Connect with us

News

FUEL SUBSIDY AND PRICE CONTROL- SOLUTION TO ECONOMIC HARDSHIP IN NIGERIA

Published

on

FUEL SUBSIDY AND PRICE CONTROL- SOLUTION TO ECONOMIC HARDSHIP IN NIGERIA

By: Victor Emejuiwe

No sane government should watch its citizens suffer untold hardship and live in poverty. The primary responsibility of government is to protect the life’s and to secure the welfare of the people. President Ahmed Bola Tinubu spontaneously announced the removal of fuel subsidy on the day of its inauguration without considering the attendant consequences of such a decision. In fairness to the removal, the amount of money claimed to be payment of subsidy in Nigeria was quite humongous from N300 billion during the Good Luck Jonathan administration in 2012, to N2.7 trillion in 2022. However, beyond the doubt as to the authenticity of the real value paid on subsidy, the secrecy and corruption associated with the entire subsidy regime was very un-palatable. It was as a result of this, that many Nigerians canvassed for the removal of subsidy. Nevertheless, there are some other school of thought who believes that the government was not sincere on its own part due to the lack of transparency and accountability in petrol consumption and subsidy payment. Also, even where several reports indicting subsidy saboteurs were released, the federal government did nothing to investigate and prosecute those who were accused of corruptly enriching themselves from the subsidy payments. Therefore, the payment of subsidy on its own was not the problem but the willingness of government to come clean with its transaction on subsidy payment and muster the political will to pervert corruption amongst the stakeholders was the major problem. The view on re-introduction of subsidy becomes necessary given the fact that payment of subsidy is a common global practice by governments all over the world. It is taken to ameliorate hardship faced by majority of citizens in the purchase of very expensive commodities. In this case, Nigeria being a mono-economy driven by sales of crude oil, has made the price of every other commodities reflective in the rise or fall in the price of crude oil. The subsidy regime cushioned a lot of hardship amongst Nigerian in the past and with its removal today, Nigerians have not been able to recover from the effect, as we can witness the continuous increase in the prices of all commodities in Nigeria. Most workers do not report to work on a daily basis, some business closed shops and the general standard of living has reduced. Couple with this fact, is government inactiveness in controlling the hike in the prices of locally produced commodities. The lack of a price stabilization and mechanization control which was hitherto implemented in the 70’s have made it possible for middle men to determine the prices of commodities in the market. The practice of the middle men is to acquire these goods from the dealers and hoard them so as to create scarcity and speculate a market price before they sell, with wide profit margin. If government enforce the price control Act as ordered recently by the federal high court on goods and commodities that are locally produced in Nigeria, the hoarders and speculators would run out of business and food items and other commodities would be available at the normal rate. The lack of a price control mechanism is what led to the failure of most government policies on agriculture. It is so unfortunate that the past government of President Muhammed Buhari, made efforts to encourage local production of food commodities such as rice and even provided subsidies to farmers to embark on local rice production, but instead of having the price of rice reduced, it rather led to more than 200 percent increase in the price of rice. Rice which was sold for N9600 before the ban on imported rice, skyrocket to N19,800, at a point, it rose to N36,000 and the government could not do anything to stop the hike. Under this present administration, a bag of rice sells for N77,000. It is an anomaly for government to provide incentives to local producers of commodities and at the same time, do not have control of the market price.
In light of the above, in the interim, the Federal Government should re-introduce subsidy on petrol and diesel under a more transparent regime and deal with saboteurs who divert the products to other countries and in the long run, the Federal government should get our refineries working at optimum capacity so that any attempt to remove subsidy on petrol and diesel will not have much impact on the price on petrol. Also, a list of commodities and items produced locally should be established and the market price should be determined under a price control, stabilization and mechanization regime. The government should enforce the laws and policy on price control. Finally, for resource mobilization, the government should stop oil theft so that more resources can be generated from crude oil and this would help us pay for the subsidy on petrol and also pay for the functionality of our refineries.

*Victor Emejuiwe
Monitoring and Evaluation/Strategic Communication Manager
Centre for Social Justice.
Abuja
08068262366

FUEL SUBSIDY AND PRICE CONTROL- SOLUTION TO ECONOMIC HARDSHIP IN NIGERIA

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Police foil kidnap attempt, rescue mother and daughter in Benue

Published

on

Police foil kidnap attempt, rescue mother and daughter in Benue

By: Zagazola Makama

The Benue State Police Command has foiled a kidnapping attempt and rescued a woman and her daughter in Tsegbum Community along Naka Road in Makurdi.

Sources said the incident occurred at about 2:20 a.m. on Wednesday when unknown armed men broke into the residence of Mrs Kate Ijuo, 42, and attempted to abduct her and her daughter.

According to a sources from the command, the Divisional Police Officer (DPO) of ‘D’ Division, Makurdi, received a distress call from the victim and immediately mobilised a joint team of police operatives, OPS Zenda Joint Task Force, Anti-Cult, and Cybercrime patrol units to the scene.

On sighting the approaching security teams, the suspects abandoned the victims and fled the area, the sources said.

“The victims were rescued unhurt, while efforts are ongoing to track down the fleeing suspects and effect their arrest,” the command said.

The command urged residents to remain vigilant and promptly report suspicious movements to security agencies.

Police foil kidnap attempt, rescue mother and daughter in Benue

Continue Reading

News

25m Nigerians To Benefit As President Tinubu Expands Women’s Economic Programme

Published

on

25m Nigerians To Benefit As President Tinubu Expands Women’s Economic Programme

FG rolls out digital platform connecting women to finance, markets, skills

By: Our Reporter

President Bola Ahmed Tinubu has expanded the Nigeria for Women Programme to reach 25 million beneficiaries nationwide, reaffirming his administration’s commitment to women’s economic inclusion and national development.

The programme’s pilot phase in six states had already reached over one million beneficiaries, with the scale-up introducing the Happy Woman App Platform, a secure digital interface that connects women to finance, skills, markets, essential services, and government support.

Speaking on Thursday at the Presidential Launch of the Programme Scale-Up at the Presidential Villa, Abuja, the President, who was represented by his deputy, Vice President Kashim Shettima, noted that Nigeria cannot achieve sustainable growth without placing women at the centre of national planning.

“A nation that relegates its women is a nation bound for implosion. We have long understood this truth. That is why this administration has not only placed women at the forefront of decision-making but has also entrusted them with leadership in causes that redeem our national promise. Today stands as proof of that commitment, and I am proud to be part of this journey,” he said.

President Tinubu observed that while women are the authors of Nigeria’s development story, they remain essential to family stability, community resilience and national productivity.

“We have set a bold but achievable national ambition: to reach 25 million Nigerian women through this programme,” he stated, calling on the World Bank to strengthen its financing, technical support and innovation partnerships for the national scale-up.

“Digital inclusion is no longer optional; it is foundational to effective service delivery and national competitiveness,” he added.

The President designated 2026 as the “Year of Social Development and Families in Nigeria,” directing coordinated action across all levels of government.

The declaration followed a Memorandum of Understanding signed during his January official visit to Turkey, aimed at strengthening family cohesion and social welfare systems.

President Tinubu commended the Federal Ministry of Women’s Affairs and Social Development for integrating technology into policy implementation and for reorganising social development into a more coherent system since the launch of the Renewed Hope Social Impact Intervention in Lafia last year, noting the transformation reflected what purposeful leadership can achieve.

The President also praised state governors and the Nigeria Governors’ Forum for aligning federal vision with state-level execution, stating that “national transformation succeeds when all levels of government move with shared purpose.”

Earlier in her welcome address, the Minister of Women Affairs and Social Development, Hajiya Imaan Sulaiman Ibrahim, said the launch underscored a significant shift under the leadership of President Tinubu, where women are no longer viewed as peripheral beneficiaries of development but as central drivers of Nigeria’s economic growth, social cohesion, and democratic stability.

She described the launch of the Nigerian for Women Project (NFWP) Scale-Up as one of the most far-reaching and ambitious expansions of social and economic empowerment in the nation’s history.

The Minister noted that phase one of the project successfully achieved its objectives of addressing harmful social norms and strengthening women’s socio-economic resilience.

Beyond these achievements, she emphasized that the project delivered compelling evidence of the transformative power of women’s empowerment.

She further announced the launch of Nigeria’s Third National Action Plan on United Nations Security Council Resolution 1325 on Women, Peace, and Security, positioning Nigeria among a select group of countries worldwide to attain this milestone.

Also, the World Bank Regional Representative for Africa, Mr. Robert Chase, explained that the project was designed by the bank’s Social Policy Department to place women at the center of development, emphasizing that investing in women remains the most impactful investment any nation can make.

On his part, Director of the Nigeria Country Office of the Bill and Melinda Gates Foundation, Mr. Uche Amaonwu, who noted that empowering women directly translates to healthier families and safer communities, said women’s empowerment significantly reduces disease and insecurity at the household level.

For his part, Minister of Agriculture and Food Security, Senator Abubakar Kyari, expressed his Ministry’s readiness to collaborate on initiatives aimed at empowering women across the country.

Representative of the Senate President, Senator Godswill Akpabio, Senator Ireti Kingibe, stated that the scale-up of the Nigerian for Women Project reflects the Federal Government’s commitment to addressing the needs of women.

She added that the National Assembly would continue to enact legislation to expand women’s access to governance and economic resources.

Delivering the goodwill message of the Nigeria Governors’ Forum, the Deputy Governor of Katsina State, Malam Faruk Jobe, reaffirmed the commitment of state governments to providing counterpart funding for the successful implementation of women-focused projects.

He disclosed that Katsina State, a participating state in the project, has earmarked ₦4 billion in its current budget to support the initiative.

25m Nigerians To Benefit As President Tinubu Expands Women’s Economic Programme

Continue Reading

News

IPA commends Gov AbdulRahman and military on improved security efforts in Kwara

Published

on

IPA commends Gov AbdulRahman and military on improved security efforts in Kwara

By: Bodunrin kayode

The Igbomina Professionals Association (IPA) of Kwara state have commended the leadership of Governor AbdulRahman AbdulRazaq, for his sustained commitment to improving security across the state, particularly through recent decisive actions against criminal elements.

The Association made this known in a news release jointly signed by its National President, Olabode Iranloye, and the Assistant Secretary, Mustafa Abubakar, made available recently to newsmen in ilorin.

The statement applauded the government’s support for enhanced security architecture, the upgrade of traditional rulers (Obas) in Igbomina land to 2nd, 3rd, and 4th class status respectively.

They also commended the governor for the reopening of schools, and the relocation of the School of Nursing back to Oke Ode, which to them collectively demonstrates a renewed commitment to stability, development, and public confidence.

IPA also acknowledged the arrest of suspected criminal elements and urged relevant authorities to ensure that justice is fully and transparently dispensed, in line with the rule of law, to serve as a strong deterrent to criminality.

The Association further commended the Nigerian Army, the Nigerian Police Force, other Nigerian troops, forest guards, and local hunters for their courage and professionalism in ridding the general area of criminal elements.

The association particularly mentioned the outstanding performance of the 2 Division of the Nigerian Army under Operation IGBO DANU ( Forest Flush), which has led to the dismantling of several terrorist enclaves, destruction of logistics bases, arrest of suspects, and the rescue of several kidnapped victims across the State.

IPA recognised the leadership of Major General Chinedu Nnebife, General Officer Commanding (GOC) 2 Division Nigerian Army, and Brigadier General Nicholas Rume, Commander 22 Armoured Brigade, as well as the strategic support of the Office of the National Security Adviser (ONSA), whose coordinated efforts have significantly degraded terrorist operations in the state.

The Association called on the Kwara State Government and security agencies to sustain the tempo of these operations and assured them of the full support of the Igbomina Professionals Association in the ongoing drive to secure lives and property.

IPA also urged for intensified efforts to ensure the safe return of all residents still in captivity, stressing that the safety and dignity of citizens must remain paramount.

The Association further called on all Kwarans to cooperate with security agencies by exposing criminal collaborators within their communities, emphasising that “if you see something, say something.”

Collective vigilance, the association noted, remains critical to sustaining peace and security in Kwara State.

IPA commends Gov AbdulRahman and military on improved security efforts in Kwara

Continue Reading

Trending

Verified by MonsterInsights