News
Increase in petrol pump price imminent – Rewane
The chief executive officer of Financial Derivatives Company Limited,
Bismarck Rewane has asked Nigerians to get ready for an increase in the pump price of petrol.
During a presentation at the Lagos Business School, Rewane said there were indications that the price of fuel would rise because government is working towards reducing subsidy payments.
He described subsidies as a huge loss on government’s revenue, adding that the World Bank put Nigeria’s total subsidy bill in 2018 at N731 billion.
“A gradual reduction in subsidy payments is anticipated. Only N305bn set aside for under-recovery in 2019 budget; expect an increase in the pump price of fuel,” he said.
“Forty per cent shortfall in provision for subsidies (under-recoveries) points to possible price increases.”
Rewane added that hike in price of petrol would result in high inflationary pressure.
He described the 2019 budget as counter-cyclical, saying the economy was in dire need of a boost.
He said with expenditures much higher than sustainable revenues, the fiscal deficit had widened by 2.15 per cent to N1.9tn, adding that the supplementary budget could not be avoided.
“Oil revenues are projected to decline due to the impact of OPEC quota on Nigeria’s oil output level,” he added.
On the new minimum wage, he said internally generated revenue remains the key to funding it, adding that it is not sustainable to rely on the federal accounts allocation committee (FAAC).
Rewane said the capacity of the economic management team will determine the success of President Muhammadu Buhari in the second term.
He projected that Buhari would have unveiled his cabinet by June, saying “the post cabinet selection squabbling will lead to splintering of the All Progressives Congress”.
Rewane added that the election tribunal results will “upset at least four governorship races”.
It will be recalled that in 2016, the Buhari administration increased a litre of petrol from N87 to N145, with sharp criticism among citizens.
News
Suspected kidnappers abducts 10 travellers in Ondo
No fewer than 10 passengers have been abducted by gunmen along the Owo-Benin highway in Ose Local Government Area of Ondo State.
The gunmen reportedly attacked the commercial bus the passengers were travelling in after which they were marched into the bush.
It was gathered that the passengers were on their way from Akwa Ibom to Akure when the incident happened.
One of the sources, who craved anonymity, disclosed that the driver of the space bus had initially thought that the gunmen were security operatives but realised that they were criminals when they shot sporadically into the air.
” They were kidnapped on the Owo-Ipele road on Saturday morning at about 12 am. Their vehicles were stopped, and they were dragged into the bush to an unknown destination.
“The hoodlums ambushed them and whisked all the occupants of the vehicle into the bush. All the occupants of the vehicle were abducted and nobody heard anything about them since then.
However, the police image maker in the state, Funmilayo Odunlami, however, stated only seven people were kidnapped.
“The police received information that a vehicle was attacked along the Owo/Ifon road, and seven people were suspected to have been abducted.
“Seven travellers were involved; they were coming from Akwa Ibom State in a commercial bus. Our men are already making efforts to rescue the victims from the kidnappers and arrest the perpetrators.”
News
Banditry: End insecurity by 2025 ending – Tinubu gives military marching orders
President Bola Tinubu has issued marching orders to the military to end banditry and general insecurity by the end of 2025.
This was disclosed by the Minister of Defence, Abubakar Badaru, in a viral video.
Following Tinubu’s order, Badaru said the military will continue its onslaught against bandits and all forms of criminalities.
The Minister said bandits are currently on the run and that the military won’t stop until they are all flushed out.
According to Badaru: “The bandits are now on the run, but the military will not rest until we end this thing. The president has given us marching orders to end insecurity in every part of our country by the end of this year.
“The Chief of Defence Staff, NSA are working day and night to actualize that target, as you have seen we are putting pressure on all the theatre operations.
“And indeed, mining activities have been lifted in Zamfara already and this is part of the reason we are meeting today to look at all areas where we have serious security issues and how best we can secure those areas.”
News
50% telecom tariff hike: NATCOMS backs decision as NLC bows to FG’s pressure
The Nigeria Labour Congress bowed to pressure to halt its planned Tuesday nationwide protest against the 50 percent telecommunication tariff hike.
Also, the National Association of Telecoms Subscribers backed the decision by the organized Labour.
Gatekeeper reports that the NLC signed a Memorandum of Understanding with the Federal Government after a meeting with the Secretary to the Government of the Federation on Monday night.
In the MoU signed by the SGF, Senator George Akume, NLC president Joe Ajaero, and the Minister of Labour and Employment, Muhammadu Dingyadi, and the National Secretary of NLC, Emmanuel Ugboaja, both parties agreed to set up a technical committee to resolve gray areas in the 50 percent telecom tariff approval.
However, NLC reiterated its rejection of the tariff hike.
“Arising from the meeting convened by the Federal Government of Nigeria on the proposed 50% hike in telecommunications tariffs in the country, which the Nigeria Labour Congress (NLC) expressed strong opposition to, citing its potential negative impact on the Nigerian workers and the economy with a threat to proceed on a one-day nationwide mass protest, the following resolutions were reached: That there is a need for the parties to sit together in a technical group to resolve most of the thorny areas raised during the discussion; consequently, a 10-man joint committee was set up of five (5) representatives each from the Federal Government and the Nigeria Labour Congress (NLC); and the committee shall conclude and submit its deliberations within two (2) weeks from this 3rd day of February, 2025.
“The parties call on the Nigerian people to remain calm while this committee concludes its assignment,” the communique after the meeting stated.
Earlier, a civic society organisation known as the National Civil Society Council of Nigeria, NCSCN, had announced the suspension of its planned protest against the 50 percent tariff hike.
Recall that last week, NLC announced Tuesday, 4th February, 2025, as a date for a one-day mass protest against the telecom tariff hike.
In a notice last Thursday by NLC National Secretary, Emmanuel Ugboaja, the union had already asked the state congress and affiliate union to mobilise for Tuesday’s mass protest.
This comes after the Nigerian Communications Commission on January 2025 approved a 50 percent telecommunications tariff hike for operators.
The approval has sparked tariff hike controversy in Nigeria’s telecom sector.
NLC and other telecom subscribers had opposed the tariff implementation, citing the persistent economic hardship Nigerians already face.
Subscribers back nationwide protest suspension.
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