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CSO expresses concern over N250b for fuel subsidy, says it is reason FG went into borrowing

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CSO expresses concern over N250b for fuel subsidy, says it is reason FG went into borrowing

 

Civil Society Organisations in Nigeria operating under the aegis of “Civil Society Coalition for Economic Development (CED) has decried the monthly payment of N250 billion for fuel subsidy.
They further identified the subsidy regime as a major challenge that was forcing the Federal government into external borrowings, while expressing optimism that the end of fuel subsidy would recoup funds into the national treasury well enough for developments.
The coalition expressed the concern that if nothing was done by the Federal government of Nigeria to end the regime, it  would further cause economic catastrophy.
In a 7-point communique after a conference of the Coalition which was held simultaneously in Lagos and Abuja, a copy of which was made available to the Guardian on Friday, the Coalition urged the Federal government to be committed to the planned ending of the fuel subsidy regime, adding that it was the right step towards recovering the nation’s economy.
The Coalition which comprised of 82 Civil Society Coalitions insisted that Nigeria’s economy is being about one of the most volatile in the world, recalling that there was a time a barrel of crude oil was sold for $150, but for the past six years, it has reduced to $60, a situation the group lamented, was unsustainable.
The conference, titled: “Fuel Subsidy Removal in Nigeria”, pointed out, would recycle the economy on the part of productivity and growth, if the amount being paid as cost of fuel subsidies were channelled into provision of infrastructure and other social sectors of the economy.
The communique which was signed by the convener, Com. Yusuf Dan Maitama and the Secretary, Com. Badaru Ayewoh further recommended that fuel subsidy regime should be stopped effective from January, 2022.
Part of the communique reads:  “That the resource persons who are world class researchers in the oil and gas industry extrapolated issues bordering on Nigeria’s oil and gas industry, and identified Nigeria’s major economic challenges as that of active fuel subsidy regime.
“In the group discussions, participants were unanimous that Nigeria was the only country in the world that sustained fuel subsidy regime for the past 20 years.
“The fuel subsidy regime was a capitalist and elitist policy that services only the top-heavy, hence, successive governments found it difficult to implement their economic policies.
“It was pointed out that the Federal government of Nigeria spends N250 billion on fuel subsidy every month. The development, discussants averred was largely responsible for national debts as revenue coming into the Consolidated Revenue Fund (CRF) account are used to settle the fuel subsidy.
The group pleaded with the organised labour not to embark on strike on account of ending subsidies, while they asked the Federal government to forward a budget for N5000 grants to be disbursed to citizens to cushion the effect of fuel subsidy removal in 2022.
“That the Federal Government of Nigeria should end fuel subsidy regime effect from 1st January, 2022 in order the save the sum of N250 billion monthly as the economy of Nigeria has become very fragile given the financial burden orchestrated by the subsidy regime.
“That Nigeria is a monolithic economy  as such, revenue earnings must be jealously guarded and which should be channeled into road construction, power, education, health and development of its youth.
“That the organised labour should be considerate and not to embark on strike action in the circumstance that the Federal government has ended fuel subsidy regime, given the reversal of huge resources back into the Federal government coffers.
“That the Federal government and all stakeholders in the oil and gas industry should strictly enforce the provisions of Petroleum Industry Act (PIA), which came into effect after it was signed into law by President Muhammadu Buhari.
“That the Federal government, private and public sectors should embark on sensitisation of Nigerians on the need for immediate removal of fuel subsidy in order to save the nation from further financial hemorrhage.
“The federal government of Nigeria should forward the budgetary provision of N5000 grant to citizens to cushion the effect of fuel subsidy removal to the two arms of the National Assembly for legislative debate before the passage of 2022 budget.
“The Civil Society Coalition commends the Group Managing Director of Nigeria National Petroleum Corporation (NNPC) Limited for his commitment to the stability of oil and gas industry in Nigeria

Politics

JUST IN: Reps Committee Finally Meets Rivers Sole Administrator After Delays

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After a series of delays, the House of Representatives ad hoc committee on Rivers State has finally held its much-anticipated meeting with the Sole Administrator of the state, Retired Vice Admiral Ibok Ete Ibas.

The meeting, which took place in Abuja, comes as the House exercises its constitutional powers to assume the functions of the Rivers State House of Assembly, following the ongoing political crisis in the state.

In his opening remarks, Vice Admiral Ibas apologised for his inability to attend earlier scheduled meetings, citing the need for more time to settle into his new role.

READ ALSO: Ibas Makes First Appearance At NEC Meeting As Rivers Sole Administrator

He told the committee that he is still acclimatising to the demands of his position and appealed for the lawmakers’ understanding as he prepares to provide a detailed briefing.

Shortly after his plea, the session went into a closed-door meeting, with journalists and observers asked to leave.

 

 

 

More to follow…………. 

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Obi, Kwankwaso Helped Tinubu In 2023, Will Do The Same In 2027, Says Nigerian Activist

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Deji Adeyanju, a Nigerian activist and lawyer, has made explosive claims regarding the 2023 presidential election, suggesting that former Labour Party (LP) candidate Peter Obi and New Nigeria Peoples Party (NNPP) leader Rabiu Kwankwaso secretly supported President Bola Tinubu’s campaign.

In a post shared on his 𝕏 page Thursday, Adeyanju contended that Obi, who ran against Tinubu, would likely continue to support the president in future political endeavors.

He expressed certainty that Obi would decline any efforts to form a coalition aimed at challenging Tinubu in the next election.

READ ALSO: Lad Who Stood In Front Of Obi’s Convoy Apprehended For Street Fighting – Police

“I’m 100% convinced that Obi worked for Tinubu in 2023 and will do so again. I might be wrong, but I’m convinced in my mind about this,” Adeyanju wrote.

“Once a businessman, always a businessman. Those still in doubt will see the clear handwriting before 2027. He will refuse to join the coalition,” he continued.

Additionally, Adeyanju accused Kwankwaso of working in favor of Tinubu during the previous election.

He emphasized that for any opposition coalition to succeed in the 2027 race, figures like Obi and former Vice President Atiku Abubakar—another presidential hopeful—must step aside.

“For the coalition to succeed, all the self-centered politicians like Atiku & Obi should promise not to run and allow neutral folks to run against Tinubu,” Adeyanju proposed. “This is how to put the interest of the nation above personal interest,” he added.

The activist went on to criticize the culture surrounding Nigerian politics, describing it as an industry driven by opportunism.

He lamented the presence of “merchants” surrounding top politicians, accusing them of putting personal gain ahead of the country’s well-being. “The biggest industry in Africa is politics,” Adeyanju said.

“And those around popular politicians are all merchants. Once politics is around the corner, they are in business. Con men and women who just want to cash out.”

 

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Ibas Makes First Appearance At NEC Meeting As Rivers Sole Administrator

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Retired Vice Admiral Ibok-Ete Ibas, the Sole Administrator of Rivers State, attended his first National Economic Council (NEC) meeting today at the Presidential Villa in Abuja.

Ibas was appointed to the position by President Bola Tinubu following the suspension of Governor Siminalayi Fubara in March 2025.

READ MORE: Tinubu Swears In Ibas As Rivers Sole Administrator

The NEC meeting, which is being presided over by Vice President Kashim Shettima, gathered a number of state governors and deputy governors from across the 36 states of Nigeria to discuss important national economic issues.

Among the notable figures in attendance was Governor Sheriff Oborevwori of Delta State, who recently defected to the All Progressives Congress.

Governor Oborevwori led the opening prayers at the meeting on the instruction of Vice President Shettima.

Other state governors present included Rev. Fr. Hycinth Alia of Benue State, Abdulrahman Abdulrazak of Kwara, Monday Okpebholo of Edo, and Bassey Otu of Cross River, along with several deputy governors.

 

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