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Nigeria not ripe for total subsidy removal – Economist warns against monopoly
An economist and public affairs analyst, Dr Samson Simon has urged the Federal Government not to heed advice for the total removal of subsidy on petrol.
Simon, who is the Chief Economist, Economics & Data Limited was reacting to the interview granted Bloomberg Tv by the Chairman of Dangote Group, Aliko Dangote, wherein he urged the government to completely remove subsidy.
He, however, said it was not the right thing to do at the moment considering that the country does not have sufficient local refining capacity.
Speaking to DAILY POST in an exclusive interview, he observed that “theoretically, on paper, removal of subsidy is the best thing, it frees up resources to attend to more critical needs of the state, such as education, healthcare, infrastructure.
“But we have tried to remove subsidy and we have failed woefully, and while we have inflicted maximum pains on Nigerians by hiking the pump price of fuel, we are still even paying more for subsidy, that means there is a problem somewhere.
“I think what we are not getting right is that we need to ensure domestic refining, and then domestic supply of feedstock to these refineries, by the way it should not be limited to Dangote, because Dangote is a businessman, he is after profit and when he is a monopolist, he is even more dangerous.”
The economist also cautioned against allowing monopoly to thrive in the market, warning that Nigerians would suffer for it.
“There should be a competition. We have been a net exporter of cement for a while now and it has not really been a blessing in the sense that those people that are manufacturing cement charge more than the global average.
“So, domestic refining does not necessarily translate to lower prices; there is a need for us to ensure competition.
“Even for cement, I know that Dangote is not the sole-manufacturer of cement but he controls more than 60 percent of the market. One of things defining monopoly is not necessarily having a sole supplier, but a dominant supplier, it is still a monopoly and that is why we are all feeling the pains.
“In the same manner, I don’t think this is the right time. Yes, Dangote should be encouraged, but we may still suffer enough if we allow him to be the sole person now, all of us are going to feel the pain of it.”
He added that, “while we try to remove subsidy, we have to look for ways to bring down the pump price of fuel, they are not mutually exclusive, in the sense that we can still remove subsidy, it is just a means to an end, you are not requesting for subsidy for the sake of subsidy, but so that you have a lower pump price.
“So, if there is a strategy to bring down the pump price of fuel, while not paying for subsidy, I think that will be excellent, there is nothing that will be better than that
“And the strategy I have in mind is domestic feedstock and domestic refining, not only for Dangote but for the general oil industry in Nigeria. That will go a long way in helping fix the problem.”
CREDIT: DAILY POST
Ekiti State Governor Biodun Oyebanji has honored two teachers in the disability sector with cash awards of 500,000 naira each.
The governor made the gesture during the celebration of the Teachers’ Day in the state.
Mrs Adetoun Agboola, Special Adviser on Special Education and Social Inclusion, hailed the governor’s commitment to inclusion.
Agboola emphasized that the recognition serves as a morale booster for the teachers, marking the first time such a gesture has been made during the Teachers’ Day celebration in the state.
“The recognition of these teachers, who work tirelessly with children with disabilities, highlights Governor Oyebanji’s dedication to inclusivity.
“Over the past year, these educators have faced immense challenges, adapting to new teaching tools, increased documentations, and rigorous preparation before delivering their lessons. Their hard work has clearly paid off, and today’s honor reflects their unwavering commitment,” Agboola said.
She added that the awards signal that the voices of teachers working within the disability community have been heard, reinforcing the governor’s pledge to support the community in the state.
The theme of this year’s celebration is “Valuing Teachers’ Voices:Towards a New Social Contract For Education”.
CREDIT: DAILY POST
Emergency repairs on failed sections of the Abuja-Kaduna Dual Carriageway has been initiated by the Federal Ministry of Works to improve conditions for road users.
A statement on Sunday by the Ministry’s Director of Press and Public Relations, Mohammed Ahmed, explained that the contractor mobilised to the site on October 2, 2024.
According to Ahmed, the contract for Section I of the Expressway spans from kilometre 0 + 00 (Zuba, FCT) to kilometre 31 + 200 (Tafa, Niger/Kaduna States’ border), with a completion timeline of two weeks.
He further explained that the scope of the contract includes patching existing potholes and reinstating critically failed sections of the roadway, saying that the approved contract sum is N366 million.
Ahmed added, “During an inspection tour of the project on Saturday, the Director of Highways for North Central Zone I, Mohammed Goni, and the Director of Special Projects (North), Olufemi Adetunji, urged the contractor to comply strictly with the contract terms and no extensions to the completion period will be granted.”
The statement noted that Goni described the road as a vital artery for connecting the Northern and Southern regions of the country, underscoring its role as a catalyst for economic growth.
He assured Nigerians that upon successful completion of the contract, further repairs on the remaining failed sections from Tafa to Kaduna would be awarded.
Mr Lawrence Emmanuel, the Project Supervisor, explained that work is progressing with the cutting and shaping of the failed portions extending to Dikko Junction in Niger State, stating that asphalting of the areas is expected to commence on Monday.
He observed that heavy traffic impeding work progress but assured of timely completion.
The Federal Controller of Works for FCT, Yakubu Usman, pledged daily inspections and diligent oversight of the project throughout its duration
CREDIT: DAILY POST
The Federal Government has announced that no Nigerian life has been lost in Lebanon amid the ongoing conflict between Israel and Hezbollah.
As Israel intensifies its airstrikes in Lebanon, the Nigerian government has commenced preparations to evacuate its citizens from the conflict zone.
In a statement issued on Saturday by the Ministry of Foreign Affairs spokesperson, Ambassador Eche Abu-Obe, the government confirmed that the Nigerian Embassy in Lebanon has been actively working to ensure the safety of Nigerians.
The statement emphasized the government’s commitment to protecting its nationals during the crisis.
“The Federal Government has begun preparations to evacuate its citizens from Lebanon. It is pertinent to mention that no Nigerian life has been lost since the beginning of the conflict,” the statement read.
The Ministry added that the Nigerian Embassy had previously advised citizens in Lebanon to voluntarily evacuate, with commercial flights still operational.
Those in southern Lebanon, where the fighting has been most intense, were relocated to safer areas, such as Beirut, with the help of community leaders.
The government reassured Nigerians that it is in contact with relevant stakeholders and is committed to ensuring the safe return of all its citizens.
This comes as the conflict between Israel and Hezbollah escalates, with Israeli airstrikes targeting Hezbollah strongholds across Lebanon and ground troops conducting operations near the border.
The violence, which has continued for nearly a year, has now evolved into full-scale warfare.
CREDIT: DAILY POST
Teachers’ Day: Oyebanji rewards 2 disabilities educators with N500,000
Nigerian Govt initiates repairs on failed portions of Abuja-Kaduna dual carriageway
FG set to begin evacuation of Nigerians from Lebanon
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