Countries with the best economy in the world contribute immensely to the global Gross Domestic Product (GDP) and have the power to influence international trade and world economic policies.
Naija News reports that the GDP is a measure for assessing the magnitude of a nation’s economy, which includes investments, expenditure, and value of exports, goods, and services.
Currency exchange rates also influence the strength of a country’s economy.
When the GDP of a country goes up, it means the economy is doing well. If GDP falls from one quarter to the next, it is a negative growth. Two successive quarters mean the economy is in recession.
There are no identical economies. What defines a country’s economy is based on resources, culture, history, geography, laws, and the country’s evolution.
In this article, you’ll get to know the top 10 countries dominating the world’s economies.
1. United States of America
The Gross Domestic Product (GDP) of the United States is estimated to be about 26.85 trillion dollars, which is the highest in the global economy. Different service sectors such as technology, finance, healthcare, and so on have been major contributors to the country’s total output.
The United States of America has been notable for being one of the top economies in the world. The country’s economy has been able to thrive because of government policies, technologies, and productivity. The United States of America practices capitalism as its economic system — this means the government has no business doing business.
2. China
China is the second world’s largest economy, with a GDP of about 19.37 trillion dollars. This is a country whose economic expansion has become a global phenomenon. China operates a mixed socialist market economy. The main drivers in the economic growth of China are private investment and exports.
As of today, China is the fastest-growing consumer market and accounts for about half of the global consumption of metals. The country plays a crucial role in international trade considering being the largest trading nation in the world. Also, it has the largest foreign exchange reserves worth 3.1 trillion dollars.
3. Japan
Japan has been having significant economic growth since the 1960s. It ranks third with a GDP of 4.41 trillion dollars.
What made Japan one of the top economies in the world is its advanced social market economy, referred to as the “East Asian Model”. By market capitalization, Japan Exchange Group is the world’s fifth-largest stock exchange and the world’s second-largest foreign exchange reserves worth 1.4 trillion dollars.
It is also the world’s fourth-largest consumer market. In terms of automobiles, Japan is the second largest automobile manufacturer in the world. This is a country often ranked among the world’s most innovative countries.
4. Germany
Germany has a GDP of 4.31 trillion dollars; which makes it one of the top economies in the world. Germany is the top economy in Europe, with a highly developed social market economy.
In 2016, Germany had the highest trade worth 310 billion dollars. This feat made Germany one of the largest exporters globally, worth 1.81 trillion goods and services.
Its major exports are machinery, food products, rubber, plastics, electronic products, chemical goods, and basic metals. Germany is the first country to explore renewable energy and a top location for trade fairs
5. India
India’s 3.74 trillion GDP places it among one of the top economies in the world. The economy has been one of the fastest growing in the world’s economies. India’s economy has grown from just a mixed-planned economy to a mixed middle-income developing social market economy.
Right from independence in 1947 to 1991, the Indian government followed the Soviet model in promoting economic policies. India’s GDP is driven by government spending, investment and exports.
In 2022, India became the 6th largest importer and 9th largest exporter, including domestic consumption; the country is the world’s sixth-largest consumer market. The service sector is about 50 per cent of the GDP and is the fastest-growing sector.
6. United Kingdom
Despite the uncertainties that ensued from Brexit, the United Kingdom has managed to be one of the top economies in the world, with a GDP of 3.16 trillion dollars.
The economy of the United Kingdom is very developed in terms of social markets. In the world today, the United Kingdom constitutes 2.3 percent of the world GDP by Purchasing Power Parity (PPP).
The service sector constitutes 82% of the country’s GDP. The technology sector is worth 1 trillion dollars. Going back to history, the United Kingdom was the first country to industrialize in the 18th century.
7. France
France’s GDP is estimated to be 2.92 trillion dollars. Some of them are leading globally; that is automobile, railway, and aerospace. About 70 per cent of the country’s GDP comes from the service sector.
France’s social market economy is highly developed with different strategic sectors. In 2020, France was acknowledged as the largest Foreign Direct Investment recipient in Europe.
Bloomberg Innovation Index 2020 also ranked France as one of the top 10 innovative countries in the world. The International Monetary Fund (IMF) ranked France by GDP per capita in 2023 as the 23rd country with 44, 408 dollars per inhabitant.
8. Italy
Italy is widely known for its influential sectors; economy and agriculture including a highly developed social market economy. It is the eighth largest exporter in the world, with a GDP of 2.284 trillion dollars.
The world’s third largest gold reserve is in Italy and it is a great contributor to the budget of the European Union. Italy boasts of many multinational corporations which serve as the backbone of the industry.
Also, what makes Italy one of the top economies in the world is its significant production of furniture, vehicles, pharmaceuticals, food, and clothing. Italy is the hub for luxury goods and is the third largest in the world.
9. Canada
Canada is the ninth among the top world economies with a 2.09 trillion dollar GDP. The economy is a mixed one; exporting and importing goods worth over 630 billion dollars. Since the beginning of the 20th century, Canada has been growing economically and practically transformed the country from a rural to an urbanized industrial one. The service sector dominates the Canadian economy; and employs three-quarters of the country’s workforce. Canada is a leading exporter of gold, platinoids, uranium, zinc, and nickel. In the aspect of agriculture, it produces canola, wheat, and other grains.
10. Brazil
Brazil ranks tenth among the top economies in the world. The country’s GDP is about 2.08 trillion dollars. The economy is quite diverse, from manufacturing, agriculture, and services.
According to the International Monetary Fund (IMF), the GDP per capita in 2023 was around 10, 413 per inhabitant. Between the years 2000 to 2012, Brazil was one of the fastest-growing economies in the world.
It was able to diversify the economy by focusing on gold, cotton, and sugar. Brazil is one of the largest steel producers and exporters.
In a new and exciting twist, Big Brother Naija Organisers has hinted at the season 9 edition of the reality TV show.
At the end of the show, Level-up housemate, Ilebaye, emerged as the winner of the All-Stars show, while Mercy Eke emerged as first runner-up, followed by CeeC.
However, in a post via X on Friday, the show organisers tease fans about the upcoming season.
The post read, “Last season, Biggie asked for the All-Stars! This time, he has his eyes set on something different. What could it be this time around?”
Naira, on Friday, reversed the appreciation trend at the parallel section of the foreign exchange market.
The local currency depreciated by N100 or 6.67 percent to N1,600 per dollar.
Currency traders, known as bureau de change (BDC) operators, quoted the buying rate at N1,550 and the selling price at N1,600 — leaving a profit margin of N50.
At the country’s official window, the naira appreciated to N1,548.25 against the dollar on Friday — a 2.94 percent increase from the N1,595/$ traded on Thursday.
On Friday, the Central Bank of Nigeria (CBN) had revoked the licences of 4,173 BDC operators for failing to observe regulatory provisions.
According to the apex bank, it is revising the regulatory and supervisory guidelines for BDC operations in Nigeria.
The development comes amid efforts by CBN to achieve an appropriate market-determined exchange rate for the naira.
On February 27, 2024, the CBN said it approved the sale of foreign exchange to bureau de change operators.
Also, on February 23, CBN said sellers of the equivalent of $10,000 and above to BDCs are required to declare the source of the forex.
The bank also placed limits on the FX sales by BDC operators.
BDCs may sell foreign currency in the equivalent of $4,000 and $5,000 for personal travel allowance (PTA) or business travel allowance (BTA), respectively, once every six months.
The torrential fall of the Naira which has turned the petroleum supply chain into a quagmire is fast eroding the projected gains after the federal government finally removed the petrol subsidy regime.
Oil marketers and government officials also appear not to be on the same page when it comes to the actual landing cost of Petroleum Motor Spirit and the impact that Nigeria’s fluctuating currency has had on the importation of the product.
Presently, it has been calculated that landing cost of Premium Motor Spirit, PMS also called petrol has averaged N1,009 a litre going by prevailing rate of N1,500 per dollar, from N720 per litre recorded in October 2023.
Though, this cannot independent be confirmed by our Correspondent as President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said such figures may still be disputed because there are other associated costs like insurance, port charges and cost of hiring vessels.
It has also been reported that the country is paying about N907.5 billion subsidy on petrol monthly as the country’s foreign exchange crisis pushed the actual cost of litre of fuel to N1,203, signalling a return of subsidy regime.
However, an inside source at the Nigerian National Petroleum Company Limited, NNPCL, denied the insinuation.
The source said such reports are falsehood and should be disregarded as subsidy has gone.
“I think we should take a look at the provisions of the Petroleum Industry Act, PIA, which gives the NNPCL the responsibility to ensure energy security at any time. Though it operates as a limited liability company that pays dividend to shareholders, nonetheless the PIA vests that responsibility to the Company to provide buffer and secure the country’s energy demands and perhaps that is what is erroneously being interpreted as return of Subsidy.
The group CEO of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, had said at the birth of NNPCL that the country was spending over N400 billion monthly on petrol subsidy, but investigations into Nigeria’s petrol pricing dynamics have revealed a significant surge in the landing cost of petrol, attributed to the escalating exchange rate.
In his views, the chief executive officer, CEO, of the Center For The Promotion Of Private Enterprises, CPPE, Dr. Muda Yusuf, said, “Evidently, the currency depreciation has partially eroded the subsidy savings.”
According to Yusuf, this is because the cost of fuel importation has increased, when converted to naira, adding.
Besides, the mounting inflationary pressures has inherently increased the subsidy because the pump price had remained fixed while the landing cost has been on the increase.”
This he said is understandable in the light of the current hardships being experienced by the citizens.
“The government is unlikely to go back to full subsidy. Doing so, would amount to a complete reversal of a major pillar of the current reforms. Besides the government do not have the fiscal space to ensure full restoration of subsidy.
“The objective of the reform is actually to exit completely from fuel subsidy regime. But this will take some time as the economic fundamentals are still weak.” he advised.
Just recently the International Monetary Fund (IMF) claimed that the Nigerian government has, through the backdoor, resumed the payment of subsidies on petrol.
LEADERSHIP WEEKEND writes that on May 29, 2023, President Bola Tinubu announced an end to petrol subsidy, which caused a hike in the prices of goods and services in the country.
Following that announcement, the Central Bank of Nigeria (CBN) collapsed the different exchange rate regimes into one, with the value of the naira to the dollar weakening.
The IMF recently issued a statement on the conclusion of its Executive Board’s Post Financing Assessment with Nigeria, during which it expressed concerns that the government had capped the prices of fuel at retail stations.
The IMF advised Tinubu to completely stop the payment of subsidies on petrol to free funds to run the government.
In reaction, some Groups and individuals rejected the IMF position for what they described as “anti-masses policies”, and called on Nigerian government to explore home grown options that would fix the economy and better the life of the people.
But the minister of Information and National Orientation, Mohammed Idris, on Wednesday, said petrol importation in the country reduced by 50 per cent since the withdrawal of the fuel subsidy.
Idris said this at the third edition of the ministerial press briefing series, where the coordinating minister for Health and Social Welfare addressed journalists in Abuja.
He said,“Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy. The Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever, mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy.
It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 million barrels per day in the fourth quarter of 2023.”
President Bola Tinubu announced the removal of petrol subsidy during his inaugural address on May 29, 2023, saying, “Subsidy is gone.”
Idris notes that President Tinubu has also given a directive for the design of a Social Security Unemployment Programme to cater for unemployed graduates.
Equally, President Bola Ahmed Tinubu, has stated that the decision of his administration to remove subsidy on Premium Motor Spirit (PMS) was premised on the need to ensure long-term energy security and economic prosperity of Nigeria.
Tinubu stated this in his keynote address at the opening ceremony of the 7th Nigerian International Energy Summit (NIES) at the Banquet Hall of the Presidential Villa, Abuja on Tuesday, 27th February, 2024.
The president who was represented at the event by the minister of Information and National Orientation, Mohammed Idris, noted that the petroleum subsidy had, over the years, strained the country’s economic resources, leading to inefficiencies and, most importantly, hindering ability to invest in critical areas of energy security.
He admitted that the decision to remove the petroleum subsidy was a challenging one, but stressed that it was a step that must be taken to secure Nigeria’s energy future and foster economic growth.
He added that by removing the subsidy, “We are creating a more transparent and accountable energy sector. The funds that were previously allocated to subsidizing petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure”.
However, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the only way out of this quagmire is to tap and explore the country’s vast gas deposits and bring it into useful disposition.
The PETROAN president Billy Gillis-Harry, in a conversation with our Correspondent, said government should escalate activities around gas adoption as alternative to petrol.
He said his association has made significant strides in promoting the adoption of Autogas in vehicles across the country.
Our correspondent reports that PETROAN, is working such that over 7,000 filling stations under the association be converted into gas dispensing outlets. These conversion centers will be used for dispensing Autogas, including compressed natural gas (CNG) and Liquefied Petroleum Gas (LPG), into vehicles.
The body is engaging in various intervention projects, including collaborations with manufacturers of conversion kits for LPG, LNG, and CNG. Notably, they held discussions with their Asian partners, primarily from India, who are eager to support their initiatives.
He advocated that the government’s financial support for consistent vehicle conversion to run on gas would be a more effective form of palliative compared to direct cash transfers to vulnerable households.
Such an intervention, he believed would significantly reduce the dependence on petrol and alleviate the burden of petrol imports due to foreign exchange constraints.
The adoption of gas as an alternative fuel source is seen as the most viable solution to mitigate the current high cost of petrol.
With 7,000 retail outlets already registered for conversion centers, government funding to support these conversions, which would be another form of palliative for the public.
PETROAN has partnered with a company capable of producing 70,000 conversion kits monthly, enabling them to target the conversion of 70,000 vehicles each month. The vision is to have hundreds of thousands of vehicles running on gas within the next three to six months.
In support of this initiative, oil marketers represented by the Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) have pledged to donate 100 CNG buses to help ease the impact of petrol subsidy removal.
Furthermore, President Bola Tinubu announced that his administration has allocated N100 billion between now and March 2024 to acquire 3,000 units of 20-seater buses powered by CNG.
The drive towards Autogas adoption and the establishment of conversion centers signifies a significant step towards reducing the country’s dependence on traditional petrol-based fuels.
According to the Minister of State Petroleum Resources (Oil), Sen
Heineken Lokpobiri, said, in spite of the abundant oil and gas reserves in the country, Nigeria suffers from energy poverty as the reserves have not translated to economic prosperity contrary to what obtained in the Middle East.
He therefore implored the summit to unravel what other oil producing countries were doing to bring economic prosperity to their countries that Nigeria hasn’t done.
He noted that the task of exploring oil reserves should be given to those who have proven capacity, both financially and technically to be able to explore oil and gas reserves for the benefit of Nigerians and the global energy landscape, adding that, the easiest way to guarantee energy security in Nigeria was to get the right investment.
He also noted that, in exploration, the target should be to explore these resources in a more environmentally friendly and sustainable ways.
Lokpobiri charged the delegates at the summit to come up with brilliant ideas in ensuring that we have energy security in Nigeria and ramp up production. “The only way we can guarantee energy security is to increase production in the upstream so that we will be able to provide the right quantity to service our obligations, both locally and internationally”.
[Leadership]
Shade Silifat Abdulkadir, the mother of the three children who suffocated to death in a parked car in Ilorin, Kwara State capital, last week Sunday, has broken her silence on the tragic incident.
In an interview with journalists on the last moments of the deceased children, 37-year-old Shade appealed to Nigerians to come to her aid.
The first child, Maryam was 10 years old, Nudrah, the second child was 8 years and the third, Mohammed, was 2.
All three children died after suffocating in the car parked in their residence.
DAILY POST gathered that the vehicle was borrowed by their father from his elder brother.
Speaking at her family house, Ile Magaji, Taiwo Isale, in Ilorin, Shade pleaded with all mothers to come to her aid.
Narrating the incident, Shade said, “It happened on Sunday around some minutes to 2:00 pm, shortly after I finished cooking rice for them. It was my second daughter, Nudrah, who told me that she would not eat rice in school the next day (Monday) and that she would prefer spaghetti.
“I have money in the shop and N700 in my Opay account but was left with cash of N200 only. I live at No 8 Boluke area in the Zango-Kulende area of Ilorin and operate a shop at Oke-Andi, Zango, where I sell provisions and other items.
“It would only cost me N200 to go and come back home. So I told my children that if at all, what I have is not up to buying what you want, I have people I can collect money from till I get to shop on Monday and I left. This is not the first time I would leave them and go to buy something.
“Sometimes, I would leave them and go and fetch water and they would be playing inside. At times, if I get a job from churches, mosques or from any celebrant to help make doughnuts or snacks, because I am also a caterer, I go and deliver it to the customers and leave the children at home.
“My husband married another wife which I didn’t get to know on time. I faced a lot of issues in my marriage which is now 11 years and there has never been peace.
“My husband has been moving with the lady called Kafayat from Oke-Ode for quite some time and I was told to be patient and my family and his are aware of the development.
“Sometimes he comes home around 11:00 pm and leaves home very early in the morning. All my children were not gotten in peace, it was from one trouble to another. Sometimes, if we had a quarrel, he would drive me outside in the middle of the night. His name is Jimoh Abdulkadir from Babanloma in Kwara South.
“It happened that he impregnated the girl but the child died after birth. On the day of marriage, he introduced the wife to me. But penultimate Saturday, the lady gave birth again. I am not his first wife. A lady had given birth to a child for him before but I met him as a single father and he was not like this before I married him.
“So after his second wife had her second child, my husband informed me and I went to greet him.
“When I woke up on Sunday, I saw the voice note of my husband that Kafayat has relocated from her previous apartment in case I still want to come and greet her. They have been married not even up to a year and they had a societal wedding unlike mine which was only Nikkah.
“On Thursday and Saturday, I went to greet her in the new location described by my husband. And it was after I went to greet Kafayat at home that he suddenly changed his attitude towards me. If I sleep in the bedroom, he would sleep in the parlour and if I sleep in the parlour, he would go to the bedroom. But all my family and friends advised me to be patient for the sake of the children whenever I complained.
“They didn’t tell me anything about the naming ceremony except people that called me to ask why I was not present,” Shade declared.
She said it was on Saturday, after they finished the naming, that her husband brought the car owned by his elder brother home which they used to do all the running around and packing of items during the event.
“Although before we got married, his brother had been using the car and this is not his first time he would borrow it.
“If we were talking during the period or I had a premonition of what would happen, I would have told him to return the car to the owner who will need it to go to work on Monday. He didn’t return the car and didn’t park it at the venue of the event. Why is it that he had to park it here where I am staying?
“Now the car was there from that Saturday till Sunday when the incident happened.
“After the children requested noodles to take to school the next day, I went to the shop to get the indomie noodles for them. Before I went, my last born, Mohammed, was crying but I said the sun was much and I would not want to take him outside because of the heat. I called Maryam who is the eldest to take care of her siblings.
“But when I came back, I noticed that the children had scattered the entire room and met the door open. I also saw their shoes and envisaged they would not be out of the premises because they would put on their shoes if they were going outside the gate. I never thought of the vehicle even for a second.
“From my house to the shop is just a N100 bike. I called out for them when I came and couldn’t find them. Initially I thought they were playing hide and seek with me. I checked everywhere but to no avail. My landlady had gone to work because she was on morning duty.
“The flat next to us was occupied by aged couples and my children don’t usually go inside their house except on a few occasions.
“When I couldn’t find them, I checked inside the domestic well but nothing was there, I took Okada to the junction crying that I couldn’t find my children.
“When I came back, I went to knock at the door of the next flat to tell them that I couldn’t find my children, the woman’s husband was already asleep.
“She told me she heard their cries about 10 minutes ago, when she was even calling Maryam, asking why she was beating her siblings. Later something just told me to check inside the vehicle and I saw them inside.
“I managed to open one of the doors and met them just lying down but the remaining three doors did not open. I was asking them why they went inside the car, which they don’t usually do. But their posture and the way I saw them made me terrified, I called them but no answer and I started shouting for help.
“It was the woman’s husband that came to force the other doors open and dragged Mohammed out, his hand got injured in the process.
“So my shout later attracted some boys and other people outside, some of whom jumped our security fence and we started pouring water on them to revive them but to no avail. It was those people that rushed them to Olutayo hospital, I didn’t see them after that.
“Me and my husband were still not in talking terms up till that Sunday morning, though he slept in the house that day but people would hardly know that we have issues or are quarrelling because he still used to take us to the shop and drop us at home and the children were even appreciating him. Even if he wants to communicate with me, it’s through the children.
“Earlier before that day, he sent Maryam to go and ask a nearby vulcanizer, Jamiu, how much it will cost to repair one of the tyres of the vehicle,” she stated.
The distraught mother added: “Since the incident I have not set my eyes on their dad but I was told he came here at our family house.
“He has also called me twice since the incident saying thrash for all I care, asking when am I coming home or what do I feel.
“The police came and I also narrated this to them. They said the Inspector General of Police was interested and was the one who called the Commissioner of Police to inquire what was going on in Kwara State before they later sent officers here.
“But I have strengthened my faith in Almighty Allah coupled with the people that God surrounded me with. That is just what is keeping me going.”
Comrade Joe Ajaero, President of the Nigeria Labour Congress (NLC), has asked President Bola Tinubu to fulfil his promises to Nigerians rather singling the union out for criticism.
During the commissioning of the Red-Line Railway Project in Lagos, on Thursday, Tinubu had accused NLC of partisanship.
Rejecting the nationwide protest over widespread hardship in the land, Tinubu said the union was unfair to his 9-month-old administration.
“Allow me to throw a jab here. The Labour Union should understand that no matter how much we cling to our freedom and rights, to call for strike within 9 months of an administration is unacceptable… If you want to participate in the electoral process, meet us in 2027. If not maintain peace. You are not only voice of Nigeria,” Tinubu had said.
In his response on Friday, Ajaero said, “We find these remarks, particularly those concerning the role of Labour in governance, to be profoundly at variance with the struggles faced by ordinary Nigerians under existing policies.
“President Tinubu’s insinuation that Labour lacks the moral ground to challenge his administration, merely nine months into office, is deeply troubling. Moreover, his focus on partisan issues and the distant 2027 election cycle, rather than the urgent needs of the populace, further underscores a disconnect from the realities faced by Nigerians on a daily basis.
“It is regrettable that the President seems oblivious to the profound hardships endured by millions of Nigerians. The pervasive hunger, unemployment, housing insecurity, and escalating costs of basic necessities such as food and healthcare demand immediate attention and decisive action. Yet, instead of addressing these pressing concerns, President Tinubu appears preoccupied with political calculations and future electoral prospects.
“The NLC wishes to emphasize that our primary objective is not to vie for political positions, including that of the President. Rather, our sole focus is on advocating for effective governance that prioritizes the welfare and security of all Nigerians. We urge President Tinubu to redirect his efforts towards fulfilling this fundamental duty of public office, rather than engaging in political rhetoric.
“It is imperative that we refocus our collective energy on addressing the substantive issues that have been the subject of engagement between Labour and the government since June 2023. These include critical matters such as wage increases, social welfare programs, infrastructure development, and the revitalization of key sectors such as education and healthcare.
“In any case to avoid the dissipation of energy, it is important that we focus on the real issues because we have engaged the government since June 2023 after the subsidy is gone statement. The issues are around the non-implementation of agreements reached between us and the government.
“For example; on June 5, 2023 after the hike in the Price of PMS, the following agreements were reached between us and the Government viz;1. Review Proposal for Wage Increase and Award including framework for timing and implementation.
“Mr. President, these agreements were reached but the Committee that was saddled with working on these was never inaugurated and none of them was implemented until we were forced to organize a nationwide rally while the president gave his personal commitment. However, Mr. President, nothing came out of your promises.
“It took another round of protests for the October 2, 2023 agreement to be reached. We outline the agreement below so that your government will tell Nigerians which one it has been able to implement.”
[DailyPost]
Former Chelsea and Arsenal midfielder, Cesc Fabregas has hit out at Manchester United manager, Erik ten Hag for his tactics and seeming lack of structure.
According to Fabregas, Man United used to have a plan when managed by former manager Ole Gunnar Solskjaer but are lacking something under Ten Hag.
Ten Hag enjoyed a superb first season at Old Trafford after arriving at the club in the summer of 2022.
Despite Cristiano Ronaldo’s mid-season exit, Ten Hag guided the Red Devils to six-year trophy drought by winning the EFL Cup.
Ten Hag’s side also reached the FA Cup final, where they lost to Manchester City, and finished third to return to the UEFA Champions League.
However, Ten Hag has failed to build on that this season.
“I don’t know his game-plan. I don’t know if he has structure, I don’t know what his message is,” Fabregas told Planet Premier League podcast.
“At least, with Solskjær, there was a plan – defend well and have great breaks.”
[DailyPost]
- Operators sanctioned for breaching money laundering laws, others
- Confusion over $10b Binance fine claim
The battle to shore up the value of the Naira and clean up the financial system continued yesterday with the Central Bank of Nigeria (CBN) revoking the operating licences of 4,173 Bureaux De Change (BDC).
Invoking its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), the apex bank accused the affected BDCs of non-compliance with various regulatory provisions.
The allegations against them, according to the CBN Acting Director of Corporate Communications, Hakama Sidi Ali, are: failure to pay all necessary fees, including licence renewal, within the stipulated period in line with Guidelines; non-rendition of returns in line with the Guidelines; and non-compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML); Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.
The CBN said that in a bid to ensure better compliance and regulation of the Bureau de Change sector in Nigeria, it had embarked on revising the regulatory and supervisory guidelines for their operations.
“Once the revised guidelines are implemented, all stakeholders in the sector will be obligated to comply with the new requirements,” the CBN said.
It asked the public to take note of this development and follow the guidelines accordingly. The list of the affected Bureaux De Change operators can be found on the CBN’s website at www.cbn.gov.ng.
The revocation of the BDCs’ licences came just days after the CBN allowed BDC operators to resume forex transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) – the official market, and released draft guidelines proposing significant changes to how BDCs operate.
Although the licence revocation has sent shock waves through the industry, observers of the financial sector seem not to have been surprised as the apex bank on Monday excluded the affected BDCs from access to dollar sales from the official market.
Of the 4,800 CBN-licenced BDCs, only 785 had access to forex from the official window on Monday after the apex bank resumed sale of dollars to the operators.
The CBN penultimate Friday raised the minimum capital requirements for BDC operators to N2 billion for Tier 1 licence holders and N500 million for a Tier 2 licence under the CBN’s revised Regulatory and Supervisory Guidelines for Bureau de Change (BDC) Operations.
Before now, a general licence cost N35 million.
The CBN and the Economic and Financial Crimes Commission (EFCC) had earlier launched a clampdown on street trading of foreign exchange by BDCs, in a multi-pronged approach by the authorities to address perceived irregularities in the forex market.
Some BDC operators were accused of manipulating the forex exchange which is said to be largely responsible for the current state of the national currency.
Justice Mohammed Nasir Yunusa of the Federal High Court, Kano on Wednesday convicted and sentenced three illegal bureau de change operators to three years imprisonment for operating without a requisite licence.
The convicts, Umar Ibrahim Muhammad, Abubakar Yakubu Garba and Muhammad Tijjani, were jailed after pleading guilty to one-count separate charges of illegal dealing in foreign currency without an appropriate licence.
Confusion over $10b fine slammed on Binance
Special Adviser to the President on Information and Strategy, Bayo Onanuga, yesterday denied media reports quoting him as saying the federal government had imposed a $10 billion fine on Binance as penalty for allegedly undermining the naira.
Onanuga had told the BBC that Binance profited immensely from its “illegal transactions” in Nigeria while the country itself suffered heavy losses.
He said he used the word ‘may’ and no concrete decision had been taken by government against Binance.
The federal government last week banned several crypto exchanges such as Binance, Coinbase and Kraken, as part of the strategy to save the naira from further assault.
Earlier this week, security agencies also quizzed two senior Binance executives as they arrived in the country.
[TheNation]
Festus Osifo, president of the Trade Union of Congress (TUC), says it is the right of the union to embark on protest and strike to drive home its demands.
During an interview on Channels Television on Friday, Osifo responded to the recent comment made by President Bola Tinubu about the protest embarked upon by the labour unions.
On Thursday, Tinubu said it was unacceptable for the labour unions to call for strike four times within the first nine months of an administration.
The president said the NLC is not the only voice of Nigerians, while asking the union to wait until 2027 to participate in the electoral process.
The NLC had declared a two-day nationwide mass protest for February 27 and 28, over the economic hardship being faced by Nigerians.
On Tuesday, the protest took place in many parts of the country, including Abuja, the federal capital territory (FCT).
However, the leadership of the NLC announced on Tuesday evening the suspension of the second day of the protest, noting that the objectives were achieved on the first day of the rally.
Reacting to Tinubu’s comment, Osifo said members of the TUC are not politicians noting that they are only interested in their welfare.
The TUC president asked the president to address the fundamental issues that led to the union’s protest and strike.
“I listened to that comment yesterday where he said that we should wait for 2027 if we want to contest for elections,” Osifo said.
“I could speak for the Trade Union Congress; we are not politicians, we are unionists, and it is our right to protest. It is a fundamental right of every single Nigerian.
“So we don’t have issues with protests when need be; people must exercise their rights, and people must protest.
“In terms of waiting till 2027 to enter politics, I don’t think that is something we could dabble into because, as an individual, I am not a card-carrying member of any political party.
“What I am interested in is the welfare of my members and indeed the entire Nigerian masses. So, the president’s view is alien to us because the right to protest and strike is that of the workers.
“There are condition precedents, for the fact that you are going on a protest or strike, there are some things that led to it, those fundamental issues must be addressed.”
[TheCable]
…Where, how he will be laid to rest
•Isiokpo kingdom, RCCG Parish Plan big for burial
•Church members are to wear Ankara for burial, and white for Thanksgiving
•He built our church; We’ll celebrate him, not mourn for he was a good man —Pastor
•Every turn from PH Airport to Isiokpo being touched
•Isiokpo youths demand the cause of death from FG, USA
•Plan a Protest at the US Embassy, Villa, to block major roads
It is ten kilometres from the Port Harcourt International Airport to Wigwe International University in Isiokpo. From the airport junction deep into the hinterland, every turn wears a new look in anticipation of receiving an “august visitor”.
Preparations for the final burial of the billionaire business mogul, Dr Herbert Wigwe on hypersonic speed. Roads are being cleared and available potholes are fixed. Contractors handling the University project are on their toes. The Redeemed Christian Church of God, RCCG, and Isiokpo parish are wearing a befitting look.
Several hectares of land have either been donated by well-wishers or acquired by families as car parks to ease both human and vehicular traffic on the day of the burial.
In all, Isiokpo kingdom looks set to receive its illustrious son back home. Yes, he is coming home to rest for eternity on Saturday, March 9, 2024. But on his arrival at the Port Harcourt International Airport, Omagwa, the late Wigwe will not adorn his usual trademark smiles. There will be no handshakes. No hugging. No form of pleasantries. He will be stiff and cold. Call it rigor mortis. He will be lying face up signifying the end of all mortals. That is because death, a necessary end comes when it will come.
Private Cemetery
As if he had a premonition of his tomorrow, Dr. Herbert Wigwe had already built a befitting private tomb for himself. Located within the massive expanse of the University environment, the mausoleum is a sight worthy of a billionaire.
A stamped concrete walkway sandwiched by a green lush leads to the ecstatic final resting place of the Wigwes. Saturday Vanguard scooped that three tombs have been constructed with state-of-the-art Italian Carara marble and finished up with a foreign granite galaxy.
“Do not grief, for the joy of the Lord is your strength”, is an inscription embossed on the top corner of the composing mausoleum. The sight of the transparent private cemetery is a clear testament to the fact that Dr. Herbert Wigwe was not just rich while alive, he appears even richer in death.
With thousands of foreign guests expected to pay their last respects to this rare gem, what will be the cynosure of all eyes is the expansive landmass of the Wigwe International University. The construction of the university has 60% of its local content in terms of labour deployed from Rivers State, 20% from Isiokpo and the remaining 20% from the rest of Nigeria. A touch of a detribalized man, one would say.
“He built this private cemetery before he started the university. His house here has been designed to have a special gate and walls separated from the university. I can tell you that he had a big vision. Very good vision and he was making efforts to ensure that those visions came to a reality. But what I cannot tell you right now is whether those visions will still be achieved”, a credible source decried.
Going spiritual, the source said, “it is only the owner of the vision that can implement his visions to the letter. I cannot say if those visions including the university will be accomplished in line with the dreams of the owner of the vision”.
Virtually all the buildings within the university environment are receiving an accelerated touch. Every completed building wears the same colour of pure white and some black corrugated roofs. The internal road construction is ongoing with the speed of light. Every staff knows his brief.
RCCG Parish Isiokpo Wears New Face
Myriads of activities were seen going on within the premises of the 48-acre “Lion of Judah” Parish of RCCG, Isiokpo. Lands were being sand-filled for car parking in anticipation of the heavy crowd that would attend the funeral next Saturday.
The 1000-seater auditorium with 12 standing split air conditioning units built by the late billionaire was being renovated to depict the status of the man who came, saw and blessed anyone who crossed his path while alive. Residents who live close to the church have donated their farmlands to be sand-filled for car parks while the church itself has expanded deep into the interior to create more space for the expected guests.
Pastor Moses Abe, provincial pastor of Rivers 20, Isiokpo parish was away for a meeting in Lagos when Saturday Vanguard visited, but the Parish pastor, Olaniyan Samuel, was handy. “Our preparation here is to put everything in place to ensure that we ease both human and vehicular traffic on that day”, he said.
“Our brother Wigwe built the main church before he died. It was commissioned by the General Overseer (Pastor Enoch Adeboye). He lived a good life. We will celebrate him not to mourn because he lived a very good life worthy of emulation”.
Pastor Olaniyan said the entire church will appear in Ankara material on Saturday for the burial while all members of the church will be on white for the Thanksgiving service on Sunday. “That is the way we want to celebrate him. We will forever remember him and his good works while he was alive”.
The parish pastor recollected that Dr. Wigwe was in the church premises a few days before he travelled and promised to ensure that the electricity project he embarked upon in the community would be realized. “That was the last time we saw him. Some communities had started enjoying the light before his death”.
Not minding the pains of their son’s death, the Wigwe family still went ahead to provide the Ankara material that would be used by the church members in Isiokpo. To reciprocate the gesture, Pastor Olaniyan said there would be a deliberate move to ensure that the presence of RCCG is felt on the University campus to drive the legacies and vision of the late Wigwe.
We’ve Lost A Rare Gem
Dr. Chukwudi Dimgba, a front-line politician in Isiokpo could not hold back his emotions when he narrated the beautiful memories of late Herbert Wigwe. “He was the light of Isiokpo kingdom. He put this kingdom on the global map through his numerous legacy projects and empowerment programs”.
Dr. Dimgba revealed that Isiokpo council of chiefs and indeed the entire Isiokpo people will work in unison to give the deceased, his wife and son befitting burials. “He will be accorded a full burial rite as a true son of the kingdom. Remember that two weeks ago, the King declared a 7-day mourning period in honour of his death. He deserves all the best because he was our light”.
USA govt, FG On Trial
Preparations for the burial of the Wigwes may be in top gear but the youths of the community seem to have a joker off their sleeves. They are demanding for immediate explanation from the governments of the United States where the helicopter crashed and the Nigerian government over “its silence” on the root cause of the death.
The Chief security officer, CSO, of Isiokpo kingdom, Wobodo Amadi jnr said the government of the United States must come out clean and explain to the world and indeed, the people of Isiokpo what killed Wigwe, his wife and son. Amadi refused to be convinced about the recent report of weather conditions that must have led to the Copter crash, killing the three Wigwes and three other occupants.
“The US government should come and explain to us what killed our son. We will stage a peaceful protest at the American embassy, and the Villa (Nigeria’s Seat of power) in Abuja and occupy major roads for two weeks if we are not presented with a convincing reason for what led to his death. If they say the weather was bad, who then authorized the pilot to fly the helicopter?
“During the covid-19 pandemic, Wigwe donated N2billion to the federal government of Nigeria to cushion the effect of the widespread virus. Why then is the Nigerian government keeping silent in his death? What does anybody know that we don’t know? The death of our son was not natural. We demand an explanation”, he said.
On their preparations for the burial, an emotional Amadi noted that the youths of the community were fully prepared for the event. He said all the youths would spot black on the burial day and would be at the Port Harcourt International Airport to receive the bodies and provide security for the visitors.
“Everywhere including the hotels will be adequately secured. The youths will collaborate with other security agencies like the department of Security Services, DSS, Police and the Army to ensure that nothing untoward happens before, during and after the burial next week. There will also be a candle night in his honour”.
He regretted that Dr. Herbert Wigwe would be greatly missed in several ways. “Every year, he used to give us N100million for our annual carnival. He employed and empowered our youths. Our late brother contributed 80% to the peace we are enjoying in Isiokpo today.
“He made a promise that if any indigene got a first-class degree, such a person would be given automatic employment. He has been doing exactly that. If you go to Wigwe University, many of our youths are working there and earning good salaries. We are bitter about losing a good son like that”.
Nonetheless, the youths have raised a serious allegation that the cause of the helicopter crash might not have been due to weather problems. This will spark a debate soon after the final burial on Saturday, March 9. If the death of the Wigwes was predetermined, where then would the pendulum of blame swing?
Wigwe was a business tycoon who was associated with the big and mighty in the business world. He was a friend to state governors, a confidant to presidents and a trusted ally to global business partners. Not just that, he stepped down from his high horse to dine and wine with the commoners in his home town. He was a source of hope for many indigent homes. So, where are the fingers of the youths pointing to? Wigwe was a good man and his people in Isiokpo will ensure he rests in peace with his wife and son.
[Vanguard]
More...
The Chief Executive Officer, CEO, and Managing Director of Pinnacle Oil and Gas Limited, Robert Dickerman, has revealed that the Nigerian Government still pays one trillion naira every month for petrol subsidy.
This is despite the total deregulation of petroleum products as announced by President Bola Tinubu on the day of his inauguration.
Pinnacle Oil has now said that Nigeria is currently spending approximately N1 trillion every month on petrol subsidies.
Dickerman revealed this information while participating in a panel discussion at session six of Nigeria’s Downstream Forum, at the recently concluded Nigeria International Energy Summit (NIES) in Abuja.
He mentioned that a significant subsidy is still in place, adding that this has contributed to the product’s affordable price and potentially fueling smuggling activities to nearby nations.
“Foreign investors, foreign lenders and government-run DFIs have been very clear about what they want to see: Conservative fiscal policy, tackling corruption, enabling competitive markets, and enforcement of fairness in markets through policy, regulation and the ability to enforce contracts. Keeping that context in mind, I want to point out that there is still a massive subsidy in PMS, albeit in the FX portion of PMS Price, not the global price in dollars.
“The consequences of this subsidy are: The cost of gasoline in Nigeria is the lowest in Africa by far, which encourages smuggling out, further depriving Nigeria of value.
“Smuggling causes Nigeria to subsidize neighboring countries even while our economy struggles. The cost is hurting the entire budget, Federal and State, as critical programs cannot be funded to pay this subsidy. It is currently calculated to be about 1 trillion Naira/month.
“Also, with this subsidy in place, ceasing subsidy payments would result in no petrol supply, if there are no refineries producing gasoline. All supplies come from the international market which will only sell at market prices.”
We’re Not After Your Job, We’re Not Politicians - NLC, TUC Tackles Tinubu Over Protests Comment
Admin
The Nigeria Labour Congress (NLC) on Friday responded to a remark by President Bola Tinubu, asserting that members of the union are not interested any political office.
Tinubu drew the ire of the union while inaugurating the Lagos Red Line Project on Thursday when he told labour unions to stop protesting against his nine-month old administration.
The president at the event also charged the unions to maintain peace or wait till 2027 if they intend to participate in the electoral process.
Responding, the NLC President, Comrade Joe Ajaero, in a statement on Friday said members of the union are not interested in President Tinubu’s office but demanding that he implements the agreement reached by the federal government with the labour unions in the aftermath of fuel subsidy removal.
Ajaero noted that the president’s remarks concerning the role of the NLC in governance was profoundly at variance with the struggles faced by ordinary Nigerians under existing policies.
The NLC said it was regrettable that the President seems oblivious of the profound hardships endured by millions of Nigerians including pervasive hunger, unemployment, housing insecurity, and escalating costs of basic necessities such as food and healthcare which demand immediate attention and decisive action.
”Yet, instead of addressing these pressing concerns, President Tinubu appears preoccupied with political calculations and future electoral prospects.
“The NLC wishes to emphasize that our primary objective is not to vie for political positions, including that of the President. Rather, our sole focus is on advocating for effective governance that prioritizes the welfare and security of all Nigerians. We urge President Tinubu to redirect his efforts towards fulfilling this fundamental duty of public office, rather than engaging in political rhetoric.
“It is imperative that we refocus our collective energy on addressing the substantive issues that have been the subject of engagement between Labour and the government since June 2023.
“These include critical matters such as wage increases, social welfare programs, infrastructure development, and the revitalization of key sectors such as education and healthcare,” the NLC president said.
He added that it is important to focus on the real issues because having engaged the government since June 2023 after the subsidy is gone statement.
“The issues are around the non-implementation of agreements reached between us and the government. For example; on June 5, 2023, after the hike in the Price of PMS, the following agreements were reached between us and the Government viz; Review Proposal for Wage Increase and Award including framework for timing and implementation
“Review the program of Cash Transfer and propose inclusion of low-income earners in the program; Review issues hindering effective delivery in the education sector and propose solutions for implementation; Revive the CNG conversion program; Review the framework for the completion of rehabilitation work on the Nation’s refineries; Review framework for the maintenance of Roads and expansion of Rail networks across the country.
“Mr. President, these agreements were reached but the Committee that was saddled with working on these was never inaugurated and none of them was implemented until we were forced to organize a nationwide rally while the president gave his personal commitment. However, Mr. President, nothing came out of your promises,” Ajaero said.
The labour leader recalled that it took another round of protests for the October 2, 2023 agreement to be reached. “We outline the agreement below so that your government will tell Nigerians which one it has been able to implement. They are; The first item on the Agreement is the N35,000 Wage Award; Port Harcourt Refinery will come on stream by December, 2023; 25,000 cash transfers to 15 million poor households would be implemented; Tax waivers for workers, small businesses and the general public.
“Government interference in the internal affairs of the National Union of Road Transport Workers (NURTW) and RTEAN to be stopped; The agreement will be deposited as settlement with the Court by the Government; That CNG buses and 55,000 conversion kits will be provided; All parties shall henceforth commit to the use of social dialogue in all of our engagements; The National Minimum Wage Committee to be set up immediately; Outstanding Wages and Salaries for Tertiary Education workers in all federally – owned educational institutions to be paid; States and Private sectors to be compelled by the federal government to give Wage Award to workers; Fertilizer initiative to farmers across the nation; Provision of funds for MSMEs across the nation; Visitation to the Refinery to monitor completion of the PH refinery,” the NLC president said.
He reminded Tinubu that these issues are not election to take up the job of the President.
“Once again Mr. President, these are the issues and not election or perhaps seeking to take over your job. We would want Mr. President to show us the items his government has implemented in this agreement. Perhaps, the Government wants to tell Nigerians that we do not have the right to ask that it complies with the agreement it willingly reached with us.
“But besides all these, in the two MoUs signed with this government on the 5th of June and October 2nd 2023, which item has his government implemented beside rhetoric? The first MoU has seven items while the second has 15 items. It has been a chain of broken promises not only to Labour but to hungry Nigerians
“President Tinubu’s administration must be held accountable for the commitments made in previous agreements with Labour. It is disheartening to note the apparent lack of progress in implementing these agreements, despite repeated assurances from the government. Nigerians deserve transparency and tangible results, not empty promises and bureaucratic delays.
“Furthermore, the use of divisive language and veiled threats against Labour by President Tinubu is unacceptable. It is incumbent upon all stakeholders to foster constructive dialogue and collaboration in addressing the myriad challenges facing our nation. Violence and intimidation have no place in a democratic society, and any attempts to suppress dissent will only exacerbate tensions and undermine our collective efforts towards progress and prosperity.
“Finally, the NLC reiterates its unwavering commitment to championing the interests of Nigerian workers and the broader populace. We call upon President Tinubu to heed the voices of ordinary Nigerians, prioritize governance over politics, and take meaningful steps towards building a more inclusive and equitable society,” the statement read.
Reacting to the President’s remarks on Channels Television’s Politics Today on Friday, the President of the TUC, Festus Osifo, said members of his union are not politicians and that they have the right to protest.
“I listened to that comment yesterday where he said that we should wait for 2027 if we want to contest for elections. I could speak for Trade Union Congress, we are not politicians, we are unionists, it is our right to protest – it is a fundamental right of every single Nigeria,” Osifo said.
“So we don’t have issues with protests, when need be, people will exercise their rights and people must protest. In terms of waiting till 2027 to enter into politics, I don’t think that is something we could dabble into because I as an individual I am not a card-carrying member of any political party.
“What I am interested in is the welfare of my members and indeed the entire Nigerian masses. So, what the president said for me is alien to us because the right to protest and the right to strike is that of the workers.
“There are condition precedents, for the fact that you are going on protest or strike, there are some things that led to it, those fundamental issues must be addressed.”
Media
FG urged to promote gas as alternative to petrol
The torrential fall of the Naira which has turned the petroleum supply chain into a quagmire is fast eroding the projected gains after the federal government finally removed the petrol subsidy regime.
Oil marketers and government officials also appear not to be on the same page when it comes to the actual landing cost of Petroleum Motor Spirit and the impact that Nigeria’s fluctuating currency has had on the importation of the product.
Presently, it has been calculated that landing cost of Premium Motor Spirit, PMS also called petrol has averaged N1,009 a liter going by prevailing rate of N1,500 per dollar, from N720 per litre recorded in October 2023.
Though, this cannot independent be confirmed by our Correspondent as President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said such figures may still be disputed because there are other associated costs like insurance, port charges and cost of hiring vessels.
It has also been reported that the country is paying about N907.5 billion subsidy on petrol monthly as the country’s foreign exchange crisis pushed the actual cost of litre of fuel to N1,203, signalling a return of subsidy regime.
However, an inside source at the Nigerian National Petroleum Company Limited, NNPCL, denied the insinuation.
The source said such reports are falsehood and should be disregarded as subsidy has gone.
“I think we should take a look at the provisions of the Petroleum Industry Act, PIA, which gives the NNPCL the responsibility to ensure energy security at any time. Though it operates as a limited liability company that pays dividend to shareholders, nonetheless the PIA vests that responsibility to the Company to provide buffer and secure the country’s energy demands and perhaps that is what is erroneously being interpreted as return of Subsidy.
The group CEO of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, had said at the birth of NNPCL that the country was spending over N400 billion monthly on petrol subsidy, but investigations into Nigeria’s petrol pricing dynamics have revealed a significant surge in the landing cost of petrol, attributed to the escalating exchange rate.
In his views, the chief executive officer, CEO, of the Center For The Promotion Of Private Enterprises, CPPE, Dr. Muda Yusuf, said, “Evidently, the currency depreciation has partially eroded the subsidy savings.”
According to Yusuf, this is because the cost of fuel importation has increased, when converted to naira, adding.
Besides, the mounting inflationary pressures has inherently increased the subsidy because the pump price had remained fixed while the landing cost has been on the increase.”
This he said is understandable in the light of the current hardships being experienced by the citizens.
“The government is unlikely to go back to full subsidy. Doing so, would amount to a complete reversal of a major pillar of the current reforms. Besides the government do not have the fiscal space to ensure full restoration of subsidy.
“The objective of the reform is actually to exit completely from fuel subsidy regime. But this will take some time as the economic fundamentals are still weak.” he advised.
Just recently the International Monetary Fund (IMF) claimed that the Nigerian government has, through the backdoor, resumed the payment of subsidies on petrol.
LEADERSHIP WEEKEND writes that on May 29, 2023, President Bola Tinubu announced an end to petrol subsidy, which caused a hike in the prices of goods and services in the country.
Following that announcement, the Central Bank of Nigeria (CBN) collapsed the different exchange rate regimes into one, with the value of the naira to the dollar weakening.
The IMF recently issued a statement on the conclusion of its Executive Board’s Post Financing Assessment with Nigeria, during which it expressed concerns that the government had capped the prices of fuel at retail stations.
The IMF advised Tinubu to completely stop the payment of subsidies on petrol to free funds to run the government.
In reaction, some Groups and individuals rejected the IMF position for what they described as “anti-masses policies”, and called on Nigerian government to explore home grown options that would fix the economy and better the life of the people.
But the minister of Information and National Orientation, Mohammed Idris, on Wednesday, said petrol importation in the country reduced by 50 per cent since the withdrawal of the fuel subsidy.
Idris said this at the third edition of the ministerial press briefing series, where the coordinating minister for Health and Social Welfare addressed journalists in Abuja.
He said,“Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy. The Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever, mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy.
It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 million barrels per day in the fourth quarter of 2023.”
President Bola Tinubu announced the removal of petrol subsidy during his inaugural address on May 29, 2023, saying, “Subsidy is gone.”
Idris notes that President Tinubu has also given a directive for the design of a Social Security Unemployment Programme to cater for unemployed graduates.
Equally, President Bola Ahmed Tinubu, has stated that the decision of his administration to remove subsidy on Premium Motor Spirit (PMS) was premised on the need to ensure long-term energy security and economic prosperity of Nigeria.
Tinubu stated this in his keynote address at the opening ceremony of the 7th Nigerian International Energy Summit (NIES) at the Banquet Hall of the Presidential Villa, Abuja on Tuesday, 27th February, 2024.
The president who was represented at the event by the minister of Information and National Orientation, Mohammed Idris, noted that the petroleum subsidy had, over the years, strained the country’s economic resources, leading to inefficiencies and, most importantly, hindering ability to invest in critical areas of energy security.
He admitted that the decision to remove the petroleum subsidy was a challenging one, but stressed that it was a step that must be taken to secure Nigeria’s energy future and foster economic growth.
He added that by removing the subsidy, “We are creating a more transparent and accountable energy sector. The funds that were previously allocated to subsidizing petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure”.
However, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the only way out of this quagmire is to tap and explore the country’s vast gas deposits and bring it into useful disposition.
The PETROAN president Billy Gillis-Harry, in a conversation with our Correspondent, said government should escalate activities around gas adoption as alternative to petrol.
He said his association has made significant strides in promoting the adoption of Autogas in vehicles across the country.
Our correspondent reports that PETROAN, is working such that over 7,000 filling stations under the association be converted into gas dispensing outlets. These conversion centers will be used for dispensing Autogas, including compressed natural gas (CNG) and Liquefied Petroleum Gas (LPG), into vehicles.
The body is engaging in various intervention projects, including collaborations with manufacturers of conversion kits for LPG, LNG, and CNG. Notably, they held discussions with their Asian partners, primarily from India, who are eager to support their initiatives.
He advocated that the government’s financial support for consistent vehicle conversion to run on gas would be a more effective form of palliative compared to direct cash transfers to vulnerable households.
Such an intervention, he believed would significantly reduce the dependence on petrol and alleviate the burden of petrol imports due to foreign exchange constraints.
The adoption of gas as an alternative fuel source is seen as the most viable solution to mitigate the current high cost of petrol.
With 7,000 retail outlets already registered for conversion centers, government funding to support these conversions, which would be another form of palliative for the public.
PETROAN has partnered with a company capable of producing 70,000 conversion kits monthly, enabling them to target the conversion of 70,000 vehicles each month. The vision is to have hundreds of thousands of vehicles running on gas within the next three to six months.
In support of this initiative, oil marketers represented by the Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) have pledged to donate 100 CNG buses to help ease the impact of petrol subsidy removal.
Furthermore, President Bola Tinubu announced that his administration has allocated N100 billion between now and March 2024 to acquire 3,000 units of 20-seater buses powered by CNG.
The drive towards Autogas adoption and the establishment of conversion centers signifies a significant step towards reducing the country’s dependence on traditional petrol-based fuels.
According to the Minister of State Petroleum Resources (Oil), Sen
Heineken Lokpobiri, said, in spite of the abundant oil and gas reserves in the country, Nigeria suffers from energy poverty as the reserves have not translated to economic prosperity contrary to what obtained in the Middle East.
He therefore implored the summit to unravel what other oil producing countries were doing to bring economic prosperity to their countries that Nigeria hasn’t done.
He noted that the task of exploring oil reserves should be given to those who have proven capacity, both financially and technically to be able to explore oil and gas reserves for the benefit of Nigerians and the global energy landscape, adding that, the easiest way to guarantee energy security in Nigeria was to get the right investment.
He also noted that, in exploration, the target should be to explore these resources in a more environmentally friendly and sustainable ways.
Lokpobiri charged the delegates at the summit to come up with brilliant ideas in ensuring that we have energy security in Nigeria and ramp up production. “The only way we can guarantee energy security is to increase production in the upstream so that we will be able to provide the right quantity to service our obligations, both locally and internationally”.
CBN Revokes Licences Of 4,173 BDCs Operators Over Non-Compliance, Regulatory Violations [FULL LIST]
Admin
The battle to shore up the value of the Naira and clean up the financial system continued yesterday with the Central Bank of Nigeria (CBN) revoking the operating licences of 4,173 Bureaux De Change (BDC).
Invoking its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), the apex bank accused the affected BDCs of non-compliance with various regulatory provisions.
The allegations against them, according to the CBN Acting Director of Corporate Communications, Hakama Sidi Ali, are: failure to pay all necessary fees, including licence renewal, within the stipulated period in line with Guidelines; non-rendition of returns in line with the Guidelines; and non-compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML); Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.
The CBN said that in a bid to ensure better compliance and regulation of the Bureau de Change sector in Nigeria, it had embarked on revising the regulatory and supervisory guidelines for their operations.
“Once the revised guidelines are implemented, all stakeholders in the sector will be obligated to comply with the new requirements,” the CBN said.
It asked the public to take note of this development and follow the guidelines accordingly. The list of the affected Bureaux De Change operators can be found on the CBN’s website at www.cbn.gov.ng.
The revocation of the BDCs’ licences came just days after the CBN allowed BDC operators to resume forex transactions at the Nigerian Autonomous Foreign Exchange Market (NAFEM) – the official market, and released draft guidelines proposing significant changes to how BDCs operate.
Although the licence revocation has sent shock waves through the industry, observers of the financial sector seem not to have been surprised as the apex bank on Monday excluded the affected BDCs from access to dollar sales from the official market.
Of the 4,800 CBN-licenced BDCs, only 785 had access to forex from the official window on Monday after the apex bank resumed sale of dollars to the operators.
The CBN penultimate Friday raised the minimum capital requirements for BDC operators to N2 billion for Tier 1 licence holders and N500 million for a Tier 2 licence under the CBN’s revised Regulatory and Supervisory Guidelines for Bureau de Change (BDC) Operations.
Before now, a general licence cost N35 million.
The CBN and the Economic and Financial Crimes Commission (EFCC) had earlier launched a clampdown on street trading of foreign exchange by BDCs, in a multi-pronged approach by the authorities to address perceived irregularities in the forex market.
Some BDC operators were accused of manipulating the forex exchange which is said to be largely responsible for the current state of the national currency.
Justice Mohammed Nasir Yunusa of the Federal High Court, Kano on Wednesday convicted and sentenced three illegal bureau de change operators to three years imprisonment for operating without a requisite licence.
The convicts, Umar Ibrahim Muhammad, Abubakar Yakubu Garba and Muhammad Tijjani, were jailed after pleading guilty to one-count separate charges of illegal dealing in foreign currency without an appropriate licence.
