News
Nigerians will get used to deregulation, says minister
Minister of State for Petroleum Resources, Timipre Sylva, has justified the recent increase in the price of fuel in the country even as he notes that with time, Nigerians will get used to the deregulation of the downstream oil sector.
He said people should wake up to the reality that subsidy was gone for good.
The minister absolved the presidency of any blame in the latest price increase, insisting that the Federal Government was badly incapacitated financially to even contemplate any form of subsidy for Nigerians in the downstream oil sector.
While confirming that Nigeria’s production capacity had dropped to 1.4 million barrels per day from the initial two million barrels as stipulated by the Organisation of Petroleum Exporting Countries (OPEC), he said this accounted for lean resources through taxes from the sector.
Sylvia spoke on Monday, shortly after he met with President Muhammadu Buhari, who doubles as Minister of Petroleum Resources, at the Presidential Villa, Abuja.
According to the minister, petrol is mostly used by the elite while diesel and kerosene are more important to the ordinary citizens.
He explained that trucks moving food products from one part of the country to another use diesel and most of the Nigerian masses used kerosene, which had since been deregulated.
“Look at it, a situation where diesel has been deregulated long ago; a situation where kerosene has been deregulated long ago; and these are the fuels the poorest people in Nigeria interact with more. Why do I say that?
“If you want to transport food from the North to the South, it will be by trucks that are run by diesel, not with petrol. Those trucks that transport food from the North to the South are usually run by diesel.
“Kerosene is the preferred fuel at the lowest level of our society. These have been deregulated long ago. So, what is the problem with deregulating petrol, which is mostly used by the elite?
“Let us be fair to this country, let us be fair to the poor people in this country. If we have deregulated what they were using, then there is actually no reason why we should continue to subsidise petrol. I feel so. That’s my personal feeling.”
In March, the Federal Executive Council approved a monthly review of petroleum products prices in line with the international market prices following the impact the COVID-19 pandemic.
The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, last week increased the depot price of petrol to N155.17.
News
I’m alive, Obasanjo reacts to death rumour
I’m alive, Obasanjo reacts to death rumour
Former President, Olusegun Obasanjo, has said he is alive, hale and hearty.
He stated this in reaction to rumours of his death being reportedly spread on some social media platforms.
He spoke in Osogbo, Osun State, during the inauguration of the Old-Garage/Oke-Fia Road reconstructed by Governor Ademola Adeleke.
Obasanjo said those who wanted him dead were spreading the rumour of his death on the social media.
He said, “I heard the rumour that I was dead. I saw it on the social media. I quickly told my children and my relations that it was not true and that I’m alive.
“Those that want me dead, that is their wish, but God still keeps me alive.”
Obasanjo praised Adeleke for his performance in Osun and charged the governor to keep up the work.
Governor Adeleke assured the people of the state that his administration would complete all the ongoing projects.
“My dear people of Osun State, our administration has constructed over 120 kilometres of roads across the state.
“Two major flyovers are also progressing to completion at Osogbo while work is progressing at the Ile Ife Flyover and Ilesa dualisation.”
News
Tinubu jets out to France on three-day visit
Tinubu jets out to France on three-day visit
President Bola Tinubu will travel to France today (Wednesday) for a three-day state visit at the instance of the French president.
A statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, confirmed this.
It said, “The Nigerian leader’s three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria.”
Onanuga said Tinubu and Macron would harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.
“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication,” he added.
“They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.”
The presidential adviser stated that the Nigerian first lady and her French counterpart would discuss solutions for empowering women, children, and the most vulnerable through the Renewed Hope initiative.
News
Yahaya Bello reports to EFCC office with lawyers
Yahaya Bello reports to EFCC office with lawyers
A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.
Bello went to the anti-graft office with his lawyers in the morning.
The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.
He was said to have been taken by some operatives of the agency and are currently being grilled.
This is coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.
The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.
It stated that the 30-day window was still running for the summons earlier issued.
-
metro1 day ago
BREAKING: Port Harcourt refinery begins operation
-
Sports1 day ago
French football star, Paul Pogba’s blackmail trial begin in Paris
-
Politics2 days ago
Lagos 2027: Seyi Tinubu campaign team releases his life documentary
-
Entertainment2 days ago
Polygamy best form of marriage for Africa – Okey Bakassi
-
metro2 days ago
40-foot container falls on car in Lagos
-
International2 days ago
Trump to sack 15,000 transgender officers from U.S. military: Report
-
Education1 day ago
US University opens 2025 scholarships for international students
-
News1 day ago
Yahaya Bello reports to EFCC office with lawyers
You must be logged in to post a comment Login