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Fuel price: NLC, PDP, LP issue stern warning as World Bank recommends N750/litre

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Nigerians are expected to face increased challenges following the recent recommendation from the World Bank, urging the Federal Government to raise the pump price of Premium Motor Spirit (PMS). The World Bank, on December 13, asserted that the government might still be footing the bill for fuel subsidies, which President Bola Tinubu removed on May 29, 2023.

According to the World Bank’s Lead Economist for Nigeria, Alex Sienaert, the current fuel price in Nigeria is not cost-reflective and should be elevated to approximately N750 per litre, surpassing the current N650 paid by Nigerians. Sienaert disclosed this during the presentation of the Nigeria Development Update in Abuja on December 13.

The advice comes amid the severe hardships experienced in the country following the removal of the fuel subsidy in May. Since then, the pump price has risen significantly, contributing to higher prices of essential goods and services nationwide.

In response, various stakeholders, including the Nigeria Labour Congress (NLC), the Peoples Democratic Party (PDP), and other critics, have condemned the World Bank’s recommendation. They argue that such an increase would further impoverish the masses, given the already challenging economic situation in the country.

NLC spokesman Beson Upah criticized the World Bank for being insensitive to the plight of Nigerians, describing the institution as a “predatory” force that lacks consideration for the Global South. He warned that raising the pump price would invite anarchy.

Hon. Debo Ologunagba, the National Publicity Secretary of the PDP, blamed the International Monetary Fund (IMF) and the World Bank for Nigeria’s economic troubles. He expressed dissatisfaction with the lack of tangible palliatives for Nigerians since the removal of the fuel subsidy.

Dr Yunusa Salisu Tanko, Chief Spokesperson for the Labour Party Presidential Campaign Council, viewed the World Bank’s move as an attempt to continue colonizing African countries. He emphasized the need for creative leadership and the construction of refineries to address the economic challenges.

However, a chieftain of the ruling All Progressives Congress (APC), Mr. Mathew Adah, expressed confidence in President Tinubu’s ability to handle the situation intelligently, urging Nigerians to be patient.

The World Bank’s recommendation has sparked a debate on the potential consequences of a fuel price increase, with critics warning of detrimental effects on the already struggling population.

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BREAKING: Oronsaye Report: Tinubu to scrap many agencies, merge others

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President Bola Tinubu will implement some of the recommendations contained in the Oronsaye Report.

This is majorly, in order to cut the cost of governance.

This is coming 12 years after the Steve Oronsaye Panel submitted its report on restructuring and rationalising Federal government parastatals and agencies and a white paper issued two years after.

According to Bayo Onanuga, the President and the Federal Executive Council on Monday reached a decision to implement the report.

He said: “Many agencies will be scrapped and many others will be merged, to pave the way to a leaner government.”

CREDIT: DAILY POST

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‘You’re responsible for Nigeria’s economic woes’— Atiku tackles Tinubu

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Atiku Abubakar, the Peoples Democratic Party (PDP) candidate in the 2023 general election, attributed Nigeria’s economic challenges to President Bola Ahmed Tinubu.

In a statement shared on his official social media account on Sunday, the former Vice President of Nigeria urged Tinubu to take cues from Argentina’s President Javier Milei on swiftly restoring investor confidence despite inheriting a troubled economy.

Atiku criticized Tinubu for deflecting blame onto the opposition and his predecessors, calling such actions unnecessary and shortsighted. He emphasized that market dynamics respond to concrete actions, not political rhetoric.

Drawing parallels with President Milei’s leadership in Argentina, Atiku highlighted the need for well-sequenced economic reforms. He commended Milei’s proactive approach in preparing for the post-reform challenges and ensuring the availability of mitigating measures.

Atiku contrasted Tinubu’s administration’s ad hoc and hurried reforms with Milei’s strategic sequencing. He pointed out Argentina’s lean government structure achieved through reducing ministries and privatizing state-owned enterprises, contrasting it with Nigeria’s expanding bureaucracy and excessive spending on official residences.

Atiku likened Tinubu’s administration’s approach to Nero fiddling while Rome burns, accusing him of evading substantive action and blaming the opposition for policy failures, reminiscent of characters in George Orwell’s Animal Farm.

Expressing admiration for Argentina’s reforms, Atiku suggested aligning his “Recover Nigeria Plan” with Milei’s stabilization strategy to alleviate Nigeria’s economic distress. He emphasized the need for transparent policies focused on economic revival and warned against dismissing discontent, particularly among the youth, which could manifest in protests.

The statement referred to the worsening economic conditions in Nigeria, highlighted by soaring inflation rates and high living costs, as reported by the National Bureau of Statistics, with headline inflation reaching 29.90% and food inflation at 35.42% in January 2024.

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BREAKING: Fire guts FCT Minister’s residence

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A fire broke out at the private residence of Dr. Mariya Mahmoud, the Minister of State in the Federal Capital Territory Administration (FCTA), on Sunday afternoon.

Situated at No. 9, Justice Roseline Ukeji Close in the affluent Asokoro district of Abuja, the property was reportedly completely destroyed by the blaze.

Despite prompt emergency response efforts, including the arrival of fire service personnel, nothing could be salvaged from the premises.

Mr. Austin Elemue, the Minister’s Special Adviser on Media, confirmed the incident, indicating that the cause of the fire remained unknown at the time.

Authorities have initiated an investigation to ascertain the cause of the fire.

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