Connect with us

Economy

2019 Presidency: Restructuring, condition for alliance – Southern groups tell northern elders

Published

on

…As FG may retain capital budget despite 2019 elections – Adeosun***

Southern groups, including the Ohanaeze Ndigbo; the pan Yoruba socio-cultural group, Afenifere, and the Ijaw Youth Council, on Sunday said restructuring must be central to the plan by the North to form an alliance with zones in the South for presidency in 2019.

The Afenifere and the IYC said they had interest in any group that truly believed in restructuring, but the Ohanaeze Ndigbo also said the proposal by the northern leaders was because of 2019 elections only.

On its part, the Middle Belt Youth Council said the main agenda of the North was to dominate the South and the North-Central (Middle Belt).

Northern elders and stakeholders had, at a meeting in Abuja on Saturday, said they were exploring ways to form an alliance with the South.

According to the communiqué of the meeting, the objectives of “the conversation” included reviewing general security situation in the North and proffering solution to it.

The meeting was also convened to  “appraise the current state of politics in the North in relation to the unfolding national political dynamics with a view to creating a common northern position for an alliance with our fellow citizens in the southern zone.”

Afenifere stated that it was willing to work with any association that was focused on moving Nigeria forward through the restructuring of the polity.

Afenifere spokesman, Yinka Odumakin, welcomed the decision of the Northern elders to work with other compatriots from other sections of the country, noting that the apex Yoruba group was not opposed to forming a coalition with them.

He said, “We want any alliance that is for progress; that would move the country forward; that would put Nigeria on a productive path to build an inclusive country where all sections of the country would have a sense of belonging, and where they would realise their happiness and ambitions without hindrance.

“We are ready to work with all our compatriots across Nigeria who are ready for a new deal for Nigeria.”

Odumakin insisted that Nigeria must move forward, noting that the only condition for working with other groups was for them to be committed to the restructuring of the country, including resource control.

He added that the nation could not continue to condone impunity and lawlessness, stressing that Afenifere would work with any group that was interested in the advancement of the nation.

He added, “The alliance should believe that this country must move forward; we cannot continue like this. It must believe that we must restructure this country in a way to make it productive to allow every section of the country to be productive and utilise what is under and above their land to develop their area and contribute to national development. Any group that signed to such progressive ideals for this country, we are ready to work with such a group.”

Meanwhile,  the Federal Government’s capital budget would be strictly deployed to fund infrastructural projects across the country, particularly the completion of ongoing projects, the Honourable Minister of Finance, Mrs. Kemi Adeosun, has said.

The Government, she added, would retain the capital budget despite forthcoming elections in the country.

The Minister made this known on Friday in Abuja while representing the Vice President, H.E. Prof. Yemi Osinbajo, at a lecture delivered to the National Defence College (NDC) Course 26 participants.

Responding to an enquiry by a member of the NDC Course 26 on the use of the capital budget for the general elections, Adeosun maintained that the present Administration would not engage in the diversion of the capital project funds for the forthcoming elections.

The Minister said, “The Administration remains committed to infrastructure spending at the high levels of the past two years and the completion of major ongoing projects.”

She further reiterated the commitment of the Administration to its programme of transformation, and jobs and wealth creation across the country.

President Muhammadu Buhari had on November 7, 2017 presented a budget of N8.612 trillion to the National Assembly, with focus on massive infrastructure development which includes: key strategic roads, rail projects and power projects, among others.

Earlier at the National Defence College, the Finance Minister had delivered the Vice President’s lecture to the Course 26 participants titled “Economic Dimensions of National Security: The Nigerian Experience”.

In the speech, Vice President Osinbajo said improvement in economic security was vital to Nigeria’s economic growth, human security improvement, and realisation of national defence and security requirements.

He assured that the Federal Government would continue to play a key role in ensuring national cohesion by promoting social inclusion as a Key State objective.

“Economic development is a springboard for improved national security because it comes with growth which enables more resources for a growing population.

“National economic development means that a country can meet its national security needs without depending on outsiders for the provision of its defence and security needs. Depending on food and energy imports makes a nation vulnerable to external pressure,” said the Vice President, who chairs the Economic Management Team (EMT) of the Government.

He disclosed that the Administration adopted the Economic Recovery and Growth Plan (ERGP) as a response to the recession towards restoring growth and reducing Nigeria’s vulnerability to external shocks.

He explained that the ERGP was initiated to address macroeconomic balance, increase contribution of agriculture, manufacturing, mining and high value services to the economy, build a competitive economy through the provision of infrastructure, and invest in the Nigerian people.

On the Social Investment Programme, Vice President Osinbajo revealed that about 200,000 N-Power Jobs had been created under the programme while 250 million meals had been served under the Home Grown School Feeding Programme.

He added that 300,000 micro loans had been issued under the Government Enterprise and Empowerment Programme.

Osinbajo was upbeat about Nigeria’s outlook for 2018, noting that the Federal Government expects the economy to grow by 3.5 per cent, which is 1.4 per cent more than the International Monetary Fund’s projection of 2.1 per cent for Nigeria.

“The inflation projection of 15.74% by end of 2017 was achieved and there is good reason to believe that the EGRP target of 12.42% by the end of 2018 can be achieved.

“With regard to foreign exchange reserves, the level of $40.3 billion achieved by end January is already quite close to the amount of $43.53 billion projected in the ERGP for the end of this year. Given the current state of the oil market, this is a target that can readily be achieved,” the Vice President stated.

Citizen

Economy

Subsidy Removal: Ibadan Deserts Stations, Lagos Shocked, P-Harcourt Watches, NLC-FG Talk Deadlocked

Published

on

…Nigerians Express Concerns Over Immediate Implementation***

The fuel queue which had created motley crowds of rowdy buyers on Tuesday and the early part of Wednesday in the few dispensing petrol stations, suddenly disappeared in Ibadan, as filling stations changed prices and hiked it to N500 per litre.

A petrol station on the old Ife Road, near the Loyola College, had dispensed fuel earlier at slightly above N200 per litre to grudging customers, until the Station managers received new directives, mandating them to hike their price.

They complied, and momentarily, the queue disappeared, as buyers fled the petrol station. Even those who had claimed that they came into the station with their vehicles on red light, suddenly had enough to drive home.

A correspondent who drove through the city, from Alakia, through Total Garden to the University of Ibadan, observed that more stations hitherto closed for business opened stations, immediately. Only the Bovas had little patronage because buyers could vouchsafe their integrity.

In the meantime, Nigerians have expressed concern over the sudden implementation of subsidy removal in spite of President Bola Tinubu’s assurance that it would not take effect immediately.

In Lagos, it was a matter of shock for buyers as the new price came up. 

On the Ogudu – Toll Gate- Berger axis, Commuters, particularly those on the Inter-State trips, expressed bewilderment, and started slashing whatever litres they had planned to buy.

Some drivers threatened to go back to their Parks, even as several passengers cough out additional fares.

The story from Port Harcourt, was however that shocked buyers simply watched, helplessly. (See video).

A cross section of residents of Ibadan, Oyo State, however expressed their feelings on Wednesday in separate interviews in Ibadan. 

An Entredepreneur, Mr Tobi Adeyemi, said the development was not a good one.

According to Adeyemi, the new administration should have provided some sort of respite for Nigerians considering the enormous hardship being faced by Nigerians.

“This will definitely affect prices of goods and services; from tomatoes sellers to foodstuffs; transportation, increase in fuel price and so on.

“We will all bear the brunt of it together. I only pity salary earners who are on a fixed income. Besides, I don’t believe this is the right timing,” Adeyemi said.

Also, a sales representative, Dr Adeyinka Adekunle, said the previous administration had budgeted for subsidy till the end of June.

“So, to me it was shocking to learn that the removal had taken effect from May 31 based on what the previous administration had done.

“Everything is sort of confusing now because of the budgetary provision for subsidy till June end,” Adekunle said.

He however, said a nation that was going to be great has to go through some teething periods.

In his remarks, an artisan, Mr Akinola Akinkunmi, said he has yet to comprehend the situation, because things were hard already and buying fuel at N500 per litre now would worsen the situation.

Akinkunmi said: “I cannot yet wrap my mind around how my business will survive; we are already struggling to make ends meet.

“With this development and absence of power supply from the distributing company, we are definitely going further down the poverty line.

“We need support from the government; we need help to survive this time,” Akinkunmi said.

Another entrepreneur, Mr Demola Adedeji, said the timing was not right as the economy had been in bad shape for some time now.

“At least, some things should have been put in place before the total removal of subsidy,” Adedeji said.

In his contributions, Mr Yinka Ajadi, a businessman, said that many people would go into depression as blood pressure of many Nigerians struggling to survive the situation would rise.

Ajadi said, “We can only hope for critical intervention at this time such as solving the problem of power and production inputs.”

Meanwhile, the orchestrated meeting between the Federal Government and the Nigerian Labour Congress (NLC) over subsidy removal has reportedly ended in a stalemate.

The Maritime First learnt that the meeting which was held at the Presidential Villa on Wednesday failed to attract any reasonable conclusion, as parties across the divide stuck to their guns.

It was further gathered that while the Organised Labour was represented by NLC National President, Joe Ajaero, and the President of the Trade Union Congress of Nigeria (TUC), Festus Osifo, and other top labour party notchers.

The Federal Government was however represented by people who included the former labour leader and former Edo State Governor, Adams Oshiomhole, President Bola Tinubu’s spokesman, Dele Alake, the Group Managing Director, Nigerian National Petroleum Company (NNPC) Limited Mele Kyari, and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

Specifically, the National President of the Nigeria Labour Congress, Joe Ajaero reportedly criticised the Federal Government, stressing the need to revert to the status quo ante,  because the government failed to either negotiate or protect the Nigerian workers’ interest, before yanking off the subsidy.

The Federal Government on the other hand had argued that the labour had all the time in the world to negotiate with the Buhari government and therefore lacked the moral rights to talk of negotiations now.

The Organised labour therefore said it was going to throw the inconclusive results of their meeting to the Congress whose decision would be final, a euphemism for a nationwide strike.

Consequently, Government representatives called for a rescheduled meeting in a bid to enable further discussions or negotiations.

Continue Reading

Economy

Fuel Subsidy Removal: Don Predicts Reduction In Fuel Price

Published

on

Prof. AbdulGafar Ijaiya of the Department of Economics, University of Ilorin, has expressed optimism at President Bola Tinubu’s inaugural remarks on the removal of fuel subsidies, saying this may reduce prices at the long run.

Ijaiya, who spoke on Monday in Ilorin, observed that with commitment from the Federal Government in revamping existing refineries alongside Dangote refineries, will increase the availability of petroleum products.

The expert who however explained that though such effect may not be felt immediately, noted that the present pump price is about N200, depending on filling stations across the country.

He questioned if the present fuel price at about N200 was as a result of the subsidy removal, adding that if it is not, then fuel may likely increase with about 50 per cent rate after the removal.

“But the thing is that very soon, what has gone wrong with the refineries will be corrected and Dangote refineries will commence by July/August,” he said.

Ijaiya, who teaches in the Faculty of Social Sciences of the university, pointed out that in the beginning there might be an increase in the prices of foods and services.

He however asserted that in a society like Nigeria where people are used to hike in prices, it would not mean much to the citizens.

“By Economics principle, we have adjusted our expenditure profile consumption to particular items. We have moved from consuming luxury and unnecessary items to necessary items.

“This means people go for what is necessary and do away with those that are not,” he said.

Ijaiya affirmed that in the long run, the fuel pump price will adjust downward and there would be more supply of the products.

He further added that when there are more supply of a particular product in the market, it will automatically reduce the price.

“If we have enough supply, with time and there are no other man-made distortion that has to do with our behaviour, I see us buying it between N80 and N100 per litre,” he predicted.

The economist also foresee filling station advertising and competing for sales, saying it will be good for the nation.

He, however, cautioned that “we are in an uncertain world”, but maintained that fuel subsidy removal would be good for the country eventually as only a minority are benefiting from it.

Continue Reading

Economy

NNPC Ltd, OML 130 Partners Conclude Lease Renewal Process  

Published

on

The Nigerian National Petroleum Company Limited (NNPC Ltd) and the Oil Mining Lease (OML) 130 Partners have closed out the lease renewal process for OML 130 to unlock additional value from the Asset for stakeholders.

The NNPC Limited announced the renewal of the OML 130 Production Sharing Contract (PSC) and conversion of the acreage to a Petroleum Mining Lease (PML), in accordance with the Petroleum Industry Act (PIA) 2021 provisions on Thursday.

During the ceremony which was presided over by the Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda, five agreements were executed.

The NNPC Ltd management, in a statement, listed the agreements to include the PSC between NNPC Ltd and its Contractors, China National Offshore Oil Corporation (CNOOC) and South Atlantic Petroleum (SAPETRO) with Total Upstream Nigeria (TUPNI) as the operator.

The agreements include a Heads of Agreement (HoA) Amendment involving NNPC Ltd, TUPNI, SAPETRO, PRIME 130, and CNOOC and a Settlement Repayment Agreement (SRA) Addendum between NNPC and its Contractors (CNOOC and SAPETRO).

Others are Concession Contracts for one Petroleum Prospecting Licence (PPL) and three PMLs and Lease and License Instruments between NNPC, TUPNI, SAPETRO, PRIME 130, and Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The NNPC Ltd said the milestone would pave the way to firm up Final Investment Decision (FID) on the Preowei, amounting to US$2.1 billion.

This will subsequently be followed by Egina South projects lined up by TUPNI and the OML 130 partners to introduce additional volumes to the best-in-class Egina Floating, Production, Storage and Offloading (FPSO) Vessel,’’ the company said.

Stakeholders in attendance at the signing ceremony were the NNPC Ltd Group Chief Executive Officer (GCEO), Malam Mele Kyari, the Chief Upstream Investment Officer (CUIO), and Mr Bala Wunti, Chief Strategy and Sustainability Officer, Oritsemeyiwa Eyesan.

The event also had in attendance the NUPRC Chief Executive, Mr Gbenga Komolafe, Managing Directors of TotalEnergies in Nigeria and CNOOC, Mr. Mike Sangstar, and Mr. Li Chunsheng, among others.

OML 130 is in the deep water Niger Delta, 130 kilometres offshore. The block contains the producing Akpo and Egina fields and the Preowei discovery.

To date, the Akpo field, via the Akpo FPSO, has produced over 646 million barrels of Condensate, while the Egina field, via the Egina FPSO, has produced over 233 million barrels of Crude Oil.

So far, about 1.6 Trillion cubic feet (TcF) of gas has been commercialised from both fields with an outstanding record of non-zero gas flare.

OML 130, currently producing 170,000 barrels per day, is the largest producer in TotalEnergies’ Nigeria portfolio and amongst the most prolific assets in Nigeria.

Continue Reading

Editor’s Pick

Politics