Stop electricity subsidy, IMF tells FG

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.

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”.

Stop electricity subsidy, IMF tells FG

Rivers: Wike’s loyalists protest in Port Harcourt against Fubara

Prominent leaders of the All Progressives Congress (APC) in Rivers State on Sunday carried out a solidarity protest to the House of Assembly quarters in Port Harcourt.

Prominent APC members such as Desmond Akawor, Kingsley Chindah, Olaka Nwogu, Chief Tony Okocha, among others were part of the protest.

The protesters rejected the alleged plan of the state government to demolish the complex.

The protesters were received by Hon. Martins Amaehwule, Speaker of the Assembly faction loyal to Nyesom Wike, Minister of Federal Capital Territory (FCT).

Amaewhule said the lawmakers never invited the governor to come to the quarters, adding that the estate remained the property of the Rivers State House of Assembly.

He said , “Your visit is unusual visit. It shows that the good people of the state are concerned about what is happening. This facility is the facility of the Rivers State House of Assembly.

“We have also brought in experts, engineers and there is nothing wrong with these structures. They are fully in use and fully functional. All the experts confirmed to us that this building is one of the best in the entire West Africa.

“This complex was constructed by the former Governor, Nyesom Wike and inaugurated in August 2022 by the current chief of staff to Mr. President, Mr. Femi Gbajabiamila. We are happy with the building and everything is working well.

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“We didn’t write to the governor and we didn’t invite him. We didn’t ask for his help because we don’t need it. We don’t need his intervention in any way. Any attempt to talk about reconstruction or demolition is clearly an assault on democracy and an assault on members resident in these buildings.

“The Rivers State Government is not the office of the governor. It comprises the legislature, executive and the judiciary. The governor has no right to claim it as his personal property. It is the property of the Rivers State House of Assembly. So without an invitation to the governor, he has no right to break into our property.”

Amaewhule while taking the leaders around the complex, insisted that the governor had no right to make any executive order directing lawmakers where to hold their sitting.

Minority Leader of the House of Representatives, Kingsley Chinda, while stating the purpose of their visit said they were worried about reports of another impending demolition of democratic institution and decided to assess the condition of the premises.

Chinda said before their visit, they had already engaged experts to assess the integrity of the structures at the complex and their report showed that they would last for more than 25 years.

He observed that the complex built by Wike about two years ago remained the best in Africa and was better than the National legislative quarters.

He said: “Let me salute the speaker and members of the House. The assembly complex that was brought down some leaders of the state went to USA to get that design. When it was built, it was the best state assembly in this country. That structure is nowhere today.”

Rivers: Wike’s loyalists protest in Port Harcourt against Fubara