Business
Princewill, Bobo-Brown Differ On Fuel Subsidy Removal
Following plans by the Federal Government to finally phase out fuel subsidy in the nation’s budget next year, two prominent opinion leaders from Rivers State, Prince Tonye Princewill and Amaopusenibo Soifiri Bobo-Brown have called for a thorough study of the situation.
Speaking to newsmen on the issue yesterday in Port Harcourt, Princewilll who expressed support for the policy said measures should be taken by the authorities to cushion the effect.
“I believe that fuel subsidy should be removed. When you look at all the arguments, I have a third school of thought. For me, subsidy is an opportunity for few people to enrich themselves, so, they can take away the subsidy without increasing the price of fuel,” he said.
The former Chairman of the Organised Opposition Political Parties in Rivers State argued that the Nigerian National Petroleum Corporation(NNPC) should be blamed for the lapses in the sector because of its inability to sustain local refining capacity of the refineries,” even at N65 per litre, I don’t believe the price of fuel is subidised,” he said.
He, however, lauded the Federal Government for raising capital expenditure and security vote in next year’s budget and submitted, “if we have security challenges next year with the kind of budget we have, then, we must ask ourselves questions.”
In his reaction, former President of the Institute of Public Relations (NIPR), Amaopusenibo Soifiri Bobo-Brown called for a national debate by the citizenry over whether the subsidy should be removed,” the fuel subsidy should be a starting point of a debate for the salvaging of our economy”.
He explained that the issue should be a wake-up call for Nigerians to discuss how to improve the economy.
The former NIPR President blamed the issue on the comatose refineries, “so if the refineries do not produce, the price will naturally go up. In my view, Nigerians have not gained anything by importing fuel from abroad,” he said.
He, however, recommended that before the subsidy was removed, all efforts should be made to resuscitate the local refineries, “if the refineries start working, it would soak up the unemployed population and create more resources for local industries”, he opined.
On the state of security, Bobo-Brown remarked, “insecurity in the country is an expression of the frustration of many unemployed Nigerians”, and appealed to the federal and state governments to create employment opportunites to curb social vices.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.