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JUST IN: FG Postpones Petrol Subsidy Removal, Says Timing Was Problematic

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The federal government has postponed the planned petrol subsidy removal till further notice due to “high inflation and economic hardship”.

Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.

The government had planned to stop subsidy payments on petroleum products from July this year.

Zainab Ahmed, minister of finance, budget, national planning, disclosed this on Monday in Abuja at a meeting with Senate President Ahmad Lawan.

The meeting had Timipre Sylva, minister of state for petroleum resources; representatives of oil companies, among others, in attendance.

Last week, Lawal had said Buhari did not direct the removal of petrol subsidy, saying their “constituents are raising concerns over the policy”.

The National Economic Council (NEC) said it is still considering the recommendations — which proposed full deregulation and N302 per litre for PMS.

Ahmed said petrol subsidy was provided for in the 2022 budget to run from January till June.

She, however, said that after consultations with stakeholders — in view of the high inflation and economic hardship — additional provisions would be made beyond the initial period.

According to her, it has become clear that the timing for the removal of petrol subsidy will be problematic as the country still experiences heightened inflation.

“Provision was made in the 2022 budget for subsidy payment from January till June. That suggested that from July, there would be no subsidy,” Ahmed said.

”The provision was made a sequel to the passage of the Petroleum Industry Act, which indicated that all petroleum products would be deregulated.

“Sequel to the passage of the PIA, we went back to amend the fiscal framework to incorporate the subsidy removal.

“However, after the budget was passed, we had consultations with a number of stakeholders, and it became clear that the timing was problematic.

“We discovered that practically, there is still heightened inflation and that the removal of subsidy would further worsen the situation and impose more difficulties on the citizenry.

“Mr President (Muhammadu Buhari), does not want to do that. What we are now doing is to continue with the ongoing discussions and consultations in terms of putting in place a number of measures.

“One of these include the roll-out of the refining capacities of the existing refineries and the new ones, which would reduce the number of products that would be imported into the country.

“We, therefore, need to return to the National Assembly to now amend the budget and make additional provision for the subsidy from July 2022 to whatever period that we agreed was suitable for the commencement of the total removal.”

On his part, Lawan appealed to the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to shelve their planned industrial action over subsidy removal as it has become unnecessary.

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Kwankwaso Replies Ganduje’s Slap Threat, Says You Can’t Look Me In The Face

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Senator Rabiu Kwankwaso, former Kano State Governor and Leader of the New Nigeria People’s Party (NNPP), has dismissed assault threats made by Ex-governor Abdullahi Umar Ganduje.

Shortly after Ganduje visited President Bola Tinubu at the Aso Rock Villa on Friday evening, the ex-governor while addressing State House correspondents stated that he would have slapped Kwankwaso had they met at Aso Rock, Abuja.

Ganduje’s statement is coming following the recent demolition of several buildings in Kano State by the Abba Yusuf-led administration, a move he accused his predecessor, Kwankwaso, of masterminding.

Addressing the assault threat, Kwankwaso said Ganduje would never dare make such an attempt, adding that the former governor is his ‘boy’ politically.

Speaking to BBC Hausa, Kwankwaso said;

“I heard that he [Ganduje] said he would’ve slapped me, but I’m here. He was just confused. These are all my boys politically. They can’t even look at me straight in the face if we meet.”

Kwankwaso also disclosed plans to work with President Bola Tinubu, adding that Tinubu already offered him an appointment but they were yet to reach a definitive conclusion.

“We have discussed collaboration, however, a definitive decision is pending. After the inauguration of the National Assembly, we will determine the best course of action,” he said.

Kwankwaso also stressed he does not plan on defecting from the NNPP.

Addressing the demolition in Kano, Kwankwaso said the president was briefed and a mutual understanding was reached.

“Tinubu initiated the conversation, after which I provided a comprehensive explanation, to which Tinubu expressed surprise upon discovering that the information relayed to him was false,” he said.

“During our discussion, he (Tinubu) seemed astonished and was speechless at the information conveyed to him.

“We unequivocally prohibit any governor, irrespective of who they are, including Ganduje or Abba, from constructing on sites designated for mosques, schools, or other similar purposes. We will inform them that it is unacceptable,” Kwankwaso said.

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Nigeria’s Stability More Important Than Our Pockets — Shettima Tells Senators-Elect

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Nigeria’s Vice-President, Kashim Shettima, has charged senators-elect to “vote wisely” when the upper legislative chamber is inaugurated next week.

The senate will elect its presiding officers for the 10th assembly on Tuesday.

Speaking during the ninth senate’s valedictory session on Saturday, Shettima told the lawmakers that the stability of the country is greater than that of their pockets.

There have been allegations that some senate president hopefuls are using money to woo senators-elect to vote for them.

Although the All Progressives Congress (APC) has nominated Godswill Akpabio, a former minister of Niger Delta affairs, for the position of senate president, Abdulaziz Yari, a former governor of Zamfara, and Orji Uzor Kalu, chief whip, have insisted on vying for the position.

The vice-president said the country’s interest should inform who they elect as senate president and deputy.

“To my incoming colleagues, I will leave you with a parable, ‘the stability of this nation is superior to the stability of our pockets’. On Tuesday, let us vote wisely, let us vote for the Nigerian nation,” he said.

The number two citizen described his colleagues as “friends who have become an integral part of my history”.

“We have served shoulder to shoulder in the face of adversity and worked relentlessly for the betterment of our nation,” he said.

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BREAKING: DSS Confirms Godwin Emefiele’s Arrest [VIDEO]

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The Department of State Services (DSS) has confirmed the arrest of suspended Central Bank of Nigeria (CBN) governor, Godwin Emefiele.

It was earlier reported the arrest of Emefiele by the DSS, shortly after he was suspended by President Bola Tinubu.

But on Saturday, the Service, on its Twitter handle said Emefiele was not in its custody.

Despite the denial by the DSS, report has it that the former CBN chief was in the custody of the secret police.

But confirming the report on Saturday evening, DSS spokesman, Peter Afunanya, posted: “The Department of State Services (DSS) hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons.”

 

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