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Experts react to NEC decision on fuel subsidy suspension

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…There’s budgetary allocation for fuel subsidy removal — CPPE

…Incoming administration will address fuel subsidy issue as it affects over 200million Nigerians – Dr. Ehindero

By Seun Ibiyemi and Matthew Denis

The Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf reacting to NEC decision on fuel subsidy said petrol subsidy removal should be left for the incoming administration to handle as  this should be the default position since the current government has announced a budgetary provision for fuel subsidy up till June 2023.

Dr. Yusuf while responding to the FG decision on subsidy removal suspension stressed that this is also the position of the Petroleum industry Act as amended.

“Rather than stir another round of controversy and confusion, the matter ought to be left for the new administration. The NEC announcement was really unnecessary.

“My expectation is that the new administration should have its strategy of managing the policy transition. This should not be preempted by the current administration.

“The National Economic Council should avoid making policy pronouncement that may create problems for the new administration.  I also expect that some level of informal consultation should have commenced between the transition team of the incoming administration and key stakeholders on the matter.

“The APC had categorically stated that it would remove petrol subsidy on assumption of office.  Although it had not unveiled its strategy of doing so.”

Incoming administration will address fuel subsidy issue as it affects over 200million Nigerians – Dr. Ehindero

The Executive Director of Nigerian Workforce Strategy and Enlightenment Centre (NIWOSEC), Dr. David Kayode Ehindero has disclosed that the incoming administration will address the issue of subsidy as it affects over 200 millions Nigerians.

Dr. Ehindero while speaking against the decision of the National Economic Council (NEC) to suspend the subsidy removal said, “I believe incoming administration will have to reverse some of this twilight decisions for a more strategic measure to cushion oil subsidy removal.”

He also described the 40 per cent salary increment offered the federal government as causing more confusion as it cannot bring respites to the masses when the fuel subsidy is removed.

Dr. Ehindero said, “This 40 per cent is a last minute Greek gift by the outgoing administration which is capable of creating more confusion in the polity.”

He stressed that the payment is sessional and will not have any effect in cushioning the effect of subsidy removal.

The Executive Director argued that “Increment for less than 200 thousand persons in the public service without standard negotiation by the Labour Union? This subsidy concern is for over 200million Nigerians.”

Earlier, The National Economic Council (NEC) on Thursday suspended the planned removal of subsidy on petroleum products by the end of President Muhammadu Buhari’s administration.

The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed disclosed this while briefing State House correspondents at the end of the NEC meeting presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

According to the Minister, the NEC concluded in its meeting that it is not a favourable time for the action.

Mrs Ahmed stated that the Council deliberated on the matter and resolved that it cannot be removed for now, but it equally agreed on the need to continue the discussion on the matter and the necessary preparatory work in conjunction with states and representatives of the incoming administration.

“Council agreed that the fuel subsidy must be removed earlier rather than later because it is not sustainable. We cannot afford it anymore. But we have to do it in such a way that the impact of the subsidy is as much as possible, mitigated on the lives of ordinary Nigerians.

“So, this will require looking at alternatives to the fuel subsidy that need to be planned for and subsequently put in place. But also what needs to be done to support the people that will be most affected as a result of the removal.”

She added that the FG will be working together with representatives of the

“We have a plan that we will start working on, putting the building blocks towards the eventual removal of the first subsidy.

“And if I may remind this forum that the budget for 2023 has a provision for fuel subsidy only up to June 2023 and also the Petroleum Industry Act has a provision that requires that all petroleum products must be deregulated 18 months after the effective date of the PMS removal and that that period is also up to June 2020,” the minister explained.

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He’s my favorite player – Man United’s Kobbie Mainoo reveals his football idol

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Manchester United midfielder Kobbie Mainoo has revealed that former Barcelona star Ronaldinho is his idol in football.

When asked about his idol growing up,Mainoo said in a recent interview (via @centredevils): “My idol? Growing up, it was Ronaldinho. He’s my favourite player.”

Ronaldinho made 547 appearances in his senior club career, scoring 197 goals and providing 166 assists across competitions.

He also won La Liga twice and the UEFA Champions League once with Barcelona.

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Man remanded for allegedly refusing to pay for burukutu, pepper soup

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A driver in Adamawa State, David Donald, has been remanded at a correctional centre in the capital, Yola, after he allegedly consumed large quantities of a local beer called burukutu and refused to pay for it.

The defendant also allegedly added two plates of fish pepper soup to his unpaid bills.

Donald, charged with cheating and arraigned before an Upper Area Court 4 sitting in Yola, was issued the remand order after he pleaded guilty to the offence contrary to Section 302 of the Penal Code Law.

David, who hails from Karin Lamido in Taraba State, was arraigned before the Ibrahim Musa-led Upper Area Court in Yola by the Adamawa State Police Command.

According to the police, David had on the 21st of February, 2024; at a local joint in Yola, ordered five plastic buckets of burukutu and two plates of fish pepper soup.

After consuming the beer and eating the fish pepper soup on the spot, he attempted to escape without paying. He was caught and subsequently handed over to the police.

The prosecuting police officer, Sgt Kabiru Abubakar, told the court that the defendant dishonestly collected the beer and pepper soup with a total value of N6,600 from Felicity Sunday and Linda Ali.

According to the prosecutor, the complainants reported the matter to the police, accusing the defendant of refusing to settle the bills.

 

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Court remands BDC operators in Port Harcourt

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A magistrate court sitting in Port Harcourt has remanded 16 Bureau De Change, BDC, operators in the Port Harcourt Correctional Centre for unlawful banking business.

This decision by Magistrate Alatuwo Fubara on Wednesday follows an ex parte application submitted by the police, seeking additional time to conclude their investigation before formally charging the individuals in question.

The police asserted that the activities of the BDC operators violate the Banks and other Financial Institutions Act of 2020.

Fubara, after granting the police’s request, scheduled the matter for plea and potential bail consideration on March 7, 2024.

Sani Issaka, the Chairman of BDC operators in Port Harcourt, along with several others involved in the operations, had previously stated that over 150 members, including himself, were apprehended by operatives of the Economic and Financial Crimes Commission, EFCC, in Rumuola, Obio-Akpor Local Government Area of Rivers State.

 

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