General
Tinubu considering partial reversal of fuel subsidy on petrol
Tinubu considering partial reversal of fuel subsidy on petrol
President Bola Tinubu is considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates continue to soar, TheCable understands.
There is yet no final decision, presidency sources told TheCable, but the proposal is “firmly on the table” as Nigerians continue to groan under harsh economic realities following the removal of petrol subsidy in May 2023.
Already, labour unions have threatened to embark on an indefinite strike if the petrol price further surges.
The Kenyan government, on Monday, re-introduced fuel subsidies to curb soaring prices of petrol, kerosene, and diesel in the country.
The move came after months of violent anti-government protests over the burden of high cost of living.
According to a presidency official, the “realistic” amount of petrol consumed in the country is now known following the removal of subsidy on Tinubu’s inauguration, hence the amount spent on subsidy “can now be controlled”.
On Monday, the Nigerian National Petroleum Company (NNPC) Limited said there are no plans to hike pump prices despite the rise in crude oil prices, landing cost, and fall in the value of the naira.
This is understood to be an option for Tinubu to keep the current prices, although private importers have not made a definite pronouncement on any possible adjustments.
But speculations around another increase in the pump price of petrol (currently at over N600) have caused tensions across the country, leading to panic buying in the early hours of Tuesday.
In Nigeria, the petrol pump price has been increased twice since the subsidy was scrapped. It moved from N185 to over N500 in May, and later to N617 in July.
The exchange rate, which reached an all-time high of N950 at the parallel market, has also witnessed significant increases.
Since Tinubu announced the removal of the petrol subsidy, Nigerians have had no respite from price hikes.
Foreign exchange challenges, coupled with the unrestrained slump of the naira — Nigeria’s local currency — have led to a sustained upward trend, in the prices of goods and services.
On Monday, TheCable reported that the Central Bank of Nigeria (CBN) plans to implement new measures to stabilise the naira against the dollar.
Weeks after Tinubu was inaugurated as Nigeria’s elected president, his administration — already fraught with legitimacy issues — quickly introduced several policies in a bid to revive the economy.
But with the current economic realities, it appears that these policies are not yet yielding the expected results.
TheCable
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By Aminu Garko
Kano, Former President of the Senate, David Mark on Thursday expressed sadness over the death of Pope Francis.
This is contained in a statement issued by his Special Adviser on Media Paul Mumeh in Kano on Thursday.
Mark described Pope Francis as a man of impeccable character who brought transformation, togetherness and indeed strengthen family ties in the Catholic Church.
“It would be recalled that Senator Mark led the Federal Government of Nigeria delegation to the inauguration of the Pontiff on March 19, 2013 at St. Peter’s Square in the Vatican.
He described Pope Francis as a rare gift to the world who would be sorely missed.
Senator Mark recalled the first Mass celebrated by Pope Francis on that day before world leaders when he focused on the solemnity of St. Joseph, the liturgical day on which Mass was celebrated.
Senator Mark stated: “The exit of Pope Francis is a huge loss to the world but a gain to heaven. He was a leader with distinction and character. He was a rare gem”.
He prayed that Pope Francis’ legacy of humility, sacrifice, service to God and humanity would be upheld.
Senator Mark urged Catholic faithful across the globe to take solace in the fact that Pope Francis lived a life worthy of emulation.(
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The commitment of President Bola Ahmed Tinubu to young people and their development is unprecedented, Senior Special Assistant to the President on Print Media, Abdulaziz Abdulaziz, has said.
Speaking at a graduation ceremony of first batch of ICT training he sponsored for youths and students in his native Fagge Local Government Area of Kano State, Abdulaziz said the President has redefined the idea of youth engagement and empowerment.
“Mr President has prioritised young people through many initiatives aimed at making our young people self-reliant. The President doesn’t want to give you food, he is giving you means to get your own food,” he said.
He listed the administration’s initiatives such as training of three million young Nigerians in IT skills, the Scale Up Artisans project, the Nigeria Youths Academy, among other interventions.
Abdulaziz also said the President has given young people voices by appointing young Nigerians into his cabinet and other important positions.
“For the first time we have a truly young Nigerian as minister of youths development. We have other young people in the cabinet and key appointments. We have to appreciate that.”
Abdulaziz said the IT training he sponsored was a way of giving back to the community and uplifting the underprivileged to attain their full potentials as part of his ongoing commitment to community development.
During the event, Abdulaziz also presented computers to some of the best-performing students in recognition of their dedication and excellence.
This initiative, he noted, is part of a broader vision to equip the youth with relevant digital skills, aligning with the Renewed Hope Agenda of President Tinubu’s administra
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Tinubu’s commitment to young people, unprecedented – Aide
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