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Nigeria’s subsidy can give Nigeria extra 27,000 mw of electricity, 7,500km of roads – NNPC

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The money Nigeria spends on fuel subsidy could give the country 27,000 megawatts or  500,000 new houses, two million skill jobs for Nigerian students, 7,500 kilometers of road network at N400 million per kilometre or 37 well-equipped 120-bed tertiary health centres at N32 billion per hospital annually.

This was the projection of the Nigerian National Petroleum Company (NNPC) Limited, as it conjures the image of the negative toll petrol subsidy regime has wrought on the Nigerian economy, saying the phenomenon was actually fuelling the vicious cycle of poverty the nation had found itself today.

Lawal Musa, Senior Business Advisor to Mele Kyari, group Chief Executive Officer (GCEO) of NNPC, who made the revelation on Thursday, told participants at a joint National Association of Nigerian Students (NANS) -Civil Society Organisations (CSOs), that the amount the federal government spent on the regime had hit as much as N4.8trillion annually – at the expense of the wellbeing of Nigerians.

In in his paper entitled Petroleum Industry Act (PIA) and the Nigerian Economy, painting the amount spent on petrol subsidy payments could deliver infrastructural projects to the citizens, he said it was a question of opportunity cost that should determine whether Nigerians would prefer to continue on such a wasteful reute.  “Deregulation of petrol prices could deliver 500,000 new houses and skill up of two million Nigerian students, among others. The amount spent on subsidy could provide 7,500 kilometers of road network at N400 million per kilometre and 37 well-equipped 120-bed tertiary health centres at N32 billion per hospital annually. Subsidy spending could deliver N12trillion in four years to Nigeria. The cost of petrol subsidy surpasses the direct benefits to the masses.

“Deregulation of PMS prices could also provide additional 27,000 megawatts of electricity to Nigerians as well as build and equip 2,400 hospitals in 774 local government areas. Nigeria is the largest producer of crude oil in Africa, possessing 28 percent of Africa’s reserve, with petroleum contributing significantly to the country’s economy.

“The benefits derived have over the years been eroded due to the amount paid on subsidy, a regime has been fuelling the vicious circle of poverty in the country.”

Also speaking on the price of the product, he said the commodity was sold at the lowest price in Nigeria, among most West African countries, in spite of the average cost of $2.7 per litre globally, which amounted to about N570 per litre, adding that verifiable petrol demand data was critical to national planning and energy security.

On his part, Garba Deen Muhammad, NNPC’s spokesperson, said the organisation was engaging with students as critical stakeholders in the new organisation, which he said belonged to over 200 million Nigerians — including the students, adding that the engagement, which would be done annually, was aimed at enlightening the students and CSOs on NNPC as a new entity, registered by the Corporate Affairs Commission (CAC), under the Company and Allied Matters Act (CAMA).

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Panic! Gunmen storm Anambra Assembly, attempt to bundle away lawmaker

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Panic-stricken members of the Anambra State House of Assembly, watched in utter horror on Thursday as one of their colleagues was bundled into a waiting vehicle, by four gun-wielding men, preparatory to being whisked away, before mother-luck came calling.

It took the quick reflexes of security guards at the entrance who locked the gate, to prevent the armed men, who later turned out to be operatives of the Department of State Services (DSS) from completing the operation.

The target of the operatives was Onyekachukwu Ike, the House of Assembly-elect member for the Nnewi North constituency, who had joined in the valedictory session for outgoing members, though it is not known why the members of the agency were after him.

Eyewitness account, said the operatives arrived the Assembly complex in three vehicles in a commando version, grabbed the member-elect as he emerged from the venue validectory thanksgiving mass for the seventh Assembly and forced him into their waiting vehicle.

However, it took the eagle-eyed members of the security team of the assembly to truncate the attempt to drive the lawmaker away, because they quickly locked the exit gate, thus halting the operation, as it gave people the opportunity to intervene.

Reacting to the incident, Acting Clerk of the Assembly, Esther Aneto, who bemoaned the manner the operatives carried out the operation, said neither the authorities of the assembly, nor the police was informed about it.

It took the intervention of the Speaker, Uche Okafor, and the Deputy Governor, Onyeka Ibezim, who came to represent the Governor at the Valedictory session before the member-elect was released from the vice grips of the DSS operatives, who however, explained that they had a court order to arrest him.

 

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Judge orders Yahoo-Yahoo student to clean EFCC premises for two weeks

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Justice Aliyu Shafa, of the Federal High Court, Gwagwalada, Abuja, on Thursday ordered a student, Istifanus Irmiya, to clean the premises of the Economic and Financial Crimes Commission (EFCC) for for two weeks, after he was convicted for internet fraud.

Irmiya, who was docked by the EFCC on a two-count charge, boarding on cheating and impersonation, was also ordered to pay a fine of N100,000, while the phone he used in committing the offence was to be destroyed and burnt.

This was after the culprit, pleaded guilty to the charges and begged the court for leniency, which the court accepted, but insisted that he must carry out the punishment of cleaning the EFCC premises from 9 a.m. to 12 noon daily for two weeks, to teach him a lesson.

Frowning at the rate internets fraud were being committed, Shafa, said: “I have carefully listened to the plea of allocutus made by the convict and the defence counsel. The rate of internet fraud through Facebook, Instagram, Whatsapp, among others in the society is so alarming.

“That he is a first time offender is not an excuse to go scot-free. The rate of Yahoo-Yahoo among youths is alarming. “Many who resort to crime always have ‘I want to get rich quick’ mindset. Sending him to prison might make him more hardened,” the judge ruled.

Irmiya, who pleaded with the court to tamper justice with mercy, promising that he would not indulge in such acts again, said: “I want to beg the court for mercy. I’m deeply sorry for what I have done. I’m a changed person now knowing fully well the consequences of my offence.”

Chibuike Chima, his lawyer, who echoed his pleas, told the court that Irmiya had no previous conviction record and was also remorseful, saying: “Irmiya is the only son of the family and he is seeking admission into the university. He has spent one month in EFCC custody.
“The convict has shown remorse and genuinely repented over the crime he has committed by way of expressing genuine repentance, he has restituted the proceeds of crime which is the sum of 250 Euros. The convict is a first-time offender. He has not be convicted for any other crime of whatever kind. We urge my lord to tamper justice with mercy. We assure this court that going forward, the convict will be of good behaviour.”

The EFCC Counsel, Taiwo Aromolaran, who told the court that Irmiya had sometime in 2022 within the jurisdiction of the court cheated by personation, said that the convict deceived his victim while pretending to be one mistress Clara a female Caucasian.

She said that the convict carried out an illegal act, making one Alex Lexis, a German, to send him the sum of 250 Euros which he received via PayPal and Nosh Apps before transferring the money to his own account domiciled with Polaris Bank.

She said that the convict sometime in 2022, also had in his possession documents containing false-pretence, where he represented himself as a German on his Facebook and KK accounts, created by him with the intent to induce Alex Lexis to deliver money to him.

She said the offence contravened the provisions of Section 321 of the Penal Code Act of the Federation (Abuja), 1990 and punishable under Section 324 of the same Act, adding that Section 6 in conjunction with Section 8 of the advance-fee fraud and other related offences Act, 2006 and punishable under Section 1 (3) of the same Act.

Pleading with the court that the cell phone being the instrument used for the crime should be forfeited, Aromolaran urged the court to take into consideration the increase in the menace of internet frauds in Nigeria.

Bewailing the menace fraudsters had caused to the image of the country and to their victims, she told the court that Irmiya and his group, operated as syndicates, saying: “They believe that merely coming to court and pleading guilty is enough to attract the sympathy of the court.”

 

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BREAKING: Tinubu, hosts G-5 govs at Villa *Intensifies moves to break PDP

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It is becoming obvious that President Bola Tinubu, may be working hard to break the ranks of the Peoples Democratic Party (PDP), as he is currently hosting the five former Governors of the party who former the G-5 Integrity Group, a very powerful bloc in the main opposition party that fought against the ticket of the party.

Nyesom Wike, former Governor of Rivers State, who was the arrowhead of the G-5, comprising Okezie Ikpeazu of Abia, Samuel Ortom of Benue, Ifeanyi Ugwuanyi of Enugu and Seyi Makinde of Oyo, was seen leading the other members to the Presidential Villa, for a meeting with Tinubu, on Thursday afternoon.

The group had vehemently opposed the ticket of Atiku Abubakar, presidential candidate of the PDP in the 2023 presidential election and refused to join the campaigns on the ground that the former Vice President did not support the ouster of Iyorchia Ayu, then National Chairman of the party on the ground that he came from the same North as him.

Incidentally, the meeting is coming few hours after Caleb Mutfwang Governor of Plateau State and Umo Eno of Akwa Ibom, both PDP governors at the same State House Abuja, in what observers are already interpreting as an attempt to woo the top echelon of the opposition party.

The meeting with the G-5 governors, shortly after that of Tinubu with the two PDP governors, is coming as the party and Atiku Abubakar, are trying to prove before the Presidential Election Petition Tribunal (PEPT), sitting in Abuja that Tinubu did not win the 2023 presidential election.

Details later…

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