Business
Fuel Subsidy Removal May Trigger Inflation – Ex-ANAN President
The former President of the Association of National Accountants of Nigeria (ANAN), Dr Samuel Nzekwe, has said that fuel subsidy removal may trigger the inflation rate beyond the estimated single-digit track.
Nzekwe told newsmen in Lagos on Sunday that this was because the economy was “generator-driven’’ as most companies, artisans and homes relied on generators.
“Consequently, the prices of goods and services will definitely go up.
“Then, the under-privileged, which government is trying to protect would suffer more under this condition,’’ the accountant said.
Nzekwe advised President Goodluck Jonathan to improve on power supply before going ahead with the removal of the subsidy.
“An average household in Nigeria, including the impoverished masses, one way or the other uses fuel everyday,’’ Nzekwe said.
He urged the Federal Government to look into the report of the Senate Committee investigating the activities of the Nigerian National Petroleum Corporation.
The accountant said that this would enable the committee to ascertain the actual figures of crude oil exported as well as imported refined petroleum products.
He said that this would enable the Senate to also look into the amount spent on subsidy.
According to Nzekwe, from the Senate’s investigation, only very insignificant quantity of crude oil is refined in the country.
“Others are either exchanged for finished products or refined in other countries and imported back to Nigeria,’’ he said.
The accountant said that government should start thinking about how to build refineries.
“This will definitely produce refined petroleum products for local consumption as well as exports,” Nzekwe said.
He said that this measure would curtail leakages, wastes and corrupt practices.
Nzekwe urged the National Assembly to start work immediately on the budget.
“In no distant time, the final proposal would be ready for implementation,’’ he said.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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