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Subsidy: Nigerians To Spend N6.7tn On Fuel In 2022, Petrol To Sell For N340 From February

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Nigerians will spend about N6.732tn on the purchase of Premium Motor Spirit, popularly called petrol, within a period of 12 months once the Federal Government stops subsidising the commodity from February next year, investigations have revealed.

This came to the fore on Wednesday as the Nigeria Labour Congress described the government’s plan as a “penny wise pound foolish” gamble.

The Senate and economic experts also faulted the Federal Government’s plan to pay N5,000 each to 40 million Nigerians to cushion the effect of fuel subsidy removal.

The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, had on Tuesday announced at a World Bank event in Abuja that petrol would sell for between N320 and N340 per litre from February 2022.

The current pump price of petrol at filling stations is between N162 and N165/litre, although the product is mostly sold at the upper N165/litre rate due to recent challenges in the downstream oil sector.

The N165/litre price is basically because the product is being subsidised by the Federal Government through the NNPC.

Going by the latest revelation of the NNPC boss that subsidy on petrol would end in February and the price jerked up to N340/litre, findings showed that Nigerians would spend about N18.7bn daily for the over 55 million litres of petrol consumed each day across the country.

Users of petrol would spend about N561bn for the average of 30 days in a month, while in the 12-month period, consumers would pay about N6.732tn.

In its most recently published monthly operational and financial report, which was for April 2021, the NNPC put the daily petrol consumption in Nigeria at 55.79 million litres.

“To ensure continuous increased PMS supply and effective distribution across the country, a total of 1.67 billion litres of PMS translating to 55.79 million litres per day were supplied for the month in the downstream sector,” the oil firm stated.

Working with 55 million litres daily consumption figure and the current price of N165/litre, consumers of petrol are estimated to be currently paying N9.075bn daily and about N277.25bn monthly.

By increasing the cost of petrol to N340/litre and matching it against the 55 million daily consumption rate, Nigerians would be paying N18.7bn daily for PMS, while their monthly spending would be N561bn.

This means that the annual fuel consumption bill of Nigerians will be in the region of N6.732tn.

From the foregoing, it implies that Nigerians would pay an additional amount of about N283.75bn every month on petrol when the new N340/litre price for PMS comes into effect.

Therefore within a period of 12 months, Nigerians would spend about N3.4tn extra on the current N3.3tn for the purchase of petrol should the Federal Government halt the subsidy regime.

But the government promised on Tuesday that it had plans to cushion the economic effect of the planned subsidy removal, as it announced plans to replace fuel subsidy with a N5,000 monthly transportation subsidy to the poor.

According to her, a monthly transport subsidy in the form of a cash transfer of N5,000 will be given to between 30 and 40 million Nigerians.

The NNPC, being the sole importer of petrol into Nigeria for the past four years, has been subsidising the commodity and has been incurring humongous costs as subsidies.

This development had severely depleted the oil firm’s remittances to the Federation Accounts Allocation Committee, hence, reducing the monthly allocations to the three tiers of government consistently.

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Lekki Killings: It Will No Longer Be Business As Usual For Okada Operators In Lagos – Jejeloye

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In continuation of a total clampdown on recalcitrant and killer okada operators in the state following the recent killings of one Mr. David Omahi by suspected commercial motorcyclists, The Lagos State Taskforce has continued with its mob up exercise to rid Lekki axis and the entire State of unscrupulous Okada operators who have refused to heed the sound of warning and carried on with their illegal operations.
Leading today’s exercise, the Chairman of  Lagos State Taskforce, CSP Shola Jejeloye stormed the axis in a sting operation at mid-day and seized 115 bikes for flouting the State Traffic laws of operating on restricted routes and plying the State’s Highways.
Jejeloye said that the Agency will make do of its promise by ensuring that the illegal business carried by these operators will be frustrated till they obey the laid down laws of the State.
“This operation will be a continuous one not just in Lekki but in every other part of the State, and we will make sure that their activities are truncated till they abide by the rules. They will never be above the law no matter how large their numbers are” He stated.
CSP Jejeloye made further appealed to Lagosians to join efforts with the Government in ensuring that the fight to restore and maintain sanity on Lagos Roads is won collectively for the betterment of all who reside or visit the City of Lagos
“Restoring sanity is not an easy task, neither is it a job for one man or the Agency alone. If we joined hands together we will achieve our desired goals of ensuring that no one takes the laws into their hands and gets away with it, especially not in a cosmopolitan city like Lagos”
The Chairman promised to raid black spots and hideouts of Okada operators within the axis and other parts of the State within the coming weeks in order to make their illegal activities unproductive and make the state harsh for any operator who has turned deaf ears to the warnings of the State Government.
“More enforcement for.compliance.activities will be carried in the comings days under the banner of Operation Kogberegbe in order to amplify their shady activities in the State.
The Chairman stated that business for them will no longer be as usual.”If they refuse to comply with the State best practices by  obeying the laws, then they will be arrested and prosecuted, while their bikes will be forfeited to the State Government via the Court” Jejeloye concluded

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JUST IN: Lagos Imposes Total Ban On Okada In Six LGAs [Video]

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The Lagos State government, on Wednesday, announced a “total ban” on commercial motorcycles, popularly called Okada,  in six LGAs in the state.

Babajide Sanwo-Olu, governor of Lagos, announced the directive while briefing the state’s security agents on Wednesday.

The six local governments listed by the governor are Ikeja, Surulere, Eti-Osa, Lagos Mainland, Lagos Island, and Apapa.

Sanwo-Olu said, “The whole of Ikeja, Surulere, Eti-Osa, Lagos Mainland, Lagos Island, and Apapa local governments have been placed on a total ban effective from the first of June. This is the first phase of banning that we are going to be embarking on so that others should know… They should find something else to do.”

Sanwo-Olu further advised residents patronizing Okada riders on highways to embrace the alternative transport schemes already provided by the Government to plan their journey.

According to him, the government had provided Last-Mile Buses, medium-capacity and high-capacity buses in the affected areas for the convenience of commuters.

“We will not sit back and watch criminally-minded people use motorcycles to perpetrate crimes and criminality in Lagos. Lives are being lost on a daily basis, preventable accidents are happening every day and the riders are not respecting any of our traffic laws. The situation has led to a complete breakdown of law and order. This ban has come to stay and we will not tolerate any weakness in enforcement.” he said.

Earlier before the ban, the Chairman of Lagos State Taskforce, Shola Jejeloye was said to have stormed the Lekki axis in a sting operation where 115 motorcycles were seized for flouting the State Traffic laws of operating on restricted routes and plying the State’s Highways.

Jejeloye emphasized that as part of the agency’s effort to clamp down on uncooperative and killer okada operators in the state, it would continue with its mob up exercise to rid Lekki axis and the entire State of unscrupulous Okada operators who have refused to heed the sound of warning and carried on with their illegal operations.

“This operation will be a continuous one not just in Lekki but in every other part of the State, and we will make sure that their activities are truncated till they abide by the rules. They will never be above the law no matter how large their numbers are” he said.

The chairman further urged residents of the state to join efforts with the Government in ensuring that the fight to restore and maintain sanity on Lagos Roads is won collectively in order to improve security.

Watch Video Below;

 

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BREAKING: Court Denies Nnamdi Kanu Bail, IPOB Leader To Remain In Detention

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Justice Binta Nyako of the Federal High Court sitting in Abuja has denied the bail application of Nnamdi Kanu, leader of the Indigenous People of Biafra (IPOB).

Ruling on the bail application, Justice Binta Nyako, said the issue of Kanu’s absence in the past, since 2017, should be determined, before his bail application, will be entertained.

She added that Kanu breached his former bail conditions, and until that is heard, his present bail application is immature.

Ahead of the ruling on the bail application, on Wednesday morning, the Federal Government had filed a six-count amended charge against Kanu.

Justice Nyako, however, berated the prosecution for filing the amended charge just hours before the ruling. She said she was not aware of the amended charge until she got to the court in the morning.

According to her, the prosecution cannot dump the new amended charge on the court, on the morning of the hearing.

On dismissing his bail application, the court noted that Kanu’s trial had since 2015, suffered various setbacks owing to over 19 interlocutory applications that have been filed in the matter.

It, therefore, implored the parties to allow the case to proceed to trial to enable the charge to be determined.

Kanu had in the application he filed pursuant to sections 6(6) and 36(5) and (6) of the 1999 Constitution, as amended, as well as sections 161, 162, 163, and 165 of the Administration of Criminal Justice Act, ACJA, 2015, prayed the court to release him on bail, pending by determination of the charge against him.

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