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N1.14trn Subsidy Payment Fraudulent -PDP …As Ezeife, Yakasai, Others Tell Buhari To Drop 2nd Term Bid

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The Peoples Democratic Party (PDP) has accused President Muhammadu Buhari of corruption over the fuel subsidy regime of his government, throwing its weight behind state governors’ query of the subsidy regime.
The main opposition party has therefore challenged the President to submit himself for an independent inquest into his handling of the subsidy regime as well as the alleged complicity of his Presidency in other exposed financial impropriety by cronies of his government, particularly in
revenue collecting agencies.
According to a statement issued Kola Ologbondiyan, the party’s National Publicity Secretary in Abuja yesterday, such inquest, which it noted, was already backed by state governors across board, “will not only expose humongous corruption but also show the world that our African Union (AU) Anti-Corruption champion had not been totally spotless.”
The party invited Nigerians to note that the demand by governors to probe all subsidy deals since 2015 was a direct indictment on President Buhari as the Minister of Petroleum, particularly, following allegations that the stolen funds were being warehoused to fund his 2019 re-election bid and the opulent lifestyle in the Presidential Villa.
The party noted that if President Buhari allowed the inquest, “it will reveal how our president, who had queried the genuineness of the oil
subsidy payments by PDP administration and described the process as a fraud, had secretly engaged in underhand oil subsidy deals.”
The party asserted: “Nigerians will also understand how the cost of fuel geometrically rose from the PDP subsidized the cost of N87 to N145, representing a criminal N58 tax, per liter of fuel.
“Nigerians recall that it took over two years of secret oil subsidy deals under President Buhari before it was exposed last December. Since then, the Presidency and the NNPC have been seeking ways to cover the fraud which include claims that local consumption suddenly jumped from 28 million liters per day to 60 liters per day.
“PDP considers this as a fabrication to retire the billions being stolen as subsidy, even when statistics by the National Bureau of Statistics and the reality of the retarded purchasing power of citizens, under the prevailing economic recession, do not validate such claims.
“Nigerian, therefore, deserve to know who authorised the payments and the identity of the beneficiary companies, if any.
“The PDP is happy that state governors across the board and the National Assembly are on the same page with our party in condemning the humongous fraud going on under President Buhari’s fuel subsidy.”
The PDP, therefore, demanded that the inquest should cover the alleged the N15 billion stolen from the NHIS, the N18 billion stolen from the PINE initiative, the alleged leaked memo of N9 trillion corrupt oil contracts at the NNPC, the reported diversion of N1.1trillion worth of crude last year and why indicted Presidential cronies and fronts have not been prosecuted.
Meanwhile, the National Working Committee of the Peoples Democratic Party (PDP), has raised alarm over what it described as deliberate attempts by the All Progressives Congress-led Federal Government to completely clampdown on opposition elements across the country.
Rising from its meeting, last Saturday, in Abuja, where members discussed issues on the state of the nation, particularly the clampdown on opposition and dissenting voices, the PDP stated that it was taking the pains to alerts Nigerians because of the dare consequences such government policy could have on the nation’s democracy, peace and economic development of the country.
A statement issued by the party in Abuja, said, “The PDP alerts all Nigerians that the All Progressives Congress (APC) and its Federal Government have commenced a vicious and direct clampdown of major opposition leaders, perceived political opponents and individuals with interests and views that are divergent to those of their Presidential aspirant, perhaps, candidate, President Muhammadu Buhari, ahead of the 2019 general elections.
“The clampdown is tailored to silence opposition as well as those who refused to join or support the APC in their unlawful design to emasculate other political parties, undermine our laws and electoral system, foist a one-party state and perpetuate their incompetent, dysfunctional and anti-people rule on our nation.
“It is instructive to inform that our leaders, particularly, our National Chairman, Prince Uche Secondus, have been receiving threats since the PDP filed a petition to the United Nations and the Commonwealth of Nations, detailing documented threats to democracy by the APC and its Federal Government, abuse of human rights, mass killings, extra-judicial executions, persecution of opposition and unabated constitutional violations.
“The PDP is aware of clandestine plots against key opposition leaders, particularly, members of the PDP National Working Committee, some dissenting members of the APC, members of the civil society, opinion leaders, journalists and bloggers, who refuse to succumb to intimidation and that such persons have already been listed and currently being trailed by agents of the state.
“This has become manifest in the plot to rope members of ‘nPDP’, especially those in the National Assembly, into gun-running and murder charges just because they came out to voice their opposition to the APC government’s constitutional violations and executive brigandage in the running of our nation’s affairs.
“The PDP wants Nigerians and the international community to know those to hold responsible should PDP leaders, as well as other members of the opposition start falling victims of untoward situations like assassinations, unexplained accidents, inexplicable ‘armed robbery’ attacks, high profile abduction and sudden disappearances.
“These include wanton arrest, manhandling and detention of opposition leaders on trumped-up charges, as well as illegal invasion of their homes and businesses by agents of the state.
“Apart from allegations of corruption, there are also plots to clamp down and detain opposition leaders for charges bordering on treason and the PDP is also aware that some compromised judicial officers have been enlisted to give convictions and jail members of opposition as well as dissenting voices, on flimsy grounds.
“Moreover, we know that the APC is fixated with the PDP because of the renewed popularity of our party among Nigerians, as the inevitable vehicle to return power to the people, restore democracy, national cohesion and safeguard our territorial integrity, come 2019.
“The PDP’s response to all these plots is that we are not cowed. Nigeria belongs to all of us and our laws on political engagements are very clear. The PDP, as a party committed to democracy and freedom will continue to uphold the inalienable rights of our citizens to free speech, political association and to politically aspire to any position in the land, including the Presidency.
“Our party, therefore, urges all Nigerians to be alert, united and remain resolute in their decision to collectively defend our democracy and its tenets, constitutionally guaranteed personal freedom and the rule of law in our nation,” the PDP added.
Similarly, some elder statesmen in the country have urged President Muhammadu Buhari not to seek a second term in 2019.
The leaders from different parts of the country gave various reasons for advising Buhari not to seek re-election in separate interviews with newsmen, last Saturday.
A former governor of the old Anambra State, Chief Chukwuemeka Ezeife, said age was no longer on the side of the President, adding that the stress associated with his office was already having negative effects on his health.
Ezeife, who noted that he was opposed to Buhari’s election as President in 2015, prayed that God would change his (Buhari’s) heart to dump the second-term bid.
He said, “Let us pray so that God would stop Buhari from talking about a second-term and instead, begin a six-month emergency restructuring of Nigeria.
“It is not a matter of whether he is fit or qualified, age is important. He claims to be 75, he may be 82. Even at 75, he is too old to be in that office.
“The second consideration is his comprehensive failure in the first term. If you recorded a failure like that, why do you want to seek a second term?”
Also, the Chairman of the Northern Elders’ Council, Alhaji Tanko Yakasai, said he had never supported Buhari to become President of Nigeria.
Yakasai said, “Buhari and his party (All Progressives Congress) were not prepared to rule Nigeria in the first instance. Therefore, in my opinion, he should not have contested at all.”
Similarly, a former minister of health, Prof. A. B. C. Nwosu, noted that as a founding member of the Peoples Democratic Party, he would never have supported Buhari to be Nigeria’s President.
Nwosu, who is a member of the Ohanaeze Ndigbo, said, “It is his (Buhari’s) constitutional right to seek any office just like anybody else. We need to organise ourselves to provide an alternative with a clear set objective that will make life better for Nigerians.”
Meanwhile, self-acclaimed spiritualist and leader of Divine Intelligence Ministry, Prophet George Fakolade, last Saturday warned President Muhammadu Buhari, to stop further activities towards his re-election in 2019, saying the second term bid was ill-fated.
Fakolade, who spoke to newsmen in Abuja, said there would be fatal consequences, if President Buhari does not retract and rescind his public declaration to run for a second term in office.
He said: “There is a very serious warning for the All Progressives Congress (APC) and the incumbent President Muhammadu Buhari over his ill-fated ambition for a second term as president in 2019.
“President Buhari must retract, rescind, and withdraw his decision to seek a second term, and apologise to all Nigerians or else, history shall repeat itself on him with fatal consequences and many calamities”.
“He has been weighed on the balance and found wanting. All Nigerians should be on red alert as President Buhari’s public declaration to run again in 2019 at the APC National Executive Committee Meeting was an act of arrogance that will end in a fatal manner,” he warned.
The man of God had earlier predicted that there would be a 2015 change of government in Nigeria; a Dr Goodluck Jonathan takeover of government from late President Musa Yar’Adua; a Presidential election victory for Barack Obama in 2008; and the demise of late military Head of State, Gen Sani Abacha, in 1998.

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Tinubu Lauds Dangote’s Diesel Price Cut, Foresees Economic Relief

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President Bola Tinubu, yesterday, applauded Dangote Oil and Gas Limited for reducing the price of Automotive Gas Oil, also known as diesel, from N1,650 to N1,000 per litre.
The Dangote Group recently reviewed downwards the gantry price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of N30 per litre for an offtake of five million litres and above
Tinubu described the move as an “enterprising feat” and said, “The price review represents a 60 per cent drop, which will, in no small measure, impact the prices of sundry goods and services.”
In a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu affirmed that Nigerians and domestic businesses are the nation’s surest transport and security to economic prosperity.
The statement is titled ‘President Tinubu commends Dangote Group over new gantry price of diesel.’
Tinubu also noted the Federal Government’s 20 per cent stake in Dangote Refinery, saying such partnerships between public and private entities are essential to advancing the country’s overall well-being.
Therefore, he called on Nigerians and businesses to, at this time, put the nation in priority gear while assuring them of a conducive, safe, and secure environment to thrive.
This statement comes precisely a week after Dangote met President Tinubu in Lagos, where he said Nigerians should expect a drop in inflation given the cut in diesel pump prices.
“In our refinery, we have started selling diesel at about ¦ 1,200 for ¦ 1,650 and I’m sure as we go along…this can help to bring inflation down immediately,” Dangote told journalists after he paid homage to President Bola Tinubu at the latter’s residence to mark Eid-el-Fitr.
The businessman said his petroleum refinery had been selling diesel at N1,200 per litre, compared to the previous price of N1,650–N1,700.
He expressed hopes that Nigeria’s economy will improve, as the naira has made some gains in the foreign exchange market, dropping from N1,900/$ to the current level of N1,250 – N1,300.
Dangote said this rise in value has sparked a gradual drop in the price of locally-produced goods, such as flour, as businesses are paying less for diesel. Therefore, he asserted that the reduced fuel costs would drive down inflation in the coming months.
“I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through.
“There’s quite a lot of improvement because, if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ¦ 1,900.
“But right now, we’re back to almost ¦ 1,250, ¦ 1,300, which is a good reprieve. Quite a lot of commodities went up.
“When you go to the market, for example, something that we produce locally, like flour, people will charge you more. Why? Because they’re paying very high prices on diesel,” he explained.
He argued that the reduced diesel price would have “a lot of impact” on local businesses.
“Going forward, even though the crude prices are going up, I believe people will not get it much higher than what it is today, N1,200.
“It might be even a little bit lower, but that can help quite a lot because if you are transporting locally-produced goods and you were paying N1,650, now you are spending two-thirds of that amount, N1,200. It’s a lot of difference. People don’t know.
“This can help bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you’ll see that there’s quite a lot of improvement in the inflation rate, one step at a time. And I’m sure the government is working around the clock to ensure things get much better,” Dangote added.
He also urged captains of industry to partner with the government to improve the lives of citizens.
“You can’t clap with one hand,” said the businessman, adding, “So, both the entrepreneurs and the government need to clap together and make sure that it is in the best interest of everybody.”

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Court Halts Amaewhule-Led Assembly From Extending LG Officials’ Tenure

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The Rivers State High Court sitting in Port Harcourt has issued an interim injunction directing the maintenance of status quo ante belum following the move by the Martin Amaewhule-led Assembly in Rivers State to extend the tenure of the elected local government councils’ officials.
The Amaewhule-led Assembly, which is loyal to the Minister of Federal Capital Territory, Nyesom Wike, had amended the Local Government Law Number 5 of 2018 and other related matters.
Amaewhule, explained that the amendments of Section 9(2), (3) and (4)of the Principal Law was to empower the House of Assembly via a resolution to extend the tenure of elected chairmen and councilors, where it is considered impracticable to hold local government elections before the expiration of their three years in office.
But the court asked all the parties to maintain the status quo ante belum pending the hearing and determination of motion on notice for the interlocutory injunction.
The court presided over by G.N. Okonkwo also ordered that the claimant/applicant would enter into an undertaking to indemnify the defendants in the sum of N5million should the substantive case turned out to be frivolous.
The court fixed April 22, 2024 to hear the motion on notice for interlocutory injunction.
Okonkwo also issued an order of substituted service of the motion on notice for interlocutory injunction, originating summons and other subsequent processes on the defendants.
The orders were made following a suit filed by Executive Chairman, Opobo-Nkoro, Enyiada Cooky-Gam; Bonny, Anengi Claude-Wilcox; and five other elected council officials challenging the decision of the Amaewhule-led House of Assembly to extend the tenure of local government areas.
Also named as defendants in the suit are the Governor of Rivers State, the Government of Rivers State and the Attorney-General of Rivers State.
The claimants/applicants are praying the court for a declaration that under section 9(1) of the Rivers State Local Government Amendment Law number 5 of 2018 the tenure of office of the chairmen and members of the 23 local government councils of Rivers State is three years
A declaration that the tenure of office of the elected chairmen and members of the local government areas would expire on the 17th of June 2024 having commenced on the 18th of June 2021 when they were sworn in.
A declaration that the defendants cannot in any manner or form extend the tenure of office of the chairmen and members of the local government areas after the expiration of their tenure.
An order of perpetual injunction restraining the defendants from extending the tenure of office of the chairmen and members of the local government areas.
An order of perpetual injunction restraining the 28th, 29th and 30th defendants (the Governor, the Government House and the Attorney-General) from giving effects to any purported extension of the tenure of the chairmen and members of the local government areas.
They also prayed for an order of interlocutory injunction directing all the defendants to maintain the status quo by not elongating the three-year tenure of the chairmen and councilors.
The claimants further sought an order of interlocutory injunction restraining the defendants from extending the tenures of the chairmen and the councilors.

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Nigeria’s Inflation Rate’ll Drop To 23% By 2025 -IMF

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In a recent release of its Global Economic Outlook at the International Monetary Fund/World Bank Spring Meetings in Washington D.C., on Tuesday, the IMF provided projections for Nigeria’s economy, indicating a significant shift in inflation rates.
Division Chief of the IMF Research Department, Daniel Leigh, highlighted the impact of Nigeria’s economic reforms, including exchange rate adjustments, which have led to a surge in inflation rate to 33.2 percent in March.
Nigeria’s inflation rate rose to 33.2 percent according to recent data released by the National Bureau of Statistics.
Also, the food inflation rate increased to over 40 per cent in the first quarter of 2024.
Leigh stated, “We see inflation declining to 23 per cent next year and then 18 percent in 2026.”
This is however different from the fund’s prediction of a new single-digit (15.5 per cent ) inflation rate for 2025 which it predicted last year.
He further elaborated on Nigeria’s economic growth, which is expected to rise from 2.9 percent last year to 3.3 percent this year, attributing this expansion to the recovery in the oil sector, improved security, and advancements in agriculture due to better weather conditions and the introduction of dry season farming.
The IMF official also noted a broad-based increase in Nigeria’s financial and IT sectors.
“Inflation has increased, reflecting the reforms, the exchange rate, and its pass-through into other goods from imports to other goods,” Leigh explained.
He added that the IMF revised its inflation projection for the current year to 26 percent but emphasised that tight monetary policies and significant interest rate increases during February and March are expected to curb inflation.
An official of the IMF Research Department, Pierre Olivier Gourinchas commented on the global economic landscape, mentioning that oil prices have risen partly due to geopolitical tensions, and services inflation remains high in many countries.
Despite Nigeria’s inflation target of six to nine percent being missed for over a decade, Gourinchas stressed that bringing inflation back to target should be the priority.
He warned of the risks posed by geo-economic fragmentation to global growth prospects and the need for careful calibration of monetary policy.
“Trade linkages are changing, and while some economies could benefit from the reconfiguration of global supply chains, the overall impact may be a loss of efficiency, reducing global economic resilience,” Gourinchas said.
He also emphasised the importance of preserving the improvements in monetary, fiscal, and financial policy frameworks, particularly for emerging market economies, to maintain a resilient global financial system and prevent a permanent resurgence in inflation.

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