Nigeria saves $20bn from subsidy removal – Finance Minister Edun

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has declared that the country has saved $20 billion by eliminating the petrol subsidy and adopting market-based foreign exchange pricing.

He made this disclosure at an event in Abuja marking the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation.

Edun stated, “When there was a subsidy on the PMS and on foreign exchange, they collectively cost five percent of the GDP.

“Assuming GDP was $400 billion on average, five percent of that is $20 billion—funds that could now go into infrastructure, health, social services, and education.”

He explained that the savings were being redirected into developmental projects. He said, “The real change is that no one can wake up and target cheap funding or forex from the central bank to enrich themselves without adding value. “Similarly, profiteering from the inefficient petrol subsidy regime is no longer possible.”

President Bola Tinubu officially ended the petrol subsidy regime on May 29, 2023.

Crude-for-naira deal: NNPC fails to deliver agreed crude oil – Dangote refinery

The Lagos-based mega Dangote refinery has accused the Nigerian National Petroleum Corporation (NNPC) of failing to meet its crude oil supply obligations under the naira-for-crude agreement.

Edwin Devakumar, the Vice President of the Dangote Group, disclosed this in a statement reported by Reuters.

Devakumar explained that the national oil company had committed to supplying the refinery with a minimum of 385,000 barrels per day (bpd) under the crude-for-naira deal.

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However, he alleged that the NNPC is falling short of this commitment.

According to Reuters, Devakumar characterized the volume of crude currently supplied by NNPC Limited as “peanut,” though he did not specify the exact amount.

“We need 650,000 barrels per day, and NNPC Ltd agreed to supply a minimum of 385,000 bpd, but they are not even delivering that,” Devakumar stated.

Crude-for-naira deal: NNPC fails to deliver agreed crude oil – Dangote refinery

Tinubu restructures media team, says no individual presidential spokesman

President Bola Tinubu has reorganised his media team, re-designating the positions of his two recently appointed special advisers  for media and communications.

This is contained in a statement released on Monday night by his Special Adviser on Media and Strategies, Bayo Onanuga.

He said Sunday Dare, the special adviser on public communication and national orientation, is now the special adviser on media and public communications.

Onanuga added that Daniel Bwala, announced last week as a special adviser on media and public communication, will now function as the special adviser on policy communication.

“These appointments, along with the existing role of special adviser, information and strategy, underscore that there is no single individual spokesperson for the presidency,” the statement read.

There had been some confusion as Onanuga, designated as special adviser on communication and strategy, had been the presidential spokesman since the exit of Ngelale Ajuri, who was special adviser on media and publicity.

However, on Monday, Bwala announced himself as the presidential spokesperson.

“Today, I resumed officially as the Special Adviser, Media and Public Communications/Spokesperson (State House). I am happy to have joined a meeting of the robust and fantastic communication team of Mr. President. I love the existing unity among the team and hope we can leverage on that even for more synergy,” he wrote on his X handle.