A former Presidential spokesperson, Dr Doyin Okupe, on Tuesday said he was not in agreement with Alhaji Aliko Dangote’s call for complete removal of subsidy.
Okupe expressed the position in an interview with the News Agency of Nigeria(NAN) in Lagos.
NAN reports that Dangote, owner of the 650,000 barrels per day crude oil refinery in Lagos, had in an interview with Bloomberg urged the Federal Government to end fuel subsidy completely.
Speaking during the 26-minute interview in New York on Monday, Dangote said the time was right to end subsidy, which, he said, had cost the country trillions of naira .
Reacting , Okupe said: “With utmost respect, I disagree with Aliko Dangote on his suggestion that the government should completely end subsidy now.
“Petrol is the economic oxygen of Nigerians, wether rich or poor. This is not the situation in other countries of the world.”
The former Director-General, Peter Obi Presidential Campaign, said that with the coming up of local refineries, some level of succour should be given to Nigerians.
According to him, with the allocation of 450,000 barrels a day for local consumption, Nigeria can combine the advantage of local production with local consumption and determine the price to sell to crude to local refineries.
“We can use opportunities that these local refineries avail us, ensuring adequate fuel supply with the dedicated or allocated daily crude oil for local consumption, which is outside OPEC quota.
“So, whatever we do with it is our internal affairs, it is a way of providing some level of comfort.
“We can sell this daily crude oil allocation for local consumption cheap to determine average pump price of PMS (Premium Motor Spirit) in the country.
“For instance, the price of Nigerian crude per barrel is $77, we can decide to sell to Dangote refinery at $35 or $37 per barrel, thereby having made adjustments of processing fees and profit margin, the pump price of petroleum can actually come down to N500 or N600 per litre.
“This will definitely bring a major relief, comfort and succour to the masses,” he said.
Okupe said that ending importation of petroleum products would reduce the tension and pressure on foreign exchange demand by 40 per cent.
“This will give economic oxygen to Nigerian people, encouraging enterprises and local businesses because we all in Nigeria, rich and poor, depend on petrol as an economic oxygen.
“Every nation has a sector where it stands behind the people,” he added.
Okupe described President Bola Tinubu administration’s bold step on fuel subsidy as excellent and commendable.
He said that the President had done a great job by courageously removing subsidy and eliminating multiple exchange rates.
According to him, the President’s reforms have taken root in the economic system.
“It is something very brave that no other previous administrations have had the courage to go through it.
“What the President did was actively like biting the bullets and he has been courageous enough to persevere and persist through it.
“Having done it for more than a year, my feeling and belief is that we have made enough gains, and because these refineries are upstream, we can consolidate on those gains and release the pressure on the masses a little bit.
“Fortune has played in our hands by the coming upstream of the Dangote refinery, Port Harcourt refinery and other refineries that will follow,” he said.(NAN)
Sterling Bank has made a groundbreaking move by eliminating transfer charges on local transactions, aiming to create a more equitable banking experience for Nigerians. The question now arises: will other financial institutions follow this lead?
On April 1, Sterling Bank announced the removal of transfer fees for all local digital transactions, positioning itself as the first major bank in Nigeria to implement such a policy. Initially, the announcement faced skepticism, with many believing it to be an April Fools’ Day joke. However, Sterling has since reaffirmed the policy’s legitimacy and immediate implementation, signaling a significant evolution in the industry’s customer service approach.
Obinna Ukachukwu, the Growth Executive overseeing the Consumer and Business Banking Directorate, stated, “We believe that accessing your own funds should not incur a penalty. This decision transcends financial implications; it reflects our core values.”
With this new policy, Sterling customers can now make free transfers for all local transactions via the bank’s mobile app. This initiative is anticipated to yield considerable savings for individuals and small business owners who frequently engage in transfers.
“We may not be the largest bank in Nigeria, but we are certainly the most audacious,” Ukachukwu declared. “Sterling Bank is committed to the future of Nigeria, and we are backing our fellow citizens with more than just words.”
Sterling Bank has a history of prioritizing customer welfare, having previously offered financial assistance to healthcare workers during the COVID-19 pandemic. This latest initiative has garnered widespread public support, igniting conversations on social media and prompting calls for other banks to adopt similar practices.
“We take pride in leading this transformative change,” Ukachukwu concluded. “We hope to inspire others to rethink what customers truly require from their banks, not only in terms of services but also in values.”
On Wednesday, the Edo State Governorship Election Petition Tribunal, convened in Abuja, dismissed the Action Alliance’s (AA) petition aimed at overturning the election of Governor Monday Okpebholo.
The tribunal, led by Justice Wilfred Kpochi and comprising a three-member panel, determined that the petition, filed by AA and its National Chairman, Adekunle Rufai Omoaje, was without merit.
The tribunal concluded that the issues raised in the petition were pre-election matters, falling outside its jurisdiction to adjudicate.
The petitioners claimed that the Independent National Electoral Commission (INEC) had excluded their legitimate candidate from the governorship election held on September 21, 2024. They argued that, in contradiction to several court rulings, INEC recognized a candidate who had not been validly nominated by the party.
Furthermore, the petitioners contended that INEC’s failure to publish the name of their party’s rightful candidate constituted a significant violation of Section 134(1)(b) of the Electoral Act.
In addition to these claims, they asserted that Governor Okpebholo, representing the All Progressives Congress (APC), did not receive the majority of legitimate votes and that the election was tainted by corrupt practices.
As a result, they sought the annulment of the election; however, the tribunal panel denied their request on Wednesday.
The panel upheld all preliminary objections raised against the petition. The respondents, including INEC and Governor Okpebholo, argued that the National Chairman of the AA lacked the standing to file the action, as he did not participate in the gubernatorial election.
They also asserted that the petition was barred by statute, as it involved pre-election issues that exceeded the tribunal’s jurisdiction.
Akwa-Ibom State Governor, Umo Eno of Akwa Ibom has commended the management of the Niger Delta Development Commission (NDDC) for investing in sports for the discovery of talents for the region and the country at large.
The governor gave the commendation at the Monthly State Covenant Service held at the Banquet Hall, Government House, Uyo, as arrangements have been concluded for official opening ceremony of the Niger Delta Sports Festival at the Godswill Akpabio International Stadium in Uyo.
Eno, therefore, implored citizens and residents in the state to be fully involved in the festival.
He stressed the need for adequate maintenance of facilities recently revamped by the interventionist agency and assured successful hosting of the sports festival.
He promised to provide necessary support to ensure safe stay of all participants and tasked the organisers to leverage the peaceful ambiance of the state and make the competition a memorable one.
According to the organisers, President Bola Ahmed Tinubu is expected in Uyo today (Wednesday) to declare the festival open, with no fewer than 3,000 athletes from the nine states of the Niger Delta to compete for laurels in 17 sporting events.
The competition will be hosted at six venues, including the Godswill Akpabio international stadium and West Itam Sports Centre, while the closing ceremony is billed for April 9.
The News Agency of Nigeria (NAN) reports that contingents from the nine Niger Delta Development states had arrived Uyo for the festival. (NAN)
