Business

El-Rufai, Soludo, Sanusi insist on fuel subsidy removal

Published

2 years ago

May 10, 2023

El-Rufai, Soludo, Sanusi insist on fuel subsidy removal

The Kaduna State Governor Malam Nasir El-Rufai and his Anambra counterpart, Prof. Charles Soludo, have urged the Federal Government to end the fuel subsidy regime which has negatively affected Nigeria’s economy.

The governors made the call on Tuesday in Abuja during a panel session at the policy conversation on “How Nigeria Can Build a Post-Oil Economic Future”.

The News Agency of Nigeria (NAN) reports that the symposium was jointly hosted by Agora Policy, a Nigerian Think Tank and the Carnegie Endowment for International Peace.

It also featured the presentation of a recently published book titled “Economic Diversification in Nigeria: The Politics of Building a Post-Oil Economy”– selected as one of the Best Books of 2022 by the Financial Times.

The book was authored by Dr Zainab Usman, a senior fellow and Director of the Africa Programme at the Carnegie Endowment for International Peace in Washington, D.C.

READ ALSO:

Speaking, El-Rufai emphasised on the need to end the subsidy on Premium Motor Spirit (PMS) known as fuel and to be pragmatic about solution to the problems instead of delay.

He recalled that in 2021, the National Economic Council (NEC) gave a committee he chaired an assignment to work out a framework on what to do with the resources if subsidy was removed including how much to be raised.

He listed the components of its recommendation to include framework on investments in security, social protection, infrastructure on health and education among others.

“We worked with experts and World Bank and came out with a report on what to do with the resources which would be transperently explained to Nigerians.

“In 2021 the Federal Government ‘s budget for road was N200 billion and in 2021 we were projecting to spend N1.2 trillion on subsidy and we saw the danger and I called for its removal.

“We have a framework and the economic council agreed for it to be withdrawn because we had a clear plan on where the money should go which include federal, state and local government for interventions.

“Still it is on and currently we are looking at N6 trillion on subsidy but go and check the national budget on infrastructure on health and education, it is not up to that and does not make any sense, so we need to end the subsidy,” he advised

Soludo on his part also called for a transformational leadership and agenda adding that the new dispensation had a chance for a fresh start.

“It has to start by getting the team assembled and getting to work immediately with institutional reforms and competitive system.

According to him, it will be necessary if we begin to mainstream case studies and utilise lessons from those case studies that worked before by replicating them.

The governor said that productive policies to achieve speed and sustainability prosperity for institutional reforms and change were the key.

READ ALSO:

Also speaking, former Central Bank of Nigeria’s Governor, Sanusi Lamido Sanusi, who was a special guest, underscored the need to prepare the minds of Nigerians on bad decisions that have bankrupted the country and close that hole.

Sanusi said in order to get it right, the incoming government should place competent officials in suitable positions.

“We are going to have a government sworn in May 29 and I think we have to start stating what is expected of that government.

“What do we, as Nigerians, classify as a milestone that shows we are heading to the right direction.

“We also need a government that understands the depth of the crises that we are. We all have a responsibility of conveying the implications of the policies that we recommend.

“We need to go back to that situation where politicians respect the independence, integrity and autonomy of these institutions and where these institutions are held accountable by the law setting them up to perform duties,” he said.

Speaking, Aigboje Aig-Imoukhuede, Co-Founder, the Aig-Imoukhuede Foundation and Chairman, Coronation Capital, explained that the fuel subsidy was not grounded on thinking rather it was purely political.

According to him, refining crude oil and producing refined petroleum products in Nigeria would actually drop the prices of petroleum.

He further explained that fiscal consideration, debt restructuring and massive private structure investment should be considered by the incoming government for economic growth.

The participants, who lamented on fuel subsidy removal, called for effective utilisation of resources after its removal in new dispensation.

El-Rufai, Soludo, Sanusi insist on fuel subsidy removal

(NAN)

Up Next

Aba Power launches own mass metering programme without prepayment

Don't Miss

Senate finally approves N22.7tn already spent by FG

Business

SEC announces stricter measures to protect investors

Published

15 hours ago

March 24, 2025

Trends Admin

Director-General of SEC, Dr. Emomotimi Agama

SEC announces stricter measures to protect investors

The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.

According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.

“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.

READ ALSO:

Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.

He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.

“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.

“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”

Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”

SEC announces stricter measures to protect investors

Business

Bitcoin rises above $86,000 as crypto market gains momentum

Published

15 hours ago

March 24, 2025

Trends Admin

Bitcoin rises above $86,000 as crypto market gains momentum

Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.

As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.

The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.

Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.

“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.

Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.

READ ALSO:

Solana Outperforms Peers Amid Positive Market Sentiment

Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.

The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.

Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.

The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”

BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”

Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.

Bitcoin rises above $86,000 as crypto market gains momentum

Railway

Lagos Govt to redesign Oshodi motor park for rail integration

Published

1 day ago

March 23, 2025

Trends Admin

Honourable Commissioner for Transportation, Oluwaseun Osiyemi

Lagos Govt to redesign Oshodi motor park for rail integration

The Lagos State Government has announced plans to redesign the Oshodi Transport Interchange (OTI) to integrate the facility with the Red Line and Blue Line rail systems, advancing its Rail Mass Transit project.

This initiative aims to deliver seamless connectivity between the two key rail networks and enhance commuters’ experience in Lagos.

The disclosure was conveyed via a statement shared on the official X (formerly Twitter) account of the Lagos State Ministry of Transportation on Saturday, highlighting the need to optimize the design and operations of the OTI to boost efficiency and align with global standards.

READ ALSO:

To kickstart the process, the Honourable Commissioner for Transportation, Seun Osiyemi, held a meeting with stakeholders to assess the current state of the interchange and outline strategies for its improvement.

“The Ministry of Transportation sought to address the ongoing developments and challenges affecting the Oshodi Transport Interchange (OTI) in preparedness for the integration of the Rail Mass transit system; Red Line rail project connecting the Blue Line.

“The Ministry recognized that a review of the OTI’s design and operations is essential for its optimization which led to the Honourable Commissioner for Transportation, Oluwaseun Osiyemi meeting with relevant Stakeholders to discuss the current state of the OTI and identify viable solutions that would enhance its operational efficiency in alignment with global standards and Standard Operating Procedures,” the statement read in part.