News
FG debunks N5.4trn provision for subsidy payments
FG debunks N5.4trn provision for subsidy payments
Special Adviser to the President on Information and Strategy, Bayo Onanuga, has dismissed media reports insinuating that the federal government has made provisions of N5.4trillion for fuel subsidy payments, insisting that the era is gone for good.
He cautioned the mainstream media and social media platforms to desist from reporting fiscal policy documents that have not been ractified by the government.
Onanuga lamented that one of the documents titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024 is being shared as if it were an executive order signed by President Bola Ahmed Tinubu.
“The other is a 65-page draft document with the title “Accelerated Stabilisation and Advancement Plan (ASAP), which contains suggestions on how to improve the Nigerian economy. President Tinubu received a copy of the draft on Tuesday,” he noted.
He urged the public and the media to disregard the two documents and cease further discussions on them, stressing that none is an approved official document of the Federal Government of Nigeria.
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Quoting the Coordinating Minister of the Economy, Mr Wale Edun, “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised.
“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed.”
“Emanating from the two documents have been reports second-guessing government’s policy on customs tariffs, fuel subsidy and other economic matters.
“The government wants to restate that its position on fuel subsidy has not changed from what President Bola Ahmed Tinubu declared on 29 May 2023. The fuel subsidy regime has ended. There is no N5.4 trillion being provisioned for it in 2024, as being widely speculated and discussed,” Edun stated.
He said the Coordinating Minister of the Economy had further clarified: “As previously stated by government officials, including myself, President Tinubu announced the end of the fuel subsidy program last year, and this policy remains firmly in place.
“The Federal Government is committed to mitigating the effects of this removal and easing the cost of living pressures on Nigerians.
“Our strategy focuses on addressing key factors such as food inflation, which is significantly impacted by transport costs. With the implementation of our CNG initiative, which aims to displace high PMS and AGO costs, we expect to further reduce these costs.
“Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations.”
He called on the media to always exercise necessary checks and restraints in the use of documents that do not emanate from official channels so that the members of the public are properly informed, guided and educated on government policies and programmes.
FG debunks N5.4trn provision for subsidy payments
News
Senate okays bill for foreigners in Nigeria to obtain NIN
Senate okays bill for foreigners in Nigeria to obtain NIN
The Senate has advanced a bill to grant all residents, including foreigners, the right to obtain and use the National Identification Number (NIN) sponsored by Deputy Senate President Barau I.
Jibrin (Kano North), the bill also aims to replace criminal penalties with administrative measures to ensure compliance without severe legal consequences.
Senator Cyril Fasuyi (Ekiti North) presented the bill’s principles, emphasizing the need to repeal the current Act and establish a new regulatory framework for the National Identity Management Commission (NIMC) to enhance its oversight and regulation of Nigeria’s ID system.
“The bill’s objectives include expanding the eligible registrants under the Nigeria ID System to achieve inclusivity and universal coverage,” Senator Fasuyi explained.
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“It allows all residents in Nigeria to obtain a National Identification Number (NIN) for official identification purposes.”
Furthermore, the bill proposes streamlined sharing of personal data with robust data protection measures to safeguard privacy and foster public trust in data handling.
It also enhances administrative enforcement powers to ensure timely compliance with ID registration requirements.
Importantly, the bill advocates for replacing criminal penalties with administrative measures for non-use of NIN, aiming to encourage compliance without burdening individuals with severe legal consequences.
After debates, the Senate proceeded to pass the bill, marking a significant step toward potential reforms in Nigeria’s identity management system.
Senate okays bill for foreigners in Nigeria to obtain NIN
News
I never lobbied to extend my tenure — IGP Egbetokun
I never lobbied to extend my tenure — IGP Egbetokun
The Inspector General of Police, Kayode Egbetokun, has debunked reports alleging that he has been lobbying the National Assembly to tamper with the Nigeria Police Act 2020 to elongate his tenure and year of service of personnel in the force.
Force Public Relations Officer, ACP Olumuyiwa Adejobi, disclosed the IGP’s denial in a statement, saying it is vital to clarify unequivocally that the bill was originally introduced during the 8th Assembly but did not progress beyond the initial stages before the Assembly’s dissolution. It is standard legislative practice to review and update laws to align with current national realities.
The proposed amendment seeks to extend the years of service for police officers from 35 to 40 years, and the age limit from 60 to 65 years.
Adejobi said: “The Nigeria Police Force is deeply perturbed by the dissemination of false information across various media platforms, notably the distorted publication by an online media, regarding the proposed amendment to the Nigeria Police Act 2020.
“The misleading publications alleged that IGP Kayode Adeolu Egbetokun personally initiated this bill to prolong his tenure as the 22nd indigenous Inspector General of Police, and has allegedly invested significantly in lobbying lawmakers to facilitate its passage.’
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Egbetokun decried a situation where certain media outlets and their sponsors had chosen to propagate baseless accusations, ignorantly disregarding the fact that any modification to existing legislation was designed to enhance its effectiveness and relevance.
The statement read: “To understand the true motivations behind this initiative, one needs only look at the Inspector General of Police steadfast commitment to reforming the Nigeria Police Force.
“His advocacy for this bill stems from a genuine belief in its potential to improve the conditions of service for police officers and thereby bolster security nationwide, rather than seeking personal gain. It comes from the place of duty rather than benefit.“
“Furthermore, it is important to note that the tenure of an Inspector General of Police is already prescribed as four years, with the President being the sole authority empowered to remove an IGP before the completion of his tenure.
”Furthermore, the Nigeria Police Force called on the public to exercise caution and discernment when consuming information, particularly from sources known for sensationalism and unverified claims.
“Such misinformation not only misleads but also detracts from constructive dialogue and efforts towards meaningful police reform.”
I never lobbied to extend my tenure — IGP Egbetokun
News
Despite generating $1tn in 40 years, Nigeria’s debt rose to $91.46bn — Agbakoba
Despite generating $1tn in 40 years, Nigeria’s debt rose to $91.46bn — Agbakoba
Human rights activist and senior lawyer, Dr. Olisa Agbakoba, SAN, yesterday, said Nigeria’s public debt rose to $91.46 billion (N121.67 trillion), despite its ability to generate $1 trillion in 40 years.
Agbakoba identified the alleged exclusion of Nigerians from key value chains, weak enforcement of local content laws, incorporation of foreign agreements, tax avoidance and corruption as possible reasons for the development.
He also called for the implementation of new measures, including the increase of Nigerians’ participation in legal services, shipping, banking, insurance, drilling, oil field services and engineering within the oil and gas industry.
In his presentation, titled ”The Paradox of Nigeria’s Oil and Gas Industry: A Policy Paper”, at an engagement with the media in Lagos, Agbakoba, said: “Over the past 40 years, the cumulative revenue from oil and gas has exceeded $1 trillion, an amount that should have been sufficient to transform the nation’s economy and infrastructure.
“Yet, Nigeria consistently resorts to borrowing, with the total public debt standing at N121.67 trillion ($91.46 billion) as of March 31, 2024, according to the Debt Management Office, DMO.
“There are 36 value chains related to crude oil exploration, with at least seven crucial ones largely excluding Nigerian participation: Legal, shipping, banking, insurance, drilling, oil field services, engineering and construction.
“Over $1 billion worth of legal work is lost to foreign firms annually due to a perception of superior expertise and international experience.
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“Nigerian shipping companies are not engaged to ship crude oil products due to the absence of a legal framework for developing a national fleet of vessels, leading to significant loss of potential revenue and employment opportunities.
“Funds from crude oil production are often domiciled in foreign banks, sometimes held for months before remittance to the Central Bank of Nigeria, depriving Nigerian banks of substantial business and the economy of potential multiplier effects.
“The Nigerian insurance industry plays a very insignificant and limited role in the oil and gas Industry.
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