NEWS
Petrol Hits N700 Per Litre In Anambra
Commuters and drivers in Anambra State experienced a sharp increase in the price of Premium Motor Spirit, also known as petrol, from N530 to N700 at the pump on Tuesday.
In anticipation that the price may increase to N800 starting on Wednesday, drivers and other product users were swarming petrol stations and buying the product in greater amounts at the time.
Before word of the recent hike in pump prices spread around the community, Biztellers gathered that the product was being sold at N530 per litre in the main cities of Onitsha, Nnewi, and Awka as of Tuesday morning.
The anxiety began earlier on in the afternoon when independent oil marketers operating in the state suddenly shut their filling stations and refused to sell for some hours when the news of the increment had filtered in.
The marketers were said to have resumed operations later in the evening after their emergency meeting in Awka and quickly adjusted their pump prices to reflect the new price regime.
As a result of the development, transportation fares suddenly soared above 30 per cent as commuters paid N300 for a journey that they paid N200 in the morning.
Commuters who were taken by surprise became stranded as those who could not afford the new price template were seen trekking to their various destinations in anger.
Checks revealed that filling stations operating along the Upper Iweka along the Onitsha-Owerri Road in Onitsha were selling at N700 per litre.
However, NNPCL facilities located along the Awka-Enugu Road and other marketers were seen selling the product between N620 to N650 per litre while it was N690 at some filling stations in Nnewi.
It was observed that some of the independent sales outlets had earlier closed for business in anticipation to sell higher from Wednesday.
A manager at a petrol station in Onitsha(name withheld) said, “We received a call from a sister petrol station informing us to suspend operations temporarily and be ready to adjust our meter to reflect the new price that the pump price has been increased by the NNPCL.
“We did not sell fuel Monday because of sit-at-home, but by today(Tuesday), we were selling at N530 before the call came for us to suspend operations pending further developments. And later our head office communicated to us to adjust to N700.”
Reacting to the development, a commercial transport operator in Onitsha, who identified himself as Chukwudi, said, “I am filling up my tank and also buying in Jerry cans so as to keep it and use it for some days because we are suspecting that the price might shoot up N800 by tomorrow.
“This suffering is just too much. This is not what we bargained for. We have no choice than to increase the prices of transportation. I can see many people trekking, they should prepare to trek more tomorrow because that is what the situation has caused.”
NEWS
N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
International News
ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others
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.
NEWS
Edo State Governor Sets Up Committee To Recover Missing Gov’t Vehicles
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.