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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
FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems
By: Michael Mike
The Federal Government has reaffirmed its commitment to comprehensive reforms in Nigeria’s correctional system, the deployment of technology to strengthen border security, and the entrenchment of financial integrity across public institutions.
The Minister of Interior, Olubunmi Tunji-Ojo, made this known on Wednesday in Abuja while receiving the President and Chairman of Council of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Yahaya, who led a delegation on a courtesy visit.
Tunji-Ojo emphasized that reforming the nation’s correctional system remains a top priority, stressing that the focus must extend beyond incarceration to rehabilitation and reintegration of inmates into society.
“Government has a duty of care to its citizens. Even where freedom is restricted by law, those in custody must be treated with dignity and given opportunities to return to society better than they came,” he said.
He noted that the shift from the Prisons Act to the Nigerian Correctional Service Act marked a deliberate transition toward a system that prioritizes reformation over mere detention.
On border management and internal security, the Minister disclosed that the Correctional Information Management System (CIMS) now contains over 50 million records compiled from operations at seaports and airports, with ongoing integration of land border data.
According to him, the system enhances the government’s ability to detect irregularities and prevent unauthorized entry, aligning with modern security strategies that prioritize proactive measures over reactive responses.
“We are building systems that can stop problems before they happen, not just respond after the damage is done,” he added.
Addressing financial governance, Tunji-Ojo stressed the importance of strengthening internal controls across government institutions, noting that preventive mechanisms are more effective than post-incident audits.
“It is not enough to detect issues after they occur. The goal is to build systems that make such issues difficult to happen in the first place,” he said.
He called on professional bodies such as ICAN to deepen their collaboration with government, particularly in areas of revenue assurance, transparency, and institutional accountability, while also encouraging stronger public-private partnerships to enhance efficiency and boost investor confidence.
On infrastructure, the Minister highlighted the need to expand fire and rescue services nationwide, pointing out that innovative funding models, including private sector participation, would be crucial to achieving this goal.
Tunji-Ojo also congratulated ICAN on its leadership and its upcoming West Africa Accountants Conference 2026 scheduled for December 2026, assuring the institute of government support. He further commended the increasing representation of women in professional leadership, describing it as a positive sign for the future.
Earlier, ICAN President Haruna Yahaya applauded the Ministry’s ongoing reforms and proposed the creation of a Joint ICAN–Ministry Financial Integrity and Revenue Assurance Task Force.
He explained that the initiative would target key areas including revenue assessment within the Nigeria Immigration Service, payroll analysis across uniformed services, and procurement risk review, with the aim of reducing leakages and strengthening accountability across government operations.
FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems
Security forces foil rustling, recover 22 animals in Katsina
By: Zagazola Makama
Security operatives in Katsina State have foiled a livestock rustling attempt and recovered 22 stolen animals in Jibia Local Government Area.
Police sources said the incident occurred in the early hours of April 12 following a distress call received at about 12:45 a.m. that suspected armed bandits had rustled livestock from neighbouring Niger Republic.
According to the sources, the Divisional Police Officer (DPO) of Jibia swiftly mobilised a joint team comprising police, military and community watch personnel to the area.
They added that the operatives strategically blocked the escape routes of the suspects and engaged them in a gun duel.
“The superior firepower of the security team forced the bandits to abandon the rustled animals and flee into the bush,” the sources said.
The sources disclosed that all 22 sheep and goats were recovered intact during the operation.
They noted that the area has been cordoned off, while aggressive clearance operations are ongoing to apprehend the fleeing suspects.
Further developments will be communicated as investigations continue, the sources added.
Security forces foil rustling, recover 22 animals in Katsina
Troops neutralise several terrorists in ambush operation in Borno
By: Zagazola Makama
Troops of the Joint Task Force, North-East, Operation Hadin Kai, have neutralised several Boko Haram terrorists during an ambush operation in Bama Local Government Area of Borno State.
Security sources said the incident occurred at about 2:33 a.m. on April 13 when an ambush team of 202 Battalion deployed at Bravo Kilo sighted a terrorist crossing the parapet at a defensive company location.
According to the sources, the troops engaged and neutralised five of the suspect on sight.
The sources added that the operation is part of ongoing clearance and ambush missions aimed at denying terrorists freedom of movement in the North-East theatre.
Troops neutralise several terrorists in ambush operation in Borno
FG Pushes Deeper Reforms in Prisons, Border Security, and Financial Systems
Troops rescue injured herder, foil attack by Berom Militia in Plateau
Police arrest suspected foreign bandits in Benue
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