The recent  inauguration of some INNOSON-assembled, compressed natural gas (CNG)-powered buses by President Bola Ahmed Tinubu right inside the premises of Aso Rock Presidential Villa was obviously an opportunity to counter (via photo-op) the widespread criticism that he neither gave much thought to nor adequately prepared for the cost of living and welfare consequences of his decision to abruptly announce the withdrawal of government subsidy on petrol at his swearing-in last year.

Even the President’s most ardent supporters would agree that at the point of his famous ‘subsidy is gone’ pronouncement, or indeed soon after, it did not appear that any containment measures had been put in place to meet the entirely predictable and seismic fallouts of such a major policy move.  The best such supporters have been heard to come up with is that had the president allowed for another round of public debate, the political moment for tackling the subsidy monster would have passed him by.  The obvious response to this lame argument, of course, is that the subsidy that is said to have gone, now appears to have returned, afterall.

Regardless of the wisdom in the manner we had attempted to see off petrol subsidy, or whether, in fact, the stubborn thing has refused to go away, the Tinubu government is clearly putting a lot of faith in the ability of CNG as an automotive fuel, to help reduce the pain being felt by the generality of Nigerians from the sharp rise in transportation costs and associated difficulties occasioned by its signature policy decisions, namely, petrol subsidy removal and naira exchange rates equalization.The President therefore had to personally take delivery of 30 mammoth buses to underscore the point that CNG will be the salvation fuel.

While it was not openly stated that the presidential inauguration of the CNG-powered buses represented some kind of milestone, the Aso Rock ceremony has served to remind us that it was also in August, a year ago, that the Presidential CNG Initiative (PCNGi) was announced, as “a component of the palliative intervention” directed at “providing succour to the masses” in view of the “transitive” hardships of the fuel subsidy removal policy.

In particular, the PCNGi was meant to lower transportation cost for Nigerians by enabling the powering of motor vehicles(and industries) with cheaper, cleaner, safer and more reliable domestically produced natural gas.  As an alternative to petrol and diesel automotive fuels, CNG ticks all the positive boxes—environmentally cleaner and therefore safer, cheaper (by at least 40% or up to 60% in some applications), abundantly available given that Nigeria is said to have more gas reserve than oil, plus the added advantage that gas can perhaps be more easily sourced locally with no need for imports. It can also be subsidised (if need be) without the drawbacks of subsidised petrol.  Certainly, the scale on which Nigerian subsidised CNG can be smuggled to the rest of West Africa and further to Central Africa appears much less than for petrol or diesel.  The PCNGi was intended to incentivise and accelerate CNG adoption.

On its website, PCNGi has stated its programme and objectives in clear, quantitative terms—with timelines.  It was to start by making available 21,000 conversion kits at 10 participant workshops to get Nigerians to retrofit their petrol and diesel-powered vehicles to run on CNG.  By the end of 2024, it hoped to reach 150,000 units with 250 participant workshops.  By 2027, it would have achieved 1 million units through 500 participant workshops.  For buses and tricycles, the Initiative was to take off with 5,500 vehicles with the expectation to finance 200,000 new ones across Nigeria.

PCNGi also had a plan to establish conversion centres all over Nigeria. It has projected 10 such centres at the start, and would drive to 100 at the end of 2024, with 1000 in view by end of 2027.  With such a technically-orientd exercise, a corps of technicians and engineers would be needed.  So, the start-up figure of 1000 trained technicians was planned, to be followed with 2500 by 2024 and 10,000 by 2027.  The Initiative budgeted $25 million to be raised for the first phase with the figure set to rise to $75 million by the end of 2024 and $250 million by 2027—to support the development of CNG infrastructure for the country.

There can be no quarrel with the vision behind pressing CNG into service to rescue the country from the unending crisis of automotive fuel supply and prising. But will it be sufficient to substantially ameliorate the harsh conditions Nigerians currently face with regard to unbearable transportation costs and the hardship arising therefrom?  On this question, the jury must remain out for a while.  Perhaps, we should await the 2024 report of the Steering Committee.  What is obvious in the aftermath of the recent #EndBadGovernance is that nearly a year into the implementation of the CNG initiative, not much of a noticeable dent has been made in the challenge of crippling transportation costs.  Nigerians are obviously no longer amused by the situation.

If we assume that PCNGi will be the exception in a Nigeria that is used to trashing the noblest of ideas through incompetent execution, and the goal of a million vehicles running on CNG by 2027 is actually met, that number would amount to less than 10% of the total vehicle population in Nigeria (Estimated Vehicle Population in 2018 was 11,826,033) based on the figure available to this reporter at the time of writing.  Likely, the total vehicle population must have gone up substantially with over 500,000 new vehicles registered every year since then.  Can reducing the price of fuel for that tiny a proportion substantially lower transportation costs for the entire nation? Put another way, with over 90 percent of motor vehicles likely to retain propulsion by petrol and diesel, will anything other than a substantial fall in the price of those fuels have a dampening effect on transportation costs? As it pursues the CNG option, the Tinubu administration would do well to bear this question in mind. In fact, it should actively consider the distinct possibility that its efforts to push the adoption of CNG as automotive fuel will not have that significant an impact.

In pursuing the CNG transport fuel option, government must have been encouraged by, and has approvingly cited, the examples of China, India, Iran, Pakistan and other countries that have substantially shifted to that fuel type.  There are two key differences between those countries and the situation in Nigeria.  The first is that it took a while for those countries to rollout their CNG infrastructure.  Besides having a proven track record of excellent programme execution, those countries did not do it as an emergency (not to say panic) response to a dire national crisis such as the one in which Nigeria currently grapples with.  Second, most of the countries cited in all likelihood, manufactured their conversion kits and fuelling infrastructure, having built for themselves, reasonable domestic manufacturing capacity. Nigeria on the other hand, has to rely on importation either of fully built kits and associated equipment or components for local assembly.   The lack of domestic manufacturing capacity continues to hobble us  wherever we turn. And while this cannot be developed overnight, the earlier we start treating that national weakness, the better for us. Thus far, there’s no indication that we are paying anything other than the usual lip service to this urgent national need.

Above and beyond the foregoing, getting Nigeria moving with or without CNG and with or without petrol subsidy, will not be efficiently and effectively achieved until and unless we have a properly organised public transportation system.  If any sector of our national socioeconomic life is disorganised, inefficient and dysfunctional to a disgraceful degree, that sector is public transportation. 

As we speak, no Nigerian city of a million or more in population, has a mass transit system that can properly be so-called.  What exists in Lagos and recently started in Abuja, is embarrassingly rudimentary.  How can a country of more than 200 million people with cities boasting populations of two, three, four and even 20 million, not have rail-based transit systems? How can such a country hope to be part of the 21st century? It is a testament to the remarkable short-sightedness of Nigeria’s governing elites that mass public transport has been handled with such irresponsible levity. It is as if our leaders are not aware of what other nations have been doing in this regard. Or that an efficient and effective transportation system is indispensable to anything at all resembling modern development.

Right here in Africa, Ethiopians, Moroccans and Egyptians are scaling up with transit systems; metro systems, subways, trams and RBT (not the joke in Lagos, please) that function almost like trains. Here in Nigeria, we continue to deploy an assortment of dangerous contraptions as means of public transportation.

Hard data on the scale of the use of motorcycles (Okada) as a mode of transport in Nigeria remain unavailable, but if we assume that that widely deployed mode of vehicular transport serves even up to 10 percent of Nigerians, then the scale of inefficiency involved is enough to keep us perpetually backward. A commercial motorcycle is operated by one person and generally can transport only one person at a time. An average subway train on the other hand, involves one or two operators carrying anything up to 1600 people at a time. A city bus has one driver transporting 80 people (or more if, as Fela sang, 99 are standing). We can judge for ourselves, which of the modes are more efficient and conducive to society’s well-being.

Merely having CNG-powered vehicles outside the context of a comprehensively planned public transportation system will not come close to solving the problem of high, inflation – stoking transport costs. It will certainly do little to reduce the chaos and inefficiency of Nigeria’s transportation sector.

In addition to his CNG Initiative, President Tinubu should cause to be convoked immediately, a national policy dialogue with stakeholders, principally state governors, on how to quickly start the roll out of a well-designed, modern intermodal public transportation system for the country.  Down the line, state governors should do the same with local government chieftains.  As a starting point, let each local and state establish transit systems based on CNG-powered buses, as the lowest hanging fruit.  Even as that is being implemented, planning for rail-based transit systems should commence, to be followed with immediate implementation.

Of course, if any feasible national railway plan exists, it should be dusted up, reviewed and implemented with more seriousness than the desultory efforts of the Jonathan-Buhari years.

The implementation of a national railway plan that would connect all state capitals in the country should have been a priority project of the Tinubu government in place of the ambitious and controversial highways it has embarked upon. In addition to bringing its innately superior efficiency to such an important economic sector, rail is less carbon-intensive than road transportation. This is one reason forward-looking countries like China are pursuing rail-based transportation systems like their very existence depends on them. And in a way it does, since it generates lower emissions and less greenhouse gases.

For Nigeria, a massive railroad build-out would be one easy way to urgently and easily develop the much-needed domestic capacity in basic industries and heavy engineering. Without such a capacity, real sustainable development will continue to elude us. So, the implementation of a comprehensive national transportation system, centred on  less carbon intensive rail-based platforms, would enable the country to kill two or more birds with one stone — give Nigerians access to affordable transportation options and engender industrial development. Such organised transportation systems make it easy to efficiently and effectively direct transport subsidies to those who need it the most.  Subsidy, when applied to automotive fuels rather than directly on mass transportation systems, benefits the less deserving more.

Apart from rail systems, Nigeria has great potential for marine transportation. Endowed with numerous navigable inland waterways and an extensive sea coast, the country could easily cut cost for end users through a well – organised marine transport system using boats, ships, ferries and barges that can deliver up not just efficiency but also comfort to commuters. The recent attempts to step up on water transportation in Lagos State with LAGferry and Omi-Bus services  while welcome is but a pale shadow of the possibilities that that mode of transportation holds for Lagos State, a place totally surrounded by navigable bodies of water. The use of boats and ferries as  reliable means of urban transportation in places like Hong Kong, Bangkok and Istanbul show that Lagos State can and should push harder in that direction, bringing into service, bigger and safer vessels than the outboard – engined equipment it is currently using. Even a hundred of the 40-seater boats LAGferry and Omi-Bus are using, do not come close to matching the 100,000 plus commuters that the ferries in Hong Kong deliver daily.

The domestic manufacture of vessels and the construction of accompanying infrastructure are also fertile grounds for industrial expansion and employment generation.

Whatever appropriate conveyance systems are brought into service in an organised manner will help us to become part of the 21st century world with a transportation mix that is efficient, effective, intermodal and dignifying. No modern economy can even begin to function properly if it continues to fool around with a disorganised and chaotic system for the essential task of moving people and goods from one place to another.

Elsewhere in the world, after education, health, public safety, effective public transportation is an indispensable responsibility of governments at all levels. 

As pointed out earlier, organised transit systems make it easier for government to directly subsidise public transport without the sort of issues that have bedevilled the management of fuel subsidy in the country and led to the present pinching pass. Afterall, we don’t drink the subsidised fuels; we use them mostly to power vehicular movement. The very desirable direct subsidisation of transportation can only be possible if it is organised to minimize chaos, render touting (agberos) irrelevant and significantly reduce the use of tricycles and motorcycles in the transportation mix.

Fuel subsidy was first introduced in 1973. We have spent the last 50 years—half a century—tryingto manage it effectively without success. We are entering a second half century without hope of a solution to the economically disruptive and politically charged challenge of fuel supply and pricing. It is about time we tackled the problem from the point of the end use to which automotive fuels are put. Since that end use is mostly transportation, that is the sector to which the Tinubu government must pay attention if our hope of national economic salvation is to be renewed rather than dashed.

Let us have CNG by all means, but let us also organise and modernise transportation in Nigeria. We will not go far until we do so.

•Mr Anyang is a former federal commissioner at the Revenue Mobilisation Allocation and Fiscal Commission, a former banker and a journalist

In recent times, there has been an alarming trend of individuals, public figures, and even some organizations attempting to confront, intimidate, or downrightly attack journalists. The question that arises is, “You wan fight journalist, you nor dey fear?”

To those who are unaware of the significance of journalism, the value of a journalist extends beyond the mere reporting of events. Journalists stand as watchdogs of society, guardians of truth, and voices for the voiceless. The power of the press in shaping public opinion, holding leaders accountable, and bringing transparency to governance and businesses cannot be overstated.

However, we are increasingly witnessing situations where people who should know better are taking actions against journalists, attempting to silence them, suppress information, or smear their reputation. Whether through physical intimidation, cyberbullying, or legal threats, these moves are not only undemocratic but dangerous. When journalists are targeted, it is not just an attack on an individual but on the very essence of free speech and transparency.

In Nigeria, the phrase “journalism is not a crime” echoes loudly as many journalists, both at the national and community levels, have faced harassment for simply doing their jobs. The moment you decide to fight a journalist, you are indirectly taking on the freedom that guarantees every citizen the right to be informed. Are you ready for that battle? Can you face the consequences of stifling free expression?

One could argue that there is a misunderstanding about the role of journalists. Perhaps some people see them as adversaries instead of partners in building a just and transparent society. Others may think that journalists are merely sensationalists, looking for the next big headline. But let us be clear: the journalist’s mission is not to antagonize but to inform and educate.

When a politician, a businessman, or even a celebrity decides to take on a journalist, it is usually because there is something they wish to hide. Journalists dig into the stories many would rather keep under wraps. Corruption, abuse of power, embezzlement, and human rights violations are some of the topics that often lead to friction between those who hold power and those tasked with exposing it.

But in a democracy like ours, truth must prevail. And journalists, being on the frontlines of truth, deserve protection, not persecution. So before you decide to fight a journalist, ask yourself this: what am I afraid of being uncovered? If you have nothing to hide, why fear?

The work of a journalist is not for the faint of heart. Day in and day out, journalists expose themselves to danger and risk while trying to serve the public. From covering war zones to investigating corrupt practices in local communities, the job demands immense courage. Yet, despite these risks, many individuals seem to underestimate the journalist’s resolve.

Perhaps it’s the public nature of journalism that makes some feel they can target members of the profession without fear of reprisal. After all, who is watching the watchers? But it is worth remembering that when a journalist speaks truth to power, they often do so with the backing of the people. The more you fight them, the more the public rallies behind them.

Attempting to silence a journalist rarely ends well. When you stifle the press, it does not just hurt the journalist, it sends ripples across society. Communities become less informed, citizens are less empowered, and corruption thrives unchecked.

There have been numerous instances where journalists have suffered attacks in Nigeria. Names like Dele Giwa, who was assassinated in 1986, remain etched in the collective memory of Nigerian journalism. His crime? Investigative reporting that sought to hold the powerful accountable. This is a grim reminder that while you can try to suppress the truth, it always finds a way to come to light.

Given the foregoing viewpoints, before you decide to take on a journalist, ask yourself: is it worth it? Fighting a journalist is akin to fighting the truth, and history has shown that the truth always wins. The next time you find yourself at odds with a journalist, remember, they are doing their job, and their job is to ensure you and every other citizen have access to the truth.

So, if you are thinking of fighting a journalist, think again. Journalism is not for the fainthearted, and neither is attempting to silence it. You wan fight journalist? You nor dey fear?

Given the foregoing, beware of the journalist, for he is not just a writer but a warrior of truth. Armed with a pen, paper, and an unwavering commitment to uncovering facts, the journalist stands at the frontlines of society’s battles. His weapon is knowledge, his armor is integrity, and his battlefield is the turbulent world of information. In the face of pressure, intimidation, or censorship, the journalist fights relentlessly, defending the right to know, exposing corruption, and giving a voice to the voiceless.

The journalist is not just a passive observer but an active participant in the shaping of societies. His role transcends mere reporting; he challenges power, questions authority, and holds those in charge accountable. With each story, he navigates complex narratives, often risking personal safety to bring the truth to light. When governments falter, when corporations deceive, or when injustices go unnoticed, it is the journalist who rises to confront these issues head-on. His greatest battle is to keep the public informed, ensuring that no wrongdoing goes unchecked.

In this sense, the journalist is a great fighter, but his victory is not always celebrated. Sometimes, he is misunderstood or vilified, as his revelations may shake the foundations of established systems. Yet, his fight is not for applause or recognition but for the preservation of democracy, fairness, and justice. The journalist knows that in the war against misinformation and corruption, silence is not an option. So, beware of the journalist, for in every word he writes, there is a fight for truth that cannot be easily defeated.

At a time in Nigeria’s political history, the country stood at the cusp of an economic renaissance, having successfully negotiated its way out of the crushing weight of external debt. Under the skilled leadership of Dr. Ngozi Okonjo-Iweala, who served as Minister of Finance and Economy, Nigeria achieved what many thought was impossible, a significant debt forgiveness from its creditors. This milestone freed Nigeria from a heavy burden, leaving the country virtually debt-free. It was a period of hope and optimism as the nation was poised for economic growth without the shackles of external borrowing.

Fast forward to the present day, and Nigeria finds itself back in a precarious situation. Under the administrations of former President Muhammadu Buhari and current President Bola Tinubu, the country has slipped into an alarming debt spiral once again. The debt situation has ballooned to levels that threaten to cripple the nation’s financial future. With billions borrowed from international bodies like the World Bank and China, the country is now faced with a debt service burden that consumes a significant portion of its revenue.

According to the Debt Management Office (DMO), Nigeria’s debt as at June 2024 went up by ₦24.33trn in three months, making the debt profile to stand at ₦121.67 trillion. The DMO noted that the increase was from new borrowing to part-finance the 2024 Budget deficit.

The DMO explained that Nigeria’s total public debt as at June 2024 was ₦121.67 trillion, and added that as of March 31, 2024, the country’s domestic and external debts stood at ₦121.67 trillion.

The DMO also added that Nigeria’s debt rose by ₦24.33 trillion within three months from ₦97.34 trillion in December 2023 to ₦121.67 trillion, and that the debt represents external and domestic borrowings by the Federal Government and the 36 state governments and the Federal Capital Territory (FCT).

In fact, this disturbing return to indebtedness raises a myriad of concerns. How did we go from being debt-free to being heavily indebted once more? What happened to the prudent fiscal management that once shielded us from the need for constant borrowing? These are questions Nigerians must ask, as the consequences of our current debt situation weigh heavily on the country’s economy and future generations.

More troubling is the fact that, despite the growing debt, Nigerians are not seeing the tangible benefits in terms of improved infrastructure, social services, or job creation. Instead, we see a government bloated with high expenditure, where the cost of governance remains staggeringly high. Lavish spending on government officials, duplication of roles, and the ever-growing number of political appointees are just a few examples of the financial leakages that continue to plague the system.

It is deeply worrisome that as the country borrows more, the cost of governance remains unchecked. The Nigerian government must face the hard reality: the current path of borrowing is unsustainable. There is a pressing need for the government to cut the cost of governance. This includes reducing the salaries and allowances of public officials, trimming down the number of political appointees, and eliminating wasteful expenditures across all levels of government.

A leaner, more efficient government structure is not only desirable but necessary if Nigeria is to manage its debt and put the borrowed funds to productive use. Public investment must prioritize sectors that can stimulate economic growth, such as infrastructure, agriculture, and education, rather than being consumed by recurrent expenses that have little to no long-term benefit.

Nigeria’s return to a debt-ridden economy is indeed a cause for concern. We must remember the days of fiscal prudence that led to our debt relief and strive to restore those principles. The government must act swiftly to cut unnecessary costs and ensure that borrowed funds are used transparently and efficiently for the benefit of the people, not just the political elite.

The stakes are too high for us to continue down this path. We owe it to future generations to break free from the cycle of borrowing and build an economy that can sustain itself without the crutch of external debt. The time for action is now, before the debt trap tightens its hold on Nigeria’s future.

Against the foregoing backdrop, it is expedient to urge President Bola Tinubu to make it a priority to intensify efforts towards freeing Nigeria from the crippling weight of both domestic and external debts. The country is at a financial crossroads, and the mounting debt burden is becoming unsustainable.

Without decisive action, Nigeria risks plunging deeper into a debt crisis, which could severely hamper economic development and social progress. It is essential that the administration adopts a robust debt management strategy that focuses on reducing excessive borrowing, increasing revenue generation, and enhancing fiscal discipline. The foregoing view is as the future of Nigeria’s economy depends on the steps taken now to avoid further debt accumulation.

One critical avenue that President Tinubu should explore is the possibility of negotiating for debt forgiveness, much like what was achieved under the leadership of Dr. Ngozi Okonjo-Iweala when she was Minister of Finance and Economy. At the time, Okonjo-Iweala successfully negotiated with Nigeria’s creditors to secure significant debt relief, which allowed the country to regain financial stability and focus on long-term growth. By pursuing similar negotiations, Tinubu could alleviate the crushing debt service burden that currently consumes a large portion of the nation’s revenue. International creditors may be open to renegotiating terms if Nigeria presents a credible and transparent economic reform plan, signaling its commitment to fiscal responsibility.

In addition to seeking debt forgiveness, President Tinubu must also take bold steps to reduce the cost of governance and improve the efficiency of public spending. Every naira saved from cutting unnecessary expenses and plugging financial leakages can be redirected towards paying off Nigeria’s debts and investing in sectors that will stimulate economic growth. By combining debt forgiveness negotiations with internal fiscal reforms, President Tinubu can pave the way for a more sustainable and prosperous economic future for Nigeria. The time to act is now before the nation’s debt burden spirals further out of control.

Global payment giant Mastercard has made a significant step towards bridging the gap between traditional financial institutions and Web 3 by announcing a first-of-its-kind Bitcoin debit card.

The Non-custodial Bitcoin debit card by Mastercard would allow its holders to make purchases directly with Bitcoin by making use of their debit cards like a regular everyday transaction.

The New development opens up Bitcoin holders to over 100 million existing merchants who support Mastercard for their everyday transactions.

The Web 3 debit card is a product of a partnership between Mastercard and Mercuyro, a crypto payment infrastructure provider.

The debit card is set to be rolled out to European users in its pilot stage.

The new Mastercard Web 3 Debit card is Euro-dominated and is designed with the concept of self-custody giving its users total control over their assets, unlike Centralized wallets where assets are partly in the custody of the providers.

Mastercard’s Web 3 integration Strategy  

Mastercard’s partnership with Mercuyro isn’t the first time the global payment giants are partnering with a Web 3 firm to integrate crypto into their services.

Mastercard in August rolled out a crypto debit card in partnership with Metamask a leading self-custodial wallet firm in the crypto industry.

The payment giants through its principal member Immersive also had a similar collaboration with Xaman Wallets a self-custody wallet firm to roll out Self custodial Web 3 wallets.

• Immersive is a global web3 card-issuing platform that is backed by Mastercard and aligns with the principal company’s goal to promote self-custody adoption in the global finance industry.
• Besides Immersive and Mercuyro, Mastercard has similar partnerships with other crypto projects with the same goal of self-custody adoption in view. The global payment giants have partnered with Baanx Group, Monavate, and 1inch to name a few.
• Mastercard’s blockchain and digital asset lead Raj Dhamodharan explained in an Aug 14 blog post-Mastercard’s policy and motive behind its push for more self-custody in the payments industry.
• The blog post explained the complexities involved in using crypto for everyday transactions with centralized wallets which often involve the use of crypto exchanges.

‘The complexities of this process have been an obstacle for both buyers and sellers as it limits both choice and the purchasing power of stored crypto ’Raj explained  

Mastercard believes self-custody web 3 debit cards solve this problem while integrating cryptocurrency into everyday global transactions.

Features and unique offer  

The new Web 3 debit card by Mastercard and Mercuyro comes with some responsibility and commission for its prospective holders.

• The card charges a 1.6-euro ($1.8) issuance fee and a 1-euro ($1.1) monthly maintenance fee. The firm also charges an off-ramp 0.95% fee per transaction.
• However prospective holders of this card are set to enjoy some unique advantages which make the card a worthy investment.
• Users could expect some freedom, control, and simplicity in using their crypto assets for everyday transactions courtesy of the new debit card.

[Nairametrics]

The Independent Media and Policy Initiative (IMPI) has linked the origin of Nigeria’s fuel subsidy to the administrations of former military Heads of State, General Yakubu Gowon and General Olusegun Obasanjo.

IMPI alleged that the former military Heads of State implemented the subsidy during a time of economic prosperity.

Speaking to journalists in Abuja, Chairman of IMPI, Niyi Akinsiju, noted that the subsidy was initially meant to be a short-term response to a global oil price surge driven by the Organization of Petroleum Exporting Countries (OPEC).

Akinsiju pointed out that the subsidy system was meant to be discontinued during periods of economic downturn, but has persisted despite its distortions to the economy.

He expressed concern over the criticism directed at the current government by labor unions over the recent removal of the fuel subsidy, noting that many Nigerians had advocated for its elimination before 2023.

Akinsiju highlighted that under both Gowon and Obasanjo, fuel prices rose in response to economic conditions. Under Gowon, the price of petrol increased by 40%, from six kobo per liter to nine kobo, while Obasanjo oversaw a 70% rise, from nine kobo per liter to 15.3 kobo.

He said: “General Olusegun Obasanjo, then military head of state, formalised the petroleum subsidy regime into law when he numbered it among products for which the government would be responsible for fixing their prices and for which they should not be sold above the fixed prices.

“This was a short-term measure to cushion the rising international oil price. It was intended as a temporary fiscal response to an oil price spike instigated by the actions of the Organization of Petroleum Exporting Countries, OPEC.

“It is, however, instructive to note that under the two principal protagonists of subsidy, the price of petrol recorded increments in response to emerging economic realities. Under Gowon, the price increased by 40 per cent from six kobo a litre to nine kobo a litre, while under Obasanjo, it skyrocketed by 70 per cent from nine kobo a litre to 15.3 kobo a litre.

“Our argument is that subsidies were introduced into the Nigerian economic ecosystem as a consequence of the availability of fiscal resources. They were then a mechanism for a fairer redistribution of the country’s wealth among the populace in times of huge revenue earnings.

”When there is a downturn, the tendency is to halt their implementation because of the distortion inherent in their continued application.

“But, as it were, the subsidy and we as a people have become economic Siamese twins. Every move by the government to stop its application since 1988 has been received with uproar and outrage, despite the material changes in the economic dynamics that informed the policy in the first place.

“This latest furore over fuel price increase is typical of other times. The Nigeria Labour Congress, NLC, has taken its traditional front role and, as always, pointing fingers at the federal government for being responsible for the price increase.

“However, as a body of analysts, we submit that all this trouble-mongering should stop.”

[NaijaNews]

The National Publicity Secretary of the All Progressives Congress (APC), Felix Morka, has admitted that President Bola Tinubu’s administration’s inevitable reforms have increased Nigerians’ economic hardship.

According to him, Tinubu’s APC-led administration was taking bold measures to reset the country’s long-broken economy, improve national security, and restore the country to wholesome and sustainable development.

Morka said these in reaction to recent statements by the party’s former national vice (North-west), Salihu Lukman, who called on opposition leaders, particularly former Vice President Atiku Abubakar (PDP), ex-governors Peter Obi (LP), and Rabiu Kwankwaso (NNPP), to galvanise and wrestle power from APC’s Tinubu.

In a statement on Tuesday, the APC spokesperson said since his exit as APC national vice chairman,  Lukman has been sleepless in search of political relevance and seemed to have found for himself “for now, a new role as the chief discordant trumpeter for a cacophonous political opposition.”

“His(Lukman) latest call for opposition leaders to unite against the APC is a calculated move to cobble political relevance, divert attention from the administration’s substantial progress, and further his selfish agenda. Lukman is simply a cantankerous political rodomont.

“It is ludicrous to tout opposition PDP and Labour Party (LP) that cannot even manage their internal affairs as capable of offering responsible and visionary leadership to Nigeria. The same opposition parties Lukman devoted many years lampooning as inept, chronically corrupt, unpatriotic and destructive to our democracy.

“It takes an overdose of blinding self-interest to vacillate between extremes without reason or rationality. In all of his painfully verbose Sisyphean letters to the Greek gods, Lukman has not explained to Nigerians why he believes as he believes in the failed opposition parties.

“The APC-led administration of President Bola Tinubu is taking bold measures to reset our country’s long-broken economy, improve national security and restore the country to wholesome and sustainable development.

“No doubt, these inevitable reforms have increased economic hardship for our people.  The unwillingness of previous administrations to undertake these reforms and tackle the problems at their roots is why the economy has remained in the doldrums for a long time.

“It would be easy and painless for President Tinubu to do as his predecessors have done, continue business as usual, kick the can down the road for future administrations to deal with while the rot and stagnation fester. But in keeping with the renewed hope agenda of his administration, he has chosen to tackle the country’s generational economic problems for the good of present and future generations of Nigerians.

“In the fullness of time, this President shall be vindicated for his vision and unwavering commitment to the national interest and the common good of all.

“We urge Nigerians to remain focused and undistracted by the opposition’s pettiness and disinformation and to continue to support President Tinubu in his commitment to building greater progress and a more vibrant future for our country,” Morka added.

[Leadreship]

Super Eagles interim coach, Augustine Eguavoen says he is still in in charge of the three-time African champions.

According to OwnGoalNigeria, a sports website, Eguavoen said his assignment was limited to two matches.

The Nigerian tactician was quoted to have said he was given a mandate to oversee the Eagles’ matches against Benin Republic and Rwanda in the ongoing 2025 Africa Cup of Nations qualifiers.

“I have been given a mandate to handle two games. I will want to say I am very pleased with the boys and again, thanks to the NFF leadership and all the boys who supported me in terms of discipline and working hard.”

“It ends today, which is the two games mandate. I can’t talk about Libya, because I haven’t been told but I can talk about it a little bit in case we have another coach, we can talk about it.” he reportedly said.

But speaking on arrival at the Nnamdi Azikiwe International Airport, Abuja in the early hours Wednesday, Cerezo as he is fondly called, denied quitting his role.

According to him, he only said he was going to discuss with the leadership of the Nigeria Football Federation )NFF) on how to prosecute the remaining qualifying series.

“It’s quite unfortunate that people trigger something that is not correct and the situation we are in now, we don’t need negative stories.

“I only talked about how I will sit down with the hierarchy of the Federation after these two games and see how we will prosecute the next games. When I saw the story, I was kind of worried and concerned. Whatever people are reading out there is not correct. I’m still very much in charge as the technical director of the federation and saddled with the responsibility of taking charge of the Super Eagles at this moment,” he clarified

Recall that Eguavoen was named the interim coach after German coach, Bruno Labbadia declined the role after being unable to reach an agreement on tax payment.

Eguavoen led the team to 3-0 win over Cheetahs of Benin before being held to a 0-0 draw by Wasps of Rwanda in the ongoing 2025 Africa Cup of Nations qualifying series.

[DailyTrust]

Nigerian singer, Temilade Openiyi, popularly known as Tems, has addressed rumours that she was pregnant for American rapper, Future.

DAILY POST recalls that Tems sparked pregnancy rumours after she was spotted at Burberry’s Spring/Summer 2024 London Fashion Week show in December last year, donning a black dress with a purple fluffy coat and matching heels, and many thought that the way the dress was clinging to her body suggested that she was pregnant.

Appearing on a recent episode of ‘The Breakfast Club’, Tems questioned the choice of Future, who was allegedly responsible for her supposed pregnancy.

She wondered why those behind the rumours didn’t claim Wizkid or Drake was responsible for her supposed pregnancy.

“People just take the most controversial things. Because I was thinking like, why am I pregnant for Future? Why Future? Because that’s the craziest,” she said.

“Why not Wizkid? Why not Drake? Why not somebody else? If it was Drake, it would be the same thing but the reason why it is Future is because of his reputation.

“He has about five kids. And has a reputation of being a ladies’ man.”

Tems also revealed the top rap artistes that inspired her.

She mentioned Lil Wayne, Kendrick Lamar, Drake, Ab-Soul, Andre 3000 and J.Cole.

She was featured in Drake’s ‘Certified Lover Boy’ album in 2021.

J.Cole was one of only two featured artistes on Tems’ debut album, ‘Born In The Wild’, which was released this year.

[DailyPost]

Nigeria’s first-ever foreign-currency domestic bond has secured $900m in subscriptions.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this while discussing the results of the historic bond issuance on Tuesday.

He noted that the oversubscription reflects investor confidence in Nigeria’s economic stability and potential for growth.

Edun explained that the successful issuance of the domestic dollar bond marks a significant step in the government’s efforts to deepen economic growth and promote financial inclusion.

He added that this achievement demonstrates the government’s commitment to diversifying funding sources amid economic challenges.

“The issuance of this inaugural domestic FGN US Dollar Bond highlights the continued faith investors have in Nigeria’s economy,” Edun said.

The bond attracted a wide range of investors, including Nigerians both locally and abroad, as well as institutional investors. The proceeds from the bond will be allocated to critical economic sectors, as approved by President Bola Ahmed Tinubu.

The $500 million domestic FGN US Dollar Bond, with a five-year maturity and a 9.75 per cent coupon, is the first tranche of a $2bn bond programme registered with the Securities and Exchange Commission. The structure of the bond allows the government to absorb oversubscriptions up to the full $2bn programme limit.

The Director-General of the Debt Management Office, Patience Oniha, described the bond’s success as a pivotal moment for Nigeria’s economic development. She noted that the $900m raised from diverse investors underscores the growing sophistication of Nigeria’s domestic fixed-income market.

Oniha praised the efforts of all parties involved in the bond issuance, crediting their expertise for the transaction’s success.

[Punch]

The Federal Government yesterday rejected accusation of rights abuse made against it by the United Kingdom (UK) Trade Union Congress (TUC), over the arrest of Joe Ajaero, president of the Nigeria Labour Congress (NLC), insisting that nobody, including the NLC president, is above the law in Nigeria.

Recall that President of Nigeria Labour Congress, NLC, Mr. Joe Ajaero, was arrested and detained by the Department of State Services, DSS, at the Nnamdi Azikiwe International Airport, Abuja, en route London to attend a conference of the Trade Union Congress, TUC, of UK.

The Federal Government, in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the NLC president was arrested by operatives of the Department of State Services (DSS) because he refused to honour the invitation of a law enforcement agency carrying out an investigation.

“The Nigerian government was wrongly and falsely accused of rights abuse because the NLC President, Joe Ajaero, was stopped from travelling abroad after he snubbed the invitation of a law enforcement agency conducting an ongoing investigation.

“Clearly, under the Constitution of the Federal Republic of Nigeria 1999 (As Amended), no person is above the summons of law enforcement agencies and lawful investigation.

Government’s position came on a day Ajaero gave insight into his ordeal in the hands of operatives of DSS and other security agencies, following his Monday arrest.

He also confirmed to Vanguard yesterday that the DSS has released his seized international passport and mobile phones.

This is even as the secret police said yesterday that its presence at the Abuja office of the Socio-Economic Rights and Accountability Project, SERAP, did not amount to invasion, adding that its operatives were there for investigation.

However, former Vice President Atiku Abubakar lampooned the Federal Government over Ajaero’s arrest and takeover of the Abuja office of SERAP.

At press time yesterday, it was gathered that the secret police had pulled its operatives out of SERAP office to which they laid siege on Monday.

‘FG wrongly accused of rights abuses’

Onanuga said, “We are not aware that there is anyone in the United Kingdom or anywhere in Europe and the United States, trade union leaders inclusive, who will flagrantly ignore the invitation or summons of MI5 or Scotland Yard or treat the FBI with the level of disdain Mr Ajaero has subjected law enforcement agencies in Nigeria.

“In the United States, for example, former President Donald Trump has been the subject of numerous investigations and prosecutions in courts in several states since he left office.
“Mr. Hunter Biden, son of the President of the United States, has been the subject of a lawful investigation by the FBI.

“We, therefore, reject any notion and allusion to human rights violations in Nigeria. The accusations made by the Trade Union Congress in the United Kingdom are, thus, unfounded and based on a misunderstanding of the situation.

“Besides, the Nigerian Government is being led by a pro-democracy activist president who will do everything to protect civil liberties and the rights of all citizens.

“There is no adversarial relationship between the Labour Movement in Nigeria and the government.

“While labour unions and the government may not always agree on policy direction, the government has consistently shown readiness to engage on any issue with labour despite the latter’s political partisanship.

“Contrary to the erroneous impression being created, the invitation extended by the Department of State Services to Mr. Ajaero has nothing to do with his role as the President of NLC.

“As a responsible citizen of Nigeria, Mr Ajaero should honour any invitation from our security agencies and resolve any issues that may arise during the investigation instead of stirring adverse public opinion against the security agencies.

“It is worth reminding Nigerians and the global community that the federal government recognises that the labour movement exists to protect and defend the interests of its members. What is also worth noting is that Labour, in most cases, only advances ideological positions that fly in the face of economic realities.

“Many ideological stances of the labour unions in Nigeria in the past have only stunted the economic growth and development of the country and even compromised the material well-being of the workers and the poor people they protect.

“A case in point was the strong opposition of the NLC and TUC to the sale of Port-Harcourt and Kaduna Refineries to Bluestar Consortium, promoted in 2007 by Aliko Dangote and Femi Otedola, during the administration of former President Olusegun Obasanjo.

“Seventeen years after the labour movement forced the successor government of Umar Yar’ Adua to cancel the sale of the two refineries, none of the four government-owned refineries worked.

“In the obverse, Mr. Aliko Dangote, one of the promoters of Bluestar, has built the largest single-train refinery in the world. In a twist of fate, the same Labour Movement that fiercely opposed Dangote from taking over the two refineries in 2007 hailed him on completing his 650,000-bpd refinery in Lagos.

“The administration of President Tinubu will continue to promote the best economic interest of Nigerians despite the current challenges. It will also continue to pursue policies and programmes that will expand national economic output and create prosperity for our citizens.”

Ajaero: Labour primed for strike

Similarly, President of Nigeria Labour Congress, NLC, Joe Ajaero, yesterday gave insight into his ordeal in the hands of operatives of the Department of the State Services, DSS and other security agencies, following his arrest on Monday.

Recall that the DSS had seized the NLC President’s phones and international passport after his arrest and detention for no less than 16 hours at the Nnamdi Azikiwe International Airport, Abuja.

Confirming the release of the items yesterday, Ajaero said simply: “Yes, it is true. my phones and international passport have been returned to me by the DSS.”

The DSS, it was gathered, succumbed to pressure from local and international community which forced the government to release the NLC president, ahead of the 12 midnight deadline given government to free the detained labour leader.

Ajaero was arrested and detained by the DSS at the Nnamdi Azikiwe International Airport in Abuja while en-route to the United Kingdom, where he was scheduled to attend and address the Congress of the Trade Union Congress, TUC, of Britain.

He was to represent Nigerian workers in critical discussions on workers’ rights and social justice.

According to sources within the NLC, “all modalities for a nationwide strike had been concluded and it was only left for the National Executive Council, NEC, meeting earlier scheduled for Tuesday (10-09-2024) at 9 am to endorse and declare the strike yesterday.

“All critical sector unions were already mobilized and were ready to begin a total strike yesterday until the NLC President was released unconditionally.

‘’Many groups, including the civil society organizations, CSOs, were already threatening fire and brim stone if Ajaero was not released.”

It was equally gathered the trade unions across the globe were already pushing their home governments to take action against Nigeria over alleged human rights abuses, and persecution of union leaders, among others.

Among the unions are Public Service International, PSI; International Trade Union Confederation, ITUC; and IndustriALL Global Union, IGU.

My ordeal at DSS, by Ajaero

Speaking exclusively, to Vanguard on his ordeal in the hands of the DSS and other security operatives yesterday, Ajaero said: “It was like the DSS arrested me on behalf of the Intelligence Response Team, IRT, department of the Police because IRT operatives came to interrogate me and take my statement, while I was detained.

‘’The DSS also interrogated me and took my statement. I do not know why they have to embarrass me publicly like that. The same IRT operatives in whose office we were on August 29, 2024, alongside Mr Femi Falana, came and asked the same questions I was asked in the previous meeting with them.

“They asked about the operator of Iva Valley Bookshop on the second floor of NLC secretariat building. They asked me whether we had communicated on phone, whether he (the Iva Valley operator) communicated with me in writing and so on.

‘’They also asked if I know the protesters (#EndBadGovernance or #Endhunger), especially Eleojo Opaluwa, a staff of the National Union of Electricity Employees, NUEE. I told them I knew him because I employed him at NUEE.

“They equally asked about the Labour Party, LP, whether we are running the party. I told them we do not run Labour Party, but that we are a trustee of the party. I also told them that the Labour Party they see today was founded when Adams Oshiomhole was President of NLC. Also, they asked about the issue of Air Peace which we had settled since last year.

“It is like the security agents are searching for evidence on how and what to nail us with. That is why they have continued to embarrass, persecute, intimidate and do whatever they liked to cow us.’’

Medical checks on Ajaero

Meanwhile, the NLC has said it planned to conduct a comprehensive medical check on Ajaero to ensure his health had not been compromised as a result of the illegal and unjust treatment meted out on him by security operatives

NLC in a statement by the Deputy President, Prince Adewale Adeyanju, said: “This overwhelming display of unity in defense of justice and workers’ rights reinforces the strength of collective action and underscores the unbreakable bond between the Nigerian people and the labour movement.

“We are pleased to inform the public that Comrade Joe Ajaero was released late last night (Monday) at approximately 11:00pm, following intense pressure mounted by the NLC and in compliance with the demands issued by the National Administrative Council, NAC, of the NLC.
“NAC had given the government a firm ultimatum, with a deadline of 12 midnight, to release Ajaero, whose detention was a clear violation of our rights and an affront on the principles of democracy.

“While we celebrate his release, NLC remains vigilant. We will conduct a comprehensive medical check on Comrade Ajaero to ensure his health has not been compromised as a result of the illegal and unjust treatment meted out on him. The well-being of our President is paramount, and we will not rest until we are assured that his health is intact.

“The arrest and detention of Ajaero at the Nnamdi Azikiwe International Airport in Abuja, while he was en-route to represent Nigerian workers at the Trade Union Congress, TUC, of Britain, is a stark reminder of the length to which the Nigerian state will go to silence the voice of labour and crush dissent.

“NLC unequivocally condemns this reckless abuse of power and reaffirms our commitment to standing firm against all forms of oppression, intimidation and lawlessness.

‘Release all detained #EndBadGovernance protesters’

‘’We once again, demand the release of all citizens languishing in jails across the country for their participation in the #EndBadGovernance protest around the country; stoppage of the massive clampdown on popular voices that espouse dissenting opinions; cessation of the muzzling of fundamental freedoms currently going on in the country; reversal of the hikes in the price of petrol (PMS) and electricity tariffs and, the immediate implementation of the 2024 National Minimum Wage Act.

“The NLC will not waver in its duty to defend the rights of workers, and we remain prepared to take all necessary actions to protect these rights and restore justice.

‘’The National Executive Council, NEC, of the NLC which was proposed for today (yesterday) has, therefore, been suspended to assess the situation and determine the next steps in our collective struggle.

“We call on all Nigerians, our affiliates, and the international community to remain steadfast and vigilant as we continue this struggle.

“NLC is committed to ensuring that justice prevails and that the rights of workers and citizens are respected. Together, we will overcome these challenges and secure a better future for all.”

Ajaero, SERAP: Oppression from Tinubu’s regime surpasses military dictatorships — Atiku

Reacting to the arrest of the NLC president and take over of SERAP’s office by DSS, former Vice President, Abubakar Atiku, in a statement posted on his verified X account, tasked President Bola Tinubu to focus security efforts on terrorists and bandits and not civil society.

He said: “The level of oppressive control now imposed surpasses even the harshest days of military dictatorship.

“The escalating assault on civil society and the media by the Bola Tinubu administration are profoundly disturbing. The level of oppressive control now imposed surpasses even the harshest days of military dictatorship.

“The recent arrest of Mr. Joe Ajaero, President of the Nigerian Labour Congress, en route to an official event, epitomizes this regime’s relentless campaign to intimidate and subdue organized labour.

“Just days prior, security forces detained a journalist, only to later claim it was a grievous error. What if the outcome had been fatal?

“Now, Tinubu’s regime extends its repressive grasp to encroach upon SERAP, an action that stands as a grave affront on our democratic values. This siege is anathema to the principles of freedom and justice.”

DSS to SERAP: We didn’t raid, we came for investigation

Also yesterday, the Department of State Services, DSS, denied allegations of unlawfully invading the offices of the Socio-Economic Rights and Accountability Project, SERAP, in Abuja.

The agency clarified that only two unarmed operatives were sent to SERAP’s Abuja office for a routine investigation which, according to it, contradicted initial reports of a raid.

DSS in a statement, explained that the visit was part of its standard official inquiries and liaison, emphasizing that it did not constitute illegality or harassment.

The statement read: “The narrative of unlawful invasion is inaccurate and misleading. A team of two unarmed Service operatives was lawfully detailed on a routine investigation to the SERAP office in Abuja.

“This visit has unfortunately been skewed and misinterpreted as unlawful harassment and intimidation of SERAP officials. However, such official inquiries and liaison are traditional and do not in any way amount to illegality or a raid.

“While we assure an in-depth investigation of these malicious contents, we call for citizens’ participation in national security management. We urge the public to disregard these false narratives.”

The DSS assured the public of its commitment to professionalism in discharging its core mandate.

It urged citizens to disregard false narratives surrounding the incident and cooperate in national security management.

However, sources told Vanguard that SERAP’s investigations into sensitive government matters without necessary approvals, prompted the DSS action.

Their publications and statements were deemed detrimental to national security, allegedly spreading misinformation and fueling public unrest.

[Vanguard]