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President Tinubu Meets Oil Marketers Over Subsidy Removal

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Last Updated on July 18, 2023 by Fellow Press

President Bola Tinubu has directed the National Economic Council (NEC) led by Vice President Kashim Shettima to device an approach and begin the process of working on interventions to mitigate the impact of subsidy removal on the Nigerians.

Governor of Ogun State, Dapo Abiodun, stated this after leading some major oil marketers on a courtesy visit to the President at the State House in Abuja.

Addressing correspondents after the meeting, Abiodun, who was a former chairman of the oil marketers association, stated that the marketers expressed solidarity with the President for removing the N4trn subsidy burden, a move that can enhance the Federation Account Allocation Committee (FAAC) allocation to states.

The group of marketers subsequently announced their intention to donate to 50 to 100, fifty-seater mass transit buses that would run on CNG, costing a N100m each and N10bn cumulatively, to cushion the effect of the removal within the next 30 days.

They are hoping other corporate bodies can emulate their action.

The President’s meeting with the oil marketers comes amid the controversy and protests trailing the removal of subsidy on Premium Motor Spirit known as petrol.

The President during his inaugural speech on May 29 at the Eagle Square in Abuja had announced the removal of subsidy payment on petrol. The President said that the immediate past administration of Muhammadu Buhari did not make provisions for subsidy in the 2023 budget beyond June.

Many Nigerians had expected that the new price regime would come into effect by July 1 but almost immediately after the presidential pronouncement, queues resurfaced at filling stations across the country even as retail outlets hoard the product and increase prices.

Already, a litre of petrol is being sold at over N500 across the country following NNPC price adjustment and the presidential pronouncement on subsidy removal.

Fuel queues have since surged for the vital commodity, compounding the traffic situation in parts of the country, even as transportation cost skyrocket to more than 100% increment.

The Organised Labour had resolved to embark on a nationwide strike beginning Wednesday but was restrained by a court order of Monday, June 5, 2023. The Organised Labour subsequently shelved its planned strike after a meeting with the Federal Government late Monday.

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Food inflation soars by 61 per cent in one year– NBS

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Last Updated on June 18, 2024 by Fellow Press

Nigerians are finding it more difficult to feed themselves, as food inflation rose to 40.66 per cent in May.

This was as the cost of food rose by 61 per cent from 25.25 per cent in June 2023 to 40.66 per cent in May 2024, highlighting a steady rise in the cost of living.

This is according to an analysis of the latest Consumer Price Index and Inflation report released by the National Bureau of Statistics.

The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.

On Saturday, the NBS disclosed that headline inflation moved by 0.26 per cent to 33.95 per cent from 33.69 per cent recorded in April.

The report noted that the inflation rate climbed to a 28-year high since March 1996 on higher food and transport prices.

It said, “In May 2024, the headline inflation rate increased to 33.95 per cent relative to the April 2024 headline inflation rate which was 33.69 per cent.”

The statistics agency also reported major contributing items to headline inflation in May 2024 including food & non-alcoholic beverages (contributing 17.59 per cent), housing, water, and electricity, gas & other fuel (contributing 5.68 per cent), and clothing & footwear (contributing 2.60 per cent).

A breakdown of the data showed that the price of food commodities increased steadily from 25.25 per cent in June, to 26.98 per cent in July, 29.34 per cent, 30.64 per cent in August, 31.52 per cent in September, 31.52 per cent October, 32.84 per cent in November and 33.93 per cent as the end of December 2023.

The rate further increased to 35.41 per cent in January, 37.92 per cent in February, crossed the 40 per cent mark in March, 40.53 per cent in April and 40.66 per cent in May.

NBS said the rate rose to 40.66 per cent in May, compared to the 24.82 per cent reported in the same month last year — indicating an increase of 15.84 per cent points.

The bureau said semovita, oatflake, yam flour prepackage, garri, bean, etc (which are under bread and cereals class), Irish potatoes, yam, water yam, etc (under potatoes, yam and other tubers class), contributed to the year-on-year increase in the food inflation rate.

Other contributors are palm oil, vegetable oil, etc (under oil and fat), stockfish, mudfish, crayfish, etc (under fish class), beef head, chicken-live, pork head, and bush meat (under meat class).

“The food inflation rate in May 2024 was 40.66 per cent on a year-on-year basis, which was 15.84 per cent points higher compared to the rate recorded in May 2023 (24.82 per cent).

“The average annual rate of Food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06 per cent, which was 10.41 per cent points increase from the average annual rate of change recorded in May 2023 (23.65 per cent),” the report said.

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Omokri tackles Peter Obi over his criticism of ‘new’ presidential jet for Tinubu

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Last Updated on June 18, 2024 by Fellow Press

Former aide to ex-President Goodluck Jonathan, Reno Omokri, on Monday accused the 2023 Labour Party presidential candidate, Peter Obi, of lying over the reported purchase of a presidential jet for President Bola Tinubu.

Omokri said, contrary to Obi’s claim, the Nigerian government has no plans to buy a new private jet for Tinubu.

He clarified that the idea to change Tinubu’s presidential jet did not emanate from the presidency.

On Friday, the House of Representatives Committee on National Security and Intelligence asked the FG to purchase new aircraft for Tinubu and Shettima.

Reacting, Obi said: “It’s on record that our presidential jets have an average age of 12 years, purchased when most Nigerians could afford basic necessities. Now, as our country faces significant challenges, including a high debt profile, our citizens are in even greater need.”

However, Omokri faulted Obi’s comment, which he described as “another Gbajue lie.”

Posting on X, Omokri wrote: “The statement by Peter Obi condemning the Federal Government’s plan to buy new presidential jet for President Tinubu is another Gbajue lie from a man who has elevated lying to an art.

“The reason for this is because there is no such plan. It was the National Assembly that mooted the idea, as is their right. The Executive did not make such plans and has not budgeted any money for such a purpose.

“It is the same way he lied and blamed the Tinubu administration for spending N21 billion on the new residence of the Vice President. What he failed to tell his gullible supporters is that that project was initiated and funded by previous administrations, dating to when our party, the Peoples Democratic Party, was in office. Please note that Peter Obi was then our card-carrying member, but he did not attack the project.

“Mr. Peter Obi counts on your gullibility and refusal to research what you read before believing him. That is why he tells such fibs.”

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