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No Subsidy Removal Now – Kachukwu
L-R: Former Minister of State for Science and Technology, Alhaji Abdulahi Ibrahim, former Minister of Science and Technology, Mrs Pauline Tallen, the Minister of Science and Technology, Dr Ogbonnaya Onu and former Minister of Science and Technology, retired Maj.-Gen. Sam Momah, during the meeting of the Minister of Science and Technology and the Permanent Secretary with former Ministers of Science and Technology, in Abuja, yesterday.
The Minister of State for Petroleum, Dr. Ibe Kachikwu, said the Federal Government would focus on price modulation of petroleum products to ensure efficiency and provision of the products.
Kachikwu said this while addressing newsmen day in Abuja, yesterday.
He said the price modulation had nothing to do with the removal or existence of subsidy.
“There is too much emotion around subsidy issue, but our focus is that the Federal Government should not spend as much as it spends every year on subsidy.
“First, it is an issue of irresponsibility; this year we have spent about one trillion and given the state of the finances, we have to save money from every means.
“What I am trying to do is to make sure that whatever we do, the poor people will not be affected. So whatever we are going to do will be intellectual,’’ he said.
On the way forward, the minister said that the NNPC would review the template of the Petroleum Products Pricing Regulatory Agency (PPPRA) and achieve reduction in the cost for clearing goods.
According to him, foreign exchange provisions will be looked into, to ensure stability in the system.
He added that efforts were being made to ensure more allocation to the oil industry to ensure certainty in the system.
He said that Nigeria consumed below 40 million litres of Premium Motor Spirit (PMS) per day, adding that a reduction in smuggled products would put the level of consumption between 35 and 36 million per day.
“If we take this analysis, we can deliver products today with the price of oil where it is and also sell close to the prices we have today.
“It is not that we have removed subsidy but the application of market forces will enable you to sell products as close to the prices we have today.
“Is it going to be between N87 and N90; we will have to get PPPRA to do those templates and at 35 million (litres) we may sell products at N87; by the time we consume 36, we may be selling at N90 or N91,’’ he said.
He said a band had been approved between N87 and N97 to look at price modulation, adding that it would look at price at every given time of crude.
The minister said that the price would no longer be fixed, noting that the price of crude would continue to determine what the price of product would be.
Kaichukwu said that the report that pump price would go back to N97 in 2016 was not true, adding that a band of N87 and N97might be adopted,
“ Today the prices are largely close to N87; there might be no need to change the price by January, and it might go up or come down slightly by April.
“It is all the dynamics of what the crude is; so, I have not put a static figure, myself and PPPRA will sit down and do the calculations and be able to announce what price PMS will sell in January,’’ he said .
The Minister added that there was no anticipation of any major shift in regards to the price of crude.
On the state of the refinery, he said that as at October, the four refineries performed at zero level but noted that in a few days, the Port Harcourt and Kaduna refineries might be able to bring up some production.
He said that the refineries would not be relied on until the state of their maintenance was completed, adding that Federal Government had agreed that it would not sell them at their present state.
“We are going to try and repair them; we are going to find external funding to be able to repair them, and my preference is to find somebody who is a technical partner to invest,’’ he said.
He expressed hope that two of the nation’s refineries would be at the level of completion in 2016, adding that if Port Harcourt reached 60 per cent completion, it would produce an average of five million barrels.
He blamed fall in global oil price, poor contracting, lack of efficiency, funding and even focus to losses in production in the year.
Commenting on the Petroleum Industry Bill, he said it would be split into segments to enable passage by the National Assembly.
He said that the two segments were fiscal and non fiscal segment, adding that a draft on the non fiscal had been received.
The Governor of Rivers State, Sir Siminalayi Fubara, has begun the celebration of Nigeria’s 65th Independence anniversary with a Juma’at service where prayers were offered for the progress of the state and Nigeria.
Governor Fubara, who advocated for peace and unity of Nigeria during the prayers on Friday at the Rivers State Central Mosque, Port Harcourt, indicated that without peace, the accelerated development of Nigeria will remain in a limbo.
Governor Fubara, who was represented by Alhaji Abdurrazaq Diepriye, therefore urged citizens to remain patriotic.
According to him, “Allah has brought us this far. Without peace, we can not have progress and economic development. I call on all citizens irrespective of creed or tribe to remain patriotic.”
He thanked President Bola Tinubu for restoring peace in Rivers State while also using the forum to appreciate security agencies for their relentless effort in upholding the peace and unity of Rivers State and Nigeria.
The Chief Imam of Rivers State Central Mosque, Imam Ibrahim Yaloo, admonished Moslem faithful to always speak the truth, adding that those who obey Allah will be directed to good deeds and their sins forgiven.
Prayers were offered for Rivers State and Nigeria.
Other activities to mark the 65th Independence anniversary in the state include an Inter-denominational Church Thanksgiving Service on Sunday, 28th September and Parade Ceremony on Wednesday, 1st October.
Vice-President Kashim Shettima departed New York on Sunday after representing President Bola Tinubu at the 80th session of the United Nations General Assembly.
In a statement released on Sunday by the VP media aide, Stanley Nkwocha, the Vice President is now headed to Germany, where he will hold strategic meetings with officials of Deutsche Bank.
The statement read, “Vice President Kashim Shettima has departed New York, United States, after successfully representing President Bola Ahmed Tinubu, GCFR, at the 80th Session of the United Nations General Assembly.
“During his participation at UNGA 80, VP Shettima secured UN Secretary-General António Guterres’ commendation for Nigeria’s bid for a permanent UN Security Council seat.
“He also showcased Nigeria’s $200 billion energy transition opportunity to global investors and strengthened strategic partnerships with the UK on trade, defence, and migration issues.”
Nkwocha added that the VP delivered Tinubu’s national statement, calling for UN reforms and a permanent seat for Nigeria at the UN Security Council, and “demanded Africa’s control over its $700 billion mineral wealth, and digital inclusion initiatives.”
“He also engaged with the Gates Foundation on healthcare and education expansion, positioning Nigeria as the natural hub for the African Continental Free Trade Area’s $3.4 trillion market.
“VP Shettima was seen off at John F. Kennedy International Airport, New York, by cabinet Ministers who were part of the UNGA 80 delegation and Nigerian Mission officials.”
The aide noted that Shettima will return to Nigeria immediately after his engagements in Germany.
The Tide source recalls that the VP departed Abuja, yesterday.
He led other Nigerian officials at the Assembly.
As part of Nigeria’s 65th Independence anniversary celebration, the Federal Government held a special thanksgiving service on Sunday at the National Ecumenical Centre in Abuja to offer prayers and give thanks for the nation.
The event drew top government officials and security chiefs, including Senate President Godswill Akpabio and Secretary to the Government of the Federation, George Akume, as well as their spouses.
Other notable guests included Finance Minister and Coordinating Minister of the Economy Wale Edun, former Plateau State Governor, Senator Simon Lalong, and the Chief of Defence Staff, General Christopher Musa, who led the service chiefs in attendance.
Service chiefs present included the Chief of Naval Staff, Vice-Admiral Emmanuel Ogala, Inspector-General of Police Kayode Egbetokun, Comptroller-General of the Nigerian Immigration Service, Mrs Kemi Nandap and Controller-General of the Nigerian Correctional Service, Sylvester Nwakuche, among others.00
The service came days after the government unveiled the official theme and some of the activities slated for the 2025 Independence celebrations.
This year’s anniversary is tagged “Nigeria @ 65: All Hands on Deck for a Greater Nation,” as announced by the Director of Information and Public Relations at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, in a statement on Wednesday.
“As part of activities to mark the 65th Independence Anniversary, the Juma’at Prayer and the Inter-Denominational Church Service will be held on Friday, 26th September at 1 pm and Sunday, 28th September at 10 am respectively, as well as the World Press Conference on Monday, 29th September at 10 am,” he said.
The Tide source had earlier reported that President Bola Tinubu, alongside former Heads of State, Yakubu Gowon, Olusegun Obasanjo and Goodluck Jonathan, is expected as a special guest at a national discourse convened by the Island Club, Lagos, to mark Nigeria’s 65th Independence Anniversary.
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