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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
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After Boko Haram’s destructions, Governor Buni built modern markets across Yobe
After Boko Haram’s destructions, Governor Buni built modern markets across Yobe
By: Yahaya Wakili
Yobe State is one of the states whose economic activities were destroyed and suffered from the Boko Haram insurgency in the northeastern part of Nigeria, and in its effort to expand the economic activities in the state and also to provide infrastructure facilities to the citizens of the state after recovery from the Boko Haram insurgency. His Excellency, the Executive Governor of Yobe State, Hon. Mai Mala Buni, has built modern markets across the state in order to boost the economy and businesses in the state. The Commissioner of Home Affairs and Information, Hon. Abdullahi Bego, said there are two types of markets that His Excellency built. The first one is the ultramodern markets: one in Potiskum, one in Damaturu, the state capital, one in Geidam, one in Gashu’a, and another one in Nguru town. The major towns of Yobe State have one each of these markets. And also, we have the modern markets: one in Yunusari, one in Machina, one in Ngalda, and one in Buni Yadi, an ongoing project.

The commissioner of Housing and Rural Development, Architect Ahmed Buba, said His Excellency has constructed 9 modern markets across the state; we have 5 ultramodern markets completed with one ongoing, making 6; and also we have 4 modern markets, and Potiskum ultramodern markets have 500 shops, 192 stalls, and 12 warehouses large enough to accommodate about 12 trucks each, and also they have about 3 kilometers of roads and drainages as well as an administration block and praying ground. The markets are opening up economic activities in Yobe State, and with these markets the economy of Yobe is now building up, and then with the modern markets the businesses are fully on course.
Bego said, “Yobe State Woven and Polythene Company has been an existing company for a long time, and His Excellency Governor Mai Mala Buni is retrofitting and rehabilitating it and making it modern and new.” He starts with the structure, renovating and improving the structure and equipment that are already imported; we are just waiting for the arrival. When they come, they will be installed, and work will start. We produce a lot of grains in Yobe as an agrarian state, so we don’t need to buy all the sacks, all the woven sacks, and all the polythene bags that were used for those grains and other things like that. So this company has existed for a long time but is comatose and dormant. His Excellency has decided to breathe a new spirit into it, retrofitting it, reconstructing it, rebuilding it literally, and then providing equipment. As you can see, the number of people is very few in terms of job creation and in terms of economic activities that will be spanned around this area.

The Mega Motor Park: The former motor park, due to the expansion of that place. His Excellency directed the ministry of housing to identify a site far away from the city; from that roundabout we have a bypass, and henceforth motor vehicles do not pass through Damaturu. They can stop here, and from here other vehicles can transport them to the city center. The commissioner of Housing and Rural Development, Architect Ahmed Buba, said, “This is Damaturu Mega Motor Park, with a capacity of about 500 vehicles. We have a drivers’ lodge, which is going to accommodate up to 150 drivers at a time; we have a terminal building; we have a police station outpost; and we have the clinic, restaurant, and quite a few more.”
Engr. Muhammed Abba Hassan, General Coordinator for the project, said, “This project is awarded to Samsun Nigeria Ltd by the Yobe state government. We started this project about 6 months ago. At this level, we have reached almost over 80 percent, and we expect to complete this project within the stipulated contract agreement. Inshallah, by the end of March, this project will be fully completed.” This Damaturu Mega Motor Park is one of the mega motor parks of its type in Nigeria. We have almost every facility here. We have enough accommodation for travelers and accommodation also for drivers. We have a shop complex, we have a fire service, and we have a comprehensive health clinic that can accommodate not only the passengers but also the environment of this town. We can handle it as far as concern goes; we delivered this project within the stipulated period of time.
Township Stadium in Buni Yadi: This township stadium here in Buni Yadi is transforming sport, which will transform sport in Yobe State. The Permanent Secretary of the Ministry of Youth and Sport, Alhaji Gidado Abubakar, said this project was awarded at the end of September last year to Damuli Investment Company Ltd. for the award of contract for the construction of a mini stadium in Buni Yadi. This is a post-insurgency project being awarded by the state government through the window of the Ministry of Youth, Sport, and Community Development. We signed a 6-month mandate giving the contractor the handing over of the project to the ministry for onward utilization, and about 65% of the project has been achieved. The capacity of the mini stadium is about 5,000 to 6,000 pupils; we have a multipurpose fit, we have badminton, basketball, and the other games, and we have about 78 different games in this project, and it is 250 meters by 200 meters, and 75 thousand square meters.
After Boko Haram’s destructions, Governor Buni built modern markets across Yobe
News
U.S. and Nigeria Forge Stronger Trade Ties Through New Investment Partnership
U.S. and Nigeria Forge Stronger Trade Ties Through New Investment Partnership
By: Michael Mike
The United States and Nigeria have taken a significant step to deepen commercial relations with the U.S.-Nigeria Commercial and Investment Partnership (CIP), a five-year initiative aimed at boosting trade, investment, and private sector growth.
The partnership was highlighted at a ministerial meeting in Lagos co-chaired by U.S. Deputy Assistant Secretary for the U.S. Commercial Service Bradley McKinney and Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole. The meeting brought together government officials and private sector leaders to review proposed reforms from the CIP Working Groups on Agriculture, Digital Economy, and Infrastructure.

The Working Groups presented strategies intended to improve the business environment, ease trade barriers, and attract investment. McKinney described the proposals as practical measures that could strengthen bilateral trade and create new economic opportunities for both nations.
Oduwole emphasized Nigeria’s commitment to expanding non-oil exports and making local businesses more competitive in global markets. “We are focused on creating sustainable and inclusive opportunities for Nigerian companies to access U.S. markets and beyond,” she said, noting ongoing efforts to implement reforms that make Nigeria’s economy more predictable and investment-friendly.
Senior officials from both countries attended the session, including U.S. Mission Chargé d’Affaires Keith Heffern and Nigeria’s Permanent Secretary of the Ministry of Industry, Trade and Investment, Ambassador Nura Rimi.
The partnership is expected to facilitate continued consultations on trade and investment, encourage two-way investment flows, and support economic growth on both sides of the Atlantic.
In 2024, bilateral trade in goods and services between Nigeria and the United States reached nearly $13 billion. U.S. foreign direct investment in Nigeria also rose to $7.9 billion, reflecting a 25 percent increase from the previous year, making the U.S. one of Nigeria’s top foreign investors.
U.S. and Nigeria Forge Stronger Trade Ties Through New Investment Partnership
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Six killed, others injured, abducted in bandit attack on Tsafe community
Six killed, others injured, abducted in bandit attack on Tsafe community
By: Zagazola Makama
At least six persons were killed and several others injured when armed bandits attacked Kanbiri village via Kwaren Ganuwa in Tsafe Local Government Area of Zamfara on Thursday afternoon.
Residents said the assailants stormed the community at about 2:50 p.m., shooting sporadically and causing panic among villagers.
“They shot many people. Six were confirmed dead on the spot, while others sustained gunshot injuries,” a local source said.
The attackers were also reported to have abducted an unspecified number of residents and taken them to an unknown destination.
Troops and other responders have since moved into the area to evacuate the corpses for burial and to begin efforts to locate and rescue the abducted victims.
Kanbiri and surrounding communities in Tsafe LGA have experienced repeated attacks in recent months, as bandit groups continue to target rural settlements in Zamfara.
Six killed, others injured, abducted in bandit attack on Tsafe community
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