Task Force Battalion at Ngoshe in Gwoza LGA. The rescued Chibok girl was five months pregnant and said she was from Pemi Town in Chibok.
April 14, marks the 10th anniversary of the violent abduction of 276 girls from Government Secondary School, Chibok, Borno State, by Boko Haram insurgents.
While 57 of the girls escaped from their captors in the following days, 16 were later rescued and 107 have at different times been released through negotiations.
The Federal government, state and the Nigerian Army have pledged its commitment toward rescuing the rest of the abducted girls that are still held in captivity by the terrorists.
[Businessday]
The political rivalry between Abba Yusuf, current governor of Kano State and his predecessor, Abdullahi Ganduje, took a new twist on Wednesday as a Kano State High Court affirmed the latter’s suspension as the National Chairman of the All Progressives Congress, APC.
The court in an ex parte order affirmed the suspension of Ganduje and restrained him from parading himself as the National Chairman, as well as a member of the party.
The court also ordered, that henceforth, Ganduje should desist from presiding over all affairs of the National Working Committee, NWC, of APC.
The order followed an ex parte motion filed by Dr. Ibrahim Sa’ad Esq on behalf of two executive members of APC Ganduje ward, Dawakin-Tofa local government area.
They included the assistant secretary, Laminu Sani and the legal adviser, Haladu Gwanjo (plaintiffs) who were part of the nine ward executive members who suspended Ganduje two days ago.
DAILY POST reported that nine members of the Ganduje ward announced the suspension of the APC National Chairman over the allegation of corruption slammed on him by the Kano State government.
The nine APC executive members said they were prompted to act following a petition written by one Ja’afaru Adamu, a member of the APC from the National Chairman’s polling unit in which he complained over allegation of corruption charges against the former Governor, urging the ward leaders to investigate the matter to redeem the dented image of the party and the implication on President Bola Tinubu’s fight against corruption.
Ganduje’s alleged suspension was announced by the ward’s legal adviser, Halliru Gwanzo, while addressing newsmen in Kano on Monday.
Gwanzo accused the former governor of “gross misconduct and misappropriation of public funds during his administration in Kano,” citing allegations of bribery against Ganduje by the Kano state government as the reason for the suspension.
He said: “We resolved to pass a vote of no confidence on the National Chairman of the party due to his inability to clear his name from allegations of corruption, particularly the ‘dollar video’ that went viral.
“The APC leaders in Ganduje Ward are worried that the party is being subjected to unnecessary embarrassment from the rival New Nigeria Peoples Party (NNPP) over unsubstantiated allegations of corruption levelled against Ganduje’s administration.
“Ganduje ward leaders deem it fit to suspend the national chairman to enable him concentrate on the litigation and other hanging issues so that he could appropriately clear his image and that of his family.
“President Bola Tinubu’s commitment to the ongoing fight against corruption has made it necessary for Ganduje to deal with the seeming baggage of corruption hanging on his neck as it is already denting the reputation of the APC-led federal government.
“We, the leaders of the APC in Ganduje Ward, after thorough deliberations, decided to suspend the chairman to give him time to clear his name.
“Since Ganduje has been summoned to answer for these accusations, we are being proactive as it could potentially affect the reputation of our political party.”
However, a short-lived reprieve came to Ganduje’s way when the suspension was countered by the Kano State Working Committee (SWC) of the APC, which slammed drastic measures against those who announced the suspension.
The state chapter of the party described the suspension of the National Chairman by Ganduje Ward of the party as illegal, null and void.
It also announced immediate suspension of the Ward Executives for their action, which it termed as a manipulation from outside.
Also, the APC national headquarters at Abuja said Ganduje remains the party’s national chairman.
The spokesman of the APC at the national level, Felix Morka, who spoke on behalf of the party, described the move as “criminal” and insisted that Ganduje remains the party’s chairman.
“We urge our Party faithful and the general public to disregard reports of the suspension of the National Chairman who is, and remains, the National Chairman of our great Party.
“The purported suspension was the devious act of a group of impersonators of Ward officials out to cause mischief and create confusion in the otherwise peaceful Ganduje Ward chapter of our Party.
“This act procured by officials of the ruling NNPP in Kano is part of the despicable program of political persecution launched by the administration of Governor Abba Kabir Yusuf against Dr. Ganduje, a former Governor of Kano state.
“The purported suspension is downright criminal, and of no effect whatsoever. The legitimate Executive Committee of the Ganduje Ward has since denounced the action and reaffirmed Dr. Ganduje as a bonafide member of the Party in the Ward, and in good standing,” Morka said in a Tuesday statement.
However, the party’s stand might likely change following the recent order by the Kano High court affirming Ganduje’s suspension.
Before now, the ex-governor’s camp had accused the state government of masterminding the suspension.
Reacting to his suspension and subsequent affirmation by the court, Ganduje claimed that the move to suspend him from office was orchestrated to starve President Bola Tinubu of Kano votes ahead of the 2027 election.
He made the revelation when he received a delegation of 27 executive members of his ward in Dawakin Tofa Local Government Area of Kano State at the party’s secretariat in Abuja.
Ganduje told the delegation that his investigation has revealed that the arrows of persecution against him were coming from the camps of the New Nigeria People’s Party, NNPP, and the Governor of Kano, Abba Yusuf.
He said: “When we first heard the news, we knew it was not true. But we had to exercise patience to affirm those behind it.
“After a formal investigation, it was found that those who met with officials of the Kano State government were not executive members either at the ward, state or even members of our party.
“These lies are peddled by the NNPP and the governor of Kano State to destroy our party because they are so concerned that during their first year in office, the people have seen the destruction of the economy of Kano down to the increase in political violence and also the destruction of political morality.
“With all these put together, they have started seeing the failure of their party. They are more concerned that we might take over the government from their party in 2027.”
DAILY POST recalls that Yusuf, who emerged governor of the state under the platform of the New Nigerian Peoples Party, NNPP, in 2023, had on assumption of office accused Ganduje of misappropriating public funds and allocating plots of land to some members of his immediate family.
But speaking on the matter, a Kano-based legal practitioner, Wangida Isa, said Ganduje should honourably resign as the National Chairman of the APC till he clears the corruption allegations against him by the state government.
He dismissed claims that the NNPP planned Ganduje suspension through some APC executives at the ward level.
The lawyer spoke on Tuesday when appeared as a guest on Channels Television’s programme.
Isa said that ward executives were legally empowered to sack any member of the party, insisting that the allegations against the ex-governor were “heavy offences”.
He also stated that Ganduje has not been exonerated as the court said he should be tried at a federal court because the money laundering offences levelled against him by the state government was a federal offence.
Fresh from the suspension, the anticipated arraignment of Ganduje was stalled on Wednesday due to the Kano State Government’s inability to serve criminal charges against him.
The move to arraign him has created palpable fear and uncertainty in Kano.
According to the court documents, Ganduje, his wife, Hafsat Ganduje, his son, Abdullahi Umar and five others, were slated to face eight counts including $413,000 bribery allegation, as well as the alleged diversion and misappropriation of funds amounting to N1.38bn.
The state government said it had assembled 15 witnesses to testify against them.
DAILY POST also reported that the Kano State Anti-Corruption and Public Complaints Commission had announced new corruption charges and maladministration against Ganduje.
The Chairman of the Commission, Muhuyi Magaji, who announced the development, said investigations uncovered the diversion of N51.3 billion from local government funds to unauthorised individuals during Ganduje’s tenure.
Magaji alleged that the Ganduje administration withdrew N1 billion monthly from state coffers before its tenure ended in May 2023, purportedly for road renovation, but diverted to Bureau de Change operators instead.
Speaking on Channels Television’s Sunrise Daily programme on Tuesday, Magaji also cited a case involving N4 billion transferred to an agricultural company from Kano’s consolidated revenue account.
“What is happening now is a tip of the iceberg. As I am talking to you, we are investigating a case whereby N51.3bn local government funds were directly taken from the government coffers (and) sent to other individuals, and we traced it to people.
“We have filed a series of cases. We have a case whereby N1bn in April last year (2023) was removed from government coffers under the allocation of renovating 30 roads in the metropolis, and it was taken away and sent to Bureau de Change.
“We have a case of N4bn whereby it was sent from the consolidated revenue account of Kano State to an agricultural company. All these cases are before the court,” he said.
Magaji said though he was appointed by Ganduje to head the agency, he won’t hesitate to prosecute alleged corruption by the immediate-past administration in the state.
According to him, he started probing Ganduje when he was governor of Kano State.
The APC national chairman is not new to allegations of corruption.
Recall that as governor of Kano State, a video clip allegedly showed Ganduje stuffing his pockets with bales of dollars suspected to be kickback from contractors.
The video was allegedly released to the public in October 2018 by the Publisher of Daily Nigerian, Mr. Ja’afar Ja’afar.
Recently, Ganduje had claimed the Kano State Government does not have the legal rights to prosecute him for the alleged bribery of $413,000 and N1.38 billion fraud.
He was reacting to the decision of the Kano State Government to file criminal charges against him.
Ganduje spoke in a statement issued by his Chief Press Secretary, Edwin Olofu.
The ex-governor maintained that it was only the office of the Attorney General of the Federation and the Economic Financial Crimes Commission (EFCC) that could charge him for the alleged offences.
“In their desperate attempt to malign me and my family, they either forgot or probably cannot conduct themselves by the dictates of the law.
“They failed to take judicial notice of the recent pronouncement of the Federal High Court in Kano, which ruled that the so-called offence I am being accused of is a federal offence that can only be prosecuted by the Attorney General of the Federation and the Economic and Financial Crimes Commission,” he said.
Meanwhile, a former National Vice Chairman, North West of the APC, Salihu Lukman, has called on President Bola Tinubu and other party leaders to revisit issues surrounding the disagreement between two former governors of Kano State, Rabiu Musa Kwankwaso and Ganduje.
Lukman in a statement issued in Abuja said, “Being progressives require honesty, which given current political reality we must accept that Senator Rabiu Musa Kwankwaso and his NNPP has a stronger support base in Kano State.”
“Noting that Senator Kwankwaso was in our party up to 2018 and acknowledging that between 1999 and 2019 both Senator Kwankwaso and Dr. Ganduje worked together, we need to revisit issues surrounding their disagreement,” Lukman said.
Speaking to DAILY POST, the Kano State Chairman of the New Nigeria People’s Party, NNPP, Hashimu Dungurawa, said that the State government has no hand in the ill fated suspension of the ex-governor from the APC.
Dungurawa, however, said the APC ward executives that announced the suspension of the APC National Chairman did a good job.
According to him, they were bonafide members of the APC and not NNPP, adding that their records were with the Independent National Electoral Commission, INEC, including the party’s headquarters.
Dungurawa further urged the APC to purge itself of individuals like Ganduje, saying his types were creating a bad image for the party.
He said: “That allegation is not true. All I know is that the executive members of APC in Ganduje ward have done a very good job by suspending their principal for two main reasons.
“One- there’s an investigation going on in Kano State. For the State to be sure, they have set up a body of inquiry on him because of his bad governance and alleged fraud.
“Two, the people of Ganduje Ward were accusing him (Ganduje) of not paying his dues as a party member, he wasn’t doing his party contribution.
“And there were allegations on him on the video that’s going round that he was syphoning money, dollars into his pocket.
“You know as a great people, people that came from a very high class family, they were very bitterly disturbed about fraud allegations against their principal.
“So it has been disturbing them and they have been having sleepless nights. That is why this committee of inquiry was set up by this government and said ‘let us probe this man so that we can have peace of mind’.
“These people that announced this suspension, they are bonafide members of APC; their names are in the Independent National Electoral Commission, INEC; it’s there in the party’s state headquarters; it’s there in the party’s headquarters in Abuja.
“If you go and get the certified true copy, you will get all the names they have mentioned. It’s the party that suspended him because of his bad attitude and action in the party.
“We in NNPP are doing a good job. If the APC wants to make their party great and clean in the eyes of the people, they have to remove Ganduje’s type from the party, so that the party will look innocent and decent, and people will rush into the party.”
When asked about Ganduje’s statement that Kano State Government does not have the legal rights to prosecute him for the alleged bribery, Dungurawa said: “That’s a lie. Did he offend the attorney general of the federation?
“He offended the Kano State people. And the governor of Kano State has the right to checkmate and call anybody or authority for any investigation.
“Nobody can stop him from doing that. So Ganduje offended people of Kano State. People of Kano State wanted him to be probed. So the government of Kano State was duty bound to call anybody that’s highly wanted.
“We cannot see the statement as an issue rather Ganduje must come to Kano on 17th and before the committee. We have to probe him. We are in charge.”
Meanwhile, efforts by DAILY POST to speak to Abdullahi Abbas, Chairman Kano State APC were not successful.
[DailyPost]
Passengers of a truck have reportedly killed a customs officer along Katsina-Dankama road in Kaita Local Government Area of the state.
Daily Trust gathered that the incident happened on Wednesday morning at Gamjin Makaho village, along Dankama road.
Sources said a truck was conveying people to Dankama town when the customs officers tried to stop it, but the driver refused to stop.
One of the armed customs officers was said to have pulled the trigger and a bullet allegedly hit one of the passengers in the waist.
The truck driver eventually stopped, and the passengers disembarked to confront the customs officers, pouncing on the shooter.
It was gathered that the passengers eventually killed the customs officer, whose name and rank could not be ascertained as of the time of filing this report.
The victim, identified as Bashir Na-Buzuwa, was said to have also died from the gunshot wound.
Late Na-Buzuwa, who was said to be about 27 years old and a native of Doro town in Bindawa LGA, was a resident of Zanguna in Katsina city.
When contacted, the Customs Public Relations Officer in Katsina State, SC Tahir Balarabe, said the Service would issue an official statement on the incident, adding that they were trying to evacuate the remains of their colleague.
[DailyTrust]
More...
THE Kogi State Governor, Usman Ododo, on Wedneday, foiled an attempt by the Economic and Financial Crimes Commission to arrest the immediate-past governor of the state, Yahaya Bello, at his 9, Benghazi Street, Wuse Zone 4, Abuja residence.
The operatives of the anti-graft agency had stormed the street around 9.30 a.m. on Wednesday and laid siege to the former governor’s residence, preventing both human and vehicular movements.
The EFCC operatives were, however, resisted by armed policemen dressed in black, with the inscription ‘Special Forces.
Our correspondent, who visited the residence on Wednesday afternoon, observed the heavy presence of armed operatives of the EFCC, policemen, operatives of the Department of State Services, Counter Terrorism Unit and Yahaya Bello’s private security team.
The stalemate continued as the EFCC operatives were prevented by the policemen and other armed men guarding the former governor from entering the house.
At exactly 2.30 p.m., the convoy of the Kogi State governor, Ododo, arrived at the residence, alongside several security operatives and youth supporters.
Governor Ododo was ushered into the residence by his security details and around 4:20 p.m., the convoy left the residence with Bello inside the governor’s car.
About 10 minutes after the governor and the former governor had left, the EFCC operatives laying siege to the residence were seen retreating to Benghazi Street, Wuse Zone 4, Abuja, while the DSS operatives and other security agents guarding the house also drove off shortly after.
Confirming the development to our correspondent, a source who preferred anonymity because of the sensitive nature of the case, said, “The former governor has left. He left with Governor Ododo, who just drove out now with his security guards.”
A source at the EFCC, who also preferred anonymity, said, “Yahaya Bello has escaped with the Kogi State Governor, Ododo. Our operatives could not stop the governor.”
Efforts to confirm the reason behind the siege on Bello’s residence failed as the spokesperson for the EFCC, Dele Oyewale, did not respond to inquiries concerning the development.
The EFCC had been having a running battle with the former governor over allegation of corruption.
The anti-graft agency had arraigned the ex-governor’s nephew, Ali Bello, in a charge that featured the ex-governor’s name.
The EFCC, in the charges, alleged N84bn fraud.
One of the counts read: “That you, Ali Bello, Dauda Suleiman, Yahaya Adoza Bello (still at large), and Abdulsalam Hudu (still at large), sometime in September 2015 in Abuja, within the jurisdiction of this honourable court, conspired amongst yourselves to convert the total sum of N80,246,470,089.88, which sum you reasonably ought to have known forms part of the proceeds of your unlawful activity to wit: criminal breach of trust and you thereby committed an offence contrary to Section 18(b) and punishable under Section 15(3) of the Money Laundering (Prohibition) Act, 2011 as amended,”
However, the Kogi State government faulted the charge, describing it as ‘ridiculous and laughable,’ saying the state had no missing funds.
EFCC condemns obstruction
In a statement on Wednesday by its spokesman, Oyewale, the EFCC warned Nigerians against obstructing its operatives during their duties.
“The EFCC wishes to warn members of the public that it is a criminal offence to obstruct officers of the commission from carrying out their lawful duties.
“This warning becomes necessary against the background of the increasing tendency by persons and groups under investigation by the commission to take the laws into their hands by recruiting thugs to obstruct lawful operations of the EFCC,” Oyewale said.
Bello, on his part, described the seige on his home by the EFCC as an illegality, calling on President Bola Tinubu to rein in the anti-graft agency.
In a statement released by his media office, Bello said the move by the EFCC to arrest in was in violation of a February 9, 2024 of a Kogi State High Court in Lokoja, which restrained the EFCC from “harassing, arresting, detaining, or prosecuting” him pending the determination of the fundamental rights suit filed by the ex-governor against the EFCC.
The media team said: “It is a surprise that an agency led by a lawyer could flagrantly disobey a subsisting court order, by taking actions contrary to the reliefs granted.
“We are aware of the total commitment of President Bola Tinubu’s current administration to the rule of law and can say categorically that the EFCC leadership might have offered the agency on a silver platter to desperate politicians to convert it to their score-settling tool, without minding the effect on its integrity and the image of Nigeria as regards the rule of law.”
Courts makes counter orders
Meanwhile, the Federal High Court in Abuja, on Wednesday, issued a warrant for the EFCC to arrest Bello.
Justice Emeka Nwite issued the order following an ex parte motion filed by the EFCC on Wednesday.
However, in a counter ruling, a Kogi State High Court in Lokoja restrained the EFCC from detaining and prosecuting Bello.
Justice Nwite made “an order directing and/or issuing an arrest warrant for the immediate arrest of the defendant for the purpose of bringing him before this honourable court for arraignment.”
But in a countermanding order, Justice I. A. Jami of the Kogi State High Court restrained the EFCC from arresting the former governor.
The EFCC had dragged Yahaya Bello, his nephew, Ali, one Dauda Sulaiman, and Abdulsalam Hudu before Justice James Omotosho of the Federal High Court, Abuja, in an amended charge in March 2024, over an alleged N84bn money laundering.
The anti-graft agency, in the 17-count amended charge, accused Yahaya Bello of money laundering, breach of trust, and misappropriation of funds to the tune of N84,062,406,089.88.
The EFCC had claimed in the amended charge that the former governor was at large.
- President hosts Afenifere leaders •29 Yoruba Nation crusaders arraigned in Ibadan
The President talked tough yesterday on violent ethnic agitation.
According to him, those who push for the balkanisation of the country violently will face the consequences.
President Bola Ahmed Tinubu said: “Those who think they can threaten the sovereignty of Nigeria will have themselves to blame.
“They have a price to pay and we are not going to relent.”
The President spoke against the backdrop of the weekend’s violent attempt to take over the seat of government in Ibadan, the Oyo State capital, by some Yoruba Nation agitators.
The President opened up while receiving leaders of Afenifere, the Yoruba socio-cultural organisation, led by nonagenarian Pa Reuben Fasoranti.
Also on the delegation were some leaders of thought and traditional rulers in the Southwest.
Security men foiled the attack in Ibadan and arrested 21 members of the group.
Following more arrests, 29 people were arraigned by the police over the incident.
They were remanded in prison by the court.
The President warned those who think they can undermine the country’s unity and go scot-free to perish the thought as the consequences will be grave.
He told his audience that his administration had recorded significant progress against insurgency where it exists in the country.
In a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, the President declared that his administration would not relent in its fight against criminals.
He assured that the menace of banditry and kidnapping is on the verge of defeat, especially with the ‘no ransom’ policy of the government.
He explained: “I am irrevocably committed to the unity of Nigeria and constitutional democracy.
“Constitutional democracy is reflected greatly here since we assumed office. What we face now is the challenge of terrorism.
“Security of life and property is very necessary for development. I can tell you we are achieving success.
“There’s an improvement from hoisting flags on the Nigerian properties and sovereignty.
“We have degraded terrorism to a level that they cannot threaten the sovereignty of Nigeria any longer.
“Banditry and kidnapping will be defeated and there is no payment of ransom whatsoever.
“We are taking the battle to them. We are getting results more rapidly than before.
“We are working hard on intelligence gathering.”
On the economy, he restated his administration’s commitment to the pursuit of comprehensive economic security for the country while tackling foundational challenges and creating a fair and equitable system for all Nigerians.
The President spoke of ongoing re-engineering of the nation’s finances, efforts at boosting the purchasing power of citizens and spreading prosperity down the line with the establishment of a credit system where the element of cash does not impede a significantly enhanced standard of living for all citizens.
According to him, Nigeria must secure itself economically first before it can achieve any of its more sophisticated objectives.
The President added: “We are committed to the economic survival of our country. To re-engineer the finances of our country, we must start in earnest.
“So, first, retool, revamp the economic opportunities available, and resolve to continue taking the firm and steady baby steps that are necessary.
“Education is a strong weapon against poverty. To empower the people, we must invest in the future of our youths.
“We have seen the problems parents face in training their children in school; it is the reason why we established the National Student Loan Scheme, which is taking off well.
“We are equally examining what to do with the high degree of unemployment. We must help vulnerable people by providing social security.
“We are looking at how to provide allowances for the unemployed, and we are developing ways to boost the purchasing power of citizens with the Consumer Credit Scheme.
“If we remove the cash upfront element to buy a car or a house, we will reduce the propensity for fraud and corruption across the land.”
The President thanked the Afenifere leaders for their prayers and support, assuring them that he would not relent in his resolve to advance Nigeria.
The Alabo of Ilu-Abo, Akure, Ondo State, Oba Olu Falae, who spoke for the delegation, commended the President for his courageous decisions and for the rehabilitation of the Third Mainland Bridge in Lagos, as well as other critical ongoing projects.
He urged the President not to relent in ensuring fairness and equity for all Nigerians while noting the importance of a constitutional amendment to devolve more powers to the states.
Oba Falae, who was a career civil servant, served as Secretary to the Government of the Federation (SGF) under former military President, Gen. Ibrahim Babangida.
He was also the Presidential candidate of the Alliance for Democracy (AD)/All Peoples Party (APP) in the 1999 Presidential election.
He said: “We are delighted about what you are doing for our country, and we assure you of our continued support.
“We thank you for your visit to Akure in February 2024, and we believe it is proper to reciprocate your kind gesture. We appreciate this relationship, and we need to make it work in the interest of Nigeria.
“Mr. President, you are the leader of Nigeria now and the most important political figure in Africa.
“We expect you, given your legacy and pedigree, to lead our country with knowledge, courage, and integrity.
“We do not doubt that your tenure will mark a turning point in the history of our country. Under your leadership, Nigeria will be repositioned.
“We will stand by you as you make all efforts to change the Nigeria story for the better.
“Be assured Afenifere will not abandon you in fair or foul weather.
“As long as you remain faithful to the principles of fairness, integrity, and courage that are expected of you as the leader of Nigeria, we will stand by you.”
Other members of the delegation are Bishop Ayo Ladigbolu, former governors Aremo Olusegun Osoba (Ogun), Gbenga Daniel (Ogun) and Olusegun Mimiko (Ondo); Prince Tajudeen Olusi, Otunba Samuel Ibikunle, Basorun Sehinde Arogbofa, Korede Duyile, Oba Solomon Dele Owoniyi and Chief Lekan Alabi.
Others are Otunba Kole Omololu, Basorun Demola Folarin, Dare Babarinsa, Dr Akin Onigbinde (SAN), Prince Alonge, Jare Ajayi, Capt. Adekunle Raji (rtd), Adedapo Abiola Adeyemi, Dr. Taiwo Fasoranti, Oba Francis Olusola Alao, Olugbon of Orile Igbon Oba Francis Olusola Alao, Chief Deji Wellington, Chief Femi Aluko and Olayiwola Popoola.
[TheNation]
To record -4.6% growth in fiscal balance
The International Monetary Fund, IMF, has projected Nigeria’s public debt to Gross Domestic Product, GDP, ratio to reach 46.6 percent in 2024, and 46.8 percent in 2025.
This represents a 0.3 percentage points and 0.5 percentage points growth respectively when compared with the IMF projection for 2023.
The IMF disclosed this in its Fiscal Monitor for April 2024 titled: “Fiscal policy in the great election year”
It also downgraded the country’s fiscal balance-to-GDP ratio to -4.6 percent in 2024 from -4.2 percent in 2023.
According to the IMF, large shares of loans on concessional terms, high inflation, and resulting favorable interest-growth differentials had helped contain average public-debt-to-GDP ratios in low-income developing countries, at around 50 percent of GDP since 2020, on average.
It added: “An exception was an uptick to 53 percent of GDP in 2023, largely driven by exchange rate depreciation in Nigeria. ‘’However, countries are carrying heavy debt-service burdens, amounting to 13 percent of total spending and almost 25 percent of tax revenues, on average, in 2023 (about double the level 15 years ago).
“In Nigeria, the debt-service burden amounts to around 56 percent of tax revenues. Such high debt-servicing costs prevent low-income developing countries from spending more on essential services and critical investment to improve economic resilience and reduce poverty.
“Economies in this country group are also borrowing increasingly on commercial terms, amplifying their exposure to interest rate and foreign exchange risks. “Accordingly, risks associated with debt refinancing are high, as repayments of substantial amounts of external debt—about $60 billion—are coming due in 2024–25, three times the average in the 2010s (Holland and Pazarbasioglu 2024).
“Several low-income developing countries returned to international markets after a hiatus in early 2024 (Benin, Côte d’Ivoire, Kenya), allowing them to refinance maturing debt. However, at present, governments should carefully consider the trade-offs between current financing and future fiscal sustainability associated with issuing public debt at high cost (April 2024 Regional Economic Outlook Sub-Saharan Africa).”
IMF also said that the fiscal balances have improved only in sub-Saharan Africa (by 1.2 percentage points of GDP with both lower spending and higher revenues.
It added: “Overall, primary deficits are projected to decline further in low-income developing countries in 2024 to 1.5 percent of GDP, on average, gradually falling to 1 percent by 2029, about 1.3 percentage point of GDP below their level in 2019. Revenues are expected to improve in many economies in this group, given, among other measures, new tax measures and reduced exemptions to the value-added tax (Bangladesh). Expenditures are expected to rise modestly.”
The Federal Government through its Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited have stated that the various claims by different individuals and groups on the alleged return of subsidy on Premium Motor Spirit, popularly called petrol, were wrong.
The government also challenged those who make this argument to provide evidence to justify their allegations, stressing that since President Bola Tinubu had declared the end of subsidy on petrol, the situation remains so.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, stressed that fuel subsidy was a sensitive issue, but noted that the government had made its position known on the matter.
When contacted for the reaction of the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, on the matter, his media aide, Nneamaka Okafor, provided a video clip where her boss reacted to the claims of the former Kaduna governor and marketers.
In the clip, Lokpobiri insisted that petrol subsidy had ceased to exist, and urged those who alleged that the government was still subsidising the commodity to provide evidence and facts.
The minister said, “I don’t want to delve into that issue. It is a very sensitive issue. It is better we get all the facts. As far as I’m concerned, the President removed the subsidy and it remains removed till today. Anybody who is saying that subsidy is being paid, it is left for the person to bring the facts and then we will talk about them.”
Asked whether the price being paid for petrol currently is determined by market forces, the minister replied, “It may not be determined by market forces but let us deal with the price as it is today.
“Every government has a duty to do certain things, not only in the petroleum sector but in several other sectors, to be able to cushion the effect and burden on Nigerians.”
The NNPC also said it was recovering its full cost on the petroleum products that it imports into Nigeria, and insisted that there was nothing like petrol subsidy any more. NNPC is the sole importer of petrol into Nigeria currently.
Their comments came as oil marketers backed the claim by the immediate past Governor of Kaduna State, Nasir El-Rufai, that the Federal Government had resumed the payment of subsidy on Premium Motor Spirit also called petrol.
Oil dealers also pointed out that the current cost of PMS at filling stations should be around N900/litre if there were no subsidy on the commodity.
This price, according to them, is because of the recent appreciation of the naira against the United States dollar.
The pump price of petrol is currently between N600 and N700/litre depending on the area of purchase.
El-Rufai had told journalists in Maiduguri on Monday that many citizens were not aware that the government had reintroduced the PMS subsidy.
“The Federal Government is now subsidising fuel; many people don’t know this. It is the right policy. I have always supported the withdrawal of oil subsidies; but in the course of implementing the policy, the government realised that subsidy has to be back; right now, the government is paying a lot of money for subsidy, even more than before.
“You start implementing a policy because you are sure it is the right policy, but in the course of implementation, you come across bottlenecks, and you modify.
“The keyword in leadership, in my view, is pragmatism. You should be pragmatic. So when you make a policy, you start implementing it, and it doesn’t seem to work well. You should have the humility to stand back and say this is not working, and you modify it,” the former governor stated.
Marketers back El-Rufai
Reacting to this on Wednesday, oil dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria, stated that what the former governor said was not far from the truth.
They argued that the subsidy on petrol kept rising as the exchange rate of the United States dollar increased, stressing that the government spent more on the PMS subsidy at the time the dollar exchanged for about N1,500.
The marketers, however, noted that since the local currency started appreciating against the dollar, the subsidy on PMS had been on the decline.
This, according to them, is because the dollar remains the major component that influences the cost of petrol, as Nigeria imports the commodity through NNPC Ltd.
The Public Relations Officer, IPMAN, Chief Ukadike Chinedu, told our correspondent that petrol prices at the pumps should be around N900/litre.
“I’ve said before that the PMS subsidy had been returned, and the government said it was a lie. I said before that the government is subsidising PMS and it is on till this moment. I said before that what the government was doing was quasi-subsidy and that has not changed,” Ukadike stated.
When asked what would have been the landing cost of petrol at the depots and tank farms if there was no subsidy on the commodity, he replied, “Going by the steady appreciation of the naira against the dollar lately, the amount being spent as subsidy on petrol should be on the decline.
“Since the dollar is currently around N1,000, then PMS landing cost should be around N800/litre, while the cost at the pumps should be nearing N900/litre.”
No subsidy, NNPC insists
But the Chief Corporate Communications Officer, NNPC Ltd, Olufemi Soneye, insisted that the national oil firm had stopped subsidising petrol.
“We are recovering our full costs from the products we import. It is important to emphasise that the subsidy is no longer in place. Contrary to allegations, the petrol subsidy has not been reinstated,” he stated.
Before the recent claims on the return of petrol subsidy by the Federal Government, the Group Chief Executive Officer, NNPC, Mele Kyari, had told state house correspondents after an audience with the President at the Aso Rock Villa a few months ago that fuel subsidy had not been returned.
“No subsidy whatsoever. We are recovering our full cost from the products that we import. We sell to the market, and we understand why the marketers are unable to import. We hope that they do it very quickly and these are some of the interventions the government is doing. There is no subsidy,” Kyari had stated.
His reaction at the time came after the Petroleum and Natural Gas Senior Staff Association of Nigeria confirmed the return of fuel subsidy.
PENGASSAN’s National President, Festus Osifo, had said the government still subsidised petrol due to the cost of crude oil in the international market and the exchange rate.
“They (government) are paying subsidies today. In reality, today, there is a subsidy because, as of when the earlier price was determined, the price of crude in the international market was around $80 for a barrel.
“But today, it has moved to about $93/94 per barrel for Brent crude. So, because it has moved, the price (of petroleum) also needed to move. The only reason the price will not move is when you can manage your exchange rate effectively and you can pump in supply and bring down the exchange rate.
“So, if the exchange rate comes down today, we will not be paying a subsidy. But with the exchange rate value and the price of crude oil in the international market, we have introduced the subsidy,” Osifo had explained.
In his inaugural address after taking the oath of office on May 29, 2023, President Bola Tinubu announced that the Federal Government was closing the curtains over the subsidy era.
“Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
“We shall instead re-channel the funds into better investment in public infrastructure, education, health care, and jobs that will materially improve the lives of millions. Petrol subsidy is gone!” Tinubu had declared.
The President’s announcement sparked the increase in fuel price from N197 to between N480 and N570. The pump price was subsequently reviewed upward to N617/litre and now sells for between N620 and N700/litre.
[Punch]