Petrol price is likely to rise again following the decision by the Nigerian National Petroleum Company Limited (NNPCL) to end its exclusive offtake agreement with the Dangote Refinery, allowing other marketers to buy the product directly from the facility.

The current fuel cost was effected in August when the NNPCL adjusted the pump price from N568 to N855 per litre in Lagos, and to almost N900 in other parts of the country.

The NNPCL’s exit as a middleman in the Dangote Refinery implies that the national oil company will no longer cover the price gap between the facility’s price and the selling price to retailers, previously absorbing a subsidy of N133 per litre.

The NNPCL’s decision is seen as a crucial shift towards a fully deregulated oil market.

Marketers can now negotiate petrol prices directly with the Dangote Refinery under a “willing buyer, willing seller” arrangement, aligning with practices for other deregulated products such as diesel and kerosene.

In September, Devakumar Edwin, Vice President at the Dangote Industries, indicated that the 650,000 barrels per day refinery had begun processing petrol, with the NNPCL initially as the sole off-taker.

But recent adjustments allow independent marketers to engage with Dangote directly.

“We can no longer continue to bear that burden,” an NNPCL’s official told Premium Times, highlighting the financial strain of the subsidy system.

Middle East tension may spark higher fuel cost–Experts

Experts have predicted that the heightening tension in the Middle East can spark a new petrol pump price hike in Nigeria and other nations.

Oil prices extended gains yesterday, with Brent nearing $80 to build on last week’s steepest weekly jump since early 2023.

This is believed to be driven by fears of a wider Middle East conflict and potential disruption to exports from the major oil-producing region.

Brent crude futures rose $1.09 (1.4 per cent) to $79.14 a barrel yesterday. The United States West Texas Intermediate (WTI) crude futures were up $1.15 (1.55 percent), at $75.53. WTI had earlier risen by more than $2.

Brent rose more than 8 per cent last week; while WTI soared 9.1 per cent on the possibility that Israel could strike Iranian oil infrastructure in response to the latter’s October 1 missile attack on the  former.

Amidst the tension, the global oil prices have remained volatile with the likelihood of a barrel of crude climbing to $100 later this month.

Iran, a member of the Organisation of Petroleum Exporting Countries (OPEC), is a global player in the oil market with a production of between three million to four million barrels of oil per day; hence any tension therein constitutes a potential crisis for the oil market with broader implications on the price of crude.

The CNN, in its analysis, predicted that the price could reach $100 this month if the Middle East tension continues.

“Pre-shale revolution, this type of situation would have sent prices well above $100,” Helima Croft, global head of commodity strategy at RBC Capital Markets, told CNN.

Meanwhile, Nigerians’ expectations that the 650,000-barrel Dangote refinery would crash the petrol price have not been met.

Dangote had explained that it sourced most of its crude from the international market at the prevailing market price and cannot sell below the cost of production.

Experts speak

An economist, Paul Alaje, in a post, stated that the tension generated by Iran’s attack on Israel “may lead to a full-scale war” that could result in a global shortage of fuel supply.

According to him, if Israel should retaliate, there are high chances “that this may lead to a full-blown war. If it happens like this, there may be a global supply shortage of oil because Iran is a major producer of oil.

“What does this mean for Nigeria and nations with oil and relative peace? The price will surge, leading to more revenue inflow for the Nigerian authorities and others.”

He added: “PMS, diesel, and other refined products may increase as well; Inflation may go higher than we already have; Revenues to the government are expected to go up. The government will decide who will pay the increase in petroleum products prices if this happens.”

In the same vein, an oil and gas expert, Dr Ayodele Oni, said only subsidy could prevent Nigerians from paying higher prices for petrol.

“The likely consequence is an increase in crude oil prices and without some subsidy, pump prices will increase correspondingly with increasing crude  prices,” he said.

Analysts believe that OPEC’s Middle Eastern producers like Saudi Arabia and the United Arab Emirates (UAE) have enough spare capacity to offset potential losses of supply from fellow member Iran.

They, however, noted that if the conflict escalates to Iranian proxies targeting oil infrastructure in Iran’s Middle Eastern neighbours, or if Iran moves to block or restrict oil cargo traffic in the Strait of Hormuz, oil prices could spike to triple digits and record highs.

400,000bpd for Dangote as naira-for-crude deal begins

Meanwhile, a report by Bloomberg said the federal government was set to deliver up to 400,000 barrels of Nigerian crude oil daily to the Dangote Refinery under its naira-for-crude deal.

[DailyTrust]

Former Rivers State governorship candidate of the All Progressives Congress, APC, in the 2023 election, Tonye Cole has weighed in on the ongoing political crisis in the state.

Cole said peace cannot return to the oil-rich state unless four prominent personalities in the state sit together to resolve the crisis.

He stated this on Tuesday while speaking on Arise Television’s Morning Show programme.

The statement comes amidst ongoing political crisis in Rivers State following the last Saturday’s local government election

According to him, President Bola Tinubu can superintend the meeting if he really wants peace to Rivers State.

He said: “I have already said some actors need to be on the table. There are four of them who must sit down at a table and decide that Rivers State is more important than personal interest and agenda. Till then we are not going to have peace.

“His Excellency ex-Governor Peter Odili, who is the father of this political dynamics, must sit at the table. His Excellency Rotimi Amaechi must sit at that table. Then Nyesom Wike, and Siminalayi Fubara must sit at that table.

“The President can superintend this if he really wants peace in Rivers State. And a decision must be made that this is how are going to be moving forward.

“Until that is done, as soon as Fubara’s time is about to end, you will see an all out war.”

[DailyTrust]

“If today’s Federal Government had known its limits, it wouldn’t have suffered the disgrace it suffered in Rivers State at the weekend. The election it struggled to frustrate eventually held. And I see it as a victory for federalism and one major step in our forward march to defeat the current forces of resurgent unitarism.”

Chief Obafemi Awolowo’s 1947 book, ‘Path to Nigerian Freedom’, opens with three quotations. The first tells the reader: “This above all: to thine own self be true…” It is from William Shakespeare’s ‘Hamlet’. It simply says do not deceive yourself – like the one with a sore in the right leg but who nurses the healthy left. The one who deceives himself suffers deception from the gods.

The second quote, from Shakespeare’s ‘King Lear’, is a warning that “Who cover faults, at last shame them derides.” In today’s English, it says those who cover their faults always end up being shamed by them. The third quotation enjoins you to “fight all opinions contrary to truth, but let your weapons be patience, sweetness, and charity…” The words belong to an 18th century Catholic saint, John of Kanty, who ended that quotation with a counsel that the best cause almost always gets spoilt by violence.

My eyes caught the quotes as I was considering recommending ‘Path to Nigerian Freedom’ to the gladiators fighting to the death in Rivers State and to the puppeteers behind the problem. If the 134-page book is too thick for them to read, at least, they should buy the three quotes for their politics and, especially, for their politicking.

Rivers State suffers the oríkì of an oba who profits from planting corn of trouble in the backyard of his victims. The king’s fruited corn must not be harvested and, it must not be destroyed. It is trouble.

The people behind the crisis in that state are those who urge the creditor to demand his pay and, at the same time, nudge the debtor to repudiate his debt. Their goal is conflict that benefits the palace.

Yes, dirty water quenches fire but why not use clean water which neither stains nor stinks?

Very wild Rivers State conducted its local government elections two days ago without police presence. The police stayed away and the state said it didn’t miss them. In scoring that first, Rivers State has helped us ask two pertinent questions: is the Nigeria Police Force for the Federation of Nigeria or for the Federal Government of Nigeria? Who should determine what goes on in the local governments? Is it the state or the federal government?

In a properly structured family, a slave knows himself as slave; the indentured knows what he is too (Eru a mo’ra e l’eru; Iwofa a m’ora e ni Iwofa). If Nigeria were a properly structured nation, last week’s drama between Governor Sim Fubara of Rivers State and the Inspector General of Police would be very unnecessary. Who should be in charge of security in Rivers State? Who should be in charge of the local governments there? The Federal Government or the State Government? Or who?

We may not be a very good record-keeping country, but those who enslaved us kept and still keep records. We see in colonial records, including the Hansard of the British parliament, tomes of materials which tell us that Nigeria is a negotiated country. Every bit of its structure was argued and fought over by the founding fathers who did not take anything for granted. On Wednesday, 21 October, 1953, Lord Milverton briefed the British House of Lords on what he called “prospective constitutional developments in Nigeria.” It was essentially a report of that year’s constitutional conference. Here, I am interested in what Lord Milverton said the leaders of the Nigerian people agreed to on the structure and control of the police. Milverton said: “The Conference agreed that the police, other than local authority and native authority police, should be a central function, but control of police contingents stationed in the regions is to be vested in the regional commissioners of police, who will be responsible solely to the Governor of the region, who, in turn, will be responsible only to the Governor-General. I regard this as a very satisfactory decision, to avoid the danger of the police coming under the control of a political party.”

Subsequent constitutional conferences of 1954, 1957 and 1958 had variants of this agreement. And there are records that show that two of the regions – the West and the North – which already had local authority and native authority police, demanded regional police in addition to a central police force. The Western Region, especially, believed that “a centralized police force” would most certainly become the “deadliest weapon for any dictator.” But, the Independence Constitution of 1960 struggled to allay the fears of, especially, the West on the potentiality of a federal government appropriating the central police to decimate the regions. The drafters of the constitution – and of subsequent ones – thought that the creation of a Police Council to own and manage the Nigeria Police would keep us safe from dictators. We’ve seen how wrong the allayers of that fear were.

If you’ve ever witnessed how village folks extract kernels from palm nuts, you would understand the struggle for control of the councils between the federal government and the states. Who should manage local governments and their affairs? As flawed and inadequate as the 1999 constitution is, it contains enough hints on what local governments are and how they should be run. But our law means nothing to us – even to the courts. As usual, the judiciary shat in its pants in this Rivers matter. Federal High Court knelt for the federal; State High Court prostrated before the state. The courts messed up so much that street chickens played with their balls.

Unlike the control of the police, management of local governments was not a problem at the beginning of our journey. It is a problem created by the military which found Nigeria in a hole and stupidly dug it deeper. Their training missed for them the first law of holes. What did we inherit?

In April 1952, members of the Western House of Assembly thoroughly debated the local government system they wanted for their people. The region’s Leader of Government Business and Action Group leader, Chief Awolowo, spoke there on what he called “local self-government.” He explained this to mean “a system of local government wherein local councils make, accept responsibility for and implement their own decisions.” A year later, Chief Awolowo described local governments as “the superstructure on which the regional government is erected.” Soon afterwards, the Western Region became the first to conduct council elections and introduce elected representatives into the local government system in Nigeria. That was in June 1953. And the elections were free and fair to the extent that an Adegoke Adelabu got elected as Chairman of Ibadan District Council under a regional government headed by Chief Awolowo. The elections were strictly a regional matter.

If today’s Federal Government had known its limits, it wouldn’t have suffered the disgrace it suffered in Rivers State at the weekend. The election it struggled to frustrate eventually held. And I see it as a victory for federalism and one major step in our forward march to defeat the current forces of resurgent unitarism.

Should the eye ever forget what the heart has seen? Those words impose on us the duty of protecting our heritage. The people in charge of the government in Abuja today claim to be followers of Chief Awolowo. They claim Awolowo but want states and local governments in their federal pockets. How do they think Awo would have taken it as premier if Prime Minister Tafawa Balewa had attempted to organise an election into Ibadan District Council? Or seek to use federal police to stall the conduct of elections into Western Region’s Divisional Councils?

Our state governors may have not managed excellently the local governments, but digging a hole to fill another will most certainly pockmark the face of the earth. When states conduct local government elections, the ruling party wins all. The present set of governors inherited that wrong from those who had been there, including the incumbent president. We do not find what the governors do with the councils funny at all. We think what they do is not democracy; we think it shames democracy. And what solution do we have? Use the federal police to balance the terror.

What else are we brewing? We have before the Senate a bill seeking to establish an agency for the federal government to conduct local government elections. The promoters call it Local Government Independent Electoral Commission Establishment Bill 2024. The day that bill is passed and signed into law is the day Nigeria becomes Paul Biya’s Cameroun. Check who Paul Biya is and what he means to the peace of his country and to the prosperity of his people.

You remember how Shakespeare’s Cassius paints the canvas of imperial Caesar?: “Why, man, he doth bestride the narrow world/ Like a Colossus, and we petty men/ Walk under his huge legs and peep about/ To find ourselves dishonorable graves.” Historical Caesar truly became a colossus when he seized control of all Roman structures. In the vicious contest for the control of the local governments between the presidency and the governors, behind whom would you queue? My own vote on this would go to the governors. Why? Let me ask: is it not better to have 36 mini emperors ‘assisting’ us to hold down an elephantine imperial presidency than to have a sole administrator, a real Caesar, bestriding the whole Nigerian world like a colossus?

The theory of unintended consequences has ensured that governors fill the void left by what should be a virile opposition and a checking legislature. You will understand my drift if you’ve ever seen how a cackle of hyenas tackle conceited Lion, king of the jungle, and cut him to size. They have to, otherwise they all become endangered, and the forest becomes a proper state of nature – a nasty, brutish dictatorship.

Olusegun Obasanjo’s presidency was stopped by the governors. Governor Bola Tinubu was the field commander in that battle. Umaru Yar’Adua’s and Goodluck Jonathan’s presidential tenures suffered pacification at the hands of their governors. The governors of those eras, warts and all, reined in the omnipotent presidents and we and our democracy were the better for it. Then a paternalistic, free-roaming Muhammadu Buhari came and tamed the governors, and crashed the plane, and landed all of us in this emergency ward. We will see the worst of it with the grasping present.

Fortunately we have a set of governors for whom flames in the tiger’s eyes signify nothing. And these governors are from all parties who have governors.

Imagine 220 million Nigerians peeping under the huge mahogany legs of a presidential table begging to breathe. The spectacle of a begging nation is worse than miserable minions peeping about in search of “dishonorable graves.” And we will have it the moment this president, or the next one, is allowed to ‘elect’ chairmen and councilors into the 774 local government councils.

I try to loan myself sense on the crisis in Rivers State. The issue there is beyond Nyesom Wike and Sim Fubara. The two gentlemen, in fact, need to be rescued; they are grasshoppers in the hands of some wanton gods. Some harvesters’ silos need the grains of that fight for their barns to be truly full. A grisly game of thrones is, therefore, afoot. Wike and Fubara and their Rivers are mere boots in that battle.

The very week of our independence anniversary was the week we experienced Rivers State.

Public intellectual and ebullient media icon, Ambassador Yemi Farounbi, early last month sent me a text: “I’m getting worried by the increasing distance from good governance, the rapid movement towards dictatorship and the deafening graveyard silence within the Nigerian elites.”

The day Nigeria celebrated its 64th independence anniversary was the day Farounbi turned 80. Amidst all the dirt and madness around, the old man has managed to keep his medal of sanity. A man with such a journey and unique birth date should be celebrated with the nation. But there was no reason to roll out the drums. For our country, the auguries are not good.

If you make a dove president of Nigeria, the present structure will transform that dove into a hawk overnight. Too much money and too much power at the centre is what I meant by ‘structure’. Everything comes down to the imperative of meeting our demand for a proper federation run on the principles of true federalism. We run an inverted federation of the centre holding the ladle at the dining table. The current revenue sharing formula gives the federal government 52.68 percent, the 36 states 26.72 percent and the 774 local governments, 20.60 percent. The oil-producing states take 13 percent as derivation revenue. Typically in this Orwellian contraption, Big brother harvests more than it should take. The Federal Government takes more than half of everything, yet it cheats.

I am aware that four states are currently before the Supreme Court asking my Lords to order the president to obey Section 162 (1) and (3) of the constitution. The section makes it mandatory for all monies made by the federation to go into the federation account. Section 162(3) provides that “any amount standing to the credit of the Federation Account shall be distributed among the federal and state governments and local government councils in each state of the federation on such terms and in such manner as may be prescribed by the National Assembly.”

But the states say that the Federal Government, in the name of deductions and transfers; refunds and interventions, cheats them and the local governments monthly. For instance, at the July 2024 meeting of the Federation Account Allocation Committee (FAAC), N1.35 trillion was shared to the three tiers of government as allocations for the month of June 2024 from a total gross revenue of N2.4 trillion. There is a difference of over N1 trillion between what the federation admitted making in that month and what the tiers of government shared. Check other months; the pattern is the same. We wait to see what the Supreme Court will say on those four cases. It will make new laws.

The fear of the worst happening is ever present. The consolation is in one of the lines I dropped here some weeks ago. “The closer the collapse of the empire, the crazier its laws are.” The quote belongs to Roman orator, lawyer and statesman, Marcus Tullius Cicero. You must not keep quiet, covering your faults and letting them shame you. We should know that when it rains – and it will rain – all roofs will get wet. And, so with charity and sweetness of patience, we must continue to “fight all opinions (that are) contrary to truth.”

The Nigerian Communications Commission has withdrawn its recently issued press statement regarding the operations of Starlink, a satellite internet service provider.

In a brief message addressed to media outlets on Tuesday, the NCC acknowledged that the statement was released in error, urging editors and journalists to retract any related publications.

“Kindly note that this press statement on Starlink was issued in error. It is hereby WITHDRAWN. If already published, kindly BRING DOWN,” the message, signed by the NCC’s Manager of Media Relations, Kunle Azeez, stated.

The commission’s  Director of Public Affairs, Reuben Muoka, had announced plans to take enforcement measures against  Starlink, for raising its subscription prices in Nigeria without the regulator’s approval.

In a message sent to its customers last week, Starlink said the price hike would affect both existing and new customers.

The monthly subscription fee was increased by 97%, from N38,000 to N75,000.

Additionally, new users will face a higher cost for the Starlink kit (the hardware needed for installation), which is now priced at N590,000, up 34% from the previous price of N440,000.

However, the NCC stated that it had not approved the price increase.

“The decision by Starlink to unilaterally review its subscription packages upwards did not receive the approval of the Nigerian Communications Commission,” Muoka said.

He explained that the commission was “surprised” when the company announced the price changes, despite having filed a request with the NCC for a price adjustment, which the regulator had yet to approve.

[Punch]

….Proposes audit of LG workers, retirees
….Wants embargo on employment for a year

The Organised Labour comprising the Nigeria Union of Local Government Employees, NULGE, Nigeria Union of Teachers, NUT, and Nigerian Union of Pensioners, NUP, has proposed a staff redistribution, placement and auditing exercise, to ascertain the actual numbers of local government workers, primary school teachers and pensioners in all the 774 local government areas nationwide.

Under the Joint Action Committee, JAC, of Local government-based unions they also recommended an embargo on recruitment of new staff into local government including teachers for one year from the date of the Supreme Court Judgment on direct payment to ensure stability and consideration.

These are parts of the recommendations JAC aimed at effective operations of local government during the direct remittance of federal allocation following the recent Supreme Court granting of financial autonomy to the local governments.

The President of NUT, Titus Amba, President-General of NULGE, Ambali Akeem, and President of NUP, Godwin Abumisi, in seven-point recommendations, noted that “For a hitch-free take off of the direct payment system JAC recommends that there should be staff redistribution, placement and auditing exercise to ascertain the actual numbers of Local Government workers, primary schools teachers and pensioners.

“Recruitment of new staff into Local Government and teaching should be suspended for one year from the date of the Supreme Court Judgment on direct payment to ensure stability and consideration. This will enable Local Government to focus on developmental projects and real service delivery”.

Among other recommendations, the JAC equally advocated the “restructuring of supervisory institutions controlling and supervising Local Government workers. These agencies are to be restructured by way of expanding their statutory members to include chairmen of local government; heads of local government based unions and other relevant stakeholders for quality control and inclusivity.”

For the Local Government Service Commission, JAC proposed for statutory membership to include: a representative of the Association of Local Government of Nigeria, ALGON, and a representative of NULGE, while for the State Universal Basic Education Board, SUBEB, statutory membership should include a representative of ALGON and representative of NUT.

Similarly, Local Government Staff Pension Board statutory membership should include representatives of ALGON, NUP, NULGE and NUT, while Primary Health Care Agency statutory membership should representatives of ALGON and health practitioners from the local government

According to the recommendations, “Due to the huge deficit in infrastructural development and lack of capacity for service delivery in many local governments nationwide, JAC recommends that Federal Government should intervene in the procurement of machines and equipment such as tractors, graders, bulldozers, refuse disposal vans (tipper lorries), septic evacuation van, public address system van and supply of materials and equipment for the vocational skill acquisition centres. Funds for the procurement of these materials should be deducted from Local Government allocation overtime on an instalment basis.

“The peace and security committee of the local government should be reorganized for indexing, registration, kitting and intelligence gathering, policing and regular bi-monthly meetings coordinated and funded by the local government.

“For worker’s welfare and industrial harmony, training and capacity building and sustainability of industrial stability in the Local Government system, the following payments should be made the first line of charge and domiciled at the relevant agencies.

“Gross salary of local government workers should be domiciled with the Local Government Service Commission. Two per cent of the total LG allocation for Local Government Service Commission running grants and Local Government Training should be domiciled with the Local Government Service Commission. The gross salary of primary school teachers should be domiciled with SUBES. 1.5 per cent of total LGA allocation for SUBEB running grants should be domiciled with SUBEB

“25 per cent of the gross salary of teachers and local government workers should be deducted from LG allocation for the payment of pension and gratuity and should be domiciled with local government staff Pension Board. Five per cent grant for traditional council should be deducted and remitted into traditional council accounts.”

Also, JAC proposed the “strengthening of the Federal Ministry of Special Duties and Inter-Governmental Affairs as a Supervisory Ministry This is for policy formulation, coordination, implementation and supervision. To also coordinate reforms in the Local Government through the quarterly summit to review government economic policy on Local Government Scheme of Service every five years to enhance productivity and policy assurance at the local government level.”

[Vanguard]

Rigathi Gachagua, Kenya’s vice-president, is dealing with impeachment proceedings from the national assembly over allegations of supporting the violent anti-government protests that rocked the East African nation in June.

Gachagua is also accused of involvement in corruption, practising ethnically divisive politics, and other activities inconsistent with his office.

After the protests, President William Ruto sacked most of his cabinet and brought in members of the main opposition.

Gachagua’s impeachment proceedings were initiated a week ago by Ruto’s allies.

On Sunday, during a prayer meeting at his residence, Gachagua implored Ruto, legislators, and Kenyans to forgive him for any wrongdoing.

On Monday, he clarified that his apology was not an admission of guilt and quelled resignation rumours.

Gachagua also accused the legislator who drafted the motion of lying, calling it “shameful and sensational”.

Legislators are expected to debate the motion on Tuesday afternoon and hold a vote before the motion proceeds to the senate.

The deputy president said he would prosecute his defence.

[TheCable]

Oil prices continued to rise on Monday, with Brent approaching the $80 mark, building on last week’s sharpest increase since early 2023.

The gains were fueled by concerns over a potential escalation in Middle East tensions and possible disruptions to exports from this key oil-producing region.

Brent crude futures increased by $1.09, or 1.4%, reaching $79.14 per barrel as of 1316 GMT.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures climbed $1.15, or 1.55%, to $75.53 per barrel, after earlier rising by more than $2.

Brent crude surged over 8% last week, while WTI jumped 9.1% amid concerns that Israel might target Iranian oil facilities following Iran’s October 1 missile attack. Tensions escalated on Monday as rockets from Iran-backed Hezbollah struck Haifa, Israel’s third-largest city.

Meanwhile, Israel appeared ready to intensify ground operations in southern Lebanon, coinciding with the first anniversary of the Gaza war, which has further fueled conflict across the Middle East. This situation has heightened fears of a broader war potentially involving the United States and Iran, Israel’s ally and adversary, respectively.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, known as OPEC+, plan to increase production starting in December, following recent cuts aimed at supporting prices amid weak global demand.

While OPEC+ holds sufficient spare capacity to counterbalance any disruptions to Iranian supply, analysts warn that it could face challenges if Iran retaliates by targeting oil infrastructure in neighboring Gulf nations. At the onset of the Middle East conflict a year ago, Brent crude was trading at $88.15 per barrel.

Impact on the Naira 

The rise in oil prices to almost $80 could further strengthen the fiscal position since it is above the budget benchmark oil price in the 2024 budget. It could also strengthen the Naira after recent depreciations in the past few months. The naira has hovered around N1540/$ on the official market and weaker on the parallel market.

Last month, Brent crude oil futures dipped below $70 per barrel for the first time since December 2021, signaling a new decline driven by robust supply, demand concerns, and extensive speculative selling.

The global benchmark slid by 2.8%. However, disruptions in U.S. supply caused by Tropical Storm Francine offered some support to prices. Brent futures declined by 48 cents, or 0.67%, while U.S. West Texas Intermediate (WTI) crude dropped 42 cents, or 0.6%, to $68.29 per barrel. Both benchmarks saw gains of about 1% on Monday.

[Nairametrics]

ASUU highlighted a significant change since the tenure of former CBN Governor and current Emir of Kano, Sanusi Lamido Sanusi.

The union claimed that despite available funds earmarked for community development, the CBN has not undertaken any projects in tertiary institutions since 2014, when Sanusi’s term ended.

ASUU President, Emmanuel Osodeke, shared these concerns on Inside Sources, a socio-political program on Channels Television.

Osodeke pointed out that during his time as CBN governor (2009-2014), Sanusi actively utilized the bank’s resources to fund essential university projects across Nigeria.

He said, “There are many companies today which they call cash cows; they have some reserve money for community development. CBN, NNPC and what have you.

“For a very long time that we have been having CBN governors, we never knew there was fund there that could be used in the university until the Emir of Kano, Sanusi, came in and decided to use the money the way it should be used.

“There’s no federal university today that you don’t have a project done by Sanusi regime when he was CBN governor because the fund was there. The biggest building in my university is CBN, go to the University of Abuja, CBN; go to Jos, everywhere, for the four years he was there before he was sacked but since another one came in, have you seen anything done in the university by CBN? Zero.”

Osodeke contrasted Sanusi’s contributions with those of his successors, Godwin Emefiele and the current CBN Governor, Olayemi Cardoso, asserting that neither has continued this legacy.

According to Osodeke, if Sanusi’s approach had been maintained, infrastructure challenges in public universities could have been significantly reduced.

Highlighting what he described as “community social responsibility funds” within the CBN, Osodeke urged the current leadership to follow Sanusi’s example.

Osodeke said, “If what Sanusi did when he was CBN governor was followed by other CBN governors, we would not be talking about projects in universities but the next one came and that is the end.

“There’s a new person there now and nobody is talking about that fund again; they call it (the fund) Community Social Responsibility, it’s there.”

“So, we should ask you if the CBN governor is watching me: how did Emir Sanusi generate that money to put projects in all the federal and many state universities in this country within four years? How come Emefiele couldn’t put one anywhere? How come the present one has not even thought about that? How come all those who were there have not to do anything?

“He (Cardoso) is a year in office, has he done anything? Have you seen any project in any university?” he queried.

[NaijaNews]