News
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
News
NCTC, UNODC Inaugurate Working Group to Counter Criminal and Terrorist Finance in Nigeria’s Mineral Sector
NCTC, UNODC Inaugurate Working Group to Counter Criminal and Terrorist Finance in Nigeria’s Mineral Sector
By: Michael Mike
The National Counter Terrorism Centre (NCTC), Office of the National Security Adviser (ONSA), in collaboration with the United Nations Office on Drugs and Crime (UNODC), and with the support of the Government of Canada, has established a Technical Working Group (TWG) on Mineral Crime and Terrorism Financing.
Nigeria’s mineral sector, particularly artisanal and small-scale gold mining, has increasingly been exploited by criminal and terrorist networks.
These illicit activities have continued to deprive the government of vital tax and royalty revenues, weaken state capacity to deliver essential services, and fuel instability nationwide. By exploiting regulatory gaps and opaque value chains, criminal groups disguise illicit proceeds, perpetuating conflict and organized crime in the country.
The TWG, comprising representatives of law enforcement, intelligence and other security agencies, including those of other strategic MDAs and the Presidential Artisanal Gold Mining Initiative (PAGMI) under the latest agreement, will collaborate to strengthen the nation’s criminal justice capacity to address illicit financial flows tied to terrorism financing and money laundering in the mining sector by coordinating individual agency responses, supporting national efforts, and guiding policy reforms.
It will also promote community resilience in artisanal mining regions while integrating gender equality and human rights into government interventions.
In his keynote speech at the inaugural meeting of the working group, the NCTC National Coordinator, Major General Adamu Garba Laka, who was represented by the Centre’s Director of Preventing and Countering Violent Extremism, Ambassador Mairo Musa Abbas underscored the Federal Government of Nigeria’s commitment to cutting off terrorist financing at its source, including in the mineral sector.
He said: “Nigeria’s mineral resources remain some of the most valuable national assets we possess. Yet in recent years, the growing exploitation of these resources by criminal syndicates and violent extremist elements has become a significant threat. This is not merely a theoretical risk; it is a lived reality in several regions of our country, where illegal mining intersects with banditry, insurgency, arms trafficking and cross-border smuggling. In past years, the NCTC has recorded remarkable progress in strengthening Nigeria’s counter-terrorism financing architecture. Today’s initiative builds on this momentum. Protecting our mineral resources from criminal capture is not only a security imperative, but it is also a development imperative, an economic imperative and, ultimately, a sovereign duty.”
On his part, UNODC Country Representative for Nigeria, Mr Cheikh Toure,, in his remarks conveyed by Mr Tom Parker, Head of the UNODC Counter Terrorism Unit, praised the leadership of the NCTC, while emphasising that “Illegal mining, and the illicit financial flows generated by this activity, undermine Nigeria’s stability and development. The creation of this interagency Working Group by the NCTC is an important step in reversing this trend. UNODC is committed to strengthening Nigeria’s capacity to detect, investigate, and prosecute financial crimes linked to terrorism and organized crime. Collaboration is fundamental to defeating criminal and terrorist threats, and helps foster shared learning and policy innovation.”
Funded by the Government of Canada, UNODC is working closely with the NCTC together with agencies like Economic and Financial Crimes Commission, National Financial Intelligence Unit, the Mining Marshals Corps and the Ministry of Solid Minerals Development to build Nigeria’s capacity towards combating illicit financial flows linked to Nigeria’s mineral sector by deepening analysis of relationship between mineral-related crimes and the financing of terrorism, strengthening supervision in the financial sector by equipping both private and government actors to detect suspicious transactions, and supporting the effective investigation, prosecution, and adjudication of money laundering and terrorism financing cases at the state and federal levels.
NCTC, UNODC Inaugurate Working Group to Counter Criminal and Terrorist Finance in Nigeria’s Mineral Sector
News
NCoS empowers 120 inmates in Gombe
NCoS empowers 120 inmates in Gombe
By Peter Uwumarogie
The Nigerian Correctional Service (NCoS) says it has trained 120 inmates in vocational skills in six custodial centres in Gombe State.
The Controller of Corrections, Mr Felix Agada, said this during the graduation ceremony of the inmates on Wednesday at Tula community in Kaltungo Local Government Area of the state.
He said the initiative was of part of the mandate of the service to reform and rehabilitate inmates into better citizens upon their release from the centres.
“The aim of this skill acquisition is to achieve the Reformation, Rehabilitation and Reintegration programme of the service.
“This is to ensure that inmates become useful to themselves and the society at large after discharge to reduce the rate of crime among the youths in our communities,” he said.
Agada said the programme was being initiated and supported in collaboration with the state Chief Judge, Justice Halima Mohammed, and Smart Ideas Multi Consult Ltd.
He commended the state government’s support towards empowering the inmates and ensuring that they return to their communities with dignity upon serving out their jail terms.
Also, Justice Mohammed said her belief that everyone deserved opportunity to become better citizens moved her to initiate the programme.
She said that studies had shown that where well-structured rehabilitation and skill acquisition exist for inmates, crime rate drops drastically by more than half because “opportunity is the antidote to crime.
“In Nigeria, correctional centres were not designed to be the permanent destination; they are meant to be a bridge back into the society, not warehouse for human potential.
“Without skills, inmates who have served out their terms can not compete, without support they cannot stand, and without acceptance, they cannot start again,” she said.
Mohammed said the initiative was borne out of the need to ensure that every ex-inmate did not go back to crime but to become a “tax payer, business starter and an artisan.
“This is important because every ex inmate lost to the street is a child without a provider, community without peace and a country without productivity.”
She lauded the government’s role in reforming inmates, and stressed the need for societal support to effectively address the task of skilling every inmate while providing them with starter packs upon their release.
“Correctional reform is not a project, it’s a partnership, not a policy but a social contract; today’s fund raising is not charity but nation building, security management, economic investment and a moral duty.”
The judge therefore advocated for collective support to empower inmates with the right skills and tools.
According to Mohammed, investment in that regard is an investment in safer streets, stronger families and a more hopeful country.
Mr Musa Nelson, Head of Skills Acquisition Programmes, NCoS, said the inmates were exposed to carpentry, tailoring, fashion design, cosmetology, shoe and bags making, laundry, barbing and make up.
He said the inmates would be provided with starter packs after their six-month training exercise.
Some of the inmates commended the gesture and urged stakeholders to assist them with the required tools in line with their area of training to enable them to set up their businesses.
News
Coup D’etat: Odumegwu-Ojukwu Calls for Defence of Constitution Order
Coup D’etat: Odumegwu-Ojukwu Calls for Defence of Constitution Order
….Challenges ECOWAS to Meet Yearnings of Youth
By: Michael Mike
Minister of State Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu has called on members of the Economic Community of West African States (ECOWAS) to remain steadfast in defending constitutional order, promoting inclusive political dialogue, and supporting credible transitions that reinforce stability.
Odumegwu-Ojukwu, who also called
for the acceleration of economic integration in the sub-region, challenged ECOWAS to meet the yearning of the regional youth who are looking up to the regional body to create opportunities for them.
Odumegwu-Ojukwu, spoke on Wednesday at the opening of the 95th Ordinary Session of the ECOWAS Council of Minister in Abuja.
The Nigeria’s minister while noting that as ECOWAS is still basking in the euphoria of the golden jubilee celebration, the Regional body must confront its challenges headlong.
She identified the recent surge in military take over, banditry and kidnappings as some of the challenges.
According to her: “Recent years have witnessed political instability and lack of inclusivity, including forceful unconstitutional changes of government, deliberate prolonged transitions, and governance uncertainties and deficits in a number of Member States. These situations challenge not only the democratic values to which we have all subscribed, but also threaten hard-won development gains. They undermine citizen confidence and weaken the regional cohesion that has defined ECOWAS for half a century.
“We must therefore remain steadfast in defending constitutional order, promoting inclusive political dialogue, and supporting credible transitions that reinforce stability. Our unity and collective resolve are essential to navigating these periods of uncertainty.”
She added: “At the heart of ECOWAS lies the aspiration for economic integration that delivers tangible benefits for our community citizens. It is this ideal of shared markets, interconnected infrastructure, increased mobility, and coordinated development that inspired our founding fathers to establish the regional body and has guided our Community since 1975.
“Today more than ever, we must accelerate these efforts. Our region’s future depends on deepening intra-regional trade, strengthening value chains, facilitating investments, and creating opportunities for the over 400 million people, especially the young people of 25 years and below who constitute about 65% of the population. They no doubt rely on ECOWAS to chart a path toward progress.”
She also noted the ECOWAS at 50 celebration that is still running, offered an opportunity to reflect deeply on our achievements over the past five decades.
“We celebrated the establishment of free movement, significant trade and economic integration frameworks, regional peacekeeping leadership, improved cooperation in critical sectors from health to infrastructure, and ongoing efforts to address the problems of insecurity in the region. Our accomplishments stand as a powerful testament to the vision of our founders, who understood that West Africa’s greatest strength is forged through unity, solidarity, and collective progress. Moving forward, we are inspired to reach even higher, nurturing a region defined by peace, prosperity, and limitless possibilities for generations to come.”
She therefore reminded the gathering that their insights and decisions will be instrumental in shaping the recommendations to be submitted to the Authority of Heads of State and Government.
On his part, the Sierra Leonian Minister of Foreign Affairs and Regional Integration, Timothy Kabba stressed the need to be persistent in the integration efforts.
Kabba who is also the Chairman of ECOWAS Council of Ministers said: “We must persist in our effort to foster an environment conducive to the growth of the private sector, the principal catalyst of the economic integration agenda. While it is acknowledged that integration may sometimes invoke complex sovereignty issues, it is ultimately advantageous to all Member States.
“Furthermore, it is imperative that we demonstrate a robust commitment to the promotion and enhancement of trade within the subregion.”
He also lamented the current trade gaps in the sub-region, describing it as the lowest when compared to other regions of the world.
He therefore called for the resuscitation of all trade mechanisms to boost intra-regional trade and investment.
According to him: “The current percentage of intra-regional trade lags behind that of other regions. To address this disparity, we should utilize existing mechanisms to foster greater regional economic collaboration, such as the ECOWAS trade liberalization scheme, the ECOWAS investment code, improve transport and energy connectivity, and promote digital transformation as a catalyst for innovation.
“In addition, we must address non-tariff barriers, modernize and operationalize brotherhoods, and improve the joint border management process. We must also prepare our region to fully capitalize on the opportunities presented by the African Continental Free Trade Agreement, which directly advances our internal integration agenda.”
Speaking on the current security and political situation in the region, Kabba said: “They can only be resolved through enhanced cooperation and mutual understanding among our member states. “Consequently, we must assist in investing in peace and security initiatives both through joint border operations, joint intelligence cooperation, and mediation efforts, activate the ECOWAS Standard Force, and provide support to member states facing threat.
“In addition, it is essential to ensure that diligent diplomacy, strategic leadership, political dialogue, military cooperation, and development assistance are integrated effectively to address the root causes and foster long-term resilience and sustainability.”
He charged members of the council of ministers to “seize this opportunity to reflect on the broader security and governance challenges confronting our region, and to renew our collective determination to safeguard peace, protect democratic institutions, and ensure that the aspirations of our peoples for stability and development are not derailed.
Our region has endured too many disruptions to democratic order.
“Let us stand together firmly and in solidarity to defend the principles of democracy, transparency, and the people’s right to choose their leaders.”
Coup D’etat: Odumegwu-Ojukwu Calls for Defence of Constitution Order
-
News2 years agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years agoTHE PLIGHT OF FARIDA
-
News8 months agoFAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
Opinions4 years agoPOLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
ACADEMICS2 years agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Columns2 years agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
Opinions2 years agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
