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Borno Suffers $6.8bn Loss Due To B’Haram Insurgency – Shettima

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Vice President Kashim Shettima revealed on Saturday that the assessment conducted in the aftermath of the insurgency in the North-East indicated that Boko Haram attacks had inflicted a financial toll of $9 billion on the region.

 

Borno State, at the heart of the insurgency, bore the heaviest burden, suffering losses amounting to $6.8 billion.

 

Shettima made these remarks while addressing the audience in Maiduguri, the capital of Borno State, during the launch of palliative distribution for the states in the region by the North East Development Commission.

 

He also expressed concern about the displacement of numerous emirs who were left without an emirate to govern. The initiative by the NEDC aimed to mitigate the impact of fuel subsidy removal on the region’s residents.

 

Shettima, who simultaneously inaugurated the eighth North-East Governors’ Forum meeting at the Borno State Government House in Maiduguri, highlighted that the North East Development Commission (NEDC) was actively carrying out its mission of rehabilitating and resettling victims of the insurgency.

 

He added, “A lot of our emirs here were emirs without emirate. Ten years ago, the palace that Governor Babagana Zulum calls home was under the control of Boko Haram. 10 years ago, the hometown of the governor of Yobe State was under the grip of Boko Haram. 10 years ago, a chunk of the North-East was under Boko Haram.

 

“Maiduguri was effectively encircled apart from Maiduguri/Kano Road that was sporadically attacked by Boko Haram.

 

“Based on the post insurgency, recovery peace building assessment report of the North-East which was validated by the World Bank, European Union and the Presidency, Boko Haram inflicted damages in the North-East to the tune of $9bn, Borno alone has damages worth $6.8bn.”

 

While lamenting the challenges of the region Shettima added, “If the North-East was to be treated as a nation, we are poorer than Chad and Niger. But I want to commend our governors, the PDP Governors’ of Bauchi and Adamawa states are the closest to the governor of Borno.”

 

Addressing the speculations surrounding the NEDC leadership transition that saw both the reappointment of Managing Director Mohammed Goni and Chairman Paul Tarfa, Shettima clarified that their continued roles were well-deserved. He emphasized, “They left behind N237 billion, an unprecedented achievement in contemporary Nigerian governance.”

 

Goni, in turn, affirmed the commission’s dedication to alleviating hunger across the 110 Local Government Areas in the region. He stated, “Today, we are set to donate food and non-food items valued at approximately N15 billion through the Vice-President to all state governors, 18 senatorial districts, 48 federal constituencies, as well as the six state Houses of Assembly.”

 

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Ibadan Funfair Tragedy: Former Ooni’s Wife, Others Remanded Over Stampede

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A Chief Magistrate’s Court in Iyaganku, Ibadan, has ordered the remand of Naomi Silekunola, the former wife of the Ooni of Ife, along with Oriyomi Hamzat, the CEO of Agidigbo FM, and Abdullahi Fasasi, the Principal of Islamic High School, at the Agodi Correctional Centre.

The trio was arraigned on Tuesday in connection with the recent tragic stampede that occurred during a Christmas funfair at Islamic High School, Bashorun, Ibadan.

The incident, which claimed the lives of 35 children and injured six others, has drawn widespread public and legal attention.

Presiding over the case, Chief Magistrate Olabisi Ogunkanmi issued the remand order following charges brought against the defendants. The police prosecutor stated that their alleged offences contravened Section 324 of the Criminal Code, Cap. 38, Vol. II, Laws of Oyo State, 2000.

READ MORE: States Tighten Measures To Prevent Stampedes At Events

The prosecution accused the defendants of being involved in the organization of the event, which turned disastrous, leading to the stampede. Pending legal advice from the Oyo State Director of Public Prosecutions, the court directed their detention at the correctional facility.

The court session, held amidst heavy security, attracted significant public interest. Law enforcement officers were seen providing tight security as the suspects were escorted to and from the courtroom.

Further updates on the legal proceedings are expected as investigations continue.

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Labour Kicks Against N935/Litre Petrol, Wants More

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A cry has gone out for further reduction of the pump prices of premium motor spirit (PMS) in Nigeria to reflect local domestic production of refined products.

The Nigeria Labour Congress (NLC)has urged further reduction in the pump price of Premium Motor Spirit (PMS) otherwise known as petrol, insisting that the recent drop in price to N935/litre was begging the situation.

Recall that the Dangote Petroleum Refinery in partnership with MRS recently announced a reduction in petrol price to N935/litre.

Before the announcement, the commodity sold for over N1,030/litre in Lagos and environs, while it cost more than N1,060/litre in Abuja and Northern states.

ALSO READ: CSOs Urge Further Reduction Of Pump Prices Of Petrol

In a swift reaction, on Sunday, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said its members would be selling petrol at N935/litre from Monday based on the latest arrangement with the Dangote Petroleum Refinery.

IPMAN’s National President, Maigandi Garima,, according The Punch, said the reduction in Dangote refinery’s ex-depot price for petrol and the uniform arrangement being put in place, would enable marketers to sell at N935 in their outlets nationwide.

They had set aside N36/litre as cost of logistics.

However, the announcement did not excite the NLC, which insisted on Monday that the cost of petrol should drop further.

A senior official of the NLC, Chris Onyeka, unequivocally rejected any commendation for the Federal Government and the Nigerian National Petroleum Company Limited (NNPC Ltd) over the recent reduction in the pump price of petrol.

He argued that the current pricing mechanism does not reflect the true cost of the commodity, according to The Punch.

“Do you want us to clap for them? How can we be okay with a price of N935/litre of PMS? This is not the right price for PMS. You cannot base the price on imported products when we have refining capacity in Nigeria,” he said.

He argued that the costs embedded in the current pricing framework — including foreign labour, freight charges, insurance, logistics, and profits accrued abroad — unfairly burden Nigerians.

“Products are refined in Nigeria, yet the price you give Nigerians is based on imported products. Why should we applaud that? It is akin to someone stealing your money and returning only part of it, then expecting you to clap. We cannot applaud this,” he stated.

Onyeka stressed that the only way to ascertain the correct price of PMS is by determining the actual cost of refining it domestically.

“We need to know how much it costs the NNPC to refine a litre of PMS in our local refineries, such as the Port Harcourt refinery. That is the price Nigerians should be paying,” he emphasised.

He called on the government to prioritise the welfare of Nigerians by ensuring that fuel pricing aligns with local realities.

“This country belongs to all Nigerians. Let the government do the right thing that allows Nigerians to breathe. Let the poor breathe.

“The NLC’s position underscores growing discontent among Nigerians over the rising cost of living, with fuel prices being a major contributor to inflation and economic hardship,” he stated.

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No Regrets On Subsidy Removal, Tax Reforms To Continue – Tinubu

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President Bola Tinubu, during his first Presidential Media Chat aired on the Nigerian Television Authority on Monday, reaffirmed his administration’s commitment to the ongoing tax reforms and subsidy removal, maintaining that the measures are essential to securing Nigeria’s economic future.

The tax reforms, designed to eliminate colonial-era practices and widen the tax net, have faced significant resistance from some quarters, particularly from northern lawmakers and governors. Despite this, Tinubu declared, “Tax reform is here to stay. We cannot just continue to do what we were doing yesteryears in today’s economy.”

The reforms, encapsulated in four bills transmitted to the National Assembly, aim to streamline taxation and revenue generation.

However, critics, including Borno State Governor, Babagana Zulum, have argued for caution. “The Petroleum Industry Bill took almost 20 years before it was finally passed. This tax reform bill is being transmitted and receiving legislative attention within a week. It should be treated carefully and with caution,” Zulum said in an interview with BBC.

Despite calls for broader consultations and delays, Tinubu emphasized the pro-poor nature of the reforms, noting that the vulnerable would not be taxed. “The essence of the tax reform is to eliminate colonial-based assumptions in our tax environment,” he stated.

READ MORE: President Tinubu Set For First Nationwide Media Chat Tonight

No Regrets Over Subsidy Removal

Addressing the economic hardship resulting from the removal of the petrol subsidy, Tinubu defended his decision as necessary to prevent Nigeria from “spending its future.” He dismissed the notion of a phased removal, stating, “Phased removal is part of unnecessary fear. No matter how you cut it, you still have to meet the bills.”

The President highlighted the benefits of subsidy removal, pointing out that the policy had curtailed smuggling and freed up resources for more productive uses. “There is no way that you give out fuel and allow all the neighbouring countries as Father Christmas. I don’t have any regret whatsoever in removing the subsidy,” he said.

Tackling Inflation and Corruption

Tinubu also discussed his administration’s strategies to reduce inflation, emphasizing local production and import reduction. “If one produces more for consumption locally, stop imports, give a reasonable level of funding and assistance… we have what it takes,” he explained.

On corruption, the President cited increased earnings for workers and stricter oversight by anti-corruption agencies as key measures. He pointed to the recent seizure of hundreds of properties reportedly owned by a former Central Bank Governor as evidence of his administration’s efforts. “Part of the anti-corruption is removal of subsidy. It is very difficult to eliminate but you reduce it to the barest minimum,” Tinubu stated.

Food Stampedes and Governance

The President expressed condolences over recent tragic stampedes during food distribution events, attributing the incidents to poor organization by event planners. “If you don’t have enough to give, don’t attempt to give or publicize it,” he warned.

Tinubu concluded by reaffirming his commitment to efficient governance and economic reforms, stating, “The hallmark of a good leader is the ability to do what you have to do at the time it has to be done.”

The reforms continue to spark nationwide debates, with stakeholders divided over their potential long-term impacts.

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