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It’s Time to Remove Subsidy on Petrol, Dangote Cautions FG

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Aliko Dangote, Founder of Dangote Petroleum Refinery, has said that the right time has come for the Federal Government to stop petrol subsidy.

Dangote spoke during an interview with Bloomberg TV on Monday.

“I think it is the right time to (take away subsidy) because all countries have gotten rid of subsidy,” he said.

He said subsidy is a sensitive issue, adding that once a country subsidises the product, people would increase the price.

Dangote said it would lead to the government “paying what they are not supposed to be paying”.

Dangote added that the petrol sold locally by his refinery will be tracked to ensure the consumption rate is accounted for.

“But this refinery will bring quite a lot of issues out there. It would show the real consumption of Nigeria because nobody can tell. Some people say it is 60 million litres per day, some say it is less,” the billionaire said.

“But right now, by us producing, everything can be counted and accounted for. Most of the trucks or ships that will load from us, we will put a tracker on them to be sure they are going to take the oil within Nigeria and that can help the government to save a lot of money.

“For example, Saudis, the citizens believe that oil is our god-given gift and should not charge us for it. Government was selling it at a very low price. But today, as we speak, gasoline is about 40 percent cheaper in Nigeria than in Saudi Arabia, which I think does not make sense.”

‘FG CAN’T AFFORD SUBSIDY’

Noting that petrol subsidy is not sustainable, Dangote informed that government cannot afford to keep subsidising.

“Our price of gasoline is about 60 percent the price of our neighbouring countrries and we have porous borders, so it is not sustainable. Government cannot afford the amount of subsidies we are paying,” he said.

Speaking further on the viability of petrol subsidy, Dangote said it is the government’s decision to either continue with or halt the payments.

“We have a choice of exporting when we produce and we sell locally. We are a private company and it is true we have to make a profit,” he said.

“We built something worth $20 billion, and definitely we have to make money.

“The removal of subsidy is totally dependent on the government, not on us.

“We cannot change the price but I think the government would have to give up something for something.”

Dangote said eventually, the subsidy would have to go.

Eecall that on May 29, 2023, President Bola Tinubu said the petrol subsidy regime was over as part of his inauguration speech. However, recent events have continued to prove that the subsidy regime is still very much in vogue.

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Atiku Dares Tinubu over $16bn Power Sector Fund Probe

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Former Vice President Atiku Abubakar has dared the President Bola Tinubu administration to investigate him (Atiku) over allegations of wrongdoing in the $16 billion power sector fund, saying recycled accusations should not be used to avoid accountability for subsidy savings.

Reacting on Wednesday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the sudden revival of old allegations on power, privatisation and public assets as a ploy to divert attention from pressing questions about the management of public resources.

“The National Assembly investigated the power projects. I was never invited to answer any allegation of wrongdoing,” Atiku said.

“Yes, I chaired the National Council on Privatisation as Vice President. But on the power project, I disagreed with its concept and did not preside over its implementation. The responsible minister did. The same applies to the Aluminium Smelter matter.”

The presidential candidate of the African Democratic Congress (ADC) said he had consistently called for investigation into any claim against him since leaving office in 2007.

“I have repeatedly asked to be investigated. I left office in 2007 and have spent much of the period since then opposing governments in power. If there is evidence that I stole public money, why has no government produced it before a court?

“It is still not too late. Investigate me. Invite me. Produce the evidence. Prosecute me if you have a case. But propaganda cannot substitute for evidence,” he said.

Atiku argued that the attacks intensified because he has been demanding transparency on the funds saved from fuel subsidy removal.

“They removed subsidy from the poor and promised that the sacrifice would free resources for development. Nigerians accepted extraordinary pain on that promise.

“Today, petrol is more expensive, transportation is more expensive, food is more expensive and the purchasing power of the Nigerian worker has been devastated.

“Meanwhile, government revenues have increased, while fiscal incentives, waivers, tax credits and concessions continue to be available to powerful economic interests.

“So our question remains brutally simple: Where is the people’s money?” he asked.

According to him, government cannot withdraw relief from ordinary Nigerians while granting concessions to the wealthy and then claim that intervention for the poor is “economically irresponsible.”

“You cannot take relief away from the poor, celebrate the resulting revenue and then tell the same impoverished citizens that government intervention on their behalf is economically irresponsible while interventions benefiting powerful interests are called incentives. That hypocrisy is precisely what we are challenging,” Atiku stated.

He said no amount of “sponsored social-media mudslinging” would silence him from demanding accountability.

“The people who removed subsidy from the poor cannot frighten us into silence by resurrecting allegations that governments with all the investigative machinery of the Nigerian state have had nearly two decades to establish.

“If you have evidence against Atiku, bring it. If you have a case, prosecute it.

“But if you have neither, stop manufacturing distractions and answer Nigerians: You removed the subsidy. You collected the savings. Where is the money?”

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Finally, NFF President, Ibrahim Gusau, Resigns

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The President of Nigeria Football Federation (NFF), Ibrahim Gusau, has announced his resignation from office.

He made the announcement during a press conference at the NFF Glass House in Abuja on Thursday.

Addressing journalists, Gusau said he decided to step aside to give other Nigerians the opportunity to contribute to the development of football in the country.

He maintained that despite the failure of the federation’s men’s and women’s teams to qualify for the World Cups, he is leaving the NFF in a better position than he found it.

Gusau also disclosed that he had advised members of his board to resign, but said he is not aware of any board member who had so far stepped down.

“I just want to tell you that I decided to resign my position as the NFF President. I informed my board members and advised them that anybody who wants to follow me to also resign, but as I am talking to you I cannot tell you who and who or how many board members that have resigned,” he said.

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Tinubu Spent Millions of Dollars to Hide ‘Drug’ Records, US Firm Alleges

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A United States-based policy advisory and lobbying firm, Von Batten-Montague-York, has alleged that Nigeria’s President, Bola Tinubu, spent millions of dollars to prevent the release of records of his alleged drug trafficking case.

Von Batten-Montague-York made this allegation in a post on its verified X handle late Tuesday.

According to the firm, Tinubu’s claim that he was not attempting to block the release of the records is contradictory to the action of his own legal team in the ongoing Freedom of Information Act (FOIA) case.

It accused Tinubu of having petitioned the court and consulted with the Federal Bureau of Investigation (FBI) and Drug Enforcement Administration, DEA, as part of efforts to prevent the records from being released.

“Despite claiming innocence, Tinubu has spent millions of dollars to ensure that his drug trafficking records are never released.

“The description of the underlying matter is merely a civil case. The involvement of US law-enforcement agencies in the records dispute demonstrated that the matter involved sensitive investigative material,” the firm said.

The latest allegation from the firm came against the backdrop of the ongoing legal battle over the release of records held by the US Department of Justice, DOJ, FBI and DEA, concerning historical investigations involving Tinubu.

United States District judge, Beryl Howell, had granted Donald Trump-appointed attorney, Jeanine Pirro, additional days to release the alleged drug-trafficking records.

Tinubu had joined the request of the US Department of Justice for a 10-day extension to respond to a motion seeking the release of records relating to allegations of drug trafficking.

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