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Provide fiscal, legal implications of your  proposed fuel subsidy policy, FG replies Atiku

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Nkem Okereh 

The Presidency in a swift response to Atiku’s subsidy policy proposal asked the ADC presidential candidate to  present Nigerians with the full fiscal and legal implications of his proposal to restore fuel subsidy.

Dissecting Atiku’s economic plans should he be elected as President by January next year, the Presidency said his proposal depicts political desperation.

The Federal Government in a statement yesterday by Bayo Onanuga, Special Adviser to the President (Information and Strategy), faulted Atiku for to announce a more creative and ingenious alternative to the programme being executed by the Tinubu administration. 

“Atiku Abubakar behaved like a man from an archaic past who least comprehends the present economic dynamics and suggested that he would restore the much-abused, wasteful, pillaged, corruption-ridden fuel subsidy regime, which the Petroleum Industry Act made illegal from the end of June, 2023. 

“Even though he used to believe that the subsidy regime must be eliminated, a point he canvassed in the run-up to his defeat in the  2023 election,  he has now opportunistically recanted the major plank of his economic doctrine and turned a renegade. 

“It is not difficult to explain why Atiku has latched onto the abandoned subsidy regime, five months to the election. Desperate for power, he needed to make a promise that he knew, if he were candid with our people, does not make fiscal sense, is retrogressive, and is against the genuine interest of the people. 

“But before his suggestion hoodwinks the people, we must quickly subject the promise to a serious examination, especially in the context of Nigeria’s present economic and petroleum realities,” said the Presidency.

Atiku was told that Nigerians  deserve to understand what the proposed restoration of subsidy would actually mean, how it would be funded, and whether it is compatible with the legal and structural changes that have taken place in the petroleum sector.

Clearing what it termed as  ambiguities about the so-called subsidy, the Presidency said “It is not some money sitting in the treasury to be disbursed to offer cheap fuel to Nigerians. It is the massive discount the NNPC offered the Nigerian government: selling fuel it bought at N100 at N50 at the pump, leading to under-recovery of costs and massive losses. 

“Somewhere in the NNPC books are still trillions of Naira in subsidy costs that the Nigerian government has not paid. Contrary to Atiku’s claim in his interview, no N30 trillion subsidy windfall or savings exists anywhere except in his imagination.

 “The petrol subsidy regime that Nigerians knew before May 2023 was dismantled as part of the country’s petroleum-sector reforms. The Petroleum Industry Act established a new framework for the downstream petroleum market. It removed the subsidy, as was previously done for diesel, kerosene and aviation fuel, ending a system that had placed a substantial and often unpredictable burden on public finances. 

“The PIA scheduled the subsidy removal by the end of June 2023. President Tinubu only accelerated it by weeks to stop further bleeding before the due date.

 “Restoring the old arrangement therefore cannot simply be presented as a matter of announcing that government will once again pay part of the cost of petrol. It would require a clear legal, fiscal and administrative framework, including identifying the source of the funds and determining how such a policy would be implemented under the present petroleum-market structure.

 “More importantly, Nigeria’s petroleum landscape has changed significantly since May 2023. For many years, the country relied heavily on imported petrol, with the government bearing the consequences of the gap between the regulated pump price and the cost of supplying the product. 

“Today, the emergence of substantial domestic refining capacity has fundamentally altered that equation. The Dangote Refinery has become a major source of locally refined petrol. Indeed, the Dangote Refinery would not have kick-started production for local consumption were the subsidy regime operative.  This is an important point that Atiku deceptively ignored.” 

 The government further said that Atiku’s proposal portends a reversal of current local production, and it will spell bankruptcy for smaller local refineries like Aradel’s, causing attendant job losses and a loss of foreign exchange. 

Reeling out the gains of subsidy removal by the Tinubu administration, the Presidency said “the sector is now market-driven, Nigeria now exports refined products to Europe, Asia, and the United States, restoring national pride. This development is a sharp contrast to when Obasanjo and Atiku were in power: Nigeria’s largest import, costing about $10 billion, was refined products!. President Tinubu has flipped that to Nigeria’s advantage.

 “The N15 trillion that would have been borrowed and spent on selling discounted petrol has now significantly gone into the coffers of the three tiers of government. Now all states are fiscally stable and can pay salaries regularly and embark on infrastructure projects. In July, the three tiers shared about N3 trillion, a record, from the federation account. That is a major achievement, since the abolition of petrol price discount and distortions in the foreign exchange regime. 

 “Nigeria is increasingly moving from a model in which scarce foreign exchange is used to import refined petrol to one in which crude oil, largely sold in Naira, can be processed domestically and supplied to the Nigerian market. That transition creates opportunities for greater energy security, foreign-exchange conservation, industrial development and ultimately a boost to employment generation.”

 It added that the subsidy debate must therefore be grounded in the realities of today’s market rather than treated as though Nigeria’s petroleum sector has remained unchanged.

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Crime

Insecurity: Military places N30m bounty on ‘Gentle The Yahoo’

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By Our Reporter

The Joint Task Force South-East, Operation Udoka, has declared Ifeanyi Eze Okorienta, popularly known as “Gentle The Yahoo,” wanted over alleged threats to peace and security in the South-East.

The task force announced a N30 million reward for credible information that could lead to Okorienta’s arrest.

In a wanted notice issued by the military formation, Okorienta was identified as a person considered a threat to peace in the region, while residents were urged to assist security agencies with information on his whereabouts.

According to the notice, a “reward of N30,000,000” awaits anyone whose credible information leads to his capture.

The military also appealed to residents to support ongoing efforts to tackle violence and criminality across the South-East, with the message: “Give Peace a Chance.”

Members of the public who have useful information about the wanted individual were advised to contact security authorities through 193 or 0806 795 9570. The task force assured informants that they could provide information anonymously.

A photograph of Okorienta was included in the wanted notice alongside the inscription: “No Violence, No Criminality in the South East.”

The development comes against the backdrop of intensified military and security operations across the South-East aimed at tracking individuals suspected of involvement in violent and other criminal activities.

The task force further cautioned members of the public against attempting to apprehend Okorienta themselves if they encounter him.

Instead, residents were urged to promptly alert the security authorities through the designated telephone lines to enable security personnel to take appropriate action.

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General News

Copyright commission seizes pirated books worth N7 million at Garki market

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The Nigerian Copyright Commission (NCC) has confiscated several cartons of pirated literary works with street value worth N7 million at the popular Garki market in the Federal  Capital Territory(FCT).

Mrs Ijeoma Egbunike, the commission’s   Director of Public Affairs, disclosed this in a statement on Sunday in Abuja.

According to the statement, Mr Femi Ajala, Director of Operation of NCC, who led the enforcement team, said the raid is part of the commission’s renewed campaign against piracy.

He said the  team was able to achieve its goal  with the support of armed police personnel from the FCT Command.

“Acting on credible intelligence, regarding the suspected storage and distribution of pirated books, we were able to move into the location.

“We discovered a substantial quantity of books suspected to have been reproduced and distributed without the authorisation of the respective copyright owners.

“We gained access to the store, seized and evacuated several cartons and bags of suspected infringing publications and subsequently sealed the premises,” he said.

Ajala added that the successful raid was part of NCC’s intelligence-driven approach to disrupting copyright piracy and protecting the legitimate interests of authors, publishers and other right owners.

While reiterating the commission’s zero-tolerance stance against piracy, the director of operation stressed that it remained a serious threat to Nigeria’s creative and publishing industries.

According to him, the illicit business deprives legitimate right owners of income from their works, and undermine continued investment in creativity and publishing.

“The operation was intelligence-driven. We received information about the location and acted on that intelligence.

“The volume of books recovered which worth N7 million shows the seriousness of the situation and the need for sustained enforcement,” he added.

He further explained that the commission would not relent in tracking down those involved in illegal reproduction, distribution and commercial exploitation of copyrighted works.

“The Commission will continue to disrupt piracy activities and investigate all those involved,” he said.

Ajala assured that further investigation would commence immediately to establish the ownership, source, distribution network and other circumstances surrounding the seized publications.

According to him, the investigation will be carried out with a view to identifying those responsible and ensuring that they face the full weight of the law.

He further warned pirates and other persons engaged in the commercial exploitation of copyrighted works without the requisite authorisation, that the commission would continue to deploy its enforcement operations to disrupt their activities.

He emphasised that the fight against book piracy was not merely an enforcement issue, but a critical intervention to protect Nigeria’s authors, publishers, researchers, educators and the wider creative economy.

He, therefore, urged members of the public, right owners, publishers and other stakeholders to always provide relevant information that could assist the commission in identifying and disrupting piracy networks.

According to the commission, some of the books titles seized during the raid include; ‘Purple Hibiscus’,  ‘The Magic of Thinking Big’,  ‘ ‘New General Mathematics for Senior and Junior Secondary Schools 1,2 and 3’, ‘Stan Basic Science and Technology for Primary School’,  ‘Work Book 3’,  ‘Lantern , Steps to Quantitative and Verbal Reasoning 3’.

Others included ‘Classic Basic Technology for Junior Secondary Schools 3’, ‘ Active Basic Science and Technology for Junior Secondary Schools and Work Book 2’,  ‘Queen Primer’,  ‘Royal School Series Part 1’, ‘WABP Physical and Health Education for Primary Schools 1 and 4’.

Other seized titles inluded ‘Learn Mathematics 5’; ‘New School Physics for Senior Secondary Schools’,  ‘MacMillan Champion Primary Mathematics 3 and 4’,  ‘Tonad’,  ‘Essential Commerce for Senior Secondary Schools’, among others.(NAN).

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General News

Troops ​‌‍​‌‍‌‍⁠⁠‌‍‌⁠‍‍​‍‍‌​foil terrorists’ attack, recover arms in Sokoto

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The troops of COAS Special Intervention Battalion 7 of Sector 2, Operation FANSAN YAMMA have foiled terrorists attack and recovered high-calibre guns and motorcycles in Tangaza Local Government Area (LGA) of Sokoto State.

Lt.-Col. Olaniyi Osoba, Acting Deputy Director, Army Public Relations, 8 Division, Nigerian Army, disclosed this in a statement on Sunday in Sokoto.

Osoba said during the operation which occurred on Saturday, troops advanced through identified terrorist threat enclaves, including Manu, Alkasim and Kandam villages, as well as the Magarya Forest axis.

“Upon making contact with the terrorists within the Magarya forest enclave, troops engaged the terrorist elements with superior firepower, forcing them to abandon their positions and flee into the deep forest,” he said.

Osoba further said that troops’ follow-up operations and a thorough search of the general area led to the recovery of significant arms, ammunition and mobility assets.

“The recovered items include one PKT Machine Gun, AK-47 Rifles, large quantity of 7.62 x 54mm belted ammunition, motorcycles and assorted logistical and miscellaneous items.”

According to Osoba, troops maintain a strong operational posture and continue to dominate the general area to ensure the total security of surrounding communities.(NAN).

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