NEWS
Fuel Pricing Should Serve Public Interest, Not Profit — Yemi Adeoye
Energy policy analyst, Adeyemi Adeoye has opined that fuel pricing in Nigeria should prioritize public interest over profit.
His assertion was meant to address pricing issues associated with the Dangote Refinery’s readiness to be supplying Premium Motor Spirit (PMS), also known as petrol to the domestic market.
Recall that the President of Dangote Group, Alhaji Aliko Dangote had passed the pricing ball to President Bola Ahmed Tinubu and the Federal Executive Council (FEC), via the Nigerian National Petroleum Corporation Limited (NNPC Ltd).
Adeoye made the comments during an appearance on Channels TV’S Politics Today, which was monitored by our correspondence on Tuesday.
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Adeoye argued that the government must approach pricing and supply strategically, stressing the interconnectedness of economic stability and national security.
He said, “An energy crisis is a national security crisis in my view. In spite of all these issues and controversies — which is, of course, unfortunate for something of this magnitude and positive impact to develop such controversies — we have reached this point, and I think congratulations are in order.
“Having said that, with regard to pricing and supply, the government must be very intentional. When we talk about national security, we often forget the importance of economic security, as they go hand in hand. If there is an economic crisis, it will impact national security in a matter of minutes.”
He pointed out that Nigeria’s petroleum market was not yet as deregulated as those in the United States or Europe, necessitating ongoing government involvement.
He said, “NNPC and the government need to sit down with the operators of the Dangote Refinery and intentionally determine pricing in the interest of national security, given that Nigeria is not yet a free market like the USA or Europe. Nigeria has not gotten to that level yet, so government intervention, especially when it comes to petroleum products is still very important.
Addressing the urgency of the situation, Adeoye warned that prolonged fuel scarcity could lead to public unrest.
He emphasized “My take is, away from all the controversies, away from all the back and forth, Nigeria Government needs petrol on the street, they need petrol across the country otherwise there could be chaos, there could be issues because this is a country that is already stressed up in terms of the economic situation. We just came out of a nationwide protest and we shouldn’t be going into another one any time soon.”
Adeoye underscored the pivotal role of the NNPC Ltd, the country’s sole importer of petroleum products, in managing the supply chain effectively.
He added, “If the focus, the goal and the purpose is the Nigerian people, and is to ensure that the Nigerian people are able to get petrol whenever they need it at the most friendly price, then these controversies will not be much.”
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
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The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.
Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.
The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.
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Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.
He urged the committee to carry out its assignment thoroughly and within the bounds of the law.
In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.
“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.
“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”
The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.
“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”
He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.
“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.
The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.
To address Nigeria’s ₦9.7 trillion budget deficit for the 2024 fiscal year, the Senate has approved President Bola Ahmed Tinubu’s request to secure a ₦1.77 trillion ($2.2 billion) loan.
The decision was made during Thursday’s plenary session, where a voice vote confirmed the approval following the presentation of a report by the Senate Committee on Local and Foreign Debts.
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Chaired by Senator Wammako Magatarkada (APC, Sokoto North), the committee endorsed the loan request as a vital step in managing the country’s fiscal challenges.
Recall that President Tinubu had submitted the proposal earlier in the week, outlining the loan as a crucial component of his administration’s external borrowing strategy.
Details shortly…………..
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