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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
Senator Sani Musa, Chairman of the Senate Committee on Finance, has congratulated First Lady Senator Oluremi Tinubu on her 65th birthday.
In a congratulatory message, Senator Musa described the First Lady as “an Amazon and a source of inspiration to millions of Nigerians.”
Sen.Musa praised Senator Tinubu’s life of impact, devotion to God, and service to the nation.
He celebrated her compassion, strength, and dedication to the welfare of women, children, and the less privileged, noting that she continues to inspire hope across Nigeria.
The Senator wished the First Lady many more years in good health, wisdom, and strength, expressing confidence that she will continue to support President Bola Tinubu and champion noble causes that will uplift the nation.
On behalf of the people of Niger East, I join in celebrating the First Lady’s special day and pray for her continued good health and well-being.
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The Chairman, House of Representatives Committee on Appropriations, Rep. Abubakar Kabir Bichi, says the Federal Government has committed over N12 billion to a solar power project at Aminu Kano Teaching Hospital (AKTH).
Speaking at the flag-off of the project in Kano, Bichi, who represents Bichi Federal Constituency, said the initiative would make the hospital independent of the national grid.
He explained that the project is part of the government’s plan to solarise all tertiary institutions and teaching hospitals across the country, beginning with AKTH.
According to him, the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda to strengthen healthcare infrastructure.
“The Federal Government set aside N300 billion in the 2025 appropriation act, and very soon all our tertiary institutions and teaching hospitals, including those owned by states, will enjoy 24-hour solar power.
“This year alone, I have attracted projects worth over N26 billion to AKTH, which has never happened in its history,” he said.
Bichi added that similar projects were underway at Bayero University Kano, Aliko Dangote University of Science and Technology Wudil, and Murtala Mohammed Specialist Hospital.
He also commended Tinubu for supporting the project, describing it as a milestone in healthcare service delivery.
In his remarks, the Minister of Science, Technology and Innovation, Chief Uche Nnaji, said the initiative marked the translation of the Renewed Hope Agenda from vision to tangible action.
On his part, the Director-General of the Energy Commission of Nigeria (ECN), Dr Mustapha Abdullahi, assured that the project would be delivered before December.
“This is the first of its kind in Nigeria. We are targeting about 10,000 projects across the 36 states and the FCT to ensure 100 per cent solarisation of facilities,” Abdullahi said.
The Chief Medical Director of AKTH, Prof. Abdulrahman Sheshe, said the hospital spends about N150 million monthly on electricity bills and an additional N30 million on diesel.
“With this intervention, the hospital will save more than 30 per cent of its expenses. This project could not have come at a better time, especially after the recent power dispute we had,” he said.
Before the flag-off, Bichi inspected the ongoing construction of a five-storey Accident, Emergency and Trauma Centre at the hospital, another project facilitated by the Federal Government.
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