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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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Rayyan Microfinance Bank unveiled by Zulum
Rayyan Microfinance Bank unveiled by Zulum
By: Bodunrin Kayode
Borno State Governor, Babagana Zulum, has unveiled Rayyan Microfinance Bank, headquartered in Maiduguri, the state capital on Sunday.
Rayyan Bank chaired by Dr Usman Shettima is an Ethically Compliant Digital Bank that offers non-interest financing which is an insignia of Islamic banking to rural communities.

With a commitment to ethical compliance practices, the bank also provides a comprehensive range of banking solutions designed to meet the diverse needs of individuals and businesses.
Speaking at the unveiling ceremony held in Forshams Event Centre, Maiduguri, Zulum emphasised that the bank is a critical tool for building resilience and fostering self-reliance among the people of Borno.
He highlighted its projected role in providing the financial backbone communities need to rebuild livelihoods affected by years of insurgency.

“Microfinance banks are crucial for driving financial inclusion, reducing poverty and promoting economic growth through providing accessible financial services such as small loans, savings accounts and insurance amongst others to low income individuals who don’t have access to traditional banking systems in Nigeria.
“I want to commend the vision and tenacity of the chairman and members of this very important bank, I also want to assure you that the government, under my leadership, will partner with you to promote the ideals of the non-interest banking system which is very important to our economy.” said Zulum
Demonstrating Borno State government’s confidence in the new institution, Zulum directed the State Ministry of Finance to immediately open an account with Rayyan Microfinance Bank.

Following the unveiling, the Governor formally presented the bank to the public, urging residents, cooperatives, and business owners to utilise its services to grow their businesses, support local enterprises, and contribute to the state’s economic resurgence.
The event featured keynote addresses and lectures by the academia, regulatory agencies, religious scholars, and other stakeholders, highlighting the potential of non-interest banking to promote ethical investments and foster inclusive economic growth.
Rayyan Microfinance Bank unveiled by Zulum
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Troops neutralise notorious kidnap kingpin in Jama’a LGA, Kaduna
Troops neutralise notorious kidnap kingpin in Jama’a LGA, Kaduna
By: Zagazola Makama
Troops have neutralised a notorious kidnapping kingpin, Amadu, during a raid in Malafiya town, Atiku Ward of Jama’a Local Government Area of Kaduna State.
Sources said that Amadu was the leader of a criminal syndicate terrorising Malafiya and surrounding communities with crimes ranging from kidnapping and cattle rustling to armed robbery.
According to the sources, Amadu had been on the most-wanted lists of security agencies and was linked to several high-profile crimes in the area, including the killing of a businessman in September 2025 and an attempted abduction of a prominent local figure’s relative.
The sources said that following credible intelligence on the gang’s hideout, troops conducted a raid on Jan. 25, 2026, to apprehend the remaining criminal elements. During the operation, there was an exchange of fire between the troops and the suspects.
“In the course of the engagement, Amadu attempted to escape and was neutralised. A search of the scene led to the recovery of a locally made pistol,” the sources said.
The sources added that the general area has since been calm, while clearance and confidence-building patrols have been intensified to prevent a resurgence of criminal activities.
Troops neutralise notorious kidnap kingpin in Jama’a LGA, Kaduna
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IBUAM: A New Chapter in University Education, Changing the Phase of the Aviation Industry
IBUAM: A New Chapter in University Education, Changing the Phase of the Aviation Industry
By: Balami Lazarus
The quest and search for knowledge by men is an unending process, a continuous tense as long as humans live here on the mother planet. Therefore, the quest and thirst for knowledge is like mwala in the Bura dialect, which simply means to dig continuously.
For some decades Nigerian educational space has experienced growth and progress in her university system. The emergence of universities to cater to the educational needs of the citizens is clear evidence that there are positive changes in the system. It has also brought improvements and innovations, walking like a giant with nobility robes in the gown of knowledge, understanding, and wisdom provided by the ivory tower.
Isaac Balami University of Aeronautic Management (IBUAM) is one university that was established recently in the bustling Centre of Excellence, Lagos. Registered and licensed by the National Universities Commission (NUC).
The aviation sector, I have observed, is what many lack understanding of. For some, it starts and ends with airports, aircraft, and pilots. But for Isaac David Balami, it begins with aeronautic and management knowledge provided by his university.
Isaac Balami University of Aeronautic Management (IBUAM) is the first of its kind in the aviation industry/educational landscape of our nation. IBUAM is beginning to change and impart on the aviation industry through academic courses offered at the university.
IBUAM disciplines are in aeronautics and management as its academic training. Its objective, therefore, is to train students in aeronautics, engineering, and aviation management and techniques. To further equip students with “skills in aviation operations and airline management.”
Some courses at IBUAM are aerospace engineering, mechatronics engineering, and aviation operations/airline management, among others.
Isaac David Balami is an aeronautic engineer, aviation expert, entrepreneur, and philanthropist. Isaac has also distinguished himself in union leadership of the National Association of Aircraft Pilots and Engineers (NAAPE).
IBUAM: A New Chapter in University Education, Changing the Phase of the Aviation Industry
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