The organised labour has threatened to stage a protest on Monday if Adelabu fails to heed their calls.
News
IMF urges Nigeria to remove electricity subsidy
IMF urges Nigeria to remove electricity subsidy
The International Monetary Fund has warned the Nigerian government to remove what it called implicit fuel and electricity subsidies.
In a report published recently by the IMF, the organisation told Nigeria that the subsidies would guzzle three per cent of the nation’s Gross Domestic Product in 2024 as against one per cent in the year before.
According to the report, the IMF commended the Federal Government for, among other things, phasing out “costly and regressive energy subsidies”, saying this was critical to creating fiscal space for development spending and strengthening social protection while maintaining debt sustainability.
President Bola Tinubu’s administration removed fuel subsidies during his inauguration on May 29, 2023.
IMF noted, however, that “adequate compensatory measures for the poor were not scaled up promptly and subsequently paused over corruption concerns. Capping pump prices below cost reintroduced implicit subsidies by end-2023 to help Nigerians cope with high inflation and exchange rate depreciation.”
The body also acknowledged that the price of electricity had tripled for high-use premium consumers on Band A feeders, 15 per cent of the 12 million customers who account for 40 per cent of electricity usage.
READ ALSO:
As Nigerians agitate for the reversal of the Band A tariff from N206.80 per kilowatt-hour to N68, IMF submitted that “the tariff adjustment will help reduce expenditure on subsidies by 0.1 per cent of Gross Domestic Product, while continuing to provide relief to the poor, particularly in rural areas”.
The IMF advocated that “once the safety net has been scaled up and inflation subsides, the government should tackle implicit fuel and electricity subsidies”.
It warned, “With pump prices and tariffs below cost-recovery, implicit subsidy costs could increase to 3 per cent of GDP in 2024 from 1 per cent in 2023. These subsidies are costly and poorly targeted, with higher income groups benefiting more than the vulnerable”.
The IMF reechoed that “as inflation subsides and support for the vulnerable is ramped up, costly and untargeted fuel and electricity subsidies should be removed, while, e.g., retaining a lifeline tariff”.
It projected that the implicit fuel subsidy could gulp as high as N8.4tn in 2024 from N1.85tn in 2023, N4.4tn in 2022, N1.86tn in 2021 and N89bn in 2020.
The electricity subsidy being paid to customers under Band B, C, D, and E was projected to stand at N540bn by the end of 2024.
The PUNCH reports that the Nigerian National Petroleum Company and the Minister of State for Petroleum (Gas), Heineken Lokpobiri, have repeatedly debunked claims that the Federal Government was paying fuel subsidies through the back door.
Meanwhile, the IMF’s call for the removal of electricity subsidy is coming amid protests from Nigerians who are calling on the Minister of Power, Adebayo Adelabu, to return the Band A tariff to the status quo.
IMF urges Nigeria to remove electricity subsidy
News
No child should go to bed hungry, Tinubu seeks French investment in Nigeria’s food security
No child should go to bed hungry, Tinubu seeks French investment in Nigeria’s food security
President Bola Tinubu, Thursday, at the prestigious Palais des L’Élysée, told France President, Emmanuel Macron, that a starved nation will not care about weather or environment, and that in the 21st century no child should go to bed hungry.
President Tinubu at a high-profile meeting with President Macron also affirmed Nigeria’s strong commitment to enhancing cooperation in key sectors such as food security, energy, solid minerals, education, and defense. At a joint press conference, President Tinubu highlighted the vast, yet largely untapped potential within Nigeria’s agricultural sector and beckoned international investors to capitalize on the nation’s welcoming investment climate.
Tinubu in a statement by his Special Adviser on Information and Strategy, Mr. Bayo Onanuga, said: “The French-Nigeria Business Forum is doing a lot already, but we need to do more on food security. We cannot help but invest in another’s country.”
He emphasised Nigeria’s flourishing financial sector as a facilitator for foreign investment, particularly from French enterprises, as part of the drive to bolster food security.
“Nigeria’s financial sector is evolving and flourishing. We are also creating grounds for investment in Nigeria’s economy for French nationals, especially in the area of food security.
“It is our responsibility to put together a food security programme for the private sector to come and invest in the country.
“We are working on stability and we are getting closer and closer, but we can do better and better,” the President stated.
READ ALSO:
- Increase in first-class degrees from private varsities worries ASUU
- Increase in first-class degrees from private varsities worries ASUU
- Police, immigration officers jailed seven years for employment fraud
President Tinubu said Nigeria’s economy was being repositioned for more Foreign Direct Investment that will directly impact the livelihood of the citizens.
“I can assure you that Nigeria is open for business and close to this, we have a vibrant youth population that is educated, and ready to be trained in various areas of entrepreneurship and development,” he said.
No child should go to bed hungry, Tinubu seeks French investment in Nigeria’s food security
News
2023 Hajj: NAHCON refunds N5.3b to states, tour operators
2023 Hajj: NAHCON refunds N5.3b to states, tour operators
The National Hajj Commission of Nigeria (NAHCON) said it has disbursed refunds amounting to N4.4 billion to 36 States’ Pilgrims’ Welfare Boards, the Federal Capital Territory (FCT) and the Armed Forces pertaining to the Masha’ir (core Hajj period) electricity services not rendered properly by the Saudi Authorities during the 2023 Hajj
The Head, Public Affairs, NAHCON, Malam Muhammad Musa, made this known in a statement on Thursday in Abuja.
Musa explained that in addition, the Commission has refunded a sum of N917,148,479.99 to 192 accredited Tour Companies that participated in the 2023 hajj.
” This amount is intended for onward disbursement to their respective pilgrims, while the remaining participating companies will also be refunded after due reconciliation.
“This refund underscores NAHCON’s commitment, under the leadership of its Chairman, Prof. Abdullahi Usman, to uphold transparency and accountability in the management of Hajj operations.”
Musa explained that all pilgrims who participated in the 2023 hajj were advised to contact their respective State Pilgrims’ Welfare Agencies, Boards and Commissions or tour operators to claim their refunds.
READ ALSO:
- ‘How I collected $400,000 for Emefiele as his aide’
- What NNPCL staff revealed about reported revival of PH Refinery – Farooq Kperogi
- FG hands over 15 CNG buses to transport unions
“Each Pilgrim, is entitled to receive a refund of N61,080.00. A detailed breakdown of the number of pilgrims per state and the corresponding amounts is attached to this press statement.
“The commission hereby calls upon all 2025 hajj intending pilgrims to promptly deposit their hajj fares with their respective state pilgrims boards.
“This measure is essential to ensure the timely transmission of funds to NAHCON, thereby facilitating early arrangements of the 2025 Hajj in strict compliance with the guidelines set forth by the Kingdom of Saudi Arabia.
“In the interest of transparency and due process, NAHCON calls upon the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and other relevant security agencies to closely monitor the refund process.
“This collaboration aims to ensure that all refunds are appropriately disbursed and reached the intended beneficiaries without any discrepancy,” Musa said.
2023 Hajj: NAHCON refunds N5.3b to states, tour operators
(NAN)
News
Macron welcomes Tinubu, Remi in historic France visit
Macron welcomes Tinubu, Remi in historic France visit
President Bola Tinubu on Thursday began a two-day visit to France, with both countries seeking increased economic cooperation and Paris looking to boost ties in English-speaking Africa following a series of setbacks with former allies on the continent.
French President Emmanuel Macron met his counterpart at the historic Invalides Memorial Complex, with the first official state visit by a Nigerian leader in more than two decades.
The two national anthems sang out in the courtyard of one of Paris’ landmarks, kicking off a visit focused on encouraging economic partnerships between France and Africa’s most populous country.
Macron has sought a “renewal” between Paris and Africa since his 2017 election and after military coups and changing attitudes lessened France’s influence in Africa.
READ ALSO:
- $6bn Mambilla Contract: Appeal Court suspends judgment barring EFCC from probing Leno Adesanya
- Senate passes tax reform bills for second reading
- Why we jettisoned regional system, split Nigeria into 12 states – Gowon
The visit is “an opportunity to deepen the already dynamic relationship between France and Nigeria”, Macron’s office said.
Nigeria is Africa’s leading oil producer and has a robust film and entertainment industry.
However challenges posed by insecurity and corruption have left 129 million Nigerians — more than half the country’s population — living below the poverty line.
Nigeria is seeking to build ties in “agriculture, security, education, health, youth engagement, innovation and energy transition,” Tinubu’s office said in a statement, adding that the president had landed in Paris on Wednesday evening.
Tinubu and Macron will also address “shared values concerning finance, solid minerals, trade and investment, and communication,” it added.
Macron welcomes Tinubu, Remi in historic France visit
-
Entertainment3 days agoDavido: They want to cancel my show in Nigeria over economy comment
-
metro3 days agoTinubu appoints Jami’u Abiola as Senior Special Assistant
-
metro3 days agoBianca raises hope Tinubu will free Nnamdi Kanu to restore peace in South-East
-
metro3 days agoDrama as Yahaya Bello calms supporters after judge storms out of court over rowdiness
-
metro2 days agoWhy we relocated Osun airport — Gov Adeleke
-
News22 hours agoNo child should go to bed hungry, Tinubu seeks French investment in Nigeria’s food security
-
metro2 days agoJUST IN: DSS arrests Kano-based activist over suspected Facebook post
-
Business3 days agoPH refinery to blend 1.4-million litre petrol daily – NNPC