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

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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.

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

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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

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Tinubu restructures media team, says no individual presidential spokesman

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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.

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Agbede rejoices with Sego over inauguration as Lagos NURTW chairman 

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Agbede rejoices with Sego over inauguration as Lagos NURTW chairman 

 

Alhaji Tajudeen Agbede, a former Lagos State chairman of the Lagos Council of the National Union of Road Transport Workers (NURTW) has extended his heartfelt congratulations to Alhaji Adekunle Mustapha (Sego) on his inauguration as the new state chairman of the union.

He equally celebrated with other members of the state executive on their victory.

Agbede urged the new state executives under the leadership of Sego to embrace unity among themselves as it is the only criterion to make them succeed.

“For your administration to make good impact, members of the executive must be ready to work as a one entity.

“There must unity of purpose. You should not allow enemies to come in between you. A house divided against itself will fall. So, try work together,”Agbede said in statement on Monday.

Again, the former state chairman advised the new chair and members of his executive to prioritize members’ welfare and embark on legacy projects. He said, “Try as much as possible to prioritize the welfare of your members . All your projects and policies must be directed towards ensuring upliftment of your members.

“Try and embark on projects that will make impact on the life of your people. It is important to build legacies so that people coming will always remember you.”

Agbede equally advised that Sego and his people should ensure peace in all the motor parks and garages in the state, stating that no meaningful development could take place without peace and stability.

He assured the new chair and his executive of his readiness to assist them with his ideas and experience whenever they call on him.

“As a former state chairman, I am always ready to offer guidance whenever needed. As a father to you, it is my prayer that your achievements in office surpass mine. I am ready to offer my experience.”

Agbede prayed for a successful tenure, wishing the chairman and executive all the best.

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