Tinubu keeps promise to Sanusi Lamido, removes fuel subsidy, unifies foreign exchange rates
While a few Nigerians remain skeptic of President Bola Ahmed Tinubu, and what to expect from his administration, it is worthy to note that he has shown qualities of a credible leader in keeping the request made by Sanusi Lamido, former Emir of Kano State.
*Please click on link below to see video on Sanusi Lamido Sanusi charge on Tinubu, prior to 2023 elections.
The Emir had made the request while speaking on the resulting arbitrage from gaps in the pricing of pms and the foreign exchange dollar rate which marketers exploit to make money on the foreign market, impoverishing the national purse.
Lamido said “To my friend Asiwaju Bola Ahmed Tinubu. If you win and you continue with petroleum subsidy payment and disparity in official and black market rate of dollars, we will fight and you have to be ready to deal with me.”
After failure of successive governments in Nigeria to remove subsidy from fuel, Bola Tibubu’s administration saw the end of subsidy for petroleum, as drafted in the petroleum industry act signed in 2021 under former president, Mohammadu Buhari administration.
FG Owes us N2.8 trillion — NNPC
The Nigeria National Petroleum Company (NNPC) has said that it is still owed 2.8 trillion naira by the Federal Government from the provisions in 2022, to keep on with subsidy in spite of it’s expiration on February 17th.
Managing Director of NNPCL, Dr Mele Kyari while explaining to journalists on Tuesday said ‘the petroleum act of August 2021, provides that six Months after it, pms will be priced at it’s commercial value, that is by February 17, 2022 there should have been no subsidy on pms, but the national assembly and the Federal Government due to its initiative provided subsidy in 2022 despite the act.
“The government can decide to spend it’s money anyhow it wants, it may decide to relieve it’s citizens however that provision in 2022 and 2023 has not been funded by government, a greater part of it was from the cash flow of the NNPC’s other businesses.
” Therefore, even though there’s provisions to the end of June, there’s no financing even from the start. Therefore since the Federal government can no longer pay subsidy, you cannot expect NNPC to continue to carry it” Kyari said.
According to him, while discussions are ongoing by the government to relieve the people and lessen the effect of the subsidy removal, there’s no money to fund subsidy anymore, hence, no going back.
“We are ready to license whoever wants to import PMS,” – NMDPRA.
The Chief Executive Officer of the Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has intimated of its readiness to license intending importers of Premium Motor Spirit (PMS).
Speaking to journalists on Tuesday, Farouk applauded the removal of subsidy from fuel by the Federal Government according to the provision of the law from February 2021.
He said, “We understand the provision of the law that provided the removal of subsidy from February 2021. As NMDPRA, we are ready to license whoever wants to import because NNPC has always been a supplier of premium motor spirit (PMS). However, with the removal of subsidy as announced by Mr. President, it has opened the gates for any intending marketer or company that wants to import PMS in the country. We are ready to ensure licenses for them to do so as that will open more competition at the NNPC and also reduce the burden on the NNPC.”
The NMDPRA also promised to partner with the Federal Competition and Consumer Protection Commission (FCCPC) in ensuring that consumers are not taken advantage of by marketers.
Calling on marketers and companies to open up their petrol stations to the public, Farouk said that the market is now deregulated and there is no stable price for now as NNPC will advise other marketing companies on the pump price, which will be influenced based on the cost of importation.
Tinubu Makes new pledges to Nigerian Workers
President Bola Ahmed Tinubu has pledged his commitment to Improving livelihood for Nigerians as a top priority focus for his administration, today at a meeting in with members of the Progressive Governors Forum (PGF)
The President, who was represented by the director of information, State House, Abiodun Oladunjoye, said his administration will look into reviewing minimum wage for workers and more people-centric economic policies to better living conditions.
Addressing the Forum which was led by its leader, Governor Hope Uzodinma of Imo State, he said “We need to do some arithmetic and soul searching on the minimum wage.
“We will have to take a look at that together, and the revenue. We must strengthen the source and application of our revenue,’’
His excellency urged the governors to make use of the opportunity of being chosen among millions of citizens in their states to make a difference in the lives of people, adding that he will work for the benefit of Nigerians.
“This meeting is not strange to me, and the content of the meeting is so valuable. The camaraderie is very stimulating. This is about the Nigerian project, not Bola Tinubu,’’ he said.
While noting that it was a good and encouraging sign for the APC to have majority of the seats at the National Assembly which will make it easier to develop policies that will directly impact the economy and the people, he Called on the governors to join hands to work together to achieve a better Nigeria.
President Tinubu said he would maintain an open-door policy, willing to entertain issues, deliberate, and collectively find solutions to the challenges facing the country, including security.
On the subsidy removal, the Vice President, Senator Kashim Shettima, called on the governors to rally around the President as he tackles the challenges that has stagnated the economy, like the oil subsidy and multiple exchange rates.
“Let us rally around the President and not bulge, there are vested interests that may want to resist the subsidy removal. Its removal will free resources for the development of your states,” Shettima added.
The Progressive Governors Chairman in bis reply pledged to support the incoming government an partner together towards pushing Nigeria to greater heights.
“We are aware of your capacity and excellent track record,’’ the PGF Chairman stated.
How 70 year old, Former Super Eagles bagged first Class degree.
Former Nigerian Super Eagles assistant coach, Ben Duamlong, has bagged a first class in Painting at the University Of Jos
Duamlong, 70, retired as a football coach of the national team in 2014 to enroll for a degree program in the arts discipline, was listed among 112 students who bagged first class out of 20,532 students that graduated from the university in 2023.
According to him “What prompted me to go back to the university at this age is because of my passion for art. All my life, I always draw, but never painted.
“So, after retiring in 2014, as a footballer, I stayed home doing nothing. That is why I decided to go back to school.”
Duamlong was the assistant coach for the Super Eagles during the Korea /Japan 2022 World Cup
I will work with Tinubu if he invites me- Bode George
Former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Bode George has said he is prepared to help and work with President Bola Tinubu if he consult him.
Bode George who has been involved in a rivalry with Bola Tinubu for over a decade due to an old feud also criricised the election that led to his presidency has now said, after reconciliatory moves between himself and the President that he has forgiven Bola Tinubu and is available to partner with his administration if he consults him.
Speaking with Journalists in an interview, the PDP leader said as a new administration takes over, there is the need for Nigerians to be steadfast in praying for the country.
According to him, his feud with President Tinubu is not personal, it was regrading some of Tinubu’s “methodologies of governance” but for the sake of the nation he is willing to partner for the future of Nigeria.
“The military trained me. There is no part of the world that I have not been to, training and doing exercises. This country trained us. So, we must be able to put something back to the system that would also positively impact on the younger ones, to put a smile on their faces.’’ George said.
- Fuel Prices will reduce Soon, NNPCL assures Nigerians.
The Nigerian National Petroleum Company Limited (NNPCL) has assured Nigerians that there will be a reduction in the pump price of Premium Motor Spirit (PMS) in the country.
First NigeriaTv had reported earlier that the NMDPRA expressed readiness to license intending importers who will look to joining the market with the recent deregulation of supply, Speaking in an interview with Arise Television on Thursday, June 1, the Group Chief Executive Officer of NNPCL, Dr Mele Kyari, also said that the removal of subsidy on petrol would allow new entrants into the oil market.
According to him, the entry would eradicate monopoly, adding that the resulting competition in the market would lead to a reduction in the price of petrol across Nigeria.
“The beauty of subsidy removal is that there will be new entrants because oil marketing companies’ reluctance to come into the market all along is the very fact of the subsidy regime that is in place.
“And that subsidy regime doesn’t have a guarantee of repayment back to those who provide the product at subsidise price and now that the market is being regulated, oil marketing companies can actually import product or even if it is produced locally, they can buy and take it into the market and sell it at its retail price.
“Therefore, you will see competition, even with NNPCL. And by the way, by law, NNPCL cannot do more than 30 % of the market going forward. As soon as the market stabilises, oil marketing companies are able to come in.
The Executive stated that competition will definitely come in and the market will regulate the prices itself. He further told Nigerians that the current price is just an instantaneous price and within a week or two, different prices will be named by marketers in response to the ensuing competition.
“As soon as competition comes in, people will become more efficient in their depots, in managing their trucks, and in managing their fuel stations so that people can come to their stations.
“It is showing already right now, you will see motorists going to stations where they can have price differences. So this will regulate the market and on its own, the price will come down naturally and I don’t see any doubt about this,” Kyari said.
- Tinubu appoints new SGF
President Bola Tinubu has appointed immediate past Minister of Special Duties, Senator George Akume, as Secretary to the Government of the Federation.
The Senator was named in a meeting with Progressives Governors Forum (PGF), according to a statement issued by Abiodun Oladunjoye, the State House Director of Information on Friday.
President Bola Ahmed Tinubu announced the appointment of Speaker of House of Representatives, Rt. Honourable Femi Gbajabiamila as Chief of Staff, and Sen. Ibrahim Hassan Hadejia, a former Deputy Governor of Jigawa State, as Deputy Chief of Staff.
- Oyo State Police Declares Lamidi ‘auxiliary’ wanted.
Police in Oyo State has declared Mukaila Lamidi, also known as Auxiliary, the chairman of the disbanded state Park Management System (PMS), in connection with cases of attempted murder, causing grievous harm, arms dealing, murder, armed robbery within the state and kidnapping at Oke-ogun and Ibarapa axis of the State.
61 year old Mukaila, whose house was raided in Ibadan was raided on Tuesday was alleged to have housed guns and ammunition. 78 suspected hoodlums were also arrested during the raid.
The authorities announced in a briefing with Journalists on Friday that policemen had stormed Auxiliary’s Ibadan residence recovering the weapons and ammunition.
During the operation, the suspect reportedly escaped, while some of his companions were arrested.
- Ondo Assembly Speaker speaks on resignation rumours
Reports that the Speaker of the Ondo State House of Assembly, Bamidele Oleyelogun, has resigned have been debunked as false. In a statement released on Friday, June 2, Oleyelogun described the purported letter of resignation as the actions of “fifth columnists” seeking to create chaos in the state and within the House of Assembly.
He went on to say that he had not discussed any move to resign with any member of the assembly or his family, and that the alleged letter of resignation had not come from him. He further emphasized that the Clerk of the Assembly confirmed he had not received any letter of resignation from Oleyelogun.
The Speaker also made it clear that he had not informed the Executive Arm of the Government of his resignation. He urged his colleagues, the staff of the House of Assembly, his constituents, and members of the public to ignore the letter.
Oleyelogun called on the relevant security agencies to investigate the source of the letter. Meanwhile, security around the Assembly complex in Akure, the Ondo State capital, has been increased with heavy police presence and the Nigeria Security and Civil Defence Corps (NSCDC) officers on the ground.