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Opinion

Fuel Subsidy Scam: Should FG Adopt Report?

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14 years ago

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The Farouk Lawan-led House of Representatives Probe Committee on fuel subsidy recently submitted its report to the Presidency which indicted some major oil companies and highly-placed Nigerians, including top politicians.

Our Staff Writer, Calista Ezeaku and Photographer, Dele Obinna, went round the city to seek people’s opinion on whether or not Federal Government should adopt the report. Their response:

Prince Emmanuel Ogba,   Niger Delta Youth

Coalition

I think the report should be fully implemented by the federal Government. But the issue of dragging the Minister of Petroleum, Dizeiani Allison-Maduke, into it is very wrong. They are just trying to rubbish her name because right from the onset, she was the one kicking against subsidy. She was the one that made Nigerians know that the money being spent on fuel subsidy was much, revealing that there was a certain cabal benefiting from that. So they should not rope her in because she insisted that they should do away with subsidy.

That is very wrong because she is the only person we have there in the Petroleum sector. And being a Minister of the Niger Delta, she cannot sabotage her people.

I’m not trying to defend her because she is from the Niger Delta, if she was from the North I will say the same thing.

But if at the end of the day she is found guilty, she should face the penalty. The Niger Delta Youth Coalition is coming up with a protest in favour of Dizieani on Wednesday.

Dizieani was not indicted in that report, so they should not rope her in. The House of Representatives want to rope her in but from the report from the NNPC, she was not involved in all those things they are talking about.

So the federal government should adopt the report and the companies and individual, indicted should be prosecuted.

Mr. Koshi John – Media Worker. Yes, the report should be adopted because the way I look at the law makers, they are fighting for the masses. The other way round, I look at it from the angle of government not being willing to make effort to see that the masses benefit from the natural gift from God, because the removal of subsidy on fuel early this year, has affected every aspect of our life. And the worst part of it is that the money realised from this is being shared by just a few group of people, without the general people seeing the benefits of the fuel subsidy removal.

So, the report should be adopted because that was what the committee was set up to do. The report should be adopted immediately and all the people indicted should be brought to book. They should be prosecuted because this is something that is causing serious damage to the country.

Proper action should be taken on them so that other people watching them, should not be found doing the same thing tomorrow. Nobody indicted in that report should be excluded just because he is from  Niger Delta or whatever. Once anybody is found guilty, he should be brought to book.

But can federal government adopt the report and prosecute the indicted persons? That is where Nigerians are discouraged. The fact is that we don’t even have confidence in them (those in government) any more. In Nigeria, only the common man is always brought to book. That is why, when we heard about James Ibori’s judgment in London, we were very excited. And how I wish that could be done here in Nigeria. Government officials embezzle public funds, saving the money for their generations yet unborn, while the people who own the money are suffering and they are watching the masses languishing in poverty.

So, to me, the people indicted in the report even deserve death sentence. When the fuel subsidy was removed in January many people resigned from their working places because the cost of transportation became higher than their salaries.

And when you resign there is nothing for you to do to earn a living and some of such people were committing murder, sad enough a few people are benefiting from the system. So they (the indicted persons) should not be spared at all.

Mr. Akpos Etioms – Insurance under writer. I think this is a very trying time for this administration, especially for Mr. President, because this is an issue that will put his credibility to test, especially as most of the people indicted contributed a lot to enthrone the President.

But what I will say there is that I want the President to ensure that the country holds him in trust because he was elected by the generality of the people. And this fuel subsidy is a national issue that affected the entire nation, especially at the beginning of this year when the fuel subsidy was removed.

So, whoever was indicted should be brought to book, irrespective of how highly placed the person may be. That will give the citizens the assurance that this government is actually a government of the people. So I think the government should take action now.

In the past, government had deceived the people but this time around the people especially the civil society groups, Labour Congress and other organised groups in the country have risen to their rights. They have said it openly that the President should take action, because one of the reasons for the January fuel subsidy strike was the cabal that has robbed the society, that has drained the economy of the country. Civil Society groups and labour have come out openly to tell Mr. President to take action now.

So, I believe government will take action now.

Dr. George Ellah – Medical Practitioner. The report should be looked into and the National Assembly should act on it because the Committee was set up to help us find a way out of the fuel subsidy problems. Some people in some quarters say there is no fuel subsidy, others say there is fuel subsidy.

Infact recently I read in one of the newspapers, where Prof. Tam David-West was saying that there’s nothing like subsidy. For such a highly profiled person to make that kind of comment, it means that there’s something we need to look critically into.

So, that report should be looked into. Infact a white paper should be published so that the public can really know and understand what is going on? What has been happening, what the present situation of things are? And where we have to go from here?

Some people say that some of those indicted in the report were those who sponsored President Goodluck Jonathan’s election, if that is true then it is common sense that it may be difficult for him to do any thing against them.

However, justice is justice. And justice delayed is justice denied. The President must at this point in time, look at the general interest of Nigerians. One person is not above the whole nation. We are talking about the life and welfare of 150 million Nigerians that is at stake in this matter.

While some of those people may have sponsored the election of the President, what the President should do at this point in time is to take a bold step and do act in the interest of Nigerians.

He must take this hard decision and make sure that no offender goes unpunished.

Mr. Obirido Abat – Businessman. I think the normal course of action should follow, that is justice. Because if this trend continues, we shall have no nation. Some highly placed persons who had opportunity to have contracts, to do business with government did not do it decently, then the full weight of the law should follow, otherwise this nation will not survive.

If we continue this way, watching people take away what belongs to the public, what belongs to 150 million Nigerians and nothing is done, there will be a time nothing would be left at all. It has already been said that this nation is a failed state and these are features of a failed state. And if we don’t arrest this trend then there will be no Nigeria for us again.

I don’t see this report going the way of previous reports, because this is from the National Assembly. In the past the National Assembly seemed indisposed to handle corruption issues. This is the only regime the national assembly is waking up to tackle corruption issue. So, I think since the general public and the national assembly have woken up, it will not go the way of the past where reports were submitted and no actions were taken.

I want the federal government to put necessary machineries in motion. I know that the EFCC is already at work. Nobody, no organisation should be spared so that this trend of corruption will stop. It is corruption that is killing this nation. If you remove corruption, this country will be one of the best countries in the world to live in. Any body, any organisation that was indicted should be tried.

Mr. Biragbara Jolly – Businessman. In my own view, those indicted should be prosecuted, so that others will learn lessons from them.

We have seen some past African leaders prosecuted for offences committed while in office. Things like that can also happen in Nigeria. Let government sit up. Let the President show Nigeria a difference. He said this is a transformation government, let the right thing be done. Justice should prevail.

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Opinion

Should The Internet Go Bust

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1 day ago

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November 3, 2025

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Quote:”. Whereas it sounds apocalyptic, yet experts have long warned that a total internet collapse, whether from cyberwarfare, global technical failure, or coordinated attacks on undersea cables, could paralyze the world far beyond imagination”
We now live in a world that so much relies on technology, especially on digital communication networks and data services. Virtually every aspect of our life depends on the efficient functioning of machines. In view of this reliance, imagine waking up to a world where the internet simply goes dark. For advanced countries where the functionality, monitoring and data storage of surveillance, security and nuclear installations, all rely on electronics and networks, the disruption could be catastrophic. On the other hand, for developing nations like Nigeria where government’s  response is usually slow, the implications would be socially and economically disastrous. It would imply the sudden evaporation of all the modern conveniences we have taken for granted. No online banking. No emails. No mobile transfers. No WhatsApp messages, Twitter feeds or digital government portals.
The collapse would expose a dangerous dependency, the centralization of personal data. In Nigeria’s multi-biometric systems, the Bank Verification Number (BVN), the National Identification Number (NIN), and SIM registration for mobile networks, are all cloud-based. With no internet, access to these databases would be lost. Banks could not verify customers; telecom operators could not authenticate SIMs; and government agencies would be unable to issue new IDs or validate old ones.In Nigeria, over 80% of financial transactions now occur digitally, thanks to the rapid adoption of fintech platforms such as Opay, PalmPay, Paga, and the Central Bank Nigeria’s eNaira initiative. Assets of companies worth trillions of naira are also stored digitally and transacted on the Nigerians Stock Exchange. Like other transactions, these have no certified paper backings other than electronic storages.
It means that the wealth and wellbeing of millions now lie at the mercy of machines. According to the Nigeria Inter-Bank Settlement System (NIBSS), in 2024 alone, the value of electronic payments in Nigeria reached ?600 trillion. Whereas it sounds apocalyptic, yet experts have long warned that a total internet collapse, whether from cyberwarfare, global technical failure, or coordinated attacks on undersea cables, could paralyze the world far beyond imagination. A total internet blackout would instantly freeze the banking system as banks lose interconnectivity, making transfers, withdrawals, and payments impossible. Fintech companies would go offline, cutting off millions from access to their digital wallets, while Point-of-Sale (PoS) operators, who depend on network connections for every transaction, would be stranded.The economy would revert overnight to cash dependence.
But cash, already scarce due to the CBN’s currency redesign and digital push, would not circulate fast enough to meet demands. Markets would collapse into panic, and trust in banks could erode within hours. Modern governance in Nigeria has increasingly depended on digital infrastructure, using e-government portals to handle licensing, pension records, procurements, revenue collection and budget management. An internet collapse would send governance back to the analogue age. Ministries would lose coordination, digital files would be inaccessible and online recordkeeping systems would fail.For ordinary Nigerians, the consequences would be deeply personal. Salaries paid through electronic transfers would go into limbo. Traders on Jumia, Konga, and social media marketplaces would lose their livelihoods overnight. Health and other insurance policies that currently dependent on cloud records and telemedicine would be truncated.
Even more troubling, a prolonged blackout could corrupt or erase data stored in unsecured local servers. Without connectivity to global backups, entire records, financial histories, health data, and school records, could be lost. For millions around the globe, digital amnesia would mean loss of identity, wealth and social status. Without communication, rumours would fill the void, potentially triggering civil unrests, misinformation, or even national security crises that may lead to uprisings in many countries.In a world where WhatsApp has replaced the post office and Zoom serves as boardrooms, digital communication collapse would feel like the death of modern society. Businesses would halt meetings, journalists would lose sources, students would be cut off from online learning, and diaspora remittances and family ties would suffer. Even voice calls that depend on internet routing would be impossible.
 The silence would be deafening, not just socially but economically, because communication fuels productivity. Without it, markets stall.The collapse of the internet would expose how deeply our daily survival has come to depend on invisible digital threads. If the web were to go dark tomorrow, it would not just dim our screens, it would extinguish commerce, governance, and connection itself. Already, fallouts from increasing cyber-attacks on undersea cables or satellite networks show the fragility of the situation.To preempt these eventualities, developing countries must therefore,  plan to build digital resilience. Critical data should have offline backups within national borders. Banks and fintechs must maintain local intranets or satellite-based alternatives to the public web. Radios, SMS-based, and offline mesh communication networks should be installed as alternative fallback channels.
Proactive protection of key infrastructure must become a national priority, and not reactive fire-fighting. As the internet becomes the nerve centre of modern civilization, developing economies like Nigeria, which strives for inclusion and growth, should avoid being ensnared into a blind spot by rapidly digitalizing into over-dependence. And the question is not whether the internet could collapse, but whether we can survive it when it does. A society that entrusts everything to the cloud must first learn how to breathe without it.
By; Joseph Nwankwor

 

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Opinion

Transgenderism: Reshaping Modern Society 

Published

1 day ago

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November 2, 2025

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Quote:”While some hail transgenderism as a triumph of individual freedom and self-expression, others harbour deep concerns about the implications of this phenomenon.”
Often times, people tend to be about the concept of   cross-dressing and transgenderism While cross-dressing refers to the act of wearing clothing and accessories typically associated with the opposite sex, often for entertainment, self-expression, or personal satisfaction and cross-dressers may identify with their birth sex and may not necessarily experience distress or discomfort with their gender, transgenderism, on the other hand, refers to having gender identity differ from the sex a person is naturally assigned at birth. Transgender individuals may identify as male, female, non-binary, or another gender identity that aligns with their internal sense of self. Transgenderism is often accompanied by a desire to transition, which may involve hormone therapy, surgery, or other medical interventions. However, while some cross-dressers may also identify as transgender, not all cross-dressers are transgender, and not all transgender individuals cross-dress.
 We have heard of a few Nigerian individuals who have identified as transgender or non-binary, even though they may not have publicly denounced their original gender. The case  of Okuneye Idris Olanrewaju, popularly known as Bobrisky, is  one no longer hidden. A Nigerian social media personality and crossdresser, Bobrisky  has gained a large following online. While not openly identifying as transgender, Bobrisky has been known to challenge traditional gender norms. Another known personality in this regard, is Denrele Edun. The later is a  Nigerian television host, actor, and model who has been known for his androgynous appearance and style. Denrele has also  not publicly identified as transgender but has been open about his non-conformity to traditional gender norms. Onyx Uzo, a  Nigerian non-binary artist and writer,  has been open about their gender identity.
 The transgender movement has really gained unprecedented momentum in  recent years, sparking intense debates and discussions across various spheres of society. While some hail transgenderism as a triumph of individual freedom and self-expression, others harbour deep concerns about the implications of this phenomenon. As the world grapples with the complexities of transgenderism, it is essential to engage in a nuanced and multifaceted examination of the issues at stake. To begin with, it is crucial to acknowledge that transgenderism is a deeply personal and complex issue, affecting individuals and families in profound ways. While some people may identify as transgender due to a genuine sense of discomfort with their biological sex, others may be driven by factors such as mental health issues, trauma, or social pressure.
It is essential to approach each individual experience with empathy and understanding, recognizing that there is no one-size-fits-all explanation for transgenderism. However, as we strive to be compassionate and inclusive, we must also consider the broader implications of transgenderism on society. One of the most pressing concerns is the erosion of traditional sex distinctions and the redefinition of gender. Proponents of transgenderism argue that gender is a social construct, and that individuals should be free to identify as they choose. However, this perspective neglects the biological and anthropological realities of sex and gender. The consequences of blurring the lines between male and female are far-reaching and profound. Women’s rights and spaces are being compromised by the inclusion of biological males who identify as females.
Women’s sports, bathrooms, and shelters are being redefined to accommodate transgender individuals, often at the expense of women’s safety and dignity. Furthermore, the transgender movement has been linked to a range of mental health concerns, including depression, anxiety, and suicidal ideation. Rather than encouraging individuals to embrace a transgender identity, we should be providing them with compassionate and evidence-based care that addresses the underlying issues driving their desire to transition. In addition, the push to normalize transgenderism has significant implications for children and adolescents. The increasing trend of diagnosing children with gender dysphoria and administering hormone blockers and cross-sex hormones raises serious concerns about the long-term effects on their physical and emotional health.
It is also essential to examine the role of ideology and politics in shaping the transgender movement. The promotion of transgenderism as a social justice issue has led to the suppression of dissenting voices and the marginalization of those who hold differing views. This climate of intolerance and censorship is antithetical to the principles of free speech and open inquiry. Moreover, the transgender movement has been criticized for its lack of scientific rigor and its reliance on anecdotal evidence. Many experts argue that the current diagnostic criteria for gender dysphoria are flawed and that the treatment options available are often inadequate. The lack of longitudinal studies and the dearth of data on the long-term effects of hormone therapy and surgery are particularly concerning. The implications of transgenderism on the family and society are also significant.
 The redefinition of gender and marriage has led to a reevaluation of traditional family structures and relationships. While some argue that this shift is necessary and liberating, others worry about the potential consequences for children and society as a whole. Howbeit, the transgender conundrum is a complex and multifaceted issue that requires careful consideration and nuanced analysis. While we must approach each individual’s experience with empathy and understanding, we must also examine the broader implications of transgenderism on society. By engaging in a thoughtful and informed discussion, we can work towards creating a more compassionate and inclusive society that respects the dignity and humanity of all individuals.As we move forward, it is essential that we prioritize critical thinking, intellectual honesty, and open inquiry.
We must be willing to ask difficult questions, challenge prevailing narratives, and engage in respectful dialogue with those who hold differing views. Only through this process can we hope to arrive at a deeper understanding of the complex issues surrounding transgenderism.
By: Sylvia ThankGod-Amadi
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Opinion

A Renewing Optimism For Naira

Published

1 week ago

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October 27, 2025

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Quote:”……in 2024 alone, Nigeria imported N14.14 trillion worth of goods from China, compared to China’s N3 trillion imports from Nigeria.”
Nigeria’s national currency, the Naira, is creating a new buzz as it sets on rising trends following years of astronomical slides in the recent past. Just within a few months ago, naira’s trajectory charted almost a straight course, strengthening from N1,636.71/$ on April 10, 2025, to N1,465.68/$ on October 2, 2025. But financial analysts appear divided over the future fate of the local legal tender.While analysts like the Forbes and Renaissance Capital Africa (RENCAP) deride naira’s current trends as being unsustainable, Bloomberg sees a sunnier side. However, evolving economic landscapes strongly suggest that the naira might be charting a sustainable path of resilience. For more than four decades, the naira had never experienced favourable Foreign Exchange (FX) tussles.
Suffering under skewed supply and demand tensions against foreign currencies, the value of the naira had procedurally depreciated. It got worse when, at the height of subsidized petroleum products import-dependence, subsidies got suddenly withdrawn in May 2023 as the present government took over office. Barring local production of the products, coupled with poor export earnings, demands for scarce foreign currencies surged at all FX windows as product importers competed to make overseas payments. The result was cataclysmic. The naira depreciated rapidly against the dollar, falling from N460.7/$ in May 2023 to N1,706/$ in 2024. Hardships propagated across the entire Nigerian economy in ripples of hyper-inflation as is still being felt. The initial response from the Central Bank of Nigeria (CBN) was knee-jerk and unsustainable, as the regulator kept throwing its store of foreign reserve into FX markets to quench the ensuing inferno.
 Though the naira showed buoyancy at the expense of depleting reserves, the CBN was criticized against the hopelessness and unsustainability of such artificial floats. Thankfully for the local currency, after months of fire-fighting, the CBN, aided by other lucky developments, may have stumbled unto some formulae to weather the storms. Emerging econometrics now suggest that the economy may be in recovery, and the naira appears to be charting a more optimistic course, even as the apex bank still prods it. The lower oil production data of around one million barrels per day as at May 2023, has improved to around 1.51 million barrels per day at the moment. Surely, the fight against oil thefts is rewarding the economy with surpluses unencumbered by Nigeria’s debt-mortgaged oil futures.bSecondly, a changed petroleum products sourcing landscape, berthed by new-found local refining capacity at Dangote Refinery, if not strengthening the naira, must be tipping the balance of FX pressures in its favour.
While asserting its ability to fully satisfy local demands, the Dangote Refinery also hit a remarkable milestone when it shipped its first cargo of gasoline to the United States of America last month, drawing-in huge FX. Earlier, the refiners had shipped to Asia and West Africa, in a significant shift that has transited Nigeria from being a net-importer of petroleum product, to a net-exporter. Also, improvements in the non-oil exports are increasing the inflow of foreign currencies to Nigeria. Nigerian cocoa and other agro-products especially, got higher demands as crop diseases resulted in poor crop yields in neighboring West African countries. It should be noteworthy that CBN’s experiments with Naira-Yuan trade swaps with China may not have been of much favour. Though on-going trade swap arrangements between Nigerian and China which enable some settlement in naira and yuan, may ease dollar pressures, the huge trade imbalance between Nigeria and China may replace any gains with new yuan pressures.
 According to the National Bureau of Statistics, in 2024 alone, Nigeria imported N14.14 trillion worth of goods from China, compared to China’s N3 trillion imports from Nigeria.
However, the CBN could be given credits for its bold reforms at the Foreign Exchange market that created a single Nigerian Foreign Exchange Market (NFEM) in October 2023, which replaced the former Investors’ and Exporters’ window, and later adopting the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. These steps successfully narrowed the gap between official FX rates and the black market. Even as the measures may not directly detect the balance of currency demands and supplies, improved transparency and liquidity raised confidence that is boosting foreign remittances via official channels. Added to improved exports, it is evident that the extra liquidity gives spontaneous buoyancy to the naira, in ways CBN’s panicked throwing-in of dollar into FX markets could not have.
This is why, when the CBN Governor, Olayemi Cardoso, announced during the 302nd monetary policy committee meeting that, “The second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in first quarter of 2025,” there is need for him to identify significant drivers. The CBN deserves commendation also, for incrementally growing Nigeria’s Foreign Reserve savings from $34.39 billion as at May, 2023 to $42.40 as at October 2, 2025. The strength of a nation’s reserves reflects its ability to meet international payment obligations without straining the stability of its legal tender, and also serves as part of risk assessment criteria that determines its borrowing costs. Increasing reserves is projecting greater external resilience for Nigeria, which reflects in Moody’s upgrading, this year, of Nigeria’s rating from ‘Caa1’ to ‘B3.’
With renewed investor confidence, foreign investments may be heading towards Nigeria as ripples from the Nigerian Stock Exchange (NGX) suggest. Following recent interest rate cuts in the US, foreign investors appear to be shifting appetites towards Nigerian portfolios. Improved reserve is also helping Nigeria at the Eurobond market, where the yield rates Nigeria pays on its loans, have fallen from above 8 percent in early 2024 to just over 5 percent by mid-2025. However, even as the N1,706/$ exchange rate of last year, compared to the current N1,465.68/$, may seem cheery, it is still a far cry from the N460.7/$ of May 2023, when this administration took over. Government and the CBN need to push further to shore-up greater reserves, and to build local and international assurances that attract job-creating investments for local production. Comparatively among its pairs, South Africa’s reserve is $70.42 billion, Algeria’s, $64.574 billion and Egypt’s, $49.04 billion.
Nigeria, which is being projected for a $1 trillion economy by 2050, should be focusing on $100 billion external reserves. Apart from reserves, Dangote local refining shows that local production is pivotal to the value of local currencies. Nigeria needs to improve security and infrastructure to reassure subsisting industries, and improve ease of doing business, in order to attract industries. Though Naira’s path of recovery this time is sustainable, the factors that aid it need to be sustained.
By: Joseph Nwankwor
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