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Nigeria To Save Trillions Following Subsidy Removal, Says World Bank

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According to the World Bank, Nigeria is projected to save approximately N3.9 trillion in revenue, which will help the country reduce its current fiscal deficit.

 

This projection comes in light of the removal of gasoline subsidies.

 

Under the new federal administration of President Bola Ahmed Tinubu, the oil sector has been fully deregulated as of May 29, 2023.

 

Consequently, the prices of petroleum products have experienced a significant increase, rising from N194 per litre to a range of N537 to N542 per litre across the country.

 

Both the World Bank and the International Monetary Fund (IMF) have been strong proponents of eliminating fuel subsidies and transitioning from the nation’s managed exchange rate regime to a floating system.

 

During a recent presentation of the World Bank’s report in Abuja, lead economist Alex Seinart highlighted the economic assessment of Nigeria’s past six months.

 

The report projected that the removal of fuel subsidies would result in fiscal gains amounting to approximately 3.9 trillion Naira in 2023.

 

However, Seinart cautioned that the removal of subsidies might lead to a temporary increase in inflation in the upcoming months.

 

Nevertheless, he predicted that in the medium term, it would contribute to disinflation, indicating a potential decrease in inflationary pressures.

 

The World Bank has shown its endorsement of the federal government’s choice to eliminate subsidies and unify Nigeria’s exchange rate, as per the report.

 

Dr. Subham Chadhuri, the World Bank country director, acknowledged that while the policy might be challenging, it is deemed necessary for the reconstruction of the nation’s economy.

 

In addition, Dr. Chadhuri emphasized the need for measures to alleviate the impact on the population as the reforms progress.

 

Furthermore, he disclosed that the World Bank’s concessional funding to Nigeria has exceeded ten billion dollars, showcasing the organization’s dedication to aiding the country’s economic reforms.

 

Regarding the exchange rate, the senior economist pointed out that the previous foreign exchange management approach impeded investment and economic growth, fueled inflation, and weakened the efficacy of monetary and fiscal policies.

 

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JUST IN: Justice Adeyeye, Ekiti State’s CJ Passes On

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The Chief Judge of Ekiti State, Hon Justice Oyewole Adeyeye has passed on.

The news of his passing was leaked by a reliable source under the condition of anonymity.

The sad incident, according to the source, happened in Ado Ekiti in the early hours of Tuesday.

His death is being traced to a sickness which came upon him following the injury he sustained when a section of the Ekiti State High Court Complex, Ado Ekiti wall collapsed in July 12, 2023.

ALSO READ: #EndBadGovernance Protests: Tinubu Orders Release Of Detained Minors

The late Justice Adeyeye was at the office when the building collapse happened and sustained injuries.

While the state and his family were yet to issue statements on his demise, the Ekiti State Chapter of the Association of International Female Lawyers (FIDA) has sent condolences to the family.

The condolences message read: “With deep sorrow in our hearts and in total submission to the will of God, FIDA Ekiti consoles with the family of the Chief Judge of Ekiti State, Hon Justice Oyewole Adeyeye on his call to glory.

“May He find rest with his maker.

“I pray that God grants the family, the Judiciary and the people of Ekiti State, the grace to bear this irreparable loss.

Adieu great one.”

Justice Adeyeye was born 1960 in Araromi Ugbesi in Ekiti East Local Government of Ekiti State and was called to bar in 1986.

He started his career as a State Counsel in the civil service of the then Ondo State before joining the Ekiti State Judiciary Service Commission shortly after the state was created in 1996.

He was promoted to the position of a judge in the state’s high court in 2002 and has served at different occasions in the election petition tribunal.

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BREAKING: Court Drops Charges Against 76 #EndBadGovernance Protesters

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A Federal High Court in Abuja has dismissed all charges against 76 individuals accused of participating in the nationwide #EndBadGovernance protests.

The ruling came after the Attorney General of the Federation (AGF), Lateef Fagbemi, moved to discontinue the case under orders from President Bola Tinubu.

READ MORE: N1.3trn Fraud: EFCC Arrests Ex-Delta Gov, Ifeanyi Okowa

Justice Obiora Egwuatu, presiding over the matter, struck out the charges after hearing a motion from the AGF’s representative, Director of Public Prosecution of the Federation (DPPF) Mohammed Abubakar.

Citing Section 174 of the 1999 Constitution, the AGF formally took over the case from the Inspector General of Police, then requested to drop all charges against the defendants, many of whom are minors.

The judge granted the AGF’s application without objection from defense counsel, ordering the immediate release of the accused, who were not present in court.

This decision follows a directive issued on Monday by President Tinubu, instructing the AGF to withdraw charges against the protesters.

 

 

 

 

More to follow………. 

 

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Fuel Pricing: PETROAN Accuses Dangote Refinery Of Monopoly

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised concerns over alleged monopolistic practices by Dangote Refinery, following a public dispute about fuel pricing in the downstream petroleum sector.

Recall that the refinery, Africa’s largest, recently disclosed its petrol pricing at N990 per litre in trucks and N960 per litre into ships, a move it justifies as being in line with international rates.

READ MORE: Nigeria’s Debt Service Ratio Falls To 65% As Tinubu Tackles Economic Woes

PETROAN, however, sees this as an attempt to suppress competitors and dominate the Nigerian market.

The rift began when Dangote Refinery claimed that complaints from marketers regarding its pricing were fueled by intentions to import cheaper, potentially substandard products.

In response, PETROAN strongly rejected these allegations, suggesting that Dangote’s claims are tactics designed to maintain a monopoly in the sector.

Joseph Obele, PETROAN’s spokesperson, stated that the association remains committed to importing high-quality products at more competitive rates to ensure affordability for Nigerian consumers.

According to PETROAN, competition in the market is essential for achieving fair pricing, and any attempt to stifle it would be detrimental to consumers.

They argue that Dangote Refinery’s pricing should reflect production costs and fair margins rather than international benchmarks, especially given concessions granted by the government for the refinery’s establishment.

PETROAN also announced its plans to partner with foreign refineries and financial backers to import premium-quality petroleum products at prices below current rates.

The association aims to enter the market by December 2024, pending necessary regulatory approvals.

“The allegations that PETROAN will import substandard products are unfounded and aimed at creating an unfair playing field,” the statement read.

PETROAN warned that similar claims in the past had led to significant price hikes when competitors were pushed out, emphasizing that the entry of new players into the market would lead to more competitive pricing and ultimately benefit Nigerian consumers.

PETROAN expressed appreciation for President Bola Tinubu’s commitment to revitalizing Nigeria’s state-owned refineries and urged the government to consider privatizing the Port Harcourt and Warri refineries once rehabilitation is complete.

The association believes a transparent privatization process will help strengthen Nigeria’s downstream sector and counter monopolistic tendencies.

To address the ongoing pricing challenges in the sector, PETROAN called on the government to convene a comprehensive meeting of industry stakeholders, including major associations like IPMAN, DAPPMAN, MEMAN, NUPENG, and PENGASSAN.

PETROAN believes that collaboration among these groups will be instrumental in establishing a sustainable and competitive pricing framework for petroleum products in Nigeria.

 

 

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