Connect with us


Immediate Subsidy Removal Portends Danger To Economy -Stakeholders



Fuel Subsidy

Stakeholders in the nation’s oil and gas sector have warned that immediate removal of fuel subsidy would bring untold hardship to the already-impoverished Nigerians considering the state of the economy.

At an industry stakeholders’ round-table on, ‘the impact of deregulation on the Nigerian Downstream Petroleum Sector: Analysing perceptions and realities of gains and expectations of full PMS subsidy removal’, stakeholders argued that although removal of fuel subsidy is commendable, it should be approached using a gradual removal process.

Speaking on the sidelines of the round-table, the former president of the Trade Union Congress (TUC), Peter Esele, explained that Nigeria was not ready for immediate subsidy removal, saying such would take pump price to about N300 per litre despite Nigerians struggling to afford PMS at its current price.

“If you remove the subsidy now, it will mean that Nigerians will be expected to pay N300, so this means we will be increasing poverty and also making life difficult for the people. It all boils down to the incoming administration, what are their plans for the sector. His responsibility is to decide what is best for the people,” he stressed.

Recommending a four-year cycle for fuel subsidy removal, Esele urged the President-elect, Bola Ahmed Tinubu, to effectively communicate with Nigerians on the benefits of fuel subsidy removal while identifying the challenges in the sector.

He also advised the incoming administration to work the talks in their bid to transform the economy, adding that there is need to reduce the cost of governance.

According to him, over 70 per cent of the budget is currently being spent on governance. He warned that it is going to be tough for the incoming administration with the nation’s rising debt profile.

“We cannot have any development in the country where we are spending over 90 per cent of our budget to service our debt. The incoming President must be very direct, he must walk the talk and above all, to be able to achieve whatever dream or plans that he has for Nigeria and Nigerians must also be able to trust him, “he said.

The Technical Consultant Technowell, Dr. Kayode Opeifa, said deregulation was of immense importance and has generated diverse perspectives and expectations among stakeholders.

Delivering his presentation on six steps to chaos-free oil subsidy removal, a professor of transport and logistics at the Lagos State University, Odewumi Samuel, said efficiency would begin with the appointment of a full-time senior minister of petroleum, saying that the unworkable practice of a busy president holding a very critical ministry as a side portfolio should be jettisoned.

He urged the Tinubu administration to immediately set up a committee of a competent team to drive the process of the removal which may be headed by the Minister, adding that the team is to identify and develop engagement procedures with relevant stakeholders, especially labour, media, students and civil society organisations.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


NIS Will Focus More On Passport Insurance, Staff Welfare – New Ag. CG



The newly appointed Acting Comptroller General, Nigeria Immigration Service (NIS), Caroline Adepoju, has promised to promote staff welfare and passport insurance.

Adepoju, therefore, directed all passport offices nationwide to take necessary steps to ensure no Nigerian is subjected to unnecessary delays or substandard treatment in the course of applying for passports.

This was contained in a statement issued by the Service Public Relations Officer (SPRO), Comptroller of Immigration, Mr. Tony Akuneme, in Abuja, yesterday.

The Acting CG read the riot act, when she addressed top management of the NIS minutes after taking over from Alhaji Isah Jere, her immediate predecessor.

Adepoju affirmed that she would focus majorly on passport issues and staff welfare as those two aspects contribute mostly to the complaints of Nigerians and NIS personnel.

She announced that a stakeholders meeting would be convened in the next few days to x-ray the real issues in passport process and proffer far-reaching solutions.

This, she said, would include opening more front offices in the Lagos area, where the bulk of complaints emanate from.

Adepoju equally said she would adopt a bottom-top approach in tackling officers’ welfare.

“We will start by meeting all cadres of staff to hear their genuine needs, in a bid to hit the ground running with a blue print that will be based on an all inclusive needs assessment,” she said.

She appreciated the immediate past Comptroller General for making positive impact on the service during his tenure and asked God to guide him in his future endeavours.

News Agency of Nigeria (NAN) reports that Adepoju had served in various locations during her career in the NIS.

Until her appointment, she was the Deputy Comptroller General in charge of Finance.

Continue Reading


Tinubu Reinstates Sanity As DSS, EFCC Squabble Over Property In Lagos




A protracted conflict between Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC) over a building at No. 15 Awolowo Road, Ikoyi, Lagos, appeared to have taken a dirty twist, yesterday.

The incident, however, earned a place in the archive of the new administration as one of the first interventions by President Bola Tinubu, who was sworn in barely 24 hours earlier.

Operatives of the DSS had barricaded entrance to the EFCC’s office, located at the said building, leading the anti-graft agency to issue a protest statement.

Meanwhile, the DSS issued a counter statement, denying it barricaded the premises, and claiming it was “only occupying its own” facility.

According to a statement released by presidential spokesman, Tunde Rahman, Tinubu “directed DSS to immediately vacate the office of the EFCC in Ikoyi, Lagos,” adding, “if there were issues between the two important agencies of government, they would be resolved amicably.”

EFCC’s spokesperson, Wilson Uwujaren, described the incident as bizarre, given that both agencies had shared the controversial facility for decades.

The statement reads: “Operatives of the Lagos Command of the EFCC arrived at their office on No. 15 Awolowo Road, Ikoyi, this morning, May 30, 2023, to be denied entry by agents of the DSS, who had barricaded the entrance with armoured personnel carriers.

“This development is strange to the Commission, given that we have cohabited with the DSS in that facility for 20 years without incident.

“By denying operatives access to their offices, the Commission’s operations at its largest hub, with over 500 personnel, hundreds of exhibits, and many suspects in detention have been disrupted.

Cases scheduled for court hearing today have been aborted, while many suspects who had been invited for questioning are left unattended.

“Even more alarming is that suspects in detention are left without care, with grave implications for their rights as inmates. All of these have wider implications for the nation’s fight against economic and financial crimes.

“The siege is inconsistent with the synergy expected of agencies working for the same government and nation, especially when there are ongoing discussions on the matter.”

DSS spokesman, Peter Afunanya, however, said: “It is not correct that the DSS barricaded EFCC from entering its office. No. It is not true. The Service is only occupying its own facility where it is carrying out its official and statutory responsibility.

“By the way, there is no controversy over No 15 Awolowo Road, as being insinuated by the media. Did the EFCC tell you it is contesting ownership of the building? I will be surprised if it is contesting the ownership.

“Awolowo Road was NSO headquarters. SSS/DSS started from there. It is a common knowledge. It is a historical fact. Check it out.

“There is no rivalry between the Service and the EFCC over and about anything. Please, do not create any imaginary one. They are great partners working for the good of the nation. Dismiss any falsehood of a fight.”


Continue Reading


Three Killed While Travelling To Attend Inauguration Of New Ebonyi Governor, Nwifuru




The victims who hailed, from Izzi Local Government Area, the home town of the new governor, Francis Nwifuru, were said to have died in a ghastly motor accident on their way to Abakaliki.

Three persons travelling to attend Monday’s swearing-in ceremony in Abakaliki, the Ebonyi State capital, Southeast Nigeria, have reportedly been killed.

The victims who hailed, from Izzi Local Government Area, the home town of the new governor, Francis Nwifuru, were said to have died in a ghastly motor accident on their way to Abakaliki.

Although the details of the accident were still sketchy, reports claimed many others also sustained varying degrees of injury.

According to one report, the vehicle carrying the victims had gone to Izzi to pick up villagers. Unfortunately, while they were travelling from the local government area to Abakaliki, one of the car tyres was deflated. 

Those injured in the accident have reportedly been moved to the Ebonyi Federal Teaching Hospital in Abakaliki.

The swearing-in ceremony in the state, like it is happening across the country today (Monday), is holding at the Pa Ngele Oruta Township Stadium, Abakaliki.

Meanwhile, efforts made by SaharaReporters to speak with the State Police Public Relations Officer SP, Onome Onovwakpoyeya, were unsuccessful as she didn’t answer her calls.

Continue Reading


Copyright © Estreet On TV 2023