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Economy

BREAKING: Fuel Subsidy is Organised Crime – Peter Obi Declares

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The presidential candidate of the Labour Party in the 2023 election, Peter Obi, has described fuel subsidy as an organised crime.

POLITICS NIGERIA reports that Obi made the statement on Monday while speaking on Arise TV’s ‘The Morning Show’ on what approach he would have taken differently in resolving the looming strike by the Nigeria Labour Congress and Trade Union Congress.

“Fuel subsidy is organised crime. I said it repeatedly that it should be removed,” Obi said. “For me, the approach would have been, is to remove the corruption and criminal side of it and remove the excess demand.”

“By doing this, you would have reduced it by 50 per cent. The remaining 50 per cent is what we would have been able to, after consultation with various stakeholders in order to find a way in an organised manner, remove and show the proceed of the gains of the removal to be invested in critical development areas.”

Obi, the former governor of Anambra State, is known for vocal criticism of the Tinubu-led government, especially in managing public finances. He had pledged to remove fuel subsidy and invest the proceeds in critical development areas, such as education, healthcare, and infrastructure, if elected president.

He lost the 2023 election to President Bola Tinubu

Economy

NNPC Reacts As Lamido Says Tinubu Should Not Double As Petroleum Minister

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The Nigerian National Petroleum Company Limited (NNPCL) has reacted to the allegations made by the former Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi.

Recall that Sanusi had said President Bola Tinubu should not double as the Minister of Petroleum.

Sanusi made the submission on Thursday while speaking at The Bank Directors Summit held at the Congress Hall of the Transcorp Hilton in Abuja.

According to him, the advice is necessary in order to have someone who can be held accountable because if anything goes wrong in the petroleum sector, people would not want to speak against the President.

The former Emir of Kano also called for the Nigerian National Petroleum Company Limited (NNPCL) audit, noting that this call cost him his job as the CBN Governor.

However, speaking on the matter during an interview with Punch, NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, said there would be no need for an official response to the claims made by the ex-CBN boss.

The NNPC said it was focused on delivering the task set for the national oil company, stressing that everyone was free to air their opinion.

He explained that constant responses could hinder the enormous task before the oil company, adding that NNPC would rather concentrate on handling the work that it was established to deliver.

“Everyone is entitled to their opinion. Constant responses to every individual can hinder our work. Our focus remains on delivering energy security, managing ongoing projects, and implementing reforms,” Soneye stated

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Economy

Kyari seeks just energy transition for Africa at COP 28

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The Group Chief Executive Officer (GCEO), Nigeria National Petroleum Corporation (NNPC) Ltd, Mr. Mele Kyari, yesterday reflected on the search for sustainable solution to decarbonised energy.

He said the African Continent needed “a just, differentiated transition” to harness its resources for the benefit of its future generations.

Kyari spoke at a Regional CEO Panel organised by McKinsey & Company on the sidelines of the ongoing United Nations Conference on Climate Change (UNCCC) in Dubai, United Arab Emirate (UAE).

The GCEO, who joined other global energy leaders from the United States, Holland, and Oman to highlight energy perspectives and insights on the evolving energy market, said the world must understand Africa’s peculiarities in addressing the effects of climate change on energy businesses.

In a statement by NNPC’s Chief Corporate Communications Officer, Mr. Olufemi O. Soneye, the GCEO called for a differentiated energy transition.

Kyari said: “I have always advocated for a differentiated and just energy transition. In Africa, we have different circumstances compared to other places in the world.

“In Africa today, 75 per cent of our population doesn’t have access to electricity, leaving us with biomass as a key energy source. The world needs to recognize that the most practicable thing today is to substitute what we have in the short term to close the energy gap for our rising population.”

Noting that Nigeria may be among the global top 10 economies by 2035 and third in terms of the global population, Kyari said the energy poverty question should be discussed as nations unite to achieve net zero by 2050.

He said with abundant natural gas reserves of 206 trillion cubic feet (tcf) that have the potential to rise to 600tcf, Nigeria is currently utilizing gas to drive its journey towards energy transition.

Kyari said NNPC Ltd was creating a regional gas pipeline network to supply natural gas across the African continent and boost its Liquefied Natural Gas (LNG) supply to the foreign market.

He said the idea of eliminating gas flares from gas projects was meant to deploy the gas towards developing power plants nationwide.

Kyari said the move will boost national electricity supply, create employment opportunities, and trigger the nation’s industrial and economic development.

He said that to demonstrate NNPC Ltd’s commitment to a net-zero future by 2025, the Company recently signed up as a participant in the United Nations Global Compact in New York, becoming the first state-owned oil company to join the global initiative

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Economy

CBN gets new spokesperson

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The Central Bank of Nigeria (CBN) has appointed a professional Public Relations practitioner, Mrs Hakama Sidi Ali, as its new Acting Director of Corporate Communications.

Mrs Ali is a recognised member of the Nigeria Institute of Public Relations (NIPR), who served as Deputy Director in the same Department at the Bank before her latest appointment.

The NIPR has for years sustained the campaign to stop government agencies, individuals and corporate organisations from the illegal practice of appointing non-professionals and quacks as spokespersons.

The Economic Confidential gathered that The new CBN spokesperson is a 1992 graduate of the Bayero University, Kano, where she bagged a Bachelor of Arts degree in Mass Communication.

She also has an MSc in Mass Communication and PGDE in English Language.

Apart from NIPR, Mrs Ali is also a member of other reputable professional bodies like the Chartered Institute of Loan and Risk Management (CILRM), Chartered Institute of Personnel Management of Nigeria (CIPMN), Africa Development Studies Centre (ADSC), Toastmasters International and many others. (By PRNigeria)

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