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You can’t control commodities prices with force – Rights group tells Nigerian govt
A group, Foundation for Environmental Rights, Advocacy and Development, FENRAD, a pro-democracy and environmental rights advocacy group has slammed the Federal Competition and Consumer Protection Commission (FCCPC) for giving a one-month moratorium to sellers who inflate prices of commodities, saying that price reductions can not be achieved through force.
The group, while reacting to the statement credited to Tunji Bello, the Executive Vice Chairman of FCCPC, clarified that it stands against profiteering, racketeering or any other unwholesome dealings perpetrated against indigent Nigerians, but said, however, a situation where government policies drive inflation and yet the same government turns around and initiates a fiat targeting people whose market behaviour is a mere reaction to inefficiencies of the same government was unwholesome.
In a statement issued by Nnanna Nwafor, its Executive Director, the group said the Federal government’s focus should be on the economic policies of the day which birthed price conflict as against competitive pricing.
His words: “It should be recalled that within his first three months in office President Tinubu ‘removed’ subsidy on petrol and floated the naira in an attempt to unify the foreign exchange windows. Before one year in office, the same president removed the subsidy on energy, negatively impacting the energy security in a petrol-dependent economy.
It noted that the naira has been unable to withstand the shocks in the volatile foreign exchange market, losing about 35.53% value to the US dollar in August 2024.
Nwafor, who declared that palliative handouts alone can not address hardships and price inflation in the country, urged the government to address worsening insecurity to enable displaced communities and farmers access their farms and begin cultivation.
He advised the FCCPC against threatening traders but to implement economy-friendly policies to naturally reduce commodity prices.
CREDIT: DAILY POST
Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.
Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.
This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.
The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.
In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.
As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.
The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.
The full lineup for the Round of 16 is as follows:
- Spain vs Canada
- Brazil vs Cameroon
- Colombia vs South Korea
- Mexico vs USA
- North Korea vs Austria
- Germany vs Argentina
- Netherlands vs France
- Japan vs Nigeria
The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.
In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.
A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.
Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.
He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).
Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.
We’ll be forced to export 97% of our petrol – Dangote Refinery warns
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