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
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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