NEWS
CPPE Foresees Subsidy Leading Nigeria to Bankruptcy
By Edozie Obasi-Eze
The Centre for Promotion of Private Enterprises (CPPE) has projected that barring changes to the situation in Russia and Ukraine, Nigeria’s subsidy cost may hit N4 trillion by the end of the year, which might lead the country to bankruptcy.
Chief Executive Officer (CEO), CPPE, Nigeria’s subsidy, expressed his opinion yesterday at its first-quarter press conference on the Nigerian economy.
He said, “With current subsidy trajectory, subsidy cost would not be less than N4 trillion by the end of this year. This is clearly a major source of disruption and dislocation for the finances of government at all levels.”
He averred that all things being equal, that is, if crude oil price did not shift from the current levels and the PMS price stayed fixed, Nigeria would be on the brink of bankruptcy, because the current subsidy regime was not sustainable.
He also opined that the deregulation dialogue needs to be brought to the table urgently to save the economy from further deterioration.
Dr Yusuf stressed that brave steps must be taken to ignite the reform process in the petroleum sector with the full activation of the Petroleum Industry Act (PIA).
He maintained that in the interim, all charges – import duty, levies, and taxes on importation should be suspended to moderate the cost of fuel, though the ultimate solution would be to revisit the deregulation engagement with stakeholders to pave way for a market-driven, private sector-led investment framework, with the government playing a regulatory role.
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“This is the option we have as a country to stop the bleeding, the distortions, the smuggling and loss of investment that our petroleum downstream sector had suffered over the years,” he added.
He listed the possible benefits of a market-driven pricing regime to include free resources for investment in critical infrastructures such as power, roads, rail systems, health sector, and education sector; unlocking the huge private investment potential in the downstream oil sector, especially in petroleum product refining.
According to him, it would also eliminate the patronage mentality, rent-seeking activities, and corruption that currently characterise the downstream oil sector, in addition to creating more jobs for the teeming youths in the downstream oil sector as an investment in the sector improves; would reduce smuggling of petroleum products outside the country.
The Russia Ukraine war, which he observed has disrupted global oil and gas supplies and resulted in sharp increases in energy prices globally, was already taking a toll on the cost of production, cost of business operations, haulage costs, and consequently on profit margin.
“The cost of the major energy products had increased significantly – diesel, aviation fuel, natural gas, and kerosene. The inflationary outcomes will affect the affordability of many products, leading to further worsening of poverty.
“We will see an increase in subsidy payment as the landing cost of petrol increases. Regrettably, we remain a major importer of petroleum products. Therefore, when oil prices increase, subsidy payment also surges. Only recently the estimate of subsidy was put at N3 trillion by the NNPC. That was before the Russian invasion of Ukraine.
The story would have changed now. We should expect subsidy payments to exceed the N3 trillion by the end of the year, depending on how long the sanctions and invasion last. This of course has very serious implications for our budget and government finances.
“If crude oil price remains at current levels, and the PMS price remains fixed, the country may be teetering on the brink of bankruptcy. The current subsidy payment regime is simply not sustainable. The deregulation dialogue needs to urgently resume to save the economy from further deterioration,” he noted.
NEWS
“We Are Raising Fraudsters” — Obi Reacts to EFCC’s Explosive Student Cybercrime Report
Former presidential candidate of the Labour Party, Peter Obi, has reacted strongly to a recent report by the Economic and Financial Crimes Commission (EFCC) alleging that a significant number of Nigerian university students are involved in internet fraud.
The EFCC had reportedly warned that cybercrime is becoming increasingly common among undergraduates, a development it described as a growing national concern requiring urgent attention from authorities, parents, and educational institutions.
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Reacting to the claim, Obi described the situation as deeply troubling, warning that Nigeria may be “raising a generation of fraudsters” if the trend is not urgently addressed.
According to him, if even a large fraction of the allegation is true, it signals not just a crime problem but a broader collapse of values and moral discipline in the country.
He stressed that young people do not operate in isolation, arguing that society, leadership, and institutions all play a role in shaping behaviour. Obi noted that when dishonesty appears to thrive without consequences, it sends the wrong message to the youth.
The former Anambra State governor also called for urgent reforms in governance, education, and value reorientation, insisting that integrity must be restored at all levels of society.
He added that the focus should not only be on condemning young people but on addressing the systems that influence their choices and actions.
Obi further urged leaders to set better examples, warning that a society cannot expect honesty from its youth if accountability is weak at the top.
The EFCC has continued to express concern over rising cybercrime cases in tertiary institutions, describing the trend as a threat to national development and security.
NEWS
Police Rescue Five Abducted Students in Ogun After Gun Battle
Operatives of the Nigeria Police Force have successfully rescued five students of Gateway Polytechnic, Saapade, following their abduction by gunmen in Ogun State.
The students were reportedly kidnapped late Monday night in the Sapade area of Remo North Local Government Area, triggering a swift response from security operatives after a distress call was received around 10:55 p.m. at the Ipara Police Division.
Upon arrival at the scene, officers discovered an ash-coloured Toyota vehicle riddled with bullet holes and stained with blood. Several mobile phones and personal belongings were also recovered from the abandoned car.
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Confirming the incident, the Police Public Relations Officer in the state, Oluseyi Babaseyi, said an identity card found at the scene linked the victims to Gateway Polytechnic, prompting an immediate escalation and a full-scale rescue operation.
The Commissioner of Police, Bode Ojajuni, subsequently ordered the deployment of tactical units in what he described as an intelligence-driven mission to secure the students’ release.
Security teams drawn from the Isara Area Command, Ipara Division, SWAT, Anti-Kidnapping Unit, Violent Crime Response Unit, Quick Response Squad, and Operation MESA were mobilised for coordinated bush-combing and tracking operations across suspected escape routes.
The sustained pressure paid off on April 28, when the students were rescued unhurt from their captors.
According to the police, the kidnappers engaged operatives in a gun duel during the rescue effort but were overpowered by superior firepower, forcing them to flee with suspected gunshot wounds. No casualties were recorded among security personnel.
“The victims were immediately evacuated, debriefed, and taken for medical attention due to the conditions they endured while in captivity,” Babaseyi added.
Commending the operatives, Ojajuni praised their gallantry and professionalism, noting that their swift coordination was instrumental to the success of the mission.
He assured residents that efforts are ongoing to apprehend the fleeing suspects, with intensified bush-combing operations already underway.
The police also urged members of the public to remain vigilant and report suspicious movements, emphasizing that community cooperation remains critical in the fight against crime.
International News
Fresh Violence Rocks Mali as France Orders Citizens to Evacuate
The government of France has issued an urgent directive to its citizens in Mali, advising them to leave the country immediately following a fresh wave of violent attacks.
In a travel advisory released on Wednesday, the French foreign ministry described the security situation in Mali as “extremely volatile,” citing recent assaults carried out by jihadist groups and Tuareg separatist fighters over the weekend.
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According to the statement, all travel to Mali remains strongly discouraged regardless of purpose, as authorities warned that the risk to foreign nationals has significantly increased.
“French nationals are advised to make arrangements to leave Mali temporarily as soon as possible on the commercial flights that are still available,” the ministry said.
The advisory comes amid renewed concerns over instability in the Sahel region, where armed groups have continued to intensify their operations despite years of military interventions.
President Emmanuel Macron has repeatedly expressed concern over the deteriorating security climate in Mali, particularly following the withdrawal of foreign forces and the growing influence of insurgent factions.
Mali has been grappling with insecurity since 2012, as jihadist insurgency, separatist tensions, and political unrest continue to undermine stability in the country.





