The co-chair of the Bill and Melinda Gates Foundation, Bill Gates, has said that Nigeria’s Value Added Tax is among the lowest worldwide.
Bill Gates disclosed this on Tuesday during the Nutrivision 2024, dialogue held in Abuja.
The billionaire said this while responding to a question on potential financing mechanisms for large-scale public health interventions.
According to him, there are plans for the government to fund more health-related programs.
“Over time, there are plans for Nigeria to fund the government more than it does today. The actual tax collection in Nigeria is pretty low.
This comes as Bill Gates participated in Nigeria’s National Economic Council on Wednesday.
Recall Meanwhile, Taiwo Oyedele, the Chairman Presidential Committee on Fiscal Policy and Tax Reforms announced that plans are on the way to propose a law that would increase VAT from 7.5 percent to 10 percent.
A former spokesman of the Labour Party (LP) presidential campaign council, Kenneth Okonkwo, has charged President Bola Tinubu, ex-presidential candidate of the Peoples Democratic Party (PDP) Atiku Abubakar, and Peter Obi to step aside ahead of the 2027 elections.
Okonkwo said Tinubu, Obi, and Atiku are not fit to contest in the 2027 election, stressing that they have failed Nigerians.
Speaking on Arise TV, the Nollywood actor also criticized the opposition for their failure to form a consolidation and work together against the ruling All Progressives Congress (APC).
According to Okonkwo: “I completely agree with you that we need new faces, 100%, and that was why I have said that Atiku, Peter Obi, and Tinubu should step aside.
“The reason is that the ruling party has failed, and the opposition has failed. Are you aware that in the House of Representatives, you have more opposition members than the ruling class?
“I’m saying you don’t just finish an election, and the first thing you start talking about is the next election. You consolidate and form alliances amongst yourselves to work together as the opposition.
“If all the opposition members in the House of Representatives had come together, they would have produced the speaker and the vice.”
Vice-President Kashim Shettima is currently presiding over the national economic council (NEC) meeting at the presidential villa, Abuja.
The meeting is attended by Aliko Dangote, chairman of Dangote Industries Limited, and Bill Gates, co-chair of the Bill and Melinda Gates Foundation.
The vice-president, by the provisions of Nigeria’s constitution, is the chairman of NEC.
The NEC meeting, held monthly, deliberates on the coordination of the economic planning efforts and programmes of the various levels of government.
The council comprises the 36 state governors, the governor of the Central Bank of Nigeria (CBN), the minister of finance, the secretary to the government of the federation (SGF), and other government officials and agencies, whose duties hinge on the economy.
Gates is in Nigeria as part of his foundation’s ongoing commitment to Africa’s development.
On Tuesday, Dangote announced the commencement of petrol production at the Dangote refinery.
According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the refinery is expected to supply 25 million litres of petrol daily in September.
The 650,000-bpd capacity refinery began operations in January with the production of diesel and aviation fuel.
Members of the National Youth Service Corps (NYSC) have been assured that as soon as the civil servants start receiving the new minimum wage that was approved by the Federal Government, their monthly allowance would also increase.
NYSC Director General, Brigadier General Yusha’u Ahmed gave this assurance while addressing corps members at the Kebbi and Sokoto states Orientation Camps located at at Dakingari and Wamakko in both states respectively.
Brig.-Gen. Ahmed said the corps members’ selfless and immense contributions to the socioeconomic development of the country cannot be underestimated.
According to a press statement by Caroline Embu, the acting director information and public relations of the NYSC, Ahmed also implored them to use the opportunity of the service year to develop themselves and plan for greater heights in the future.
He further advised the corps members to embrace the NYSC Skill Acquisition and Entrepreneurship Development programme to acquire vocational skills that would make them self-reliant after the service year.
“At least, learn a skill while in camp and after the Orientation Course, you continue with the post-camp training.
“Try to acquire a skill that would enable you to create jobs and employ others instead of searching for jobs. We have many ex-corps members across the country who are doing well in their different vocations today”, the DG said.
He added that the NYSC Management has partnered many reliable organisations like the Central Bank of Nigeria, Bank of Industry, Unity Bank, Access Bank, NNPC Foundation among others, that have been assisting in giving loans and grants to corps members.
General Ahmed also assured that the Scheme would not post any corps member to a place where their safety is not guaranteed, while also advising them to be security conscious at all times.
While presenting her camp situation report to the Director General, the Kebbi State Coordinator, Mrs Aghata Banki Okolo said a total of 1,195 corps members have been registered, comprising of 1,077 for Kebbi and 118 that were dislodged from Zamfara State.
“They are responding positively to all camp activities and instructions. We also have a total number of 240 camp officials that have been applying emotional intelligence in the discharge of their duties,” she added.
For his part, the NYSC Sokoto State Coordinator, Alhaji Yakubu Yaro Usman informed General Ahmed that the corps members have exhibited high sense of discipline and acclimatised to camp environment with adherence to camp regulations.
He added that the Corps population comprised of 1,488 members made up of 682 males and 606 females for Sokoto State, with 134 males and 66 females that were dislodged from Zamfara State.
Nigeria has become the third largest debtor to the World Bank’s International Development Association (IDA) as of June 30, 2024, marking a significant increase in the country’s borrowing from the institution.
This development has reflected a substantial shift in Nigeria’s financial landscape under the administration of President Bola Tinubu.
According to the World Bank’s latest financial statements, Nigeria’s exposure to the IDA has surged by 14.4%, rising from $14.3 billion in the fiscal year (FY) 2023 to $16.5 billion in FY2024.
This $2.2 billion increase in borrowing has propelled Nigeria into the top three IDA debtors for the first time, moving up from its previous position as the fourth-largest borrower in 2023.
The fiscal year 2024 spans from July 2023 to June 2024, during which Nigeria received at least $2.2 billion from the World Bank.
This period aligns with President Tinubu’s administration, underscoring the growing reliance on international financial support amid domestic economic challenges.
Notably, this debt pertains exclusively to the IDA and is separate from any outstanding loans Nigeria has with the World Bank’s International Bank for Reconstruction and Development (IBRD).
In comparison to other top IDA debtors, Bangladesh retains its position as the largest borrower, with its exposure increasing from $19.3 billion in 2023 to $20.5 billion in 2024.
Pakistan follows on the second position with a stable exposure of $17.9 billion over the same period. Meanwhile, India, previously the third-largest borrower with $17.9 billion in 2023, saw its IDA exposure decrease to $15.9 billion in 2024, allowing Nigeria to surpass it.
Other notable IDA borrowers include Ethiopia, whose exposure grew from $11.6 billion in 2023 to $12.2 billion in 2024.
Kenya and Vietnam both hold exposures of $12.0 billion. Alongside Tanzania, Ghana, and Uganda, these countries round out the top ten IDA debtors, collectively accounting for 63% of the IDA’s total exposure as of June 30, 2024.
The IDA, a crucial arm of the World Bank, focuses on providing concessional loans and grants to the world’s poorest countries. These loans feature low interest rates and extended repayment periods, aiming to foster economic growth, reduce inequalities, and improve living conditions in developing regions.
According to reports, Nigeria secured a total of $4.95 billion in loans from the World Bank under Tinubu’s administration, amid growing concerns over the country’s escalating external debt servicing costs.
However, only about 16 per cent of these new loans have been received so far. The World Bank may approve an additional four loan projects for Nigeria this year, potentially totaling $2 billion.
Furthermore, data from the external debt stock report of the Debt Management Office (DMO) indicates that Nigeria’s total debt to the World Bank stood at $15.59 billion as of March 31, 2024.
Governors elected on the platform of Peoples Democratic Party (PDP) yesterday declared that their resolve to support Rivers State governor, Sir Siminalayi Fubara, cannot be changed by any individual no matter how highly placed.
The governors stated this in response to a threat by the Federal Capital Territory (FCT) minister, Nyesom Wike, to set fire in their states for supporting Fubara.
They also described Wike’s comment as irresponsible and unbridled, and called on the heads of the national security apparatuses to take note of his threats to stoke the fire of violence at the sub-nationals as no one is above the laws of the land.
Wike, last week, threatened to set fire in states of PDP governors for supporting Fubara’s control of the party structure in the state.
The PDP governors had declared support for Fubara at their meetings in Enugu and Taraba States.
The battle between Wike and Fubara have defied several peace efforts even by President Bola Tinubu.
But reacting to Wike’s comment, the director general of PDP Governors Forum, Emmanuel Agbo, said governors of the party have always stood by and supported each other no matter the circumstances, a tradition Wike enjoyed in his days of travail as governor.
“Thus, we therefore maintain that our position on the affairs of the PDP in Rivers State, as unanimously resolved at our 2024, 3rd and 4th Meetings held in Enugu and Taraba States respectively are not subject to review by any individual no matter how highly placed.”
Agbo, in a statement, added that “the statements and threats to peaceful coexistence made by Wike to “Put fire” in the PDP controlled States are unbridled, irresponsible and without ambiguity totally unacceptable as it undermines efforts to build and maintain peace, cohesion, collaboration and mutual respect amongst leaders and members of the party. It is rather unfortunate that this is coming from someone who was once a member of this highly revered forum as a former governor.”
The governors stressed that the position of the Forum is neither personal nor does it, by any stretch of the imagination, undermine the relevance of any stakeholder in the party.
“Rather, as loyal party faithful, members of the Forum remain committed to that pristine practice that was intended to guarantee order, eliminate conflicting centres of loyalty epitomised by the situation in Rivers State and guard against distracting the Governor in the prosecution of his mandate. Wike benefitted wholly from that arrangement.
“We are irrevocably committed to working with the National Working Committee (NWC) of our great party, the PDP, in ensuring that Governor Siminalayi Fubara of Rivers State is conferred with all the privileges he is entitled to as a Governor elected on the platform of our party, both at the state and national levels.
“Our undiluted commitment to the unity of our party is paramount. The PDP has always been a party that values unity and collective progress. The recent actions of the governors, including their support for Governor Fubara, reflect their dedication to these values. It is crucial for all party members, including Wike, to work together towards common goals rather than pursuing personal vendettas.
“The Forum insists that it is incumbent on the National Working Committee of the PDP to invoke both official provisions and unofficial good offices platforms to find an amicable solution to the crisis in its Rivers State chapter. Similarly, if indeed the larger interests of Rivers State is their individual motivation, the warring parties should allow themselves to be guided by a spirit of give and take and eschewing, at all times, the incendiary posturing that inflames passions among their followers.
“It is inevitable for us to encourage dialogue and reconciliation continuously. The PDP has established mechanisms for addressing grievances and resolving conflicts, such as the recently constituted disciplinary and reconciliation committees; thus it is important for Wike to engage with these processes constructively, as dialogue and reconciliation are the pathways to resolving differences and strengthening the party.
“The Forum calls on the heads of the national security apparatuses to take note of threats by Wike to stoke the fire of violence at the sub-nationals as no one is above the laws of the land.”
The Council for the Regulation of Engineering in Nigeria (COREN) has proposed one year post-graduation training for engineers and called on the federal government to return funding of the council’s activities.
The President of COREN Engr. Prof. Sadiq Abubakar made the call on Tuesday at the 32 Engineering Assembly with the theme: “Regulating Engineering Profession for Shared Prosperity in Nigeria” in Abuja.
Prof Abubakar also disclosed that COREN and the National Board for Technical Education (NBTE) will commence accreditation of technical colleges in Nigeria in the coming academic session.
He said, “In response to the goals of the current FGN Administration, the Council approved the resuscitatation of the Supervised Industrial Training Scheme in Engineering (SITSIE) under the new name of Engineering Residency Programme (EREP) and planned to engage the National Assembly to seek legislative backing.
“This is a one-year post-graduation training programme for all engineering graduates of an accredited university or polytechnic, designed to meet practical experience requirements for the purpose of registration with COREN as a professional engineer or an engineering technologist similar to the practices of Medical, Pharmaceutical, etc professions”.
Prof. Abubakar said relevant organisations like NUC, NBTE, ITF, MAN, NSE, NATE, and others have been contacted and all expressed their readiness to participate and support the initiative.
He also stated that the Council has approved the creation of a new register for the cadre of Engineering Artisans in line with its mandate.
“The new NSQ levels 1-2 under the NSQF which FGN included in the Scheme of Services of Nigeria has given the required recognition and backing to the laudable policy”.
He added that arrangement has also reached advanced stage with NBTE and other relevant organisations for the inauguration of the SSC4E.
“This will herald the commencement of the processes of training, certification and licensing of artisans in Engineering Sector in Nigeria. COREN is the awarding body, NBTE is the regulatory body while NAE will chair the SSC4E comprising of diverse interest groups in Engineering including employers of labour, professional bodies, academia, private sector, etc in line with NSQF manual approved by NSC,” he said.
Speaking further, he said COREN, in order to check the incessant failures of engineering infrastructure, especially building collapse across the country, has constituted a “National Technical Committee to drive the ERME at national level similar to existing practice at regional and state levels”.
He added that the ERME inspectors are to be supported by Engineering Intelligence & Surveillance (EIS) Task Force and EIS Whistle Blowers operating at national, regional and state levels.
“COREN is ever ready to improve its performance in regulating engineering education, training of practitioners and their practices in line with the global ethics and standards to ensure the prevention of the failures engineering infrastructure and safeguard lives and Properties of the citizenry. The Council is therefore appealing to the FGN to continue to fund COREN similar to its peers in funding regime for the benefit of the nation the health sector. It is our hope and prayer that the FGN would reconsider its position to return the Council into funding regime for the benefit of the nation” he said.
Minister of Housing and Urban Development Ahmed Musa Dangiwa said the standards COREN sets and the professional ethics it enforces are critical to ensuring the quality, safety, and resilience of housing and infrastructure projects across the nation.
Dangiwa commended ongoing reforms and restructuring in COREN to effectively and efficiently implement the provisions of the COREN amended Act in monitoring and enforcing compliance in engineering practice.
He said, “As the Minister of Housing & Urban Development, I can tell you that effective regulation of the construction/built sector is key to my ministry, especially to curb the ugly developments of incessant collapse of buildings and other infrastructure”.
He commended COREN for rising to the occasion by playing a leading role amongst the Regulators in the built environment.
He further appreciated COREN for developing checklist to provide verifiable complete documentation of the construction process that allows tracking of actions or inactions to establish culpability in building collapse in Nigeria.
“This is geared towards finding lasting solution to the menace of building collapse in Nigeria,” he added.
The Federal Government and the People’s Republic of China have agreed to partner on a crackdown on financial intelligence on anti-monetary laundering and countering the financing of terrorism.
A joint statement by the two countries on ‘Establishing a Comprehensive Strategic Partnership and Building a High-Level China-Nigeria Community with a Shared Community with a Shared Future’, released by the State House on Wednesday, said both countries would collaborate to encourage flexible and diverse regional and monetary and financial cooperation such as local currency swaps, to facilitate trade between China and Nigeria and make contributions to global financial stability.
At the invitation of the President of the People’s Republic of China, Xi Jinping, President Bola Tinubu was in China for a State Visit on Tuesday, and to attend the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC).
The statement said, “The two countries agree to carry out international cooperation on financial intelligence on anti-monetary laundering/ countering the financing of terrorism (AML/CFT) and support Nigeria’s efforts to safeguard the order of its financial and foreign exchange markets and to crack down on financial crimes, including money laundering.”
According to the release, both countries have also committed to support the World Trade Organization’s focused multilateral trading system, oppose trade protectionism, promote trade and investment liberalisation and facilitation, and create a transparent and non-discriminatory business environment for cooperation.
“The two sides further support the establishment of more friendly relations between Chinese and Nigerian provinces/states and municipalities with a view to expand and deepen cooperation at the sub-national level.
“The two sides are committed to stepping up protection of lawful rights and interests of each other’s citizens on their territories and create a favourable business environment for each other’s companies.
“The two sides agreed to strengthen coordination and cooperation in multilateral affairs and jointly uphold the international system with the United Nations at its core, the international order underpinned by international law and the basic norms governing international relations guided by the purposes and principles of the United Nations Charter. The two sides advocate an equal and orderly multi-polar world and universally beneficial and inclusive economic globalisation and jointly uphold peace, development, equity, justice, democracy and freedom, the common values of humanity, and commit to a new approach to international relations focusing on win-win cooperation.
“The two sides agreed that, over half a century since the establishment of diplomatic ties between the two countries, both countries have shown respect to each other and treat each other as equals. The relationship between the two countries has withstood the test of international changes, the mutual trust has been enhanced continuously, and practical cooperation has yielded fruitful outcomes. The two countries have embarked on a path of seeking strength through unity for a win-win cooperation.
“The two sides reaffirmed their firm support to each other on issues related to their respective core interests and major concerns, particularly sovereignty and territorial integrity. The Chinese side supports the Renewed Hope Agenda of Nigeria and the efforts made by Nigeria to maintain national unity, peace, security, and social stability, as well as promote economic development and improve people’s welfare. The Nigerian side firmly adheres to the one-China principle, acknowledges that there is but one China in the world, and the government of the People’s Republic of China is the sole legal government representing the whole of China, and Taiwan is an inalienable part of China’s territory. Nigeria opposes any form of “Taiwan Independence” or interference in the internal affairs of China and firmly supports all efforts made by the Chinese government to achieve national reunification.
“The two sides spoke highly of the leading roles played by FOCAC in advancing the quality of cooperation between China and Africa over the past 24 years since, i.e. establishment of FOCAC, believing that the successful convening of the Beijing Summit of FOCAC opened a new chapter of unity and cooperation between China and Africa. Guided by the Declaration of the Beijing Summit on Jointly Building a High-level China-Africa Community with a Shared Future and Action Plan, the two sides are willing to deepen their mutually beneficial practical cooperation between China and Africa to achieve common development and prosperity.
“The two sides reiterate their firm support to each other in independently seeking a development path that suits their own national interest and will further strengthen exchanges on experiences of governance. Nigeria highly commends that under the leadership of the Communist Party of China, the Chinese people have made great transformation through a Chinese path to modernization, and subscribes to the opinion that the Chinese path to modernization expands options of development and solutions of practices for mankind in seeking modernization. They also commended each other’s efforts towards the prioritization of sustainable development and economic growth through the implementation of various developmental initiatives aimed at achieving poverty alleviation and enhanced food security.
“The two sides spoke highly of the overall planning, coordinating and driving roles played by the Intergovernmental Committee and its Sub-committees between China and Nigeria and decided to continue their active coordination under this mechanism, as well as maintain close communication on the convening of the second Plenary Session of the China-Nigeria Intergovernmental Committee and sessions of its Sub-committees.
“Nigeria applauds and supports the vision of Building a Community with a Shared Future for Mankind, The Belt and Road Initiative (BRI), the Global Development Initiative (GDI), the Global Security Initiative (GSI) and the Global Civilisation Initiative (GCI) proposed by President Xi Jinping. Both sides pledge to support each other’s efforts in multilateral affairs, including the UN, the G20 and BRICS. Both sides agree to support the increased calls for UN Security Council reforms with balanced geographical representation to reflect current geo-political realities. Both sides agree that human rights, including the right to development, are a common cause for all humanity and oppose the politicisation of human rights issues, i.e. the interference in other countries’ internal affairs under the pretext of human rights.
“China appreciates the efforts of Nigeria in enhancing regional peace and solidarity and promoting regional integration, with a strong emphasis on respecting democracy, good governance, and the rights of citizens. China supports the West African countries in addressing differences through friendly dialogue and consultations and to carry forward the regional integration. In this regard, China also urges other international actors to refrain from actions that could turn the region into a space for geopolitical contestation.
“Guided by the Cooperation Plan between the Government of the People’s Republic of China and the Government of the Federal Republic of Nigeria on Jointly Promoting the Belt and Road Initiative, both countries remain committed to advancing high-level cooperation of the Belt and Road Initiative and FOCAC Conference outcomes with the Renewed Hope Agenda and the Eight Priority Agenda of the Nigerian Government to jointly promote high-level practical cooperation across board.
“China welcomes Nigeria to expand trade between the two countries through platforms such as the China International Import Expo (CIIE), the China-Africa Economic and Trade Expo (CAETE) and the China Import and Export Fair (the Canton Fair), Lagos and Abuja International Trade Fairs, the Annual Nigerian Mining Week and through new channels such as e-commerce and overseas warehouses in China. China supports the import of more quality products from Nigeria into its market. Nigeria is willing to strengthen its partnership with China in the development of energy and mineral resources and to work with Chinese companies to set up plants in Nigeria to meet local consumption and export needs. China will encourage more competent Chinese companies to invest in Nigeria to contribute to the diversified and dynamic development of Nigeria’s economy.
“The two countries will seize the opportunities of developing productive capacity, further deepen overall reform, jointly explore cooperation in areas such as digital economy, green development, blue economy and agricultural modernisation, and foster new growth drivers in cooperation. Nigeria welcomes the Global Initiative for Artificial Intelligence (AI) Governance and Global Initiative on Data Security proposed by the Chinese side and appreciates China’s efforts in promoting the rights of developing countries in artificial intelligence, network, data and other fields.
“The two sides agree to deepen cooperation on the infrastructure connectivity between the two countries. China proactively supports Nigeria in developing its domestic infrastructure construction, including transportation, ports and free trade zones, towards achieving integrated development and connectivity for industries. The two sides will make joint efforts to fully support Nigeria’s geographical and development advantage in West Africa to establish Africa’s flagship projects on cross-national and cross-regional cooperation.”
The Federal High Court in Abuja has issued arrest warrants for British citizen Andrew Wynne and two Nigerians, Lucky Obiyan and Abdullahi Musa, following allegations of plotting an insurrection against Nigeria.
Naija News had earlier reported that the police declared Wynne and his Nigerian collaborator, Lucky Obiyan, wanted for allegedly plotting to overthrow President Bola Tinubu’s administration and placed a 20 million naira bounty on them.
The arrest order was made on Tuesday by Justice Emeka Nwite in response to an ex-parte application filed by the police.
Andrew Wynne, also known by the aliases Andrew Povich and Drew Povey, along with the two Nigerians, has become a key target in the Nigerian government’s intensified crackdown on activists associated with the #EndBadGovernance protests.
The administration of President Bola Tinubu has been actively pursuing those linked to these protests.
In a statement released on Monday, police spokesperson Olumuyiwa Adejobi accused Wynne of organizing “a network of sleeper cells” with the intent to destabilize the Tinubu administration and create nationwide chaos.
Adejobi revealed that Wynne, who has since fled the country, had rented a space at Labour House in Abuja under the guise of running an “Iva Valley Bookshop” and establishing “STARS of Nations Schools,” which the police allege were covers for subversive activities.
On the same day, the government arraigned 10 Nigerians who participated in the #EndBadGovernance protests in various states, including Abuja, Kano, and Kaduna.
These individuals are charged with collaborating with the 70-year-old Briton to destabilize Nigeria.
The charges also include accusations of calling for the military to overthrow President Bola Ahmed Tinubu’s government and conspiring with Wynne to wage war against the Nigerian state.
Justice Nwite ordered the remand of the 10 defendants until September 11, when a ruling on their bail applications will be delivered.
This comes after an earlier ruling on August 22, where the court ordered the detention of 75 protesters, including 28 minors, for two months while awaiting police investigations into alleged terrorism-related offenses.
During Tuesday’s hearing, police lawyer Audu Garba moved the ex-parte application for Wynne’s arrest. Garba argued that the court’s order was necessary to allow all law enforcement agencies in Nigeria to lawfully arrest the defendants, who are currently on the run.
He stated that the charges against them include conspiracy, treason, incitement to mutiny, and acts of terrorism, as outlined under sections 97, 410, 413, 416, and 412 of the Penal Code, Northern States Federal Provisions Act CAP P3 LFN 2004.
The affidavit supporting the ex-parte application reiterated many of the claims made against the 10 protesters and highlighted allegations that the fleeing defendants were responsible for planning and executing attacks on several government facilities in Kano State, including the High Court Complex, the Nigerian Communications Commission office, and a printing press.
Justice Nwite found the application to be meritorious and granted the police’s request, thereby authorizing the nationwide arrest of Wynne, Obiyan, and Musa.
The Nigeria Employers Consultative Association, NECA, has criticised the recent hike in the pump price of Premium Motor Spirit, PMS (petrol), by the Nigerian National Petroleum Company Limited, NNPCL.
This is as NECA described the situation as Nigerians paying for the inefficiency of NNPCL.
The Director General of NECA, Adewale-Smatt Oyerinde, said this in a statement on Tuesday in Abuja, responding to the new pump price of PMS.
NNPCL Retail outlets hiked the pump price of fuel to N855 per litre.
Consequently, Oyerinde said the increase is not only worrisome but also unfair.
He said: “We had expected that the government would leverage on the momentum created by the completion of the Dangote refinery and the planned commencement of operation of the Port-Harcourt refinery.
“This is to clear the obvious self-inflicted pain on Nigerians and progressively reduce the pump price of petrol. This seems not to be the case.
“This new pump price could be seen as making Nigerians pay for the crass inefficiency in the NNPCL.”
He further remarked that, rather than tackling the fundamental issues that have caused Nigeria to remain a net importer of petrol despite having four refineries, the government has continued to impose hardships on Nigerians.
He further noted that the government’s actions are inadvertently contributing to the increasing cost of doing business.
He advised the government to reconsider its approach and take all necessary measures to address the ongoing impoverishment of Nigerians and the weakening of organised businesses.
The development comes as Dangote Refinery officially announced the first rollout of Premium Motor Spirit (petrol).
The President of Dangote Group, Aliko Dangote, had stated that the refinery’s petrol price would be fixed by the Federal Executive Council.
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The Nigeria National Petroleum Company Limited (NNPCL) has adjusted the petrol pump price at its filling stations to ₦897 per liter.
This is coming two days after the Nigeria-owned oil company cried out that its operations of solely importing refined petrol into the country have been hit by financial restraints.
With the recent surge in fuel prices to ₦897 per liter, fuel costs have skyrocketed by 460% over the past 15 months, marking a significant increase since President Bola Tinubu took office on May 29, 2023.
This latest adjustment is the 30th instance of a fuel price hike in the 51 years since General Yakubu Gowon’s initial increase in 1973, which saw the price rise from 6 kobo to 8.45 kobo.
Major Fuel Price Hikes in Nigeria
1. Shonekan (1993): From 70 kobo to ₦5 (614.29%)
2. Abacha II (1994): From ₦3.25 to ₦15 (361.54%)
3. Tinubu (2023): From ₦195 to ₦557 (282.74%)
4. Tinubu (2024): From ₦617 to ₦897 (145.38%)
5. Abubakar I (1998): From ₦11 to ₦25 (127.27%)
6. Buhari’s Term (2020): From ₦87 to ₦195 (124%)
7. Jonathan I (2012): From ₦65 to ₦141 (116.92%)
8. Tinubu (2023): From ₦557 to ₦617 (110.77%)
Timeline of Fuel Price Adjustments in Nigeria
– Gowon (1973): From 6 kobo to 8.45 kobo (40.83%)
– Murtala (1976): From 8.45 kobo to 9 kobo (6.5%)
– Obasanjo (1978): From 9 kobo to 15.3 kobo (70%)
– Shagari (1982): From 15.3 kobo to 20 kobo (30.72%)
– Babangida I (1986): From 20 kobo to 39.5 kobo (97.5%)
– Babangida II (1988): From 39.5 kobo to 42 kobo (6.33%)
– Babangida III (1989): From 42 kobo to 60 kobo (42.86%)
– Babangida IV (1991): From 60 kobo to 70 kobo (16.67%)
– Shonekan (1993): From 70 kobo to ₦5 (614.29%)
– Abacha I (1993): From ₦5 to ₦3.25 (price decreased by 35%)
– Abacha II (1994): From ₦3.25 to ₦15 (361.54%)
– Abacha III (1994): From ₦15 to ₦11 (price decreased by 26.67%)
– Abubakar I (1998): From ₦11 to ₦25 (127.27%)
– Abubakar II (1999): From ₦25 to ₦20 (price decreased by 25%)
– Obasanjo I (2000): From ₦20 to ₦30 (50%)
– Obasanjo II (2000): From ₦30 to ₦22 (price decreased by 26.67%)
– Obasanjo III (2002): From ₦22 to ₦26 (18.18%)
– Obasanjo IV (2003): From ₦26 to ₦42 (61.54%)
– Obasanjo V (2004): From ₦42 to ₦50 (19.05%)
– Obasanjo VI (2004): From ₦50 to ₦65 (30%)
– Obasanjo VII (2007): From ₦65 to ₦75 (15.39%)
– Yar’Adua (2007): From ₦75 to ₦65 (price decreased by 15.39%)
– Jonathan I (2012): From ₦65 to ₦141 (116.92%)
– Jonathan II (2012): From ₦141 to ₦97 (price decreased by 31.21%)
– Jonathan III (2015): From ₦97 to ₦87 (price decreased by 10.31%)
– Buhari (2016): From ₦87 to ₦145 (66.67%)
– Buhari’s Term (2020): From ₦87 to ₦195 (124%)
– Tinubu (2023): From ₦195 to ₦557 (282.74%)
– Tinubu (2023): From ₦557 to ₦617 (110.77%)
– Tinubu (2024): From ₦617 to ₦897 (145.38%)
The Nigeria Labour Congress (NLC), has accused the federal government of betrayal following the increase in the price of petrol by the Nigerian National Petroleum Company (NNPC).
The NLC, in a statement on Tuesday by its president, Joe Ajaero, said it agreed to the new minimum wage of ₦70,000 for Nigerian workers based on the understanding with the government that fuel prices would not be increased.
NNPC, on Tuesday, adjusted the pump price per litre of petrol to ₦855 across its filling stations.
In reaction, the NLC said the move is both traumatic and nightmarish, particularly as the government is even yet to commence the implementation of the new minimum wage.
Ajaero noted that betrayal is becoming consistent with the character of the Bola Tinubu administration.
He also accused the present government of suppressing peaceful protests, intimidating citizens, and inflicting hardship on the people of Nigeria.
Accordingly, the NLC demanded the immediate:
1). Reversal of the latest increase in the pump of PMS across the country;
2). Release of all those incarcerated or being prosecuted on the assumption of having participated in the recent protests;
3). Halt the indiscriminate arrest and detention of citizens on trumped up charges;
4). Reversal of the 250% tariff hike in electricity;
5). Stop the hijack of the duties of the Ministry of Labour and Employment;
6). End to policies that engender hunger and insecurity;
7). Halt to the government’s culture of terror, fear and lying.
The NLC statement reads: “We are filled with a deep sense of betrayal as the federal government clandestinely increases the pump price of pms. One of the reasons for accepting N70,000 as national minimum wage was the understanding that the pump price of pms would not be increased even as we knew that N70,000 was not sufficient.
“We recall vividly when Mr President gave us the devil’s alternatives to choose from: either N250,000 as minimum wage (subject to the rise of the pump price between N1,500 and N2,000) and N70,000 (at old pms rates), we opted for the latter because we could not bring ourselves to accept further punishment on Nigerians.
“But here we are, barely one month after and with government yet to commence payment of the new national minimum wage, confronted by a reality we cannot explain.
“It is both traumatic and nightmarish.
“Yet, when we told government that it’s approach to resolving the fuel subsidy contradictions was patently faulty and would not last, it’s front row cheer leaders sneered at us, saying we did not understand basic economics .
“But if truth be told, this act of betrayal is consistent with the character of this government. We recall the assurances we were given by the leadership of the National Assembly on the 250% tariff hike, that it had been dealt with and there was no need to openly engage the Minister of Power who was at that meeting.
“Instead of the promised reversal, the rate has since been jerked up further putting more Nigerians and businesses in jeopardy.
“The combined effects of government’s ferocious right -wing market policies brought Nigerians and Nigeria to their all-time low and led to the End-Hunger/End Bad Governance protests.
“Rather than make amends, government arrested and hounded into detention some of those who took part and some of those who had nothing to do with these protests, charging them with criminal conspiracy, subversion, treasonable felony, terrorism financing and cyber crime with an intent to overthrow the government of President Tinubu.
“The police and other security agencies have since been on rampage terrorising the citizenry in pursuance of government’s agenda of muzzling lawful dissent.
“In brazen pursuit, they have defamed and libelled not a few individuals.
“They have gone as far as appropriating the statutory roles of the Ministry of Labour and Employment in resolving trade dispute matters and issues considered outside the jurisdiction of the security agencies.
“That the government is on rampage in the face of stifling conditions of living is an understatement but we promise Nigerians that we at the Nigeria Labour Congress will not be cowed into submission. Together with civil society, we brought about this democracy when some of the actors in power today were conspiring with the military on how to perpetuate their hold on political power.
“When the State and the security forces picked on us in a hybrid war, we had our suspicions. We knew they were up to something sinister and needed to distract/divert our attention or possibly frighten or weaken us before they came out with it so that we would not have a robust response.
“Now that they chickens have come to roost, we were right in our suspicions. However, we want to let Nigerians know that the clandestine/surreptitious increase in the pump price of pms is the first among the equally sinister policies government has up its sleeve.
“On our part, we stand resolute with the people and will neither be distracted nor intimidated by the government or its security agencies.
“We insist that government cannot criminalise protests or basic rights in the domain of the citizenry.
“We are guided by our belief in our country and the need to secure and sustain its sovereignty, integrity and welfare of the people.
“Accordingly, we demand the immediate:
1). Reversal of the latest increase in the pump of pms across the country;
2). Release of all those incarcerated or being prosecuted on the assumption of having participated in the recent protests;
3). Halt the indiscriminate arrest and detention of citizens on trumped up charges;
4). Reversal of the 250% tariff hike in electricity;
5). Stop to the hijack of the duties of the Ministry of Labour and Employment;
6). End to policies that engender hunger and insecurity;
7). Halt to government’s culture of terror, fear and lying.
The NLC submitted that in the coming days, the appropriate organs of the Congress will be meeting to take appropriate decisions which will be made public.
…FG denies ordering NNPCL to raise the price
Against the backdrop of a new increase in petrol price, marketers have adopted a wide range of price differentials nationwide with petrol stations owned by the Nigerian National Petroleum Company Limited, NNPCL, among the highest pump prices.
While Vanguard learnt that the latest upward adjustment has fixed the base price at N855 per litre, NNPCL Retail stations, especially in Abuja, are selling at N997, the second highest to some independent marketers selling at N1,018. But outside Abuja and Lagos, some independent marketers were selling as high as N1,300/ltr.
Moving across the cities of Abuja and Lagos, Vanguard saw filling stations displaying different prices with NIPCO adjusting from N700 to N955 per litre, Conoil from N660 to N940 per litre, and independent marketers from N930 to N1,018 per litre.
With the latest upward price review under President Bola Ahmed Tinubu, the price of petrol has now risen by over 355%, from N197 per litre on May 29, 2023, to N897 on September 3, 2024. The percentage increase is nearly 400% when considered the highest pump prices by independent marketers.
The latest increase, which took effect just two days after the company acknowledged owing suppliers approximately $6.8 billion, has triggered widespread condemnation across various sections of Nigerians.
Despite the new prices, queues at filling stations remained long yesterday evening, as many outlets were still without the product. This also fueled a thriving black market, with a litre selling at N1,500 in most locations in Abuja and Lagos.
NNPCL in conflicting messaging
When contacted by Vanguard, NNPC’s Chief Communications Officer, Mr Olufemi Soneye said he was not aware of any price increase.
“I’m not aware of this. Thank you for reaching out. I have no comment on the matter at this time. If there are any updates, I will make sure to inform you. I appreciate your understanding”, he responded via WhatsApp.
An unconfirmed trending message on social media platforms related to NNPCL Retail had earlier hinted of the petrol pump price. The message read: “Good Morning All, This is to inform you that NNPC Retail Management has approved an upward review of PMS pump price from N617/itre to N897/liter effective today, 3rd September 2024.
“Please ensure all your pumps and totems (price boards)/MIDs reflect the new PMS price of N897/liter. Thank you”.
Dangote fuelenters market
The price hike coincided with the start of petrol supply by Dangote Refinery to NNPC, with NNPC as sole off-taker of the product in the country.
Confirming the commencement of petrol production, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, said the refinery will begin with the supply of 25 million litres of petrol to the Nigerian market.
“The refinery is now poised to supply an initial 25 million litres of PMS into the domestic market this September, and will subsequently increase this amount to 30 million litres daily from October 2024”, the Authority stated.
It also disclosed that NNPC Limited has reached an agreement to start crude oil sales and supply to Dangote Refinery in local currency.
Niger State groans
In Minna, Niger State, Vanguard gathered that the sudden hike in pump price of petrol greatly affected economic activities in the state as transport fares went up considerably.
Pump price at two NNPC mega stations along the Eastern bye-pass were dispensing to vehicles at N890 per litre but with long queues of vehicles waiting patiently for their turns.
However, other marketers most of which were, as at Monday morning, dispensing fuel, shut their stations while those selling were dispensing between N1,200 to N1,300 per litre. The hike led to increase in transportation by 100 percent which subsequently paralysed economic activities in Minna.
IPMAN emphasises product accessibility
Speaking on the development, marketers said while they are not opposed to the price hike, it is important that access to the product is open to all stakeholders.
Speaking to Vanguard,e Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, IPMAN, Chief Chinedu Ukadike, said marketers do not oppose the increase in pump price.
He however insisted that the product be made available to all marketers in the downstream sector.
The marketers also expressed dissatisfaction over the decision to make NNPC Limited sole off-taker of petrol from Dangote Refinery, stressing that the arrangement will create monopoly and profiteering.
He said: “The most important thing is that we are asking for availability. We are not against increase in fuel price as marketers but the most important thing is that let the fuel be available to us to buy.
“We think the arrangement between Dangote and NNPC that made NNPC the sole off-taker should be looked into. As major stakeholders and independent marketers, Dangote should be allowed to sell to us directly. The distribution should be opened up so that other stakeholders can buy the product like NNPC.
“This is because NNPC is also a competitor in the downstream sector and it is wrong to single out one competitor amongst others and sell petrol to him such that others will be dependent on one source. We think that this will bring monopoly, profiteering and stagnation in the petrol distribution process.
“It is pertinent that the Federal Government intervenes at this point. Let IPMAN be given the opportunity to also get their products directly because we can quickly distribute, we spread across the country and we are reliable”, he added.
On his part, the National President, IPMAN, Alhaji Garima Abubakar, stated: “We received the message early in the morning yesterday that an additional increase of N240 has been added to the previous price of N568 per litre.
“IPMAN do not have any objections to the increase as NNPCL claimed they were loosing money. We marketers have complied with the increment and also increased our prices at the pump,” he added.
Private depots shut
A visit to private depots in Lagos showed that no tank farm sold petroleum products yesterday. A marketer who spoke on condition of anonymity said that since NNPCL announced price increase, all depot owners in Lagos refused to sell products, claiming they were waiting to hear from NNPCL on pricing.
Labour demands immediate reversal
The Nigeria Labour Congress, NLC, yesterday rejected the new petrol pump price regime, rallying Nigerians against any further action of the government that can worsen the suffering and hardship across the country.
NLC in a statement at the end of its virtual National Executive Council, NEC, meeting yesterday, demanded “immediate reversal of the clandestine increase in the price of petrol.”
Among others, the communiqué signed by NLC President, Joe Ajaero, said: “The NEC rejects the hidden plan to increase the price of Petrol, PMS, and calls on all members of the NLC and the broader Nigerian public to remain vigilant and prepared to defend our rights and freedoms. The signs are ominous and the intentions are sinister as the State may be preparing to further increase the suffering of Nigerian workers and peoples. The Labour movement stands as the voice of the Nigerian people, and we will not relent in our efforts to uphold justice, fairness, and the rule of law.
“NEC-in-session therefore further demands the immediate release of all citizens from Prison who were protesting against hardship and hunger in Nigeria during the #EndBadGovernance protest.
“We also demand immediate reversal of the clandestine increase in the price of petrol. NEC–in-session demands a reversal of the hike in electricity tariff as we had originally demanded. We equally demand a halt to the indiscriminate arrests of citizens around the country for holding dissenting opinions.
“The Nigeria Labour Congress (NLC) remains committed to defending the rights and interests of Nigerian workers and the broader society. We will continue to stand firm against any attempts to undermine the Labour movement or infringe upon the rights of our leaders and members. We urge our Civil Society allies to continue increasing their support as we mobilise to nip the present incipient danger and undemocratic actions against our nation in the bud. A people united, can never be defeated! Workers united, can never be defeated.”
It’ll negatively impact manufacturers, worsen inflation – MAN
In his reaction, Director General of the Manufacturers Association of Nigeria, MAN, Segun Ajayi-Kadir, said the increase in pump price would negatively impact the manufacturing sector and worsen inflation.
His words: “In terms of what the impact might be and judging from what we have witnessed in the past, the cost of transportation may increase, and so would the prices of goods and services.
“These are pointers to the high possibility of a rise in inflation figures, impacting household budgets.
“One is naturally worried about the impact on the already lacklustre performance of the manufacturing sector. In particular, there is no doubt that it will add to production input and logistics costs.
“These will lead to higher prices and in the face of dwindling disposable income of the average Nigerian, a further deep in consumer demand will see manufacturers’ unplanned inventory rising and reduction in capacity utilization. “Manufacturing performance would be negatively impacted. Small businesses and households who use petrol fuel for daily activities would also take a hit.”
Similarly, National Secretary of the Small Scale Women Farmers Organisation in Nigeria, SWOFON , Chinasa Asonye, said: “The new fuel price will affect everything and there will be a price increase in everything. As a woman farmer, everything about our farming will increase because as of Monday, September 2, the feeds which we have already ordered have been increased and we do not know the reason for the increment until the news broke.
“These are feeds that we have paid for but because we did not take them from the company, they increased the price and told us that we are going to pay more before carrying our feeds. So, it will not be easy for the masses at all. Whatever will increase when it comes to fuel, will affect the livelihood of Nigerians.
“Is this how they want to reduce our hunger? Is this the reaction to the protest by the youths? Is this how this government wants to solve the problem of the masses? This will only aggravate hunger in the land. Agriculture will be affected badly and the cost of food will skyrocket. This simply means that masses’ voices are meaningless when it comes to governance in this country. Nobody is ready to listen to this groaning of the masses. This is cruel”, she lamented.
Also, President of Association of Professional Women Engineers of Nigeria, Lagos Chapter, Engr. Atinuke Owolabi stated: “We need to confirm the price from Dangote. I read that the Federal Government said they did not ask NNPCL to increase any fuel price. And I still do not know why NNPCL wants Dangote to supply them directly. Dangote should be distributed to everybody who wants to buy fuel. It is suicidal for NNPCL to be the sole distributor of Dangote fuel.
“We do not want monopoly again. Let Dangote distribute to all marketers. Let us all have access to the fuel because it belongs to us. It seems there are some cabals in NNPCL and we need to be very careful.”
Ports community warns of grave implication
On his part, Chairman of the Nigerian Port Consultative Council, NPCC, Mr. Bolaji Sunmola, warned that government with the latest action was calling for a protest, adding that Dangote Refinery should be encouraged to bring down the price of petrol.
Similarly, President of the National Council of Managing Directors of Licensed Customs Agents, NCMDLCA, Mr. Lucky Amiwero said that the development will further improve the economic situation, especially Nigerians working within and around the maritime industry.
Amiwero also said that it is either the government is confused or that government is not saying the truth about the issue of subsidy.
He said: “Many people in the port industry have been finding it difficult to come to work because of the issue of fuel scarcity and now this additional burden of increase in pump price of fuel.
This will further make Nigerians lose their jobs, adding that a country with the raw material for the production of petroleum products should not be going through this kind of hardship.
“Many workers have not been coming to work for now especially in port operations Many people have lost their jobs.”
Analysts list economic consequences
Reacting to the hike in petrol prices, Clifford Egbomeade, a public affairs and communications expert, stated: “The increase in fuel prices to N855 per litre, as announced by NNPCL, is a significant development with far-reaching implications for both the economy and the average citizen. Although this drastic increase is part of the broader context of subsidy removal, it also presents severe challenges for an economy heavily reliant on fuel for both transportation and power generation.”
Commenting on the economic impact, he added: “The most immediate effect of the fuel price hike is on inflation. According to the National Bureau of Statistics, the headline inflation rate rose to 34.19% in June 2024, up from 33.95% in May. With higher fuel prices, transportation costs have surged, leading to increased prices for goods and services across the board. This has further exacerbated existing inflationary pressures, potentially driving inflation rates even higher and making everyday essentials less affordable for Nigerians.
“The hike will also raise the cost of living. As fuel prices climb, so too will the costs of transportation, food, and other essential commodities, straining household budgets. With over 40% of Nigerians living below the poverty line, according to the World Bank, this increase will likely push more people into poverty as they struggle to afford basic necessities.
“The business sector is not immune to these effects. SMEs, which constitute a significant portion of Nigeria’s economy, will face higher operational costs due to increased fuel expenses. This could lead to reduced profitability, job losses, and, in some cases, business closures. Larger
corporations may pass on these increased costs to consumers, further fueling inflation. Public transportation costs are expected to rise sharply, affecting mobility as many Nigerians may find it difficult to afford daily commutes. The fuel price hike could also trigger social unrest, as seen in past protests sparked by economic grievances.”
The government should also introduce price control mechanisms on essential goods and services to prevent excessive price hikes and strengthen consumer protection agencies to monitor and enforce fair pricing practices.”
New price still below market rate – expert
In an interview with Vanguard, Professor Emeritus in Petroleum Economics & Policy Executive Director, Emmanuel Egbogah Foundation, Abuja, Wumi Iledare, said: “There are two inflation categories—demand pull and cost-push. Nigeria suffers from both types. Increasing wages and prices of raw materials do lead to higher inflation. So increasing the price at the pump will in the short run lead to rising price levels in the economy.
“Unfortunately, it is a dilemma to charge a price below the clearing market price because of the fear of inflation, and this anxiety is legitimate. But not doing the needful now is postponing the evil days.
“N897 per litre is still below the market clearing price of PMS. Just look at the price of AGO. The gap is still neither incomprehensible nor justifiable. The positive side at the moment is the current price setting by the dormant retail firm is helpful to Dangote optically within the context of the entitled Nigerians for freebies.
“Interestingly, however, pricing below the market clearing price will lead to shortages and black market structure. I don’t expect to price its wholesale price too far below N1,000, which is, perhaps, a little below the current landing cost, in my opinion.
“The consequences of pricing below the market clearing price is as negatively impactful as inflation in any economy.”
FG denies ordering NNPC to raise fuel price
Meanwhile, reacting to reports in online platforms that he ordered NNPC to sell petrol above N1,000 per litre, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri described the reports as malicious.
The Minister in a statement by his media aide, Nnemaka Okafor, said NNPC operates as an independent company, adding he does not direct NNPC on issues of pricing.
“We categorically condemn these claims as baseless, malicious, and a deliberate attempt to incite public discontent. We challenge anyone in possession of any evidence — be it written documents, audio, or video recordings — that supports these fabrications to make it public. Such a claim is entirely devoid of truth and should be recognized as an intentional effort to mislead the public.
“It must be stressed that NNPCL operates as an independent entity under the Companies and Allied Matters Act (CAMA), with a fully empowered Board of Directors. The Ministry of Petroleum Resources does not, and will not, interfere in the internal decisions of NNPCL, including pricing matters.
“The public is hereby strongly advised to dismiss these malicious rumors. The Honourable Minister cannot, and does not, direct NNPCL or any other entity within the sector to manipulate prices.”
Depots, many stations shut in Lagos, environs
In Lagos, a visit to Satellite and other depots, yesterday, indicated that they were shut because of uncertainty over pricing.
Operators, who spoke anonymously to Vanguard, said the depots would re-open for business as soon as they are briefed on the new depot price and other details.
But many stations, especially independents were shut, due to lack of stock, thus leading to the emergence of long queues at the NNPC and major marketers’ outlets.
Many illegal operators also cash in on the confusion to hawk petrol in cans at the cost of between N1, 200 and N1,500 per litre in different parts of Lagos, especially Maryland, Ikorodu Road and Ikoyi.
Transporters that managed to buy the product passed the high cost to commuters, who were compelled to high fares.
Specifically, transport fares have risen by more than 100 per cent to N3,000 to commute from Victoria Island to Mile 2, a distance that used to cost about N1,500 before the latest fuel price hike.
Not palatable for Nigerians, but govt has no choice – CPPE
Reacting, the CEO of the Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said: “The reality is that this is a very difficult situation for the government and NNPCL. And I hope that as citizens, we should show some understanding at this time.
“As we speak, even at the price of N650 to N700, the government was incurring a subsidy of about N500 per litre, and we had continued on that trajectory, at the end of the year, the subsidy bill be incurring will be close to N8 trillion to 10 trillion. The fact is that this is not sustainable.
“The subsidy bill increased because of the depreciation of the currency, and the relative gap between the domestic price of petrol and the price in the sub-region, especially our neighbouring countries which has widened considerably. Petrol cost per litre in our neighbouring countries is between N1,300 and N1,500 equivalent. So you can imagine the incentive for smuggling.
“However, it would be unfair to put the blame entirely on the current administration.
“Most of the underlying problems around fuel pricing are legacy problems. “The increase is not palatable for the citizens and the private sector. But this is an extremely difficult decision that the government needs to make.”
Netizens react
Netizens also took to social media yesterday, with many criticising both the NNPC and the Federal Government.
One commentator, Daniel, expressed his disappointment, saying, “Lol… seems this is just the beginning. They are even proposing 10% VAT and it may happen anytime. I didn’t (and still don’t) support Tinubu, but never in my wildest dream did I think he’d be worse than Buhari.”
Another user, who identifies as Chase, criticized those still supporting the government, remarking, “well, while the wailers are wailing, let the praise singers continue to sing their praises to Agbado… I hope the paid e-rats like terrorists Macido, sim card chucks etc will ask for a pay raise from their paymaster. Jungle don continue to the RED!!!”
Despite the overwhelming negativity, some netizens attempted to adopt a more optimistic view. A commenter named “One God” acknowledged the severity of the situation but remained hopeful, stating, “I know this government meant to run a sustainable system. The gravity of the problem is enormous. But with the grace of God, our government will win.”
In a more sarcastic tone, a user named Judeskyla Bardooo suggested an alternative to coping with the high fuel prices, saying, “Everybody should buy a bicycle. It is a recommended mode of transportation because of its health benefits. Asiwaju is committed to keeping everyone healthy.”
Finally, another user who goes by ‘My Opinion’ condemned the NNPC as part of Nigeria’s systemic issues, stating, “NNPC is a very corrupt organization. They are part of the people dragging Nigeria backwards.”
The recent price hike has fueled concerns about the increasing cost of living in Nigeria, with many worried about how this will impact everyday life, including transportation and the cost of goods and services.
[STATE HOUSE PRESS RELEASE] President Tinubu Meets Chinese President Xi Jinping; Nigeria And China Elevate Ties To Comprehensive Strategic Partnership
Admin![[STATE HOUSE PRESS RELEASE] President Tinubu Meets Chinese President Xi Jinping; Nigeria And China Elevate Ties To Comprehensive Strategic Partnership](/media/k2/items/cache/89244a6fcb7abbe466bf3285bb0d24e4_XS.jpg)
President Bola Tinubu and Chinese President Xi Jinping, on Tuesday in Beijing, China, announced the elevation of Nigeria-China ties to that of a comprehensive strategic partnership.
The leaders also agreed to build a high-level Nigeria-China community with a shared future.
This was the outcome of talks between the two leaders during President Tinubu’s official visit to China.
President Tinubu’s official visit precedes his participation in the 2024 Summit of the Forum on China-Africa Cooperation, scheduled to hold from September 4-6, 2024.
''This is an important visit for Nigeria and the rest of Africa, as I arrive in my capacity as the Chairman of ECOWAS. I thank you for the high-level of honour accorded to us.
''Relations between China and Nigeria have indeed lasted for over half a century and should be further strengthened to advance our trade and economic development programmes.
''Nigeria holds great potential as the country with the largest population in Africa and is the biggest economy with a very young population that can drive economic growth and cross-sectoral programmes.
''We have upgraded the relationship to more than what is just strategic -- but a comprehensive developmental partnership.
''This comprehensive strategic partnership should result in robust development, stability, and security in the West African sub-region. This is very crucial,” President Tinubu said.
On economic reforms in Nigeria, President Tinubu told his Chinese counterpart that his administration remains committed to sustainable growth through the effective implementation of ongoing economic reforms.
''We believe that President Xi has demonstrably reformed the Chinese economy, and our reform programme in Nigeria is on a similar course. I am a reformer with verifiable antecedents.
''We have recognized the need to reform our economy, and we are doing so diligently across tax and tariff reviews, to various other segments of our nation's economy.
''Trading and investment partners will have easy access to bring in their investments and seamlessly take their resources out,'' the President stated.
In his remarks, President Xi noted the strong mutual understanding between Nigeria and China since the establishment of diplomatic ties over the past 50 years.
''We have found the path of seeking collective strength, through unity, and win-win cooperation.
''China and Nigeria, as major developing countries, strengthening strategic coordination, will inject fresh impetus to China-Africa relations in the new era and spearhead common progress among Global South countries,'' President Xi said.
According to the Chinese leader, the 2024 FOCAC Summit provides an opportunity to reflect on mutual friendships and advance the consolidation of China-Africa relations.
He pledged that China and Nigeria would continue to work closely within the FOCAC framework as a model of cooperation between nations.
During the meeting, both presidents witnessed the signing of several Memoranda of Understanding (MOUs) on various areas of mutual interest:
(1) Cooperation plan between Nigeria and China on jointly promoting the Belt and Road Initiative
(2) Memorandum of Understanding on cooperation in the peaceful application of Nuclear Energy
(3) Memorandum of Understanding on strengthening cooperation on Human Resource Development under the Global Development Initiative
(4) Memorandum of Understanding on Media Exchange and Cooperation
(5) Memorandum of Understanding between China Media Group and the Nigerian Television Authority
Earlier, on Monday in Beijing, President Tinubu visited the China Railway Construction Corporation (CRCC), during which he acknowledged the company's role as a reliable partner in Nigeria's infrastructure development programme, commending its ongoing railway projects in the country.
''It is equally very important that we give assurances to the Nigerian people across our local communities that the Ibadan-Abuja-Kaduna-Kano railway segments will be completed and done to the satisfaction of Nigeria and West Africa at large.
''We will support your investment in solid minerals and other ventures in Nigeria. I am here to assure you that Nigeria is ready to do business with you,'' the President said during a meeting with the Chairman of CRCC, Mr. Dai Hegen, following a tour of the CRCC and China Civil Engineering Construction Corporation (CCECC) office in Beijing.
Mr. Hegen informed the President that CRCC has been involved in Nigeria for 43 years, implementing over 300 projects and training over 100,000 local workers.
''The Abuja-Kaduna Railway and Lagos-Ibadan Railway have transported approximately 9 million passengers and 180 tonnes of cargo. The Lagos blue line has transported over 1.6 million passengers,'' he said.
In a separate engagement, President Tinubu visited Huawei Technologies' Beijing Research Centre, where the company announced the launch of DigiTruck, a mobile ICT classroom aimed at enhancing digital literacy in underserved Nigerian communities.
During the President's meeting with Huawei's leadership, led by Mr. Liang Hua, Chairman of the Board of Directors, the company said the initiative would operate in 10 states annually, training at least 3,000 students each year.
Acknowledging the ongoing efforts by Nigeria's Ministry of Communications, Innovation and Digital Economy to train 3 million technical talents (3MTT) and equip the country's young population with the skills necessary for present and future economic opportunities, Huawei's leadership said the DigiTruck initiative will complement the programme.
Mr. Hua praised the President's Renewed Hope Agenda for identifying digital technology as a critical driver of economic growth.
"This is very encouraging for us. Huawei is fully prepared to offer its ICT expertise and become a reliable partner of the Nigerian government to support the country in achieving its policy objectives and furthering its digital, intelligent, and low-carbon development."
Also speaking, Mr. Chris Lu, Chief Executive Officer of Huawei Nigeria, expressed support for Nigeria's National Talent Export Programme (NATEP), an initiative that seeks to position Nigeria as a hub for talent outsourcing in Africa.
"In the future, we hope to continuously develop the NOC and expand its capacity so that it can meet the requirements of more African markets, thus facilitating more Nigerian technology talents in serving more overseas' markets and helping to achieve the goal of NATEP," Mr. Lu said
During the tour of the Huawei Research Centre’s exhibition hall, President Tinubu and his delegation were introduced to Huawei's latest innovations in e-government, smart education, smart grid, and solar power, demonstrating their potential to enhance public services, digital governance, and Nigeria's inclusive development agenda.
As part of the efforts to achieve the aforementioned goals, Huawei also plans to establish a joint PV test lab with Nigeria's Rural Electrification Agency (REA).
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)