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Tag: fuel subsidy

Tinubu, 5th right and the Class of the 1999 Governors

Tinubu to ex-governors: Subsidy palliatives on the way

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President Bola Ahmed Tinubu Wednesday in Abuja assured Nigerians that the framework for palliatives to remedy the effects of fuel subsidy removal is being worked out.

He said the decision to remove the subsidy was in the best interest of the country, especially in guaranteeing future prosperity.

President Tinubu, who received 18 governors who served with him in 1999, at the Presidential Villa, appealed for more patience from Nigerians, while the government will increase effort, speed up the process and ensure a full-proof social security structure that will not be compromised, especially in cash-transfer.

“I understand that our people are suffering yet there can be no childbirth without pain. The joy of childbirth is the relief that comes after the pain. Nigeria is reborn already with fuel subsidy removal. It is a rebirth of the country for the largest number over a few smugglers.
“Please tell the people to be a little patient.

The palliative is coming. I don’t want cash-transfer to fall into wrong hands. I know it pinches and it is difficult. In the end, we will rejoice in the prosperity of our country,’’ he told the governors, who were led by former Governor of Edo State, Lucky Igbinedion.

“We served as governors and sat in this Council Chamber. All I wanted was democracy and the salvation of the country. I never thought I was going to be here as President, but God Almighty has brought me,’’ President Tinubu stated.

The President assured the governors and Nigerians that he will work towards “unity, equity, stability, and prosperity of the country’’.  

“My commitment to that democratic value is unwavering. I am overwhelmed and honoured by the numbers of you here,’’ he said.

“I have an open door policy. You are my advisers. We went into the pond and wrestled with a pig. We got dirty, and cleaned up. That is why I am here today.’’

President Tinubu noted that the country will not make meaningful progress without fixing electricity, assuring that his administration will harness gas resources, and explore every opportunity to ensure stable power generation and supply.

On Security, the President who had earlier met with Governor Babagana Zulum of Borno State to review situation in the North East, appealed to Nigerians, especially Plateau State, to sheath their swords and use dialogue in resolving conflicts, adding that issues of borders were man-made, not created by God.

“We will do everything possible to stabilise the country,’’ he added.

The former governors urged the President to pursue his vision for a greater Nigeria with vigour, steadfastness, and resilience, trusting their support for development policies, and promising to provide the necessary social structure for actualization.

“We are here with you. We are your foot soldiers, and you can tap into our experience. You are a person who believes in Nigeria. With your good leadership, Nigeria will take its place,’’ Igbinedion, Chairman, Class of 1999, said.

He affirmed that they were 19 at the meeting, including President Tinubu, who was former Governor of Lagos State and Secretary to the Government of the Federation (SGF), George Akume, former Governor of Benue State, while ten of their mates had passed on.

Other governors at the meeting with President Tinubu were Niyi Adebayo, Ekiti State, Sen. Orji Uzor Kalu, Abia State, Sen. Sam Egwu, Ebonyi State, Adamu Muazu, Bauchi State, Donald Duke, Cross River State, James Ibori, Delta State, Obong Victor Attah, Akwa Ibom State, Chimaroke Nnamani, Enugu State, Saminu Turaki, Jigawa State, Sen. Aliero Adamu, Olusegun Osoba, Ogun State, Adebisi Akande, Osun State, Sen. Joshua  Dariye, Plateau State, Attahiru Bafarawa, Sokoto State, Ahmad Sani Yarima, Zamfara State and Rev. Jolly Nyame, Taraba State.

APC National chairman Abdullahi Adamu was also in the Class of 1999 as governor of Nasarawa state. He was absent at the meeting, like former Rivers Governor, Dr Peter Odili.
 

Tinubu with traditional rulers on Friday

Fuel Subsidy the big elephant that can destroy Nigeria: Tinubu

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President Bola Tinubu has described the petrol subsidy which he cancelled on 29 May as the big elephant that was capable of destroying Nigeria.

Tinubu spoke today at an interactive session with members of the National Council of Traditional Rulers of Nigeria (NCTRN) in Abuja.

“Why should we in good heart and sense, feed smugglers and be Father Christmas to neighbouring countries?

‘‘The elephant that was going to bring Nigeria to its knees is the subsidy.

“A country that cannot pay salaries and we say we have potentials to encourage ourselves. I think we did the right thing,’’ he said.

While appealing to the traditional leaders to persuade Nigerians to have faith, he gave an assurance that the pump prices of fuel would eventually come down.

‘‘I am grateful that you are paying attention to what I have been doing. You have paid attention to the subsidy removal.

He told the monarchs that his administration would run an open-door policy that listens in order to transform the country’s rich potentials to reality.

He also spoke on the major programme of his administration, such as security, jobs creation, enabling business environment and election of National Assembly principal officers.

‘‘We are all ears. We are ready to listen at any given time. I promise you an open-door policy and that is the way I will go.

‘‘That open-door policy is for you to call me and send to me at any given time any concern that you might have.

‘‘We may not have it right 100 per cent of the time but we must get it right 90 per cent of the time for this country,’’ he said.

While acknowledging concerns on the need for critical infrastructure in different parts of the country, Tinubu pledged that any road block on the way of the progress of the country would be removed.

‘‘The lamentations about the capital projects, where is the money going to come from if we don’t protect our resources and our boundaries?

‘‘You cannot have development without capital projects,’’ he added.

On the leadership of the National Assembly, the President urged the Royal Fathers to counsel their subjects on the need to manage their ambitions and create harmony within the legislative house.

Tinubu said he was ready to work with any elected representative, stressing that the Nigeria project was of paramount importance to him.

On security, the President reiterated his pledge to prioritise the sector until Nigerians “go to sleep with their two eyes closed.’’

He said that the unity of the country could not be compromised, adding that every region of the country would get “what it is due.”

“We are going to tackle youth unemployment. It is only when we have the prosperity for the country that we can create jobs that will employ our youths.’’

He decried crude oil theft in the Niger Delta region by a ‘tiny percentage’ of the population, adding that it was counterproductive to the economy.

“We need to tame those involved in this sabotage and we will work as hard as possible to ensure that the diversity of this country is used for its prosperity, growth and stability.’’

Tinubu told the traditional rulers he was primed for governance now the campaigns and elections were over.

On electricity, the President said a constitutional amendment signed into law now allows Nigeria’s 36 States to generate electricity.

“That’s devolution of power and that should be our contribution to the developmental projects you are looking for and we will continue in ways that will help our people,’’ he said.

Tinubu thanked members of NCTRN for their early visit and prayers for the success of his administration.

The NCTRN Chairman and Co-Chairman, the Sultan of Sokoto, Alhaji Muhammad Saad Abubakar, and Ooni of Ife, Oba Adeyeye Ogunwusi, pledged the support of members from the six geo-political zones.

They assured the President of their continued prayers in his resolve to move the country forward under his Renewed Hope agenda.

“We are 100 per cent in support of your government and we believe in the will of the Almighty Allah you will move this country forward.

“We will contribute our quota to the development of the country once you reach out to us,’’ the Sultan said.

The Ooni of Ife expressed delight that the country had remained united and focused in spite of its challenges.

He urged the President to explore the reach of traditional rulers in complementing the programmes and visions of the new government.

Members of the NCTRN at the interactive sessions include Shehu of Borno, Alhaji Ibn Umar Al Amin El-kanemi; Obi of Onitsha, Igwe Alfred Achebe and Emir of Kano, Alhaji Aminu Ado Bayero.

Others are Amanayabo of Nembe, Edmund Daukoru; Tor Tiv, Prof. James Ayatse; and Deji of Akure, Oba Aladetoyinbo Aladelusi.(

Mele Kyari GMD NNPC

N6.4 trillion fuel subsidy big burden, NNPC welcomes removal

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The Nigerian National Petroleum Company Limited (NNPC Ltd) said the decision to remove subsidy on Premium Motor Spirit (PMS) known as fuel by President Bola Tinubu is a welcome development.

Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd. made this known at the NNPC Ltd. Towers in Abuja while briefing newsmen late Monday night after the pronouncement by the President.

Tinubu, at his inauguration as the President of the Federal Republic of Nigeria on Monday said subsidy regime will end with the commencement of his administration.

Kyari, while addressing the newsmen said the removal of the subsidy which had been a burden on NNPC’s cash flow would free up funds to enable optimal operations in the company.

“Subsidy has been a major challenge for NNPC’s continuous operations. We believe that this will free up resources to enable us continue to do great work and function as a commercial entity. We welcome this development,’’ he said.

Reacting to queues and scarcity already being experienced, the GCEO assured Nigerians of sufficient supply of products particularly the PMS, adding that the company has over 30 days of PMS storage and supply.

“There is no reason to panic, we understand that people will be scared of potential changes in price of petrol, that is not enough for people to rush to buy more than they need,’’ he added.

He however appealed to Nigerians not to be scared or indulge in panic buying.

He added that the company as the supplier of last resort as mandated by the Petroleum Industry Act (PIA) would continue to ensure availability of PMS and other petroleum products.

According to him, the NNPC Ltd. is also monitoring all its distribution networks to ensure compliance.

“The NNPC Ltd. is in discussion with the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to develop framework of the implementation of the removal of the PMS subsidy as announced by the president.

Former President Muhammadu Buhari set June 2023 as the date for the removal of fuel subsidy.

The federal government had explained that if it continues to service the subsidy, the country will spend N6.4 trillion annually.

Buhari’s new deadline for removing fuel subsidy will be a month after he hands over to his successor in May 2023, leaving the new leader to deal with any backlash and commotion that may follow the decision.

The government said the Medium Term Expenditure Framework was that if the nation holds on to fuel subsidy as it is designed now, it will be incurring from January to December a subsidy cost of N6.4 trillion.

Tinubu inspects the parade

Tinubu ends fuel subsidy regime

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President Bola Tinubu said subsidy regime will end with the commencement of his administration.

He declared this during his inauguration as the 16th President of the Federal Republic of Nigeria on Monday in Abuja.

The president commended the decision of the outgoing administration in phasing out the petrol subsidy regime.

According to him, subsidy has over the years favoured the rich more than the poor.

“Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

“We shall instead re-channel the funds into better investment in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions,” he said.

On job creation, the president said his administration would create meaningful opportunities for the youths.

He said his administration would honour the campaign commitment of one million new jobs in the digital economy.

Tinubu said: “Our government also shall work with the National Assembly to fashion an Omnibus Jobs and Prosperity Bill.

“This Bill will give our administration the policy space to embark on labour-intensive infrastructural improvements.

“The Bill will also encourage light industry and provide improved social services for the poor, elderly and vulnerable.”

Tinubu took his oath of office amidst pomp and pageantry at the Eagle Square in Abuja.

He was sworn-in at 10.37 a.m, while, Sen. Kashim Shettima was equally sworn-in as the 16th Vice President at exactly 10:30 a.m.

About

Senator Bola Ahmed Tinubu is a man of many traditional honours across the country, from north to south, west to east. The array of titles he has garnered was only comparable to that of Chief Moshood Abiola, winner of the 1993 Presidential election.

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