Author: Aminu Imam

Subsidy: ‘Petrol price will come down’, says NNPC

Aminu Imam

The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, has allayed the fear of Nigerians on the rising prices of Premium Motor Spirit, otherwise known as petrol, across the country. Speaking in an interview on a television programme yesterday, Kyari said the removal of subsidy would allow new entrants into the market, a move he said, would aid competition and phase out monopoly. This, he claimed, would ensure healthy competition which would ultimately lead to a downward review of pump prices of petroleum across the country.…

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Alleged Money Laundering:  EFCC interrogates Fayemi  

Aminu Imam

The Chairman of the Nigerian Governors Forum (NGF) and Ekiti State Governor, Kayode Fayemi, The immediate-past governor of Ekiti State, Kayode Fayemi, is currently being quizzed by Operatives of the Economic and Financial Crimes Commission (EFCC). Competent sources disclosed that the ex-governor arrived at the Ilorin Zonal Command of the Commission and was quizzed by a team of investigators on allegations of misappropriation of funds during his tenure to the tune of about N4billion. There are reports that the agency’s invitation had been shelved for a few weeks to see that…

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N’Assembly compiles N30bn lawmakers’ severance package

Aminu Imam

The National Assembly management has commenced clearance of members of the Senate and the House of Representatives for payment and collection of severance packages, as the 9th Assembly winds down. The Clerk of the House, Yahaya Danzaria, made this known in a notice to members at the plenary on Wednesday. The 9th Assembly, which was inaugurated on June 11, 2019, is expected to wind down by the first week of June, while the 10th Assembly is billed for inauguration on June 13, 2023. The Speaker of the House, Femi Gbajabiamila,…

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“Remove subsidy on all petroleum products”, H/Reps tell FG

Aminu Imam

The House of Representatives has called on the Federal Government to discontinue subsidies on not just the Premium Motor Spirit, (PMS), popularly known as petrol, but on all petroleum products. This call follows the re-emergence of queues at the various fuel stations across the country, following the recent increase in the pump price of petrol products occasioned by the stoppage of fuel subsidy. These were part of the recommendations by the House Ad-Hoc Committee on the Need to Investigate the Petroleum Products Subsidy Regime in Nigeria, which the lawmakers considered…

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‘Senate, House of Reps. expensive to keep’, Shekarau tells Tinubu

Aminu Imam

The Senator representing Kano-Central, Ibrahim Shekarau, has advised President Bola Tinubu on steps to take to reduce the cost of governance. He told the president to simply reduce the number of members in the Senate and House of Representatives. Recall that while speaking on a television’s programme on Wednesday night, Shekarau said Nigeria does not need both chambers under Tinubu. He stated, “Left to me, we don’t need to have the two chambers, the two houses; it is costing the country. I agree, a democracy means getting as many involved…

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Kaduna: Gov. Uba Sani vows to tackle banditry, ABU power outage

Aminu Imam

Kaduna State Governor, Uba Sani, has said his administration is committed to providing logistics support to security agencies in the fight against banditry, terrorism and other related crimes in the State. A statement by the governor’s Chief Press Secretary, Muhammad Shehu, has said the Governor expressed concern over the insecurity in the State, while reiterating that safety and security remained a major plank of his administration’s 7-Point Agenda. He charged Heads of security agencies in the State to facilitate and/or organise an all-inclusive security summit with a view to promoting…

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“I won’t tolerate oil theft” – Tinubu tells Security Chiefs

Aminu Imam

President Bola Tinubu has instructed the nation’s Security Chiefs to deal with oil theft, saying he won’t tolerate the menace. He gave the charge to the Security Chiefs yesterday, in his first official engagement with the Heads of the nation’s security and intelligence agencies since he assumed office on Monday. National Security Adviser (NSA), Babagana Monguno, disclosed this to State House correspondents after a meeting between the President and Security Chiefs at the Presidential Villa, Abuja. Monguno said the President emphasised the need for coordinated efforts to combat terrorism, insurgency,…

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CBN multiple exchange rates may increase debt burden – World Bank

Aminu Imam

The President of the World Bank Group, David Malpass, has warned that Nigeria’s parallel exchange rate is harmful, as it worsens future debt service payments and increases the risk of debt distress. Malpass said this in a blog post, titled: “Parallel Exchange Rates: The World Bank’s Approach to Helping People in Developing Countries”, published on Wednesday on the bank’s website. According to Malpass, about 24 emerging and developing economies, including Nigeria, have an active parallel currency market. The World Bank chief noted that parallel exchange rates are expensive and can…

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NNPCL confirms petrol price increment

Aminu Imam

…Announces new fuel price across States The Nigerian National Petrol Company Limited, (NNPCL) yesterday confirmed the upward review of pump prices of Premium Motor Spirit, (PMS), popularly known as petrol, across the country. Less than 24 hours after President Bola Tinubu declared an end to fuel subsidy, the pump price of petrol ballooned to N600 per litre from N195/l in many parts of the country. Consequently, there was a 100 percent hike in transport fares, while long queues resurfaced at fuel stations across Lagos, Abuja, Kaduna, Ilorin, Benin, Asaba, Port…

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Fuel Subsidy: Tinubu holding ‘gun to head of Nigerians’ – NLC

Aminu Imam

The Nigeria Labour Congress, (NLC), yesterday, described the release of a new pump price for Premium Motor Spirit by the Nigerian National Population Company Limited as “an ambush”. The Congress said through the act, President Bola Tinubu has put a “gun to the head of the Nigerian people.” The NNPCL yesterday afternoon confirmed it adjusted pump prices of Premium Motor Spirit, better known as petrol, across the country. In a statement issued yesterday, signed by its Chief Corporate Communications Officer, Garba Deen Muhammad, the national oil company explained that the…

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