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Subsidy Removal Will Set Nigeria on Fire, NLC Warns FG
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The Nigeria Labour Congress, NLC, has warned that those pushing for subsidy removal in Nigeria are out to set the country on fire.
The warning came against the backdrop of an announcement that the outgoing government of President Muhammadu Buhari had left the decision of petrol subsidy removal to the incoming government.
According to NLC, the focus should be on the local refining of petroleum products and not subsidy removal.
General Secretary of NLC, Emma Ugboaja, in a chat in Lagos yesterday, said nobody should drag Nigerian masses and workers into any increase in fuel price in the name of subsidy removal, insisting that organized labour will not accept it.
He said: “It will be uncharitable in 2023 for any government to talk about subsidy or no subsidy for a product that is naturally and thoroughly well-endowed in Nigeria. It smacks of wickedness for us to be discussing subsidy as an issue, rather than discussing production.
‘’The energy and resources people are putting into discussing subsidy show a lack of focus. It shows a lack of seriousness and a lack of appreciation of what governance should be. If in 2023, rather than getting people that will make proper use of our natural endowment, we are busy discussing the cosmetic challenge of subsidy or no subsidy, it is absurd.
‘Absurd comedy of subsidy’
“One would have thought that people should be setting before the incoming government a genuine challenge on how to move Nigeria forward, not for us to continue in the rigmarole of vicious, musical chairs and absurd comedy of subsidy or no subsidy. We cannot be people that do not respond to records.
“It is an open thing that the government that is about to leave in 2016 told Nigerians they had removed the subsidy. Despite the NLC’s position that there was no subsidy to remove and that what people were harping on was a price hike. They had told us that they removed the subsidy in 2016, so what subsidy are they removing or are we discussing now?
‘What we should be discussing is how to refine crude oil in Nigeria and make the product available for domestic consumption. Anything outside that shows the wickedness of the kind of intellectuals we have. We feel sick each time we see normal people come out on national television giving theories on subsidies and how they can be ploughed into healthcare or education.
Nothing is more dangerous than the way our elites try to hoodwink Nigerians. The truth is Nigerians need to wake up, we cannot continue in this vicious cycle of humiliation and slavery.
‘No subsidy to be removed’
“There is no subsidy for anybody to be removed. The point that has to be made is that we must refine it. Anything outside making our refineries work is wickedness. We need to make our refineries work. It is not rocket science. We hear them on an almost daily basis say Taskforce has demolished or destroyed certain numbers of refineries in Niger Delta creeks. Why can’t you use our universities to process quality control, why will you not use our universities to process cheaper and smaller processes of refining?
“We should stop treating these elites with kid gloves. Our elites are wicked to the country. So, don’t tolerate this new wave of wastage of our resources in the name of a media wave to create a capture of the psyche of Nigerians on subsidy removal that is imminent. What should be imminent is the local refining of crude in Nigeria. Nothing else should be imminent.
“Anybody moving Nigerians in the direction of subsidy removal wants to blow up the country. They can go ahead and blow up the country. But the truth is anything less than refining crude in Nigeria; you cannot push us into that argument. We have been down this route before, and it has never paid off. We keep calling it a fraud and that fraud was confirmed in 2016 when they looked us in the face and told us that they have removed the subsidy. They looked us in the face and said they were finally removing subsidiaries to free Nigerians. We protested, and they said we didn’t have any capacity to stop them and went ahead with it. They should not drag us into any increase in fuel price in the name of subsidy removal. Any increase in petrol price from the government in the name of subsidy removal, we will challenge it. We will work against it, it is straightforward.”
Speaking similarly, the Pro-Labour Civil Society Organisations, the Joint Action Front, JAF, through its Secretary, Abiodun Aremu, said: “JAF is opposed to the neo-liberal policies of privatisation and deregulation at all times.
‘’It is such policy regime that is responsible for the hike in fuel prices, sharp corrupt practices in the petroleum sector and the artificial fuel crisis induced by the Buhari regime in the past eight years
‘’The new NLC leadership needs to restore confidence in Nigerians that labour is, indeed, prepared for a total fight against all inimical socio-economic policies at the heart of the underdevelopment of the country.”
Reacting to labour’s warning yesterday, the chairman of the Major Oil Marketers Association of Nigeria, MOMAN, Olumide Adeosun, said major marketers were not comfortable with the sustenance of petrol subsidy because it had over the years stifled investment and growth in the sector.
He said: “We need full deregulation in line with the provisions of the Petroleum Industry ACT, PIA. The legislation is ultimately the best for the nation.”
Similarly, the National Operations Controller, the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi, said the Federal Government had continued to subsidise the price of petrol because of continued regulation of the sector.
He said: “We have always been opposed to petrol subsidies. We believe that subsidy will cease to be once the downstream sector is deregulated.
“This is required to conserve funds currently expended on subsidy as well as attract serious investors to invest, thus growing the sector.”
Also speaking, the Chief Executive Officer, the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said: “It is clear that the current petrol subsidy is fiscally unsustainable.
“But there is a need to creatively manage the transition from the current pricing regime to a fully or partially deregulated arrangement. It is a tricky issue which could pose a serious challenge to the government if not tactically managed.
‘’The reality is that the sentiments among the citizenry are not favourable to the deregulation of petroleum product pricing or petrol subsidy removal. Even some elites are curiously not persuaded by the justification for the subsidy removal.
“If the policy transition is not properly managed, there is a risk of a social and political backlash which may be difficult to contain. No doubt, there is a sound economic and business case in favour of fuel subsidy removal.
‘’But the social and political contexts are equally critical. The subsidy is not sustainable, which is why there is a need to accelerate engagement with the relevant stakeholders to come up with a policy transition strategy that is sustainable, realistic and pragmatic. The conversation should not only be economic, but also social and political.”
“We need to expeditiously address the ongoing rehabilitation of our refineries. Domestic refining of petroleum products will ease the currently prohibitive cost of petroleum products which is largely a consequence of our vulnerability to volatilities in global oil prices and currency depreciation. The Dangote Refinery should also be supported to ensure early completion.”
Source: Vanguard
President Bola Tinubu has once again given his administration a pass mark, saying that Nigeria is doing well under his watch
Tinubu made the remarks on Wednesday while receiving a delegation from Deloitte Africa, led by the Chief Executive Officer (CEO), Ruwayda Redfearn, at the State House, maintaining that his ongoing financial and fiscal reforms are necessary to reposition Nigeria’s the economy.
Tinubu expressed satisfaction that the reforms had steadily stabilised the economy over three years.
While he acknowledged the pains of the reforms, he declared that the “bitter medicine” was necessary, submitting that the economy “is making serious foundational progress.”
Tinubu said the reforms have stimulated the economy, strengthened the fiscal and revenue sectors, repositioned financial institutions, and prepared the country to be more globally relevant and competitive.
“We are following the example of Deloitte’s greatness to change things from the foundation, building the necessary future for our people.
“Yes, reforms are difficult. It has not been a McDonald’s customer relationship but a harvester of good things, if implemented well, and that is what we are about.
“Thank you for your partnership in paying attention to what we are doing here, as we have heard from the Honourable Minister of Finance about the fiscal, revenue and tax reforms that have taken place and are moving the nation forward.
“The reforms on revenue will continue to stimulate growth. And the effect of the reform? Yes, some issues are difficult to take the bitter medicine, but it is working well. For the economy, Nigeria is making serious foundational progress.”
The President further appealed to Deloitte Africa to improve its impact on the Nigerian economy by training and recruiting the dynamic youth population.
“The family of Deloitte; you just reminded me of my cradle years in accountancy and where I cut my childhood accounting teeth in Chicago. Deloitte has a good training programme, and I believe you will continue to reflect that.”
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who spoke on the reforms and impact, urged the leadership of the accounting and business firm to focus on building capacity among the youth.
In his presentation, the CEO of Deloitte Africa, Ruwayda Redfearn, said the global organisation is primarily focused on digital and business transformation, with over 500,000 employees worldwide working across various roles and locations, including over 6,000 in Africa.
She said the accountancy firm’s revenue was $74 billion in 2025.
“We are before you to say that we want to serve. We have a local team on the ground that is ready, as well as the global firm, to support you and support your administration as you lead the country.”
The Chief Executive Officer of Deloitte Africa, Yomi Olugbenro, assured the President of the firm’s support for the reforms.
“We do what we do because of the philosophy that our Africa CEOs talk about – making an impact that matters. Where we are at the moment, we believe that the ground has been solidly laid. There is a need to truly extract more value and deliver the dividends of democracy to ordinary Nigerians on the street. The bigger work is really about how to cascade some of those big reforms further down.
“We do believe that with the capabilities that the firm has all over the world, with the half a million people that our CEO spoke about, we have used cases, examples, experiences of how we supported nations all around the world, so Nigeria will definitely benefit from those experiences.
“So that is why we are here, and we welcome the invitation that you may grant us as to where exactly you want us to support you,’’ he added.
Lautaro Martinez scored a 92nd-minute winner as Lionel Messi inspired World Cup holders Argentina to a stunning comeback to beat England 2-1 on Wednesday and set up a final with European champions Spain.
England had been on course to reach their first World Cup final since 1966 after Anthony Gordon fired them into the lead 10 minutes after half-time in the semi-final in front of 68,239 fans in Atlanta.
But the great rivalry between these nations has produced several memorable contests on the World Cup stage down the years, and this will be remembered as the stuff of legends in Argentina as the South Americans denied England with two late sucker punches.
Messi set up Enzo Fernandez to fire in an 85th-minute equaliser and then, with extra time looming, crossed for substitute Lautaro Martinez to head in the winner in the second minute of stoppage time.
It was maybe not quite up there with Diego Maradona’s legendary display in putting England to the sword in 1986, but the goals this time brought Argentina back from the dead and kept alive their hopes of winning back-to-back World Cups.
No team has retained the trophy since Brazil in 1962, and now Messi will become just the second player after Brazilian great Cafu to appear in three World Cup finals.
The game will take place at the MetLife Stadium on Sunday in New Jersey as the first 48-team World Cup boils down to a controntation between the reigning champions of Europe and South America.
Messi had waited until the age of 39 to get the chance to play against England, and now he will face Spain for the first time in a competitive game.
His career appeared to be complete when he dragged Argentina to glory in 2022 in Qatar, but he is clearly not done yet.
England, though, will have huge regrets as they head to Miami to play France in Saturday’s third-place play-off, a game neither team will want to contest.
The prospect of a first World Cup final appearance since their sole triumph 60 years ago was a momentous one, and they were so close, but will live to regret sitting back after Gordon’s opener.
The key men for Thomas Tuchel’s side during this campaign have been Jude Bellingham and captain Harry Kane, yet they failed to deliver on this occasion, and England’s players slumped to the turf at full time.
Given the deep-rooted rivalry between these nations, this was always likely to be a game with an edge and there was a tangible feeling of tension in the Mercedes-Benz Stadium.
Argentina’s players were clearly fired up, partly by a determination to hold onto their World Cup crown but also by a sense of what this fixture means.
That translated into a niggly contest pockmarked by fouls in the first half, including Elliot Anderson being booked for scything down Messi.
There were no real chances to speak of in the first half, but England struck in the 55th minute.
Kane was involved in the build-up as the ball eventually came to Morgan Rogers on the right, and he whipped in a low cross towards the back post where Gordon stole in front of Nahuel Molina to score.
But this was the stadium where Argentina produced a stunning comeback from 2-0 down to beat Egypt in the last 16, and they were not done.
They threw everything at their opponents, as Jordan Pickford made a great save from a Nico Gonzalez header, and Alexis Mac Allister was then denied by the post in the 76th minute.
Fernandez was denied from range by Pickford, but moments later he equalised, controlling a Messi pass on the edge of the area and letting fly past the goalkeeper.
Argentina smelled blood, and Mac Allister again hit the post before England failed to clear and Lautaro Martinez headed in the winner from an exquisite Messi cross to spark chaotic scenes of celebration and leave England completely deflated.
AFP
The Federal High Court in Abuja has ordered the final forfeiture of 48 out of 57 properties worth N212 billion linked to the former Attorney-General of the Federation Abubakar Malami.
Judge Joyce Abdulmalik granted the final forfeiture application filed by the EFCC and dismissed several objections filed by Mr Malami, his family members, and some companies claiming ownership of the properties, saying they all lacked merit.
She held that the issue before the court was not “who owns the property, but how legitimate are the funds used to acquire the properties.”
The properties to be forfeited span Abuja, Kebbi, Kano, and Kaduna states and include luxury hotels, duplexes, plazas, warehouses, shopping units and residential estates acquired over several years.
Below is the full list of the 57 properties, including hotels and luxury homes initially seized by the EFCC through an interim forfeiture order. 48 of them will be handed over to the federal government following today’s court ruling.
1. Luxury Duplex at Amazon Street, Plot No. 3011 Within Cadastral Zone, A06 Maitama; File No: AN enhancement 11352, which was purchased in December 2022 at N500, 000, 000.00 (value after enhancement at N5,950,000,000).
2. Two Winged Large Storey Building Situate at No. 3, Onitsha Crescent, Area 11,Garki, Cadastral Zone, A03, Abuja (formerly Harmonia Hotels Limited), FCT, which was purchased Dec. 2018 at N7,000,000,000.
3. Plot 683, Jabi District, Cadastral Zone B04, Comprising of a five storey Building (Now Luxurious Meethaq Hotels Ltd, Jabi with 53 rooms/suites), which was purchased in Sept. 2020 at carcass level at N850,000,000 with additional N300,000,000 to take possession (value after completion N8,400,000,000).
4. Property No. 3130 within Cadastral Zone A04, Asokoro District, FCT, Abuja, Comprising Terraces, purchased in January 2021 at N360,000,000.
5. Property No. 3 Rhine Street, Maitama, Abuja (Meethaq Hotels Limited, Maitama With 15 ROOMS), which was purchased in February 2018 at N430,000,000 (current value after rehabilitation is N12,950,000,000).
6. Plot No. 1241B, Asokoro District Zone (No. 11A Yakubu Gowon Crescent) AsokoroDistrict, which was purchased in July 2021 at N325,000,000.
7. Shop No. C82 Citiscape — Shariff Plaza, Plot 739 Cadastral Zone A07, Aminu Kano Crescent, Wuse Il, FCT, Abuja, which was purchased in March 2024 at N120,000,000.
8. No. 4 Ahmadu Bello Way, Nasarawa GRA, Kano, which was purchased in December 2022 at N300,000,000.
9. Plot 157, Lamido Crescent, Nasarawa, GRA, Kano, purchased in July 2019 with no specific amount stated.
10. A Plaza, Commercial Toilets, Laundering, Warehouse Tanks Adjacent to Birnin Kebbi Market at N100 million.
11. 100 Hectares of l;and Along Birnin Kebbi, Jega Road, which was purchased in 2020 at N100,000,000.
12. Four Bedroom Bungalow Gesse Phase, Birnin Kebbi, which was purchased in 2023 at N101,000, 000.
13. Shops Nos. A36, B3 Vegas Mall, Wuse 2, Abuja, which was purchased in July 2023 at N158,000,000.
14. No. 26, Babbi Drive, Bua Estate, Abuja, purchased in 2022 at N136,000,000.
15. No. 27, Efab Estates Avenue, 5th Avenue, 59th Crescent, Gwarimpa, Abuja, purchased in January 2016 at N120,000,000.
16. Four Bedroom/ 2 Rooms Boys Quarters at No. 10B, Doka Crescent Abakpa GRA, Kaduna, purchased in January 2018 at N40, 000, 000.00.
17. Plot No. 13, Ipent 7 Estate, Karsana District, Abuja, purchased in June 2018 at N85,000,000.
18. A Bedroom Duplex & Boys Quarters at No. 12 Yalinga Street, Off Adetokunbo Ademola Crescent, Wuse Il, Abuja, purchased in Oct. 2018 at N150,000,000.
19. Two Warehouse Shops B40 And B46, Wuse Market, Abuja, purchased in July 2020 at N50,000,000.
20. Twin Houses at Zone E, Apo Legislative Quarters, Cadastral Zone B01, Plot 14014, Gudu District, Abuja, was purchased between February and May 2017 at N250,000,000.
Properties acquired by Khadimiyya for Justice & Development Initiative at the Academic Garden City, Birnin Kebbi, sold by the Federal Housing Authority Mortgage namely.
21, 22, and 23. Nine units of three bedroom, bungalow, three units of two bedroom bungalow, and 5.4 hectares of land, which were purchased between February 2023 and September 2023 at N187,000,000, among other assets listed in the schedule.
RAYHAAN UNIVERSITY, KEBBI STATE
24. Rayhaan University Permanent Site -N56,000,000,000.00
25. Rayhaan University Temporary Site -N37,800,000,000.00
26. Rayhaan University Third Site – N2,450,000,000.00
27. Rayhaan University Vice Chancellor – N490,000,000.0
RAYHAAN AGRO ALLIED FACTORY IN KEBBI STATE
28. Factory Buildings -N4,200,000,000.00
29. Factory Machines and Plants Units -N10,500,000,000.00
30. Factory Mosque – N2,450,000,000.00
31. Rayhaan Mill Staff Quarters – N1,487,500,000.00
32. Rayhaan Bustan Building – N3,150,000,000.00
AZBIR ARENA KEBBI STATE
33. Azbir Hotel – N10,325,000,000.00
34. Printing Press – N1,050,000,000.00
35. Gallery – N581,000,000.00
36. Gardens – N392,000,000.00
37. Mosque – N252,000,000.00
38. Azbir Clothing – N350,000,000.00
39. Azbir Pharmacy and Supermarket – N175,000,000.00
OTHER PROPERTIES HELD IN KEBBI STATE
40. Al-Afiya Energy Tanker Garage opposite Rayhaan University Health Centre, along Sani Abacha Bypass Road, Birnin-Kebbi – N2,450,000,000.00
41. Rayhaan Model Academy -N11,200,000,000.0
42. Rayhaan Primary and Secondary School – N8,750,000,000.00
43. Rayhaan Security House, off Sani Abacha Bypass, Birnin Kebbi – 245,700,000.00
44. Rayhaan Radio along Sani Abacha, Bypass Road, Birnin, Kebbi – N78,750,000.00
45. Uncompleted 2 Storey Complex Plaza located opposite Central Motor Park, (Eastern Park) Birnin Kebbi – N665,000,000.00
46. Amasdul Oil and Gas Ltd filling station Structure along Sani Abacha Bypass, Road, Birnin Kebbi near Jambali Automobile Workshop, Birnin Kebbi – 1,050, 000,000.00
47. Malami Support Organization Building – 210,000,000.00
48. ADC Kadi Malami Foundation Building – N56,000,000.00
49. Abubakar Malami SAN’s House GRA – N350,000,000.00
50. Abubakar Malami SAN’s House Behind Mobil – N490,000,000.00
51. Abdulaziz Malami (First Son’s House) at Gesse Phase II in Birnin Kebbi – N1,659,000,000.00
52. Abiru-Rahman Abubakar Malami (Second Son’s House) at Gesse Phase II in Birnin-Kebbi – N2,989,000,000.00
PROPERTIES IN KANO
53. Assets of Zeennoor Hotel at Kabuga Satellite Town, off Gwarzo Road, Kano with 131 rooms – N11,200,000,000.00
54. Zeennoor Mosque at Kabuga, Satellite Town, off Gwarzo Road, Kano – N84,000,000.00
55. Zeennor Old Hotel Building -N280,000,000.00
56. Rayhaan Hotel, Kano Located at Plot 27/28 Opp-Aminu kano Teaching Hospital, Southern Kano (Land And Luxurious Building of more than 50 rooms, with appurtenances- N2,240,000,000.00
57. Rayhaan Gym, Kano House Comprising of a Storey Building Opposite Rayhaan Hotel – N1,225,000,000.00
