Headlines
FG Blames Fuel Subsidy, Oil Thieves for Loss of N29tn in 16 Years
The Federal Government, on Thursday, said the amount spent on subsidising Premium Motor Spirit, popularly called petrol, between 2005 and 2021 was N13tn, adding that the country lost N16.3tn to oil theft from 2009 to 2020.
It disclosed this in Abuja through the Nigeria Extractive Industries Transparency Initiative at a policy dialogue on oil swap, co-hosted by NEITI and Policy Alert, an indigenous civil society organisation, with support from the Opening Extractives.
In a presentation by NEITI’s Executive Secretary, Orji Ogbonnaya-Orji, which was made available to our correspondent, he said there was an urgent need to make decision on the agitation for the removal of fuel subsidies.
He stressed that the full deregulation of the petroleum sector would permanently lay to rest the conversation around oil swaps, adding that latest findings by NEITI showed the humongous amount spent on subsidising fuel by the government.
“NEITI’s latest policy brief titled, ‘The cost of fuel subsidy: A case for policy review,’ revealed that Nigeria expended over N13tn ($74bn) on fuel subsidies between 2005 and 2021.
“The figure in relative terms is equivalent to Nigeria’s entire budget for health, education, agriculture, and defence in the last five years, and almost the capital expenditure for 10 years between 2011 2020. It is also important to note other economic opportunity costs of fuel subsidy which include slashing allocations for the health, education, and technology infrastructure sectors.
“Others include the deterioration of the downstream sector with the declining performance of Nigeria’s refineries and recording zero production in 2020; disincentivised private sector investment in the down and mid-stream petroleum sector; low employment generation since the refining process is done outside the shores of Nigeria; worsening national debt; declining balance of payment, forex pressures and depreciation of the naira and of course product losses, inefficient supply arrangements, scarcity and its attendant queues, etc,” Orji stated.
On crude oil theft, he said NEITI policy brief and data pulled from industry reports of the oil and gas sector “showed that between 2009 and 2020 (12-year period), Nigeria lost 619.7 million barrels of crude oil valued at $46.16bn or N16.25tn.”
Orji explained that the volume of crude oil losses represented a loss of more than 140,000 barrels per day, adding that between 2009 and 2018, Nigeria also lost 4.2 billion litres of petroleum products from refineries valued at $1.84bn.
“These findings and recommendations on tackling crude oil theft have been submitted to the President through the Presidential Committee on Crude Oil Theft, in which NEITI also served as a member.
“The committee has concluded its work and submitted its report to the President. The committee did an excellent job with far reaching recommendations. I will like to commend the Office of the NSA (National Security Adviser) that coordinated that panel’s work,” the NEITI boss stated.
The Punch
The General Overseer of Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has called on the Federal government to issue a 90-day ultimatum to security chiefs to end terrorism in Nigeria or step aside.
Adeboye made the appeal in a video shared on his X (formerly Twitter) account on Tuesday, expressing deep concern over the country’s deteriorating security situation.
He emphasized the need for urgent and decisive action, stressing that security chiefs must be held accountable for tangible results in the fight against terrorism.
According to him, while citizens can only advise the Commander-in-Chief, it is within the government’s power to set clear expectations and timelines for security leaders.
“If I were to make a suggestion, I would say the government should act swiftly and direct the service chiefs to eradicate terrorists within 90 days or resign,” he said.
The cleric also urged authorities to go beyond targeting terrorists alone, insisting that their sponsors must equally be identified and dealt with, regardless of their social or political influence.
“When issuing directives, it should be made clear that both terrorists and their sponsors must be eliminated, no matter how powerful they are,” he added.
Adeboye recalled that a former Nigerian president had once issued a similar three-month directive to security chiefs to end the Boko Haram insurgency but failed to enforce the order after the deadline expired.
Reflecting on his interaction with the late president, Adeboye noted that although initial efforts were made, the lack of follow-through undermined the directive’s effectiveness.
He maintained that his current recommendation is informed by that experience, urging the government to ensure strict enforcement if such a timeline is adopted.
His comments come amid renewed concerns over persistent terrorist attacks, banditry, and kidnappings across the country, with increasing public pressure on authorities to take stronger action against insecurity.
The Federal government has announced plans for a modest commemoration of Nigeria’s 27th Democracy Day anniversary, with President Bola Tinubu expected to lead activities by addressing a joint session of the National Assembly and delivering a nationwide presidential broadcast on June 12.
Secretary to the Government of the Federation (SGF), Senator George Akume, disclosed this on Tuesday during the inauguration of an Inter-Ministerial Committee charged with coordinating preparations for the annual celebration.
A statement signed by the Special Adviser on Media and Publicity to the SGF, Yomi Odunuga, further disclosed that Akume, who inaugurated the committee at the Shehu Shagari Complex, said that with barely 10 days remaining before the anniversary, members must immediately commence implementation of activities outlined for the event.
According to him, a week-long programme has been scheduled for the celebration, culminating in a Democracy Day Gala Night on June 12.
The activities include a World Press Conference on June 4, Special Juma’at Prayers on June 5, a Special Inter-denominational Church Service on June 7, a Democracy Day Public Lecture on June 9, as well as Youth and Women-Oriented Programmes on June 10.
The SGF stated that the administration remained conscious of prevailing economic realities and its commitment to prudent management of public resources, noting that this year’s events would be deliberately scaled down.
He said the decision reflected the government’s awareness of the current national mood and determination to ensure fiscal responsibility in the execution of public programmes.
Akume also paid tribute to heroes of the June 12 democratic struggle, particularly the late Chief Moshood Kashimawo Olawale (MKO) Abiola, describing his sacrifice as a defining moment in Nigeria’s democratic journey and a foundation upon which the country’s democratic institutions have evolved.
He said the annual observance of Democracy Day serves as an opportunity to honour the memory of those who fought for democratic governance while celebrating Nigeria’s progress in sustaining civilian rule and strengthening democratic institutions.
According to Akume, the occasion will also provide the Tinubu administration an avenue to showcase progress made in consolidating democracy, repositioning key institutions, and implementing reforms aimed at addressing national challenges despite prevailing socio-economic difficulties.
The Inter-Ministerial Committee inaugurated for the anniversary is chaired by the SGF and comprises senior government officials drawn from the executive, security, and administrative sectors.
Members include ministers responsible for Information, Interior, Federal Capital Territory, Health, Foreign Affairs, Finance, Defence, and Budget and Economic Planning, alongside the National Security Adviser, the Inspector-General of Police, the Director-General of the Department of State Services, presidential aides, and permanent secretaries.
The committee has been mandated to coordinate and execute all approved Democracy Day activities, engage relevant organisations and stakeholders where necessary, preserve records of the events for historical purposes, and undertake any additional assignments required for the successful delivery of the programme.
Akume further directed subcommittee secretaries to promptly submit budget proposals to facilitate the seamless implementation of the planned activities.
Democracy Day, celebrated annually on June 12, was instituted in honour of the annulled June 12, 1993 presidential election, widely regarded as one of Nigeria’s freest and fairest polls and won by the late MKO Abiola.
Former Ekiti State governor, Ayodele Fayose, has accused Governor Seyi Makinde of Oyo State of orchestrating the recent school kidnapping to blackmail President Bola Tinubu.
Fayose while featuring on Channels Television’s Politics Today on Monday, said: “Let me branch to Oyo State, before you get to the president in the hierarchy of leadership and governance, there is local government, there is state, state has security votes and there are people that are supposed to be working.
“In Oyo State, I strongly believe though I might be wrong but this sometimes might be orchestrated. The governor of Oyo State had his nomination and that of his candidates in the face of this abduction.
“He did not take any action, no steps were taken, it was after those nominations that he went to the families to visit them
“I sometimes believe that the abduction at Oyo School was orchestrated by the Oyo State Government to blackmail President Tinubu.”
Some school children and teachers were kidnapped by unknown gunmen in some local governments in Oyo State over two weeks ago.
Tinubu, last weekend, despatched a high powered delegation to the affected areas who promised to ensure the safe return of the abducted school children. The delegation was led by the Chief of Staff to the President, Hon Femi Gbajabiamila.
