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FUEL SUBSIDY AND PRICE CONTROL- SOLUTION TO ECONOMIC HARDSHIP IN NIGERIA
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
NSCDC personnel, 16 others arrested in raid of criminal hideout in Yobe
By: Zagazola Makama
Security operatives in Yobe State have raided a notorious criminal hideout in the Saman Tudu area of Pompomari District, Damaturu, arresting a personnel of the Nigeria Security and Civil Defence Corps (NSCDC) and 16 other suspects.
A reliable source told Zagazola Makama that the raid was carried out on Jan. 18 at about 7:20 p.m. following a coordinated, intelligence-driven operation targeting criminal elements who use the area as a haven.
The source said the enclave served as a convergence point for trafficking and consumption of illicit drugs, as well as planning and execution of various criminal activities within the community.
“During the operation, the team stormed and ransacked the hideout, leading to the arrest of 17 suspects, including one Mohammed B. Kolo, identified as an NSCDC personnel attached to the Yobe State Command,” the source said.
He added that exhibits recovered from the scene included a knife, five bicycles, dried leaves suspected to be cannabis sativa, hemp wrapping papers, a long sack used as a mat and the sum of N8,500 found inside a sack suspected to contain the drugs.
The suspects are currently in custody while investigation is ongoing to determine their level of involvement in criminal activities.
The source said those found culpable would be charged to court for prosecution after the conclusion of investigations.
Residents were urged to continue supporting security agencies with timely and credible information to sustain the fight against crime in the state.
NSCDC personnel, 16 others arrested in raid of criminal hideout in Yobe
Chadian security forces recover cache of arms, arrest suspects in N’Djamena
By: Zagazola Makama
Chadian security forces on Sunday recovered a large cache of weapons and ammunition during a joint search operation in parts of the capital, N’Djamena, as part of intensified efforts to combat insecurity.
Sources Zagazola Makama that the operation was carried out in the 10th arrondissement and parts of the 2nd arrondissement of the city.
According to the sources, the joint team of internal security forces seized 28 pistols, 14 other firearms, and more than 1,000 rounds of assorted ammunition during the raid.
They also recovered military equipment and six vehicles suspected to be linked to criminal activities.
“Two gun owners were arrested during the operation and are currently in custody for further investigation,” a senior security official said.
He explained that the exercise was conducted under the supervision of top security authorities and formed part of broader measures to dismantle criminal networks and curb the proliferation of illegal arms in the capital.
The official added that the recovery of the weapons had significantly disrupted the operations of armed groups and criminal elements in the affected districts.
He reaffirmed the commitment of the Chadian security services to sustaining pressure on all groups involved in arms trafficking, banditry and other threats to public safety.
“The security forces will continue intelligence-led operations to ensure the safety of lives and property across the country,” he said.
Chadian security forces recover cache of arms, arrest suspects in N’Djamena
VP Shettima Arrives In Switzerland For 56th World Economic Forum
To Commission Nigerian House in Davos Tomorrow
By: Our Reporter
Vice President Kashim Shettima has arrived in the alpine town of Davos, Switzerland, to lead the Nigerian delegation at the 56th Annual Meeting of the World Economic Forum (WEF), scheduled to be held from January 19 to 23, 2026.
The Vice President arrived from Conakry, Guinea, where he represented President Bola Ahmed Tinubu at the presidential inauguration of President Mamadi Doumbouya on Saturday.
He was received on arrival by the Ministers of Foreign Affairs, Amb. Yussuf Tuggar, and Trade and Investment, Dr Jumoke Oduwole, and officials of the Nigerian mission in Switzerland.
The 2026 WEF marks a milestone in Nigeria’s global economic diplomacy with the official debut of “Nigeria House Davos.” For the first time, the Federal Government has established a dedicated sovereign pavilion on the Davos Promenade.
This facility, a product of a successful Public-Private Partnership (PPP), will serve as a permanent hub for high-level ministerial engagements, investment roundtables, and cultural diplomacy throughout the week.
Vice President Shettima will present Nigeria’s 2026 economic outlook to the world’s most influential political and business leaders, as he participates in key plenary sessions focusing on the responsible deployment of Artificial Intelligence (AI), quantum computing, and biotechnology.
Throughout the week, the Vice President will hold bilateral meetings with heads of state, top executives from multinational corporations, and leaders of international development finance institutions to deepen partnerships that align with the Renewed Hope Agenda of the administration of President Bola Ahmed Tinubu.
In an interview with journalists shortly after the VP’s arrival, Minister of Industry, Trade and Investment, Dr Jumoke Oduwole said Nigeria would makena robust presentation of investment opportunities in the country at the launch of the Nigeria House in Davos which will focus on President Tinubu’s efforts in revamping the economy.
According to the Minister, “we will be showcasing four playbooks on President Tinubu’s efforts in re-engineering the Nigerian economy. We will present our solid minerals sector, climate sustainability agriculture, creative and digital sectors to investors from all over the world.”
VP Shettima Arrives In Switzerland For 56th World Economic Forum
NSCDC personnel, 16 others arrested in raid of criminal hideout in Yobe
Chadian security forces recover cache of arms, arrest suspects in N’Djamena
VP Shettima Arrives In Switzerland For 56th World Economic Forum
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