Business
‘Subsidy Payments Unsustainable’
Director-General, Budget Office of the Federation, Dr Bright Okogu said in Abuja last Tuesday that continued payment by the Federal Government for subsidy on petroleum products was no longer sustainable.
Okogu made the statement at a stakeholders’ forum at the on-going Nigerian Oil and Gas (NOG) conference .
He said the Federal Government and all stakeholders needed to re-address the issue of subsidy provision in the downstream sub-sector.
“We need to re-address the issue of subsidy provision. The volume of money we are losing to subsidy payment is enormous.
“The people benefiting from the subsidy provision are not the common man on the street,’’ Okogu said.
He said if subsidy was not removed and the entire downstream sector deregulated, the much needed investment in the sub-sector would continue to elude the country.
“Licences for building of new refineries have been issued to prospective private investors who want to bring in their investment but they cannot commence building of new refineries under regulated policy.
“Regulation does not promote competition and hence the time to remove it is now.
“If you are in my shoes as director of budget, you would understand why we cannot continue to pay subsidy,’’ Okogu said.
The Group Managing Director of NNPC, Mr Andrew Yakubu, in his presentation, said Nigerian geologists had discovered shale gas deposits in large quantity in Nigeria.
He said Nigeria could not afford to be left out in the exploitation of shale gas at the global level.
Business
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Business
Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
Business
PHCCIMA Leadership Hails Rivers Commerce Commissioner for Boosting Business Ties …..Urges Deeper Collaboration to Ignite Economic Growth
