Connect with us

NEWS

How I Would Have Led Nigeria Differently – Atiku Abubakar

Published

on

Former Vice President, Atiku Abubakar, has outlined measures he would have adopted if he were President, emphasizing a targeted strategy to alleviate Nigeria’s ongoing economic hardships.

Responding to frequent inquiries from Nigerians, Atiku shared his vision in a detailed post on his X handle on Sunday, highlighting the urgency of addressing the country’s pressing economic issues.

READ MORE: Nollywood Films Shine At The 2024 Africa Movie Academy Awards [Full List]

Atiku, who ran for President under the Peoples Democratic Party (PDP) in the last general election, stated that President Bola Tinubu’s “trial-and-error” approach to economic policy has created “excruciating pains” for citizens.

His statement, titled “What We Would Have Done Differently,” detailed four areas he believes need immediate intervention.

Atiku emphasized that combating corruption would have been a top priority in his administration, beginning with an overhaul of the Nigerian National Petroleum Company Limited (NNPCL).

He described the NNPCL as “a huge beneficiary of the status quo” and expressed doubts about its commitment to genuine reform, stating that reforms would likely face resistance from vested interests.

“Yes, I have always advocated for the removal of subsidy on PMS because its administration has been, mildly put, opaque with so much scope for arbitrariness and corruption. Mind-boggling rent profit from oil subsidy accrued to the cabals in public institutions and the private sector,” he wrote.

“Fighting corruption should have commenced with the repositioning of the NNPCL, which is a huge beneficiary of the status quo. Its commitment to reform and capacity to implement and enforce reforms is suspect. The subsidy regime has provided an avenue for rent-seeking, individuals, the NNPCL and its guardians will be threatened by reforms.”

Criticizing Nigeria’s inefficiency in oil refining, Atiku labeled the nation the most inefficient of all OPEC member countries. He emphasized the need to privatize state-owned refineries and set a target to refine at least 50% of its crude oil output domestically, with the aim of exporting refined products to ECOWAS member states.

“We are by far the most inefficient OPEC member country in terms of both the percentage of installed refining capacity that works and the percentage of crude refined.

“We would’ve commenced the privatization of all state-owned refineries and ensure that Nigeria starts to refine at least 50% of its current crude oil output. Nigeria should aspire to export 50% of that capacity to ECOWAS member states,” Atiku stated.

Atiku also advocated for a “gradualist approach” to subsidy removal, arguing that an abrupt removal of subsidies would disrupt the economy and hurt Nigerians.

Citing his experience as Vice President, he explained that a phased approach was more beneficial, noting that successful reforms in other countries have been implemented gradually.

“Subsidies would not have been removed suddenly and completely. It is instructive that when I was Vice President, we adopted a gradualist approach and had completed phases 1 and 2 of the reform before our tenure ended.

“The incoming administration in 2007 abandoned the reforms, unfortunately. The gradualist approach allows for adjustments, and adaptation and minimizes disruptions and vulnerability,” he said.

Additionally, Atiku outlined his plans to support Nigeria’s vulnerable populations amid economic reforms.

He proposed investing savings from subsidy withdrawals in infrastructure, education, healthcare, and agriculture to strengthen the economy and create job opportunities for Nigerian youth.

“We would’ve invested the savings from subsidy withdrawal to strengthen the productive base of the economy through infrastructure maintenance and development; to improve outcomes in education and healthcare delivery; to improve rural infrastructure and support livelihood expansion in agriculture; and develop the skills and entrepreneurial capacity of our youth in order to enhance their access to better economic opportunities,” he said.

In addition, Atiku reiterated his commitment to subsidy removal while underscoring the need for a well-thought-out, phased approach to ensure Nigerians are shielded from undue economic hardship.

NEWS

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

Published

on

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.

Continue Reading

NEWS

Labour Kicks Against N935/Litre Petrol, Wants More

Published

on

 

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.

Continue Reading

NEWS

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

Published

on

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.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.