Business
NECA Hails FG On Removal Of Fuel Subsidy

L-R: Minister of Budget and National Planning, Sen. Udoma Udoma, Minister of State for Petroleum, Dr Ibe Kachikwu, Minister of Health, Prof. Isaac Adewale and Minister of Works, Housing and Power, Babatunde Fashola, at the inauguration of National Research and Innovation Council in Abuja, last Thursday
The Organised Private Sector, under the umbrella of Nigeria Employers’ Consultative Association (NECA), has commended the Federal Government for the removal of the fuel subsidy.
The Director-General of NECA, Mr Olusegun Oshinowo made the commendation while fielding questions from newsmen in Lagos, on Saturday.
Oshinowo said that though the government said that the new dispensation would be predicated on what it called “price modulation’’, but hoped that the issue of fuel subsidy and its financing would not surface again in government’s budget.
According to him, it is pertinent for the government to focus on the policy framework as well as incentives that will ensure that Nigeria is self-sufficient in the refining capacity to meet her energy needs.
However, Oshinowo noted that the organised private sector was expecting a decisive, unambiguous and explicit policy statement that the subsidy regime had ended.
He said that the government should also ensure the privatisation of the four refineries and jointly agree on a timeline and modalities with Investors on the utilisation of the licences already issued for the setting-up of Private Sector-owned Refineries.
The director-general stated that there should be redefinition of the role of the Petroleum Products Pricing Regulatory Agency (PPPRA) as an ombudsman.
This, he said, would ensure compliance with products standards and fair competition that would guarantee reasonableness of products pricing.
He urged the government not to delay any further in pursuing the points listed by NECA.
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Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor
The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.
He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.
Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.
“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”
Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.
“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.
Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.
Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.
“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”
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