Business
Reactions Trail Planned Removal Of Fuel Subsidy
The plan by the Federal Government to remove fuel subsidy sparked off reactions in Port Harcourt city and its environs over the weekend as majority of people interviewed condemned the step, describing it as one that would upset the current stability in fuel supply and impact negatively on other sectors of the national economy.
One of the respondents, the Managing Director of NEDAL oil Ltd, Prince Emmanuel Ogba said he was surprised that the current administration led by President Goodluck Jonathan which is lauded for checking fuel crises in the country could be thinking of removing fuel subsidy now.
“I think that the step is wrongly timed because government should allow the ongoing reform in the petroleum sub sector to get to an advanced stage such that when subsidy is eventually removed, it would not have abrupt and far-reaching negative effects that would eventually affect other sectors of the nation’s economy”, he said.
The managing director who ackowledged that Nigerians could not run away from removal of fuel subsidy in the future, stressed that the idea of removing fuel subsidy should not even be imagined now.
According to Prince Ogba, “the whole idea of removal of subsidy is about increase in pump price and whence such step is taken at this stage of reform in the oil sector, it affects almost every other calculations in the nation’s economy”.
But to Mrs. Ijeoma Nwankwoala, the idea of removal of fuel subsidy would cause people to create “artificial scarcity because, in the short run, there could be hoarding by marketers who may have feelings of uncertainty over the acceptability of the step”.
In the long run, she continued, “Immediately the increase in pump price tries to stabilise, Nigerians would think of short cut. By that, I mean, black market may present itself as another competitor to organised market”.
Mrs. Nwankwoala, a secondary school teacher also expressed the view that when black market begins to thrive as a negative effect of the increase in the pump price, illegal bunkering and vandalism of pipelines by economic saboteur could become the order of the day.
Some drivers in the metropolis also condemned the removal of the subsidy because of the impact it was capable of having on the transport sector.
“Commuters in Port Harcourt always complain that the transport fare in the city is higher than what obtains in other cities of the country. Now if you remove subsidy in petrol which will result in increase in transport fare, you can imagine how high the fare would be,” said Cletus Chukwu, a taxi driver.
Another commercial driver, Jonathan Charles who operates along Port Harcourt/Aba Express Way advised the president not to give in to anti-people strategies by those he considered enemies of the government and the common Nigerians.
Mr. Charles pleaded with the president to drop the idea, at least, for now until other aspects of the ongoing reforms have been addressed, stating that what the government should be thinking now is the problem with the Nigeria National Petroleum Corporation (NNPC).
He described the non remittal of funds to the government by NNPC to the tune of several hundred billions of naira, the comatose of all the refineries in the nation and undefined standard in allocation of oil blocks as the problems with the industry.
“But government would not see those ones because they concern the big men in the country but whenever any issue concerns the common man, the government applies a different approach,” he said.
“Look at the much talked about implementation of new minimum wage to Nigerian workers, it had been turned to a drama. This attitude should change in the interest of Nigerian masses”, he maintained.
It would be recalled that the Minister of Labour and Productivity, Emeka Nwogu, recently said that federal government has no better alternative to removal of fuel subsidy. Apart from providing more fund to service the nation, government believes that there is great disparity between the cost of petroleum product in Nigeria when compared to other countries.
Chris Oluoh
The Nigerian Communications Satellite Limited (NIGCOMSAT), the country’s satellite operator, has called for immediate promolgation of policy action that will enable the country to harness the potentials of Artificial Intelligence (AI).
NIGCOMSAT, also warned that Nigeria risks missing out on Africa’s projected $1.2trillion share of the global AI economy by 2030.
Managing Director of NIGCOMSAT, Nkechi Egerton-Idehen, disclosed this in a statement issued at the weekend following her participation in the Meeting of the National Council for Communications, Innovation, and Digital Economy.
“Artificial intelligence is reshaping industries, economies, and societies worldwide, with projections that it will contribute up to $15.7trillion to the global economy by 2030. Africa stands to gain $1.2trillion of this if the right policies and innovations are in place”, Idehen said, citing a PricewaterhouseCoopers report.
The NIGCOMSAT MD underscored the transformative potential of AI in agriculture, highlighting its applicability in Benue State, widely regarded as Nigeria’s “food basket.”
According to her, machine learning tools could revolutionize agricultural practices by improving pest detection and optimizing planting schedules using satellite imagery.
“AI offers us the chance to not only flourish economically but also to achieve food security. However, we must ask ourselves if we are prepared to manage this technology responsibly”, she added.
Idehen also noted that internet access remains a significant barrier to AI adoption in Nigeria.
“For AI tools to be effective, basic digital infrastructure is essential. Addressing this gap must be a priority.
“AI is happening. We have the opportunity to manage this technology revolution responsibly, both in Africa and globally, through innovation and governance”, she said.
In August 2024, the Federal Ministry of Communications, Innovation, and Digital Economy released a draft National Artificial Intelligence Strategy, aiming to position Nigeria as a global leader in AI.
Corlins Walter
The Chairman of Emohua Local Government Council, Chief David Omereji, has said the council has so far spent over N1 billion for the electrification of communities in the area.
Omereji said this while addressing staff of the council at the council headquarters recently.
He said the move was part of his administration’s resolve to ensure peace and development of the LGA.
According to him, the Council spent about N29 million on monthly basis for the maintenance of the Emohua Local Vigilante group known as OSPAC, with each member being paid a stipend of N100, 000 monthly.
He diaclosed that 11 out of the 14 wards are currently enjoying electricity, while efforts are on to light-up the remaining ones.
“I also want to use this opportunity to inform the political class for purposes of records and for the understanding of the people that the Council under my watch have done more than enough”, he said .
The Emolga boss explained that all that have been achieved were through the personal effort of the Council, without support from anybody as rumoured in some quarters.
Omereji further reaveled that a number of other projects, including roads, fencing of schools, hospitals, courts premises, and reconstruction of some abandoned buildings at the Council Headquarters are being undertaken by his administration.
He enjoined the people of the area to support his administration’s drive to bring purposeful development to the LGA.
The Emohua Council boss, who reiterated his hatred for noise making, stated that his works would speak for him, and solicited the support of staff of the council and the entire people of the area.
He noted the fact that some people may not be happy with his achievements, saying that he would remain focused, while advising critics of his government to do so constructively with facts and figures.
King Onunwor
The Movement for the Survival of the Ogoni People (MOSOP) has raised some ethical questions over a Financial and Technical Services Agreement (FTSA) between Sahara Energy and West African Gas Limited (WAGL), an affiliate of the Nigerian National Petroleum Company (NNPC).
MOSOP said the agreement was not done in good faith, not in the interest of the Nigerian people, and did not follow due process.
Foremost Ogoni born activist and MOSOP leader, Fegalo Nsuke, who made this known in Abuja, weekend, described the Sahara-WAGL deal as fraudulent, deceptive and an insult on the intelligence and integrity of the Nigerian nation.
Nsuke called on President Bola Ahmed Tinubu to cancel that FTSA between Sahara Energy and WAGL, noting that the agreement is fraught with irregularities and deceptive.
“What Sahara and the NNPC did in the FTSA between Sahara and WAGL is shameful and depicts high level corruption in public service of our country.
“WAGL is an affiliate of Sahara and the NNPC. How then can Sahara go into an agreement with its own affiliate? It’s as good as going into an agreement with itself. This is deceptive and fraudulent”, Nsuke said.
He continued that “Sahara Energy is certainly not a company the Ogoni people want on their soil and we are calling on Mr. President, Bola Ahmed Tinubu, to terminate any deal between the NNPC and Sahara Energy over OML 11, and to allow for an inclusive arrangement that considers a fair treatment of the Ogoni people in the distribution of revenues from natural resource extraction on Ogoni soil.
“The last Ogoni Congress has been unequivocal on the Ogoni demand for justice and has given a clear path to resolve the three decade old conflict between all critical parties.
“It will be good to explore this path to peace and development for Ogoni and for our country”.
Nsuke accused Sahara Energy and the NNPC of frustrating the progress made by MOSOP to achieve a permanent solution to the Ogoni problem.
He urged a presidential intervention with deep consideration for a fair treatment of the Ogoni people in order to permanently address the problem.
He noted that Sahara Energy should give up on the Ogoni area to allow for an engagement in the interest of the country and the people.
Recall that MOSOP and Sagara Energy have recently been engaged in a row in what MOSOP describes as an unholy relationship between Sahara Energy and the NNPC over OML 11.
MOSOP expressly rejected Sahara Energy and called for a fair treatment of the Ogoni people in natural resource extraction in Ogoni.
It noted that Ogoni people, led by MOSOP, paid the sacrifice to take the oil from Shell, hence “the position of MOSOP must be taken into consideration in decisions relating to resumption of oil production in Ogoni”.