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Fuel Price: Subsidy Removal Now Looking Like A Scam – CUPP Slams Tinubu Govt

The Coalition of United Political Parties (CUPP) has reacted to the new increase in price of petrol.
CUPP while slamming President Bola Tinubu‘s government, said the subsidy removal is now looking like a scam.
The price of petrol shot up from N540 to N617 per litre on Tuesday following an announcement by the federal government through the Nigerian National Petroleum Company (NNPC) Limited.
The NNPCL Group Chief Executive Officer, Mele Kyari, in a subsequent statement, attributed the recent rise in petrol pump prices to market forces.
Kyari offered this explanation shortly after a meeting with Vice President Kashim Shettima at the Aso Villa.
Reacting, however, to the hardship brought upon Nigerians as a result of the latest development, CUPP said fuel subsidy removal by President Tinubu’s administration is now looking like a scam to the citizens.
CUPP criticized the ‘crazy and unending fuel price hikes’ which, according to it is driving inflation to the rooftops and making life increasingly unbearable for Nigerians generally.
In a press release signed by the group’s national co-spokesperson, Mark Adebayo, on Wednesday, CUPP frowned at the sudden increase barely a month after the fuel price was hiked over 300% on May 29th this year.
The press release reads: “It has come to the attention of the CUPP the sudden and surreptitious increase yet again in the pump prices of petrol by NNPCL which has immediately started having negative domino effects on all other commodities and services in the country and further drowning most Nigerians into excruciating poverty and unprecedented economic woes.
 
“This subsidy removal scheme is increasingly looking like a scam to cage Nigerians inside a preprogrammed regime of socioeconomic slavery dictated by leadership insensitivity. This is not about opposition Parties. The opposition actually felt that the president had something better to offer Nigerians after the subsidy removal but what we are witnessing now is a double negative impact on Nigerians in every way imaginable.
 
“The way NNPCL is behaving now suggests that there is a hidden agenda of crazy and unending fuel price hikes that will be driving inflation to the rooftops and making life increasingly unbearable for Nigerians generally.
 
“No purposeful government would recklessly abandon its citizens to the unpredictable and inhumane market forces that are essentially atrocious and callous in nature without a robust intervention to protect the citizens. Such a policy is not only antisocial but also outrageously iniquitous. Nigerians have shown enough understanding of the subsidy removal; this administration should not push them to the wall and thereby instigate unmanageable mass crises that could further jeopardize the life of the common man.
 
“President Bola Ahmed Tinubu must immediately show himself as a compassionate leader by ensuring that the NNPCL is not hijacked by the same forces that stole the fuel subsidy monies leading to its removal and finding a backdoor to continue claiming the subsidy by other means and making Nigerians bear the brunt of their economic terrorism. We demand the immediate removal of the NNPCL GMD, Mele Kyari, to allow for a breath of fresh air in the organization and for his tenure to be forensically investigated and all discovered infractions to be comprehensively prosecuted before the NNPCL is turned into the terrorist arm of the economic cabal.”
CUPP urged the federal government to, without further hesitation, do something to reverse the recent fuel price hikes and stop any future plans to clandestinely increase the pump prices with the predictable value of increasing the sufferings of Nigerians.
 
“When will Nigerians be free from the wickedness of their governments?”, CUPP asked.
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Naira Extends Gain At I&E Window, Closes At N742.9/$

Nigeria’s currency, the naira, has slightly gained and appreciated.

The naira, on Tuesday, appreciated by 6.58 percent to close at N742.93/$ at the investors and exporters (I&E) window.

The improving fortune of the naira comes two sessions after it tumbled to an all-time low of N803.9/$ last Friday.

Data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, showed that the local currency hit an intra-day trading high of N831 and a low of N707.99 before it settled at N742.93.

FMDQ quoted an opening rate of N788.17 to the dollar on Tuesday.

FX turnover within the day’s market session increased significantly by 352.36 percent to $156.29 million from $34.55 million published in the previous market session on Monday.

Meanwhile, the greenback was sold at N825 at the parallel/black market on Tuesday, Bureaux De Change operators (BDCs) in the Ikeja area of Lagos told TheCable.

On Monday, one dollar was sold at N827 at the black market.

TheCable had reported that Nigeria’s headline inflation rate rose for the sixth consecutive time to 22.79 percent in June 2023.

The inflation rate recorded a slight surge from 22.41 percent in May — less than expected by analysts.

The National Bureau of Statistics (NBS) later explained why inflation only rose slightly in June despite the impact of petrol subsidy removal and exchange rate unificiation on consumer prices.

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BREAKING: President Tinubu Writes Senate, Seeks Appointments Confirmation

President Asiwaju Bola Tinubu has written to the Senate, requesting it to confirm the appointment of members of the governing board of North East Development Commission (NEDC).

The letter for confirmation was sent to the Senate on Wednesday, July 19.

Details later..

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N617 Per Litre Is Extortion, Fuel Price Should Be N150 – PDP Slams Tinubu

The Peoples Democratic Party, PDP, has slammed President Bola Tinubu accusing him of extorting Nigerians with his fuel subsidy removal.
This followed the recent increase in the price of petrol to N617 per litre.
PDP said the price of fuel should not be more than N150 per litre, adding that the increased rate was a maladministration by Tinubu’s government that has shown extreme insensitivity and callousness towards Nigerians.
The Party cautions that the increase is worsening the already suffocating economic situation under the APC and has the capability of triggering a very serious crisis in the country if not abated.
A statement by PDP’s spokesman, Debo Ologunagba said it is appalling that instead of seeking ways to stabilize and grow the economy, the APC administration has abandoned the welfare of Nigerians which is the primary purpose of Government under Section 14 (2)(b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and left the citizens to the vagaries of market forces and exploitative cabal; a disposition that is characteristic of a government that is not accountable to the people.
Ologunagba: “The PDP is alarmed that with its ill-thought out, badly planned and hurriedly-executed policies, the APC is running Nigeria’s economy aground with the value of naira rapidly plummeting, businesses and production shutting down; citizens losing their means of livelihood, commercial and social activities crippled, with millions of families no longer able to afford their daily needs as the costs of food, medication and other essential goods and services continue to skyrocket.
 
“The present dire situation comes as a consequence of APC’s insensitivity, seething corruption, scandalous cluelessness and lack of capacity to effectively steady and manage the nation’s economy.
 
“Our Party insists that the N617 per litre of fuel is excessive, unacceptable and cannot be justified under any guise. This is especially given the economic potential and prospects within our country.
 
“Even with the removal of subsidy on petroleum products, the PDP maintains that with a deft, transparent and innovative management of resources, economic potentials, national comparative advantage and expanded value chain in refining capacity, fuel should not sell for more than N150 per litre in Nigeria.”
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First Lady, Remi Tinubu Renames Women Centre After Late Maryam Babangida

The National Centre for Women Development (NCWD) in Abuja has been renamed after the late First Lady, Dr Maryam Babangida.

The First Lady, Sen Remi Tinubu who made the change, said the late Maryam was a mentor and the greatest contributor to present-day first ladies in the country.

She said the late Maryam Babangida and Maryam Abacha were proud of her when she was the Lagos State governor’s wife because she reminded them of themselves.

Senator Tinubu spoke yesterday in Abuja at the renaming of the centre as the Maryam Babangida National Centre for Women Development (MBNCWD) and induction of first Nigerian female achievers into the Nigerian Women Hall of Fame.

The First Lady also stated that during her time as first lady, Maryam Babangida played complementary and supportive roles to the then Military President, General Ibrahim Babangida.

She recalled that several worthwhile projects were executed to ameliorate the sufferings of the masses at the time.

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I Won’t Interfere With Case — Emefiele Asks Court To Grant Him Bail

The suspended governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has asked a federal high court in Lagos to grant him bail, TheCable reports.

Emefiele is seeking bail on self-recognisance pending the determination of the charge filed against him by the federal government.

On July 13, Peter Afunanya, spokesperson of the Department of State Services (DSS) confirmed that the agency has filed charges against Emefiele.

The DSS charged Emefiele with two counts bordering on alleged possession of firearms.

Although the case has been assigned to Nicholas Oweibo, a judge, Emefiele is yet to be arraigned.

The bail application, which is premised on nine grounds, was filed by a team of 10 lawyers led by Joseph Daudu.

Emefiele argued that the charges for which he was accused are bailable.

He said he has never been convicted of a crime and should enjoy the presumption of innocent until proven guilty, adding that he is not a flight risk.

Emefiele also said granting him bail would afford him adequate time to prepare his defence.

He added that since investigations have been concluded, there is no likelihood of interference on his part.

The defendant pledged to show up for trial on time and expressed his willingness to offer responsible sureties required by the court.

On June 9, President Bola Tinubu suspended Emefiele and asked him to transfer his responsibilities to Folashodun Adebisi Shonubi, deputy governor, operations directorate.

The day after, the DSS announced that Emefiele was in its custody for “some investigative reasons”.

Emefiele has been in DSS custody since June.

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Court Orders Emefiele’s Release, Nullifies His Detention

Justice Bello Kawu has declared the arrest and continued detention of embattled former Central Bank of Nigeria Governor, Godwin Emefiele, by the Department of State Services, DSS, null and void.

This is coming a day after a Federal Capital Territory High Court in Abuja ordered Emefiele’s release.

Emefiele sought the court’s intervention against the Incorporated Trustees of the Forum for Accountability and Good Leadership, the Attorney General of the Federation, the Economic and Financial Crimes Commission (EFCC), the Inspector General of Police, the State Security Service, and the Central Bank of Nigeria.

The judge ruled that Emefiele’s arrest and detention were in violation of a previous ruling by Justice M. A. Hassan.

Emefiele’s counsel, Peter Abang, requested the court to invalidate his client’s arrest and detention, arguing it was in defiance of Justice M. A. Hassan’s ruling delivered on December 29, 2022.

Delivering the judgment, Justice Bello Kawu agreed that the arrest and detention violated Justice Hassan’s standing order.

The court also nullified any arrest warrant obtained by the DSS and ordered Emefiele’s release from custody.

Following the ruling, Emefiele’s counsel hailed the courage of Nigerian judges and urged the DSS to comply with the court order promptly.

He noted that Emefiele’s health had suffered during his one-month detention and insisted he should be allowed to tend to it.

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BREAKING: National Assembly Approves N70bn As ‘Support For New Lawmakers’

An amendment to the N819.5 billion 2022 supplementary budget, approving N70 billion to support the “working condition” of new lawmakers, has been passed by the National Assembly, on Thursday.

The amendment, among others, seeks to provide N500 billion palliatives to Nigerians to cushion the effects of fuel subsidy removal.

The amendment was passed in both the Senate and the House of Representatives a day after President Bola Tinubu sent the request to the parliament.

The breakdown of the amended N819.5 billion supplementary budget showed that N500 billion is for palliatives to cushion the effect of recent subsidy removal policy, which will be domiciled in Finance ministry.

The detail also showed that N185 billion is for Ministry of Works and Housing to alleviate the impact of the severe flooding experienced in the country in 2022 on road infrastructure across the six geopolitical zones.

The sum of N19.2 billion is allocated to Ministry of Agriculture to ameliorate the massive destruction to farmlands across the country during the severe flooding experienced last year; N35 billion to National Judicial Council; N10 billion to Federal Capital Territory Administration for critical projects and N70 billion to National Assembly to support the working conditions of new members.

Meanwhile, the National Assembly also approved President Tinubu’s request to borrow $800 million from the World Bank.

Daily Trust reports that former President Muhammadu Buhari had, towards the tail end of his administration, forwarded same request to the 9th Senate in May.

But the 9th Assembly could not consider the request before its tenure ended in June 11.

Tinubu, in a letter read by Senate President Godswill Akpabio during plenary Thursday, asked the 10th Senate to approve the same borrowing request.

The president, in the letter, explained that the loan would be used to scale up the National Social Safety Net Programme.

Tinubu’s letter reads: “Please note that the federal executive council led by President Muhammadu Buhari approved an additional loan facility to the tune of $800 million to be secured from the World Bank for the National Social Safety Net programme. Copy of FEC’s extract attached.

“You may also wish to note that the purpose of the facility is to expand coverage of shock responsive safety net support among the poor and vulnerable Nigerians. This will assist them in coping with basic needs.

“You may further wish to note that under the conditional cash transfer window of the programme, the federal government of Nigeria will transfer the sum of N8,000 per month to 12 million poor and low income households for a period of six months, with a multiplier effect on about 60 million individuals.

“In order to guarantee the credibility of the process, digital transfers will be made directly to beneficiaries’ accounts and mobile wallets.

“It is expected that the programme, will stimulate economic activities in the informal sector, and improve nutrition, health, education, and human capital development of beneficiaries’ households.

“Given the above, I wish to invite the Senate to kindly grant approval for the additional loan facility of $800 million to be secured from World Bank for the National Social Safety Net Programme.

“While hoping that this submission will receive expeditious consideration by the Senate, please accept the assurances of my highest regards.”

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I Never Knew Tinubu Will Be President – Fayose

Former governor of Ekiti state and member of the Peoples Democratic Party, Ayodele Fayose has said that he never knew Bola Ahmed Tinubu would emerge as Nigeria’s President.

Fayose recalled celebrating Tinubu on his birthday since 2015, but never knew he would become Nigeria’s president.

Speaking on Channels Television’s programme, Sunday Politics, Fayose said he has no regret clamouring for power to shift to Southern Nigeria ahead of the 2023 presidential election.

He also noted that he has never hidden his stance for Tinubu as the leader of the Southwest.

According to Fayose: “I have never hidden in my position on Asiwaju Bola Tinubu. Let me remind you very quickly. I never knew Asiwaju will be president of Nigeria and there was no time in 2015, 2016, 2017, and 2018 that I have not celebrated his birthday on the pages of newspapers as the then-governor of Ekiti State.

“One of the messages I passed across at that time was that party politics notwithstanding, he will remain our leader in the West for long.

“I never knew he would be president of Nigeria. I counted the costs before I took those actions. If Tinubu is not an example to identify with, somebody like me would not identify with him.”

Last week, Fayose visited Tinubu at the presidential Villa in Abuja.

Speaking after the visit, the former governor, who commended the president, vowed to tackle him if he derails from his promises to Nigerians.

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Tinubu Suspends 5% Telecoms Tax, Defers Finance Act To September 1

President Bola Tinubu has suspended 5% excise tax on telecommunication services.
He also ordered the suspension of excise duties on locally manufactured products.
This was contained in the four executive orders signed into law today.
Dele Alake, special adviser on special duties, communications and strategy to the president, disclosed this on Thursday to state house correspondents.
More to follow…