Aliko Dangote, chairman of the Dangote Industries Limited, says Nigeria’s economy can be turned around in a few months.
Dangogte addressed journalists in Abuja after the inauguration of the presidential economic coordination council (PECC) on Thursday.
“What I keep saying is that our own issues are not that bad, this economy can be turned around within few months and I think we are on that way,” he said.
The billionaire also pledged the support of the private sector in investing in job creation for Nigerians.
“The private sector will support the government to invest heavily and create jobs,” the business tycoon said.
“Government does not create jobs but they give us the right policies, you can see the interventions in gas sector, getting the OB3 to work will give the country additional $2 billion.”
On July 4, President Bola Tinubu inaugurated the PECC and announced a N2 trillion economic stabilisation plan in a move to revive Nigeria’s struggling economy.
Established in March, the PECC is chaired by the president and includes key government officials such as the vice-president, the senate president, and the chairman of the governors’ forum.
Prominent private sector leaders, including Dangote, Tony Elumelu, and Bismarck Rewane will serve on the council for one year.
On July 2, Dangote had warned that the increase of interest rate to almost 30 percent by the Central Bank of Nigeria (CBN) would stifle growth.
Tajudeen Abbas, speaker of the house of representatives, says the nation’s security will improve if traditional rulers are given constitutional roles.
The bill seeking to give traditional rulers constitutional roles did not scale through during the last assembly.
Speaking at an event to mark the one year anniversary of the 10th house, Abbas said through the ongoing constitutional amendment process, parliament will grant constitutionally recognised roles to traditional institutions.
“The 10th house, under my leadership, will do its best to give recognition to the traditional rulers during our constitution amendment exercise,” Abbas said.
“Many amendments were made in the past to grant constitutional recognition to traditional rulers, but they never saw the light of day.
“Because most of us in the house honestly believe that traditional institutions are the backbones of our society. We believe that the welfare of our people will be more enhanced with a legal role for the traditional institutions.”
Abbas said he constituted two special standing committees when he assumed office, to drive the process of actualising constitutional roles for traditional institutions, and achieving autonomy for local governments.
“We also believe the security of our country will be more enhanced if the traditional institutions are given better roles. That is the reason from the onset, we decided to create committees — two different ones — actually,” he added.
“One of them is the committee on traditional institutions to drive the process of giving legal recognition to the traditional institutions in this coming constitutional amendment.
“The second one is the committee on states and local governments.
“If we must make headway with the ongoing constitution amendment, state governments, state houses of assembly, local government councils and their councillors must be considered.
“That is the reason we decided that another committee dealing with issues of states and local governments should come on board.
“These two committees, we believe, will drive the process of reaching out to critical stakeholders in the states to ensure that the goal of local government autonomy is realised.”
Recall that there have been reports in the media that the refinery has being experiencing difficulties in securing crude oil in the country and has had to resort to importing from countries like the United States of America.
Speaking on the situation at the maiden edition of Prof Emeka Umerah’s public lecture, with the theme, ‘Nigeria Yesterday, Today and a Prosperous Future’ in Abuja, Oshiomhole lamented those who were complaining about the fuel hike are those importing low quality diesel into the country.
Oshiomhole emphasised that it shouldn’t come to anybody as a surprise that many of those holding the country to ransom are Nigerians, who are domiciled in the nation’s capital, Abuja.
According to him, “It is the product of his work that Dangote Refinery now located in Lagos can satisfy the Nigerian market. Yet, some Nigerians who joined us in lamenting (the fuel hike) are the ones importing low-quality diesel prohibited in Europe. They are bringing in diesel that will pollute our environment, destroy our engines, and use our scarce foreign exchange to pay for it. Meanwhile, Dangote Refinery in Lagos is in a position to produce diesel and even announced a reduction of the price.
“But these Nigerians who put themselves first before the country are not interested. They live here in Abuja, unknown to ballot and not scrutinized by the Nigerian electorates. Their names don’t appear in any newspaper. You (Nigerians) will abuse the president, yet he has no knowledge about what is going on because he has saddled people with the responsibility. And when you ask them, they will say ‘Look at the PIB Act.”
[NaijaNews]
PRESS RELEASE
On 28 June 2024, Nigeria signed the Samoa Agreement at the Organisation of African, Caribbean, and Pacific States (OACPS) Secretariat in Brussels, Belgium.
The partnership agreement is between the EU and its Member States on one hand, and the members of the OACPS on the other.
Negotiations on the agreement started in 2018, on the sidelines of the 73rd United Nations General Assembly. It was signed in Apia, Samoa on the 15th of November 2018 by all 27 EU Member states and 47 of the 79 OACPS Member states.
The agreement has 103 articles comprising a common foundational compact and three regional protocols, namely: Africa –EU; Caribbean-EU, and Pacific-EU Regional Protocols with each regional protocol addressing the peculiar issues of the regions.
The African Regional Protocol consists of two parts. The first is the Framework for Cooperation, while the second deals with Areas of Cooperation, containing Inclusive and Sustainable Economic Growth and Development; Human and Social Development; Environment, Natural Resources Management, and Climate Change; Peace and Security; Human Rights, Democracy and Governance; and Migration and Mobility.
Nigeria signed the Agreement on Friday 28 June 2024. This was done after extensive reviews and consultations by the Interministerial Committee, convened by the Federal Ministry of Budget and Economic Planning (FMBEP) in collaboration with the Ministry of Foreign Affairs (MFA) and the Federal Ministry of Justice (FMOJ). It was ensured that none of the 103 Articles and Provisions of the Agreement contravenes the 1999 Constitution as amended or the laws of Nigeria and other extant Laws.
In addition, Nigeria’s endorsement was accompanied by a Statement of Declaration, dated 26th June 2024, clarifying its understanding and context of the Agreement within its jurisdiction to the effect that any provision that is inconsistent with the laws of Nigeria shall be invalid. It is instructive to note that there is an existing legislation against same-sex relationships in Nigeria enacted in 2014.
It is necessary to assure Nigerians that the President Bola Tinubu Administration, being a rule-based government will not enter into any international agreement that will be detrimental to the interest of the country and its citizens. In negotiating the Agreement, our officials strictly followed the mandates exchanged in 2018 between the EU and the OACPS for the process.
The Samoa Agreement is nothing but a vital legal framework for cooperation between the OACPS and the European Union, to promote sustainable development, fight climate change and its effects, generate investment opportunities, and foster collaboration among OACPS Member States at the international stage.
Mohammed Idris
Minister of Information and National Orientation.
The federal government says Nigeria has won its bid to host the headquarters of the $5 billion Africa Energy Bank (AEB).
In a statement on Thursday, Heineken Lokpobiri, minister of state for petroleum resources (oil), described the development as a testament to the country’s leadership and commitment to the energy sector.
The decision, reached at an extraordinary meeting of the Council of Ministers of the African Petroleum Producers Organization (APPO), places Nigeria at the forefront of Africa’s energy future, Lokpobiri said.
“As the Minister for Petroleum Resources[Oil], I am incredibly proud of this achievement. The African Energy Bank will be a cornerstone for financing and advancing energy projects across Africa, promoting innovation, sustainability, and economic growth,” the statement reads.
“This is a remarkable victory for Nigeria and the entire African continent. It symbolizes our collective efforts to harness and develop our rich energy resources for a brighter, more sustainable future.
“Thank you to everyone who made this possible. Together, we are shaping the future of energy in Africa, starting right here in Nigeria!”
In March, Nigeria won the bid as the preferred host nation despite competing against Algeria, Benin, Ghana, Ivory Coast, and South Africa.
The proposed AEB, which will focus investment in oil and gas projects across the continent, plans to start operations later this year with an initial $5 billion authorised capital base.
In November last year, the African Export-Import Bank (Afreximbank) had the African Energy Bank would be inaugurated in June 2024 to mitigate the crisis in the continent’s energy sector.
The lender said it had partnered with over 700 banks in Africa and its partners to chart a profitable pathway for the African energy sector.
Keir Starmer, the Labour Party candidate, has won the UK general election and will become the next prime minister of the country.
Labour has been declared official winner of the poll after reaching the required 326 parliamentary seats.
“Change begins now. It feels good, I have to be honest,” Starmer told a cheering crowd in central London.
Rishi Sunak, outgoing prime minister, said he takes responsibility for the loss of the Conservative Party.
“Britain has delivered a sobering verdict. On this difficult night, I’d like to express my gratitude to the people of Richmond and Northallerton constituency for your continued support,” Sunak said.
“The Labour Party has won this general election and I’ve called Sir Keir Starmer to congratulate him on his victory.
“Today, power will change hands in a peaceful and orderly manner, with goodwill on all sides. That is something that should give us all confidence in our country’s stability and future.
“The British people have delivered a sobering verdict tonight, there is much to learn… and I take responsibility for the loss.
“To the many good, hard-working Conservative candidates who lost tonight, despite their tireless efforts, their local records and delivery, and their dedication to their communities, I am sorry.”
The Economic and Financial Crimes Commission, Lagos State Command has beefed up security at its entrance in the wake of a planned protest.
The Nation reports Friday that operatives of the Lagos State Anti-Crime Outfit – Rapid Response Squad and men of the Department of State Services are among the joint security forces stationed at all routes leading to the EFCC office located at Awolowo Road in the Ikoyi area of the state.
On Thursday, the commission’s Head of Media and Publicity, Dele Oyewale said intelligence at the disposal of some Civil Society Organisations showed that a former governor and two former ministers are behind the protests being organised against the EFCC.
This is coming after the commission had raised the alarm that some groups were planning a series of protests against it.
A user on X.com identified as #PidomNigeria had shared the demands of the protesters – Concerned Nigeria Youths, in a letter dated July 4, 2024, and addressed to the EFCC Chairman, Ola Olukoyede.
The protest is due to take place with a hashtag on X.com as #ReformEFCC.
As seen by PUNCH Online, the demands include, “Respect our fundamental human rights, Stop indiscriminate arrest and invasion of people’s homes/businesses in the middle of the night like armed robbers, Stop the stereotyping and profiling of young innocent Nigerian youths, Be more professional and civil in your operations,” among others.
The protest will take place in some other states across the country — Edo, Enugu, Kwara, Oyo, Gombe, and the Federal Capital Territory, among others.
[Punch]
Wale Edun, minister of finance, says the N2 trillion economic stabilisation plan announced by President Bola Tinubu will prioritise food and energy security.
Edun spoke to journalists after the inauguration of the presidential economic coordination council (PECC) on Thursday.
He said the council members were presented with the outcomes of the president’s review of the accelerated stability and advancement plan.
The minister described the plan as an emergency measure set to span the next six months following the approval of the N2 trillion intervention package.
He said the package includes N350 billion for health and social welfare, N500 billion for agriculture and food security, N500 billion for the energy and power sector, and N650 billion for general business support.
“This is in addition to a range of promising tax measures, there is a range of Executive Orders which the president’s signed and are been gazetted to ease the cost of doing business at this particular time,” Edun said.
“There are a number of funding which will reduce the cost of interest rate for certain sectors in economy with small and medium scale in particular but also larger companies there is a line of credit that will allow them to fall cheaper than the elevated rate.
“This plan is a means of stabilising the economy and [to] get business growing again.
“We know what has happened since the micro economic measures which are necessary and have been implemented in a determined and consistent manner led to elevated cost for industries and for individuals.”
Edun said Tinubu’s focus is on food security, food production, and nutrition security.
He reaffirmed the president’s commitment to reducing losses in the crude oil sector and increasing production and sales to 2 million barrels per day.
In his remarks, Tony Elumelu, chairman of Heirs Holdings, said the president’s target of producing 2 million barrels of crude oil per day is achievable, emphasising the need to improve power generation in Nigeria.
In a move to revive Nigeria’s struggling economy, Tinubu announced a N2 trillion economic stabilisation plan on Thursday.
The plan was unveiled during the inauguration of the PECC.
Established in March, the PECC is chaired by the president and includes key government officials such as the vice-president, the senate president, and the chairman of the governors’ forum.
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Prominent private sector leaders, including Dangote, Elumelu, and Bismarck Rewane will serve on the council for one year.
Britain’s new Labour government has pledged immediate action to grow the economy after clinching a landslide election victory to oust the Conservatives, but its task could be hampered by strained state finances following huge Covid expenditures.
The centre-left Labour administration led by Prime Minister Keir Starmer has promised investment in key areas such as health and education but also stresses the need to balance the books.
This after government coffers were further hit by subsidies for energy bills after Russia’s invasion of Ukraine sent oil and gas prices rocketing.
– Stability –
Starmer will want to avoid a repeat of October 2022, when the then-Conservative government’s proposed unfunded tax cuts spooked markets and tanked the pound.
It also sank the chaotic premiership of Liz Truss, who lasted just 49 days before she was replaced by Rishi Sunak.
Truss then lost her seat in Thursday’s election.
Britain’s economy is currently on a more stable footing after exiting a mild recession and as inflation returns to normal.
Labour “will benefit from the economic recovery”, noted Ashley Webb, UK economist at Capital Economics research group.
However, eight years after Britain voted for Brexit, businesses still lament economic fallout caused by the country’s departure from the European Union, with little prospect of change in the near future.
Starmer has ruled out returning Britain to the European single market, customs union, or bringing back free movement of EU nationals.
– ‘Safe haven’ –
“I want investors to look at Britain and say it is a safe haven in a turbulent world, a place where I can invest with confidence in a world where perhaps other countries are tilting to more populist politics,” Labour finance spokesperson Rachel Reeves said ahead of Thursday’s UK vote.
She has also said that “change will be achieved only on the basis of iron discipline”.
British public debt has flirted with a level totalling 100 percent of gross domestic product in recent months — a situation not seen since the 1960s.
“The reason for Starmer’s popularity (is) because he offered a changeless change,” said James Wood, senior teaching associate in political economy at the University of Cambridge.
“He basically is a Conservative in a red tie,” Wood said in reference to the colour associated with the Labour party and Starmer’s prudence around spending.
Ahead of the election, Labour increasingly won support of company bosses and key UK publications — including the Financial Times — who believe the party can successfully manage the economy.
Following Labour’s landslide, business chiefs on Friday urged Starmer to prioritise economic growth.
The Confederation of British Industry declared that “now is the moment to get behind growth”, while manufacturers’ organisation MakeUK said Labour “faced an “urgent need to kick start the UK’s anaemic growth levels of recent years and boost investment in our infrastructure”.
The City of London Corporation, which is the local authority for the capital’s financial district, called on Starmer to place the powerful sector “at the forefront of Labour’s plans to drive growth”.
– Spend and tax –
Included in Labour’s spending plans is the creation of publicly-owned Great British Energy, with the aim of slashing bills as millions of Britons still struggle with a high cost of living.
The party has an ambition also to hike defence spending to 2.5 percent of gross domestic product from around two.
According to Daniel Sopher, senior partner at tax specialists Sopher + Co, “tax is going to go up” to fund public services.
“There’s only so much to what one can increase debt to,” he told AFP.
At the same time, with Labour having been elected with a big majority, the party’s leadership may feel pressure from its own members to relax budget rules, according to analysts.
“I don’t think that anyone in the markets will be made nervous by yet another change of the fiscal rules,” said Jonathan Portes, an economist at King’s College London, noting that the Conservatives have altered them numerous times since winning power in 2010.
“Obviously the fiscal rules are going to change, the question is how will they change and will they change in a way that is sensible.”
[Vanguard]
British leader Rishi Sunak conceded defeat Friday to Keir Starmer’s main opposition Labour party in the UK general election, saying, “I take responsibility for the loss”.
“Today, power will change hands in a peaceful and orderly manner with goodwill on all sides,” said Sunak, as his Conservative party appeared heading for historic defeat to Labour.
The result ends 14 years of Conservative government during which five prime ministers ran the country.
Sunak became the prime minister on October 25, 2022, the youngest British Asian and the first Hindu to be in that position.
The 42-year-old is the youngest British Prime Minister since Robert Jenkinson.
AFP
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Lawyers representing Aminu Ado Bayero, 15th emir of Kano, have withdrawn in the ongoing Kano emirate tussle before the state high court.
At the resumed court session on Thursday, Abdul Muhammed, counsel to the first respondent, informed the court that he had an affidavit of fact dated July 3, attached with a notice of appeal and a motion of stay of proceedings.
He urged the court to stay proceedings pending the hearing and determination of the motion at the appeal court.
“When a judge of a high court is aware of application in a higher court, the notification in the dependency in the lower court must be in affidavit of facts,” he said.
“It is expected that a trial court should stop the hearing on the matter pending the hearing and determination of the motion on notice.”
He told the court that they were served with the court processes on Thursday morning.
He sought an adjournment that would enable them to respond but the court refused his prayers.
He therefore announced his withdrawal of service from the case.
Sanusi Musa, another member of the team, announced their withdrawal from the case on behalf of the other counsels for the first respondent.
“Myself and other counsels apply for the withdrawal of our representation and appearances,” Musa said.
Hassan Kyaure, counsel to the third, fourth and fifth respondents, told the court that he has filed an application for an extension of time and counter affidavit in response to the originating motion.
Kyaure prayed the court to set aside the Kano State Emirate Council repeal law as due process was not followed. He also asked that a fine of N1 billion be awarded against the plaintiffs.
Sunday Ekwe, counsel to the sixth respondent, told the court that he had nothing to present.
Responding, Eyitayo Fatogun, counsel to the applicant, urged the court to discount the respondent’s affidavit of facts pursuant to order 39, rules 1 and 2 of the court.
“The motion refers to a proposed notice of appeal not a notice of appeal. It shows that the affidavit of facts is just to delay the proceedings. My lord, the business of today is for the hearing of all pending applications,” he said.
Fatogun asked the court to dismiss the third, fourth and fifth respondents’ applications on the issue of Kano Emirate Repeal Law because the issue is not before the court.
THE RULING
Delivering the ruling, Amina Adamu-Aliyu, presiding judge, refused the application for a stay of proceedings.
“The respondent did not disclose any special fact to warrant any stay of proceedings,” she said.
The judge adjourned the case until July 18 for ruling on the applications for extension of time, notice of preliminary objection, setting aside ex parte order, joinder application, and for the judge to recuse herself, among others.
The applicants in the suit are the attorney-general of Kano, the speaker, and the Kano house of assembly.
Respondents are Aminu Bayero, Nasiru Ado Bayero, Ibrahim Abubakar II, Kabiru Muhammad Inuwa, Aliyu Ibrahim Gaya, inspector-general of police (IGP), director of the Department of State Services (DSS), Nigeria Security and Civil Defence Corps (NSCDC), and the Nigerian Army.
In May, the court restrained Aminu Bayero from parading himself as the Emir of Kano pending the determination of the suit.
The court also ordered the police to take over the Nassarawa palace where Bayero has been sheltering since he returned to Kano after his dethronement.
[TheCable]
The Nigerian National Petroleum Company (NNPC) Limited has inaugurated 12 compressed natural gas (CNG) stations in Lagos and Abuja.
The newly-built CNG stations were simultaneously inaugurated on Thursday by Ekperikpe Ekpo, minister of state for petroleum resources (gas).
According to the national oil firm, the facilities include six CNG stations in Abuja, constructed through its subsidiary NNPC Retail Ltd and six CNG-Autogas stations in Lagos and Abuja, via NNPC Gas Marketing Limited and NIPCO Gas Limited.
Speaking at the occasion, Ekpo said the commissioning of the stations would provide economic benefits by creating jobs and boosting local economies.
He said it will also contribute significantly to Nigeria’s national goals of lowering emissions and combating climate change.
The minister commended NNPC for ensuring that CNG is available for Nigerians.
On his part, Mele Kyari, group chief executive officer (GCEO) of NNPC, said in addition to the deployment of CNG stations nationwide, the firm and its partners would also build three liquefied natural gas (LNG) stations in Ajaokuta.
“There is simply no way to turn back on delivering CNG for all Nigerians,” Kyari said.
“It is the right thing to do. Is it late? Yes, but we will make progress, we will cover the gap in order to ensure that the volatility we see with Premium Motor Spirit (petrol) does not apply to gas.”
Also speaking, Huub Stokman, managing director at NNPC Retail, said in the next one year, the retail company would launch over 100 CNG sites, including 16 NNPC Gas Marketing and NIPCO Gas joint venture (JV) sites.
“CNG provides Nigeria with affordable alternatives to existing available fuel products. It will be about 40% cheaper than petrol in Nigeria and with continued investments, it will become a significant part of our energy mix,” Stokman added.
According to the national oil company, NNPC Gas Marketing, in partnership with NIPCO Gas Limited, has developed an Auto-CNG rollout plan for the construction of 35 CNG stations across several geographical zones in Nigeria.
A group known as Patriots for the Advancement of Peace and Social Development (PAPSD) says summits and conferences on insecurity will not end the menace in the north-west geopolitical zone.
In a statement issued on Thursday, Sani Shinkafi, the group’s executive director, said governors in the north-west need the political will to exterminate banditry and other vices behind insecurity in the zone.
“The problems in the zone require political will and pragmatic actions, not empty rhetoric as obtainable in the past 12 years, which has not changed the narrative,” the statement reads.
Shinkafi said the governors should “accelerate the development of the zone through education, wealth creation, and social amenities that will impact the lives of the people”.
He urged them to “stop dissipating energy and resources in organising peace and security summits and conferences within and outside Nigeria, as they are not the solution to the insecurity confronting the zone”.
“The zone is neglected by past and present leaders. Agriculture, which is the mainstream of the region, is neglected in spite of the abundant, fruitful land mass,” Shinkafi added.
“The recent North West summit on the security of life and livelihoods was a welcome development if governors would be spurred to implement people-oriented projects and ensure the security and welfare of the people for rapid development of the zone.
“It is obvious that the UNDP and other development partners cannot solve the problem of insecurity in the region.
“The remote causes of insecurity in the zone include corruption, poverty, unemployment, illiteracy, poor governance, a weak judicial system, a weak security apparatus, porous borders, drug abuse, weak traditional institutions, the influx of illegal Fulani aliens through land borders, and the proliferation of small and lighter arms and ammunition by unauthorised persons.
“It is amazing that governors in the region have been receiving monthly statutory allocations from the federal government since the inception of democratic governance in 1999, yet the region is underdeveloped. The resources are carelessly misappropriated, misapplied, and siphoned for personal enrichment.
“Illiteracy is one of the major causes of armed banditry and related crimes. Most of the bandits are uneducated both western and Islamic education.
“Leaders in the zone failed to invest in education, in building primary and secondary schools, adult education, and Almajiri schools. They left the children to roam about the streets begging; sadly, many of them were recruited into armed banditry, terrorism, and other social crimes. The existing schools are not renovated and equipped, let alone building new schools.
“Due to widespread armed banditry, cattle rustling, herders-farmers clashes, kidnapping for ransom, and displacement of innocent people from their ancestral homes, millions of small and large-scale farmers deserted their farmlands, which exacerbated the food crisis in the region in particular and the nation in general.
“The Bureau of Statistics recently released data that showed the North West geopolitical zone has the highest poverty rate in Nigeria. The activities of bandits have brought economic stagnation to the region, as people can no longer go about their legitimate business for fear of being kidnapped or killed by bandits.
“Many who were kidnapped sold their farmlands and houses to pay the ransom demanded by their captors. This further impoverished the people. Governors lack the political will to tackle the problem; instead, they divert funds for development to use to buy votes during elections and bribe electoral officers to hang on to power.
“It is obvious that corruption is the root cause of bad governance, unemployment, and banditry.
He asked the north-west governors to be proactive and create jobs for the youth to reduce unemployment and poverty.
Shinkafi also called for the overhaul of security architecture in the geopolitical zone, adding that modern crime-fighting equipment should be provided, including scanners, CCTV, surveillance drones, communication gadgets, operational vehicles, and quarters in the border areas to fight insecurity.
Nigeria’s debt to petrol suppliers has surpassed $6 billion, doubling since early April, Reuters is reporting.
According to the report on Thursday, the development comes as the Nigerian National Petroleum Company (NNPC) Limited strives to cover the gap between fixed pump prices and international fuel costs.
The report noted that the NNPC started struggling early this year when late petrol payments were over $3 billion.
“The company has still not paid for some January imports, traders said, and the late payments amount to $4 billion to $5 billion,” the publication said.
Under contract terms, the report said the NNPC is obligated to pay within 90 days of delivery.
“The only reason traders are putting up with it is the $250,000 a month (per cargo) for late payment compensation,” an industry source told Reuters.
According to sources, at least two suppliers have already withdrawn from current tenders after reaching their self-imposed debt exposure restrictions to Nigeria.
This means they would not provide any more petrol unless they are paid, Reuters added.
“Traders thrive in risky environments, but they place limits on how much credit they allocate per trade in order to avoid too much exposure on one borrower. These limits vary by company based on their size and where they operate,” the publication said.
Nigeria’s tenders to buy petrol in June and July were consequently smaller, traders told Reuters.
Two sources said the NNPC will import about 850,000 tonnes in July via tender — down from the typical 1 million tonnes in previous months.
President Bola Tinubu had announced the removal of the petrol subsidy when he took over in May last year, saying “its ever-increasing costs” could no longer be justified “in the wake of drying resources”.
Prior to the removal, the federal government had said it would spend up to N3.3 trillion on petrol subsidy between January and June 2023.
Petrol subsidy has remained a controversial issue in Nigeria as spending continues to deplete the country’s revenue. But the removal has since worsened the living conditions of Nigerians as petrol prices, coupled with a weak currency have stoked inflation to unbearable levels.
While there are speculations that subsidy has been reintroduced partially, the federal government has dismissed the claims on many occasions.