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Calm Down Nigerians, No Plan To Remove Fuel Subsidy Now —- FG

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The Federal Government has again clarified its stance on the removal of fuel subsidy, saying it had no plan to do so in the immediate future.

The Minister of Finance, Mrs Zainab Ahmed, said this on Sunday at the briefing by the Nigerian delegation on the outcome of their meetings with investors and institutions at the IMF/World Bank meetings in Washington DC.

Ahmed spoke in reaction to IMF’s advice to federal government to remove fuel subsidy, which might have led to panic buying in the country.

“There is no imminent plan to remove subsidy. IMF said that fuel subsidy is better removed so that we can use the resources for other important sectors.

“In principle, It’s a good suggestion, but in Nigeria we don’t have any plans to remove fuel subsidy at this time because we have not yet designed buffers that will enable us remove the subsidy and provide cushions for our people.

“So there is no plan to remove fuel subsidy.

“We will be working with various groups to find an alternative if we have to remove it. We are not yet at the point of removing fuel subsidy yet,” she said.

Ahmed described the outing in Washington DC as a successful one, which provided Nigeria with the opportunity to review developments in the global economy and proffer potential solutions.

She said that the general advice for Nigeria is to prioritise cost-effective policies that would increase resilience to shocks, boost productivity and raise incomes of the bottom 40 per cent of the population.

“In my capacity as representative of 23 African countries, I addressed the IMFC and issued a statement calling for normalisation of trade relations among the contending parties and called for concerted efforts to supporting multilaterism and avoid protectionist sentiments.

“At the G-24 meeting, I drew the attention of the World Bank to some of the challenges we face in implementing our portfolio like the implementation of the new environmental and social safeguards framework which tends to slow down implementation of our infrastructure projects.

“My engagement at the IMFC also focused on the global policy agenda.

“Governors underscored the importance of strengthening market competition, encouraging innovation, tackling weak governance and corruption and meeting the SDGs.

“Governors underlined the importance of strengthening international coordination and cooperation to tackle shared challenges, given the potentially damaging effects of trade tensions on global economic developments, and impact of natural disasters on developing countries,” she said.

Also, the Minister of Budget and National Planning, Sen. Udoma Udo Udoma, said he had discussions with investors and development partners on potential investment opportunities in the country.

According to him, he had discussions on improving the business climate, sensitised potential investors on incentives and opportunities for investments in Nigeria.

“In the course of my meeting with officials of the International Finance Corporation, I asked for their support for our efforts to leverage the private sector capital to fund critical infrastructure in Nigeria,” he said.

Also, the Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, spoke about his meeting with Queen Maxima of the Netherlands who is the UN Secretary-General Special Advocate on financial inclusion.

“We reviewed the position of Nigeria in terms of financial inclusion, observing that the rate of inclusion is moving up aggressively and we are very optimistic that in 2020 we will meet the 80 per cent inclusion target.

“We also met with foreign investors who expressed confidence in what we are doing in Nigeria and this has been supported by the inflows that you may have observed recently between December and this time.

“A major take away from this meeting is that although the GDP numbers for Nigeria is low at 1.9 per cent in 2018, I’m encouraged by the IMF predictions that global growth will pick up by second half of 2019 and emerging market economies like India, Brazil, China and Nigeria will help to drive growth.

“This means that a lot of eyes are on Nigeria and we must work hard to aggressively push up our growth numbers. But I’m hopeful that this can be achieved,” he said. (NAN)

BIG STORY

RCCG Pastor Absconds With $8000 Church Money, Abandons Wife, Marries New One

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A pastor with the Redeemed Christian Church of God has reportedly fled with “$8,000” in church funds, left his wife behind, and married another woman.

Pastor Folu Adeboye, wife of the General Overseer, Worldwide, of the RCCG, disclosed this while speaking at a men’s programme.

She explained in a video monitored by Church Times that the pastor was given the money for mission work in South Africa but instead abandoned his wife and relocated to the United States, where he married someone else.

Adeboye said the incident happened during a visit to Cape Town, South Africa, where she preached at the RCCG parish led by the pastor. The church service was held in a rented space at an eatery.

While she was ministering, a woman entered and began packing chairs, apparently indicating their allotted time was over. Surprised by this, Adeboye asked the pastor what it would cost to get a permanent site.

The pastor, who she said hails from Ekiti State, suggested that “$8,000” would allow them to begin the process by purchasing a used vehicle. He proposed giving the vehicle to a tourism agency to generate returns for acquiring a permanent church building.

Encouraged by the idea, Adeboye gave him the money.

However, the pastor had other plans. After receiving the funds, he travelled to the United States and left his wife behind in South Africa.

She noted that the abandoned woman is now in a distressed state, nearly “running mad.”

Church Times quoted Pastor Adeboye as saying: “RCCG men, what are we going to do? Are we going to continue with such a lying spirit, a deceitful spirit to the God of the kingdom?”

She stressed the need to return to core values of faith and truthfulness. Recalling past hardships, she said: “We must get to the point where we say wherever He leads, we follow. We were in this bush. For three years, there was no light. We went back to the days of the lantern and we were grinding with stone, whereas where we were coming from we had grinding machines, we had washing machines.”

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BIG STORY

Federal Government Targets 8,000MW In 18 Months With Efficient Power Grid

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The Federal Government has expressed confidence that improved oversight of the national power grid by the Nigerian Independent System Operator (NISO) could boost electricity output to 8,000 megawatts within the next 12 to 18 months.

Speaking at a leadership retreat for NISO’s top management in Abuja, Director General of the Bureau of Public Enterprises (BPE), Ayodeji Gbeleyi, said the nation’s installed capacity is above 14,000MW, but actual generation remains around 5,500MW.

Gbeleyi noted that with enhanced grid management and greater investment in transmission and distribution systems, the sector is positioned to see major improvements soon.

“As an independent entity, NISO now carries the weighty responsibility of managing the national grid with impartiality and integrity. In doing so, it must guarantee non-discriminatory access, efficient dispatch coordination, and fair market settlement, free from undue influence or conflict of interest,” he said.

He added, “From where we stand today, we have about 5,500MW of power being wheeled on a day-to-day basis. Compare that with the fact that the total nameplate capacity for generation in the country is a bit above 14,000MW. So it’s not a tall order for us to believe that in the near term, 12 to 18 months, we can increase that 5,500 by a minimum of 50%, because the generation capacity is there. If this grid capacity can be scaled up and we build in resilience, chances are that with distribution infrastructure also being scaled up.”

He also revealed that the Federal Government has secured $500 million from the World Bank to finance distribution network upgrades. This includes providing 3.2 million meters nationwide, alongside another 2 to 3 million meters under a presidential initiative.

Chairman of the NISO Board, Adesegun Akin-Olugbade, stressed the importance of independence and coordination in delivering reliable power services.

“NISO is not just a new institution. It is a new idea. A system operator that is truly independent. A market coordinator that is truly neutral. A planning authority that is truly strategic. We are responsible for real-time grid operations, long-term system planning, and the coordination and development of the electricity market. These are not side functions, they are central pillars. Because when power fails, everything else, industry, healthcare, education, even security struggles,” he said.

Managing Director/CEO of NISO, Engr. Abdu Bello, stated that the goal is realistic, provided focus is maintained and private investment is attracted.

“It is a target that can be achieved. We have to put ourselves and our house in order by making sure that we are focused and making sure that we also attract investment from the private sector. I believe if we are able to do that, given this retreat, this retreat is part of the plan to keep us focused. We will have a direction, strategic plan, and actions going forward. So it’s achievable,” he said.

Executive Director of Portfolio Management at the Ministry of Finance Incorporated, Tajudeen Ahmed, affirmed that MOFI will fully support NISO in delivering on its mandate.

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BIG STORY

Keyamo Faults Atiku’s Use Of Coat Of Arms In PDP Resignation Letter, Says “You Left Office 18 Years Ago”

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Festus Keyamo, the minister of aviation and aerospace development, has criticised former Vice-President Atiku Abubakar for using a coat of arms letterhead to announce his departure from the Peoples Democratic Party (PDP).

He also expressed disapproval over Abubakar making the resignation letter public during the period of national mourning for the late President Muhammadu Buhari.

Buhari passed away on Sunday at a clinic in London, United Kingdom, and was laid to rest on Tuesday in Daura, Katsina state.

President Bola Tinubu had declared a seven-day period of national mourning in Buhari’s honour.

Despite this, Abubakar’s resignation letter from the PDP, dated July 14, was shared online on Wednesday.

Responding to the letter shared by Paul Ibe, Abubakar’s media adviser, on X, Keyamo said the former vice-president’s “perennial presidential ambition knows no sympathy or empathy”.

He wrote, “Your Excellency, Atiku Abubakar, whilst I acknowledge that it is within your constitutional right to change political Parties at any time you may wish, however, releasing your letter of resignation from the PDP during this week of the mourning of our immediate past President, Muhammadu Buhari, is clearly an attempt to draw the spotlight away from such a solemn occasion and direct it on yourself.”

“In fact (as the image below shows) you prepared, typed, signed and delivered that letter the morning after the passing away of the former President was announced.”

“With the greatest respect to you, this clearly demonstrates that your obsession with your perennial Presidential ambition knows no sympathy or empathy.”

Keyamo also pointed out that Abubakar’s use of the coat of arms letterhead, despite leaving office 18 years ago, is “illegal”.

He said, “And since we are on the issue of your letter, it is both morally and legally wrong to continue to use the Coat of Arms of the Federal Government in your private or political communications when you stopped being a functionary of the Federal Government more than 18 years ago.”

He cited Section 6 of the Flag and Coat of Arms Act, Cap. F30, Laws of the Federation of Nigeria, 2004, as the basis for his claim.

The law states that “Any person who, otherwise than in conformity with the terms of a licence granted by the Minister or under other lawful authority, uses or displays- (a) in connection with the carrying on of any business, trade, profession or calling; or (b) in connection with the activities of any body of persons, whether corporate or unincorporate, the National Flag, the National Coat of Arms or the Coat of Arms of royalty as Head of the Commonwealth, or any flag or arms so closely resembling that flag or either of those coat of arms that they might reasonably be taken to be that flag or coat of arms, shall be guilty of an offence against this Act.”

Keyamo further argued that using the national symbol in this manner is also “reprehensible”, as it gives the impression that Abubakar is acting in an official capacity on behalf of the government.

He said, “It borders on impersonation. Imagine a situation where all former Government functionaries continue to use the Coat of Arms of Nigeria in their personal, political or private communications. There would certainly be confusion everywhere.”

As a lawyer and a member of the federal executive council (FEC), Keyamo said he is obligated to uphold the laws of the country.

 

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