Ignore fake news about Kyari’s suspension—Presidency
Cold water has been poured on speculations going round that President Bola Tinubu has suspended the Nigeria National Petroleum Corporation Limited (NNPCL) GCEO, Mallam Mele Kyari. Presidency sources said on Saturday night that the President had not given such directive for the suspension of Kyari as NNPC Boss. Social media platforms were abuzz on Saturday evening with several posts claiming the President had directed the immediate suspension of Kyari as NNPC GCEO. The social media posts of the purported suspension of Kyari gained traction as it was coming barely 24 hours after the Presidency announced the suspension of the Governor of Central Bank of Nigeria, Godwin Emefiele. Multiple sources in the Presidency reiterated that there was no such plan to suspend Kyari as the GCEO of the NNPC. One of the sources said, “We got to know about the purported suspension through social media posts. But I can confirm to you that there is no such directive coming from the President. Nigerians are known to play a lot with trends and someone may just have sat down somewhere to make such posts. “There is no iota of truth in that post claiming that the President has suspended the NNPC GCEO. There is nothing to be worried about because the Petroleum Industry Act is clear on how the NNPC GCEO or any member of the NNPC Board could be removed.”
Suspended Emefiele in our custody, DSS confirms
The Department of State Services (DSS) on Saturday confirmed that suspended CBN Governor, Godwin Emefiele is in their custody. In a statement signed by its Public Relations Officer, Peter Afunanya and made available to NIGERIAN ANCHOR, the DSS said the embattled Emefiele is being held for some investigative reasons. The security agents further admonished the media to be accurate in it reportage of the situation since he was suspended by President Bola Tinubu yesterday. “The DSS hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria (CBN) is now in its custody for some investigative reasons. “The public, particularly the Media, is enjoined to apply utmost caution in the reportage and narratives concerning this,” the brief statement said. The media has been awash with reports that Godwin Emefiele is being held over connections to terrorism financing, the recent Naira redesign policy, amongst other charges.
Godwin Emefiele’s sack expected, Uwaleke says
A Professor of Finance and Capital Market, Uche Uwaleke has said the suspension of the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Friday night by President Bola Ahmed Tinubu did not come as a surprise to many Nigerians. In a chat with NIGERIAN ANCHOR, Uwaleke said Emefiele’s suspension marks an end to a turbulent era of Nigeria’s economy. Emefiele had come under a barrage of criticisms following the implementation of the naira redesign policy by the Apex Bank. In a swift reaction after his suspension yesterday, Emefiele was arrested by the Department of State Security (DSS), who had tried in vain to arrest him in the past and slammed with terrorism financing charges. Uwaleke said: “The Suspension of Godwin Emefelie was long foretold. But, this announcement caught not a few by surprise. “The President cannot sack the CBN Governor, but he can suspend, which is what the President Tinubu has done. “Recall that Mr Sanusi Lamido Sanusi, was equally suspended from office by the Jonathan administration,” Uwaleke said. In spite of the situation, the financial experts noted that during his tenure as CBN Governor, Emefiele was able to ensure the stability of Nigeria’s financial sector. According to him, he will be remembered for implementing big ideas such as the Anchor Borrower Programme, the RT200, the e-Naira and a raft of interventions which helped to stimulate the economy during periods of economic recession. “To be fair, Emefelie, to a large extent, succeeded in ensuring financial sector stability going by the prudential ratios. “His forex demand management policies, especially the 41 items not qualified for forex, promoted import substitution, conserved external reserves and ensured relative stability in exchange rates. It would be unfair to blame him for the current high inflation rate since most of the causative factors are beyond the control of the CBN. “On the flip side, he will also be remembered for the currency redesign exercise which didn’t go down well with Nigerians and the CBN Ways and Means which grew astronomically during his tenure. “His greatest mis-step was his attempt to join the list of Presidential candidates. “All said, I think he deserves some rest now,” Uwaleke said.
DSS arrests Godwin Emefiele
The just suspended Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, was in Friday evening arrested by the Department of State Security (DSS). According to media reports, Mr Emefiele has been slammed with 10-count charges bordering on terrorism financing.
Tinubu suspends CBN Governor, Godwin Emefiele
President Bola Ahmed Tinubu has suspended Godwin Emefiele as the Central Bank of Nigeria (CBN) Governor. President Bola Ahmed Tinubu has suspended the Central Bank Governor, Mr Godwin Emefiele, CFR, from office with immediate effect,” the Director of Information, Office of the Secretary to the Government of the Federation Willie Bassey said in a Friday statement. “This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy. “Mr Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.” More details later…
Nigeria can develop without subsidy, CIVAC tells Nigerians
A coalition of Civil Society groups, Citizens Voice Against Corruption (CIVAC) has called on Nigerians to embrace the fuel subsidy removal because the country can develop without it. CIVAC is a platform comprising numerous civil society organizations and professional bodies. President Bola Ahmed Tinubu had at his inauguration ceremony announced the removal of fuel subsidy. In a statement signed by CIVAC’s National Coordinator Abdulrazaq Alkali, and made available to journalists on Friday in Abuja, the body noted that Nigeria had failed over the years to reap the benefits of an oil-producing nation as revenues from oil is consumed by fuel subsidy. Alkali said: “For most oil producing countries, high oil prices means high government earning, more spending on education, health, infrastructure, poverty alleviation etc. “Unfortunately, that is not the case in Nigeria, as the high profit margin earned from high oil prices is largely swallowed by petroleum subsidies.” The Group, while condemning the hypocrisy of some Nigerians, noted that many citizens were in agreement that fuel subsidy should be removed. “For example both major candidates in the last presidential election made promises to remove fuel subsidies if elected president, but now they are all over the place blaming President Tinubu for doing what they promised to do for Nigerians,” he said. The coalition called on organised labour to reconsider its proposed strike action as it would further bring more hardship to Nigerians. “The leaders of NLC and TUC should rise up to their duties and stop playing to the gallery or the books of some elites who are benefitting immensely from the petroleum subsidy. NLC and TUC need to get their acts together by putting the future and survival of Nigeria first. “This will cause untold hardship on Nigerians and have a significant damaging effect on an already struggling economy, paralysing the country of more than 200 million Nigerians, the majority of the citizens who live on daily wage will be highly irrational. ‘Moreover, considering the delicate security situation in the country, it will be of great concern that grieving politicians, provocateurs and anarchists can hijacked the strike to stage protests and demonstrations, or hide under the cover of protestors and promote discord, anarchy and unleash mayhem to the detriment of public peace” CIVAC said. CIVAC therefore appealed to the NLC and TUC leaders to explore other avenues to prevent high petroleum prices in the country. “One important option is to engage with the government to find a more suitable solution. For example, by putting pressure on the government to revamp the three national refineries (in Kaduna, Warri and Port-Harcourt) which can play a significant role in easing the pressure on our forex reserve, thus strengthening our currency. “A strong Naira and local refining capacity will make the petroleum products cheap even without subsidies. “In addition, if these refineries are revamped, hundreds of thousands of direct and indirect jobs will be created, thus creating a multiplier effect in the fight against poverty and the growth of our economy,” CIVAC said in the statement.
Subsidy: Finance Commissioners want all accruals put into Federation Account
The Forum of Commissioners for Finance of Nigeria has called on the Federal Government to ensure that all accruals from the removal of fuel subsidy go to the Federation Account. The outgoing Chairman of the Forum, Mr David Olofu made the call at a valedictory session for outgoing State Commissioners for Finance held in Abuja on Friday. Olofu is also the immediate past Commissioner for Finance and Economic Planning, Benue State. While commending President Bola Tinubu on the removal of subsidy, Olofu said, as finance experts, the Forum, like other Nigerians, had long yearned for it. “We will like to sincerely commend the President for having that political will to do that, first day in office. “That is what we had been yearning for. He came, his first day in office, he was able to achieve that which we have always asked for”, Olofu said. On how the President should manage the funds from subsidy, Olofu said that the Constitution provided for all federation revenues to go into the federation account. “Nobody has any authority whatsoever to deduct any amount from federation revenue. “So, I will align myself with the position of the Constitution and recommend that all the accruals go into the federation account and let it be disbursed from the federation account”, he stressed. He said, however, the Federal Government should come up with policies and programmes that could address the challenges Nigerians are currently facing as a result of increase in the pump price of fuel due to the removal of subsidy. “I believe that the President has the capacity and knowledge to be able to do that decisively. “He has already started it by proposing a wage increase for workers but that has to be done alongside with sub-nationals because the sub-nationals have the bulk of civil servants in this country. “I believe he is on track but, apart from the wage increase, we also have to look at issues of infrastructure because we believe strongly that if we can wrap up infrastructure in this country, it will also help to improve the living standard and bring down the cost of living.” Olofu appealed to Nigerians to be patient saying, the long-term benefit of what has been done by the President far outweighs the short-term pains people were going through. For the incoming Chairman of the Forum, Wale Akinterinwa, commended his predecessor, saying that Olofu did a very good work while leading the forum. “He has actually elevated the forum to a much higher level than he met it. Be that as it may I will try to ensure that I continue from where he stopped. “I will continue to sustain the good relationship he has created with all the revenue-generating agencies such as the Ministry of Finance and the Office of the Accountant General of the Federation”, he said. Akinterinwa who is the Commissioner of Finance Ondo State, reiterated that the removal of fuel subsidy was an overdue issue. His words: “I commend the President for having the courage to immediately remove the fuel subsidy as he was sworn. “Well, we are going to feel the pain we are feeling in the short run but in the long run, it is in the best interest of everybody.” Mohammed Shehu, Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), on his part, commended the forum on efforts at taking the issue of the federation account very seriously. “We hope that as the years go by, the agitation on federal might or federal imposition on a lot of things would become a thing of the past. “This is an opportunity for states revenue mobilisation and all other agencies to collaborate in the area of increasing internally generated revenue of states and diversification of the economy”, he said. He also said that the removal of fuel subsidy was good for the economy. Shehu urged states to ensure that the monies that were eventually going to the states should be put to use properly so that “we can run a very good federation and create opportunities for jobs for Nigerians.” Special Guest of honour at the event, the Governor of Jigawa, Umar Namadi tasked the forum to build on the legacy of the outgoing chairman saying that he brought a lot of innovation and professionalism to the organisation. He was a former Commissioner for Finance Jigawa and the immediate past Deputy Governor of the state before becoming the present governor. Shehu said that removal of fuel subsidy was a bold step taken by the President. The event was attended by the Accountant General of the Federation, Mrs Oluwatoyin Madein and representatives of Central Bank of Nigeria (CBN) and Federal Inland Revenue Service (FIRS)
CBN partners UNIUYO on sensitisation of e-naira policy
The Central Bank of Nigeria (CBN) has solicited a partnership with the University of Uyo for the sensitisation of the institution’s staff and students on the usage of e-naira policy in daily business transactions. The Controller of CBN, Uyo Branch, Mrs Mercy Ogbomonpaul, made the call while interacting with the Vice-Chancellor of the University of Uyo, Prof. Nyaudoh Ndaeyo, in Uyo on Thursday. Ogbomonpaul, who was represented by Assistant Director, CBN, Mr Isang Enya, said that the e-naira policy would aid monetary policy decision-making and urged Nigerians to embrace the policy. She said that the sensitisation program was to educate the University community on the system and encourage them to key into it. She said that the e-naira platform had been introduced into the country since 2021 for citizens to embrace for their daily businesses. Ogbomonpaul said Nigeria was the seventh nation to introduce e-naira, adding that other countries had gone beyond the physical cash payment and were now using the e-payment system. “We are here to partner with you on the e-naira; globally, the economy is now going e-payment and not cash payment as it is known in our environment. “The Central Bank in its wisdom, in line with best practices, adopted the e-naira platform. “The e-naira is expected to help us to be in par with what other countries are doing; the unfolding trend now is that we use e-payment rather than the physical cash. According to her, e-naira is an initiative of the Central Bank that will work at par with the physical cash. Ogbomonpaul said the e-naira could be used in transaction rather than physical cash, adding that the e-naira would help in handling the deficiencies noticed and experienced in the use of cash. She said the e-naira would also help in policy-making in terms of monetary policy decisions as decisions are made based on available information. “If we are all on the e-naira platform, the Central bank would be able to ascertain how much has been transacted in the e-naira platform; “And make policy decisions for our monetary policy in the country,” she said. The branch controller added that the e-naira would make our payment system more viable and bring more people into the system. She said, “It is simple, it is easy, and will allow the government to get its revenues in terms of payment very easily.” Responding, Ndaeyo said the institution was happy to be a part of the initiative and would partner with CBN on the e-naira policy. Ndaeyo said that the university was also willing to partner with the CBN in the area of agriculture. He urged the apex bank to go beyond the shores of the university, into the communities to sensitise people on the e-Naira. The vice-chancellor, however, commended the Central Bank for the introduction of e-naira into the payment system in the country, urging everyone to embrace the system. The Central Bank of Nigeria (CBN) has solicited a partnership with the University of Uyo for the sensitisation of the institution’s staff and students on the usage of e-naira policy in daily business transactions. The Controller of CBN, Uyo Branch, Mrs Mercy Ogbomonpaul, made the call while interacting with the Vice-Chancellor of the University of Uyo, Prof. Nyaudoh Ndaeyo, in Uyo on Thursday. Ogbomonpaul, who was represented by Assistant Director, CBN, Mr Isang Enya, said that the e-naira policy would aid monetary policy decision-making and urged Nigerians to embrace the policy. She said that the sensitisation program was to educate the University community on the system and encourage them to key into it. She said that the e-naira platform had been introduced into the country since 2021 for citizens to embrace for their daily businesses. Ogbomonpaul said Nigeria was the seventh nation to introduce e-naira, adding that other countries had gone beyond the physical cash payment and were now using the e-payment system. “We are here to partner with you on the e-naira; globally, the economy is now going e-payment and not cash payment as it is known in our environment. “The Central Bank in its wisdom, in line with best practices, adopted the e-naira platform. “The e-naira is expected to help us to be in par with what other countries are doing; the unfolding trend now is that we use e-payment rather than the physical cash. According to her, e-naira is an initiative of the Central Bank that will work at par with the physical cash. Ogbomonpaul said the e-naira could be used in transaction rather than physical cash, adding that the e-naira would help in handling the deficiencies noticed and experienced in the use of cash. She said the e-naira would also help in policy-making in terms of monetary policy decisions as decisions are made based on available information. “If we are all on the e-naira platform, the Central bank would be able to ascertain how much has been transacted in the e-naira platform; “And make policy decisions for our monetary policy in the country,” she said. The branch controller added that the e-naira would make our payment system more viable and bring more people into the system. She said, “It is simple, it is easy, and will allow the government to get its revenues in terms of payment very easily.” Responding, Ndaeyo said the institution was happy to be a part of the initiative and would partner with CBN on the e-naira policy. Ndaeyo said that the university was also willing to partner with the CBN in the area of agriculture. He urged the apex bank to go beyond the shores of the university, into the communities to sensitise people on the e-Naira. The vice-chancellor, however, commended the Central Bank for the introduction of e-naira into the payment system in the country, urging everyone to embrace the system.
Subsidy Removal: Governors back Tinubu
President Bola Tinubu on Wednesday received the endorsement of his decisions to end fuel subsidy payments in the country and other early policy initiatives of the administration. The president received the support when he hosted members of the Nigerian Governors’ Forum (NGF), led by its chairman, AbdulRahman AbdulRazaq of Kwara, at the State House in Abuja. The governors expressed happiness with the president’s subsidy removal decision, all-inclusive leadership and statesmanship. They congratulated Tinubu for tackling the fuel subsidy debacle, promising to work with him to ameliorate the short-term impact of the decision. Tinubu had earlier called on the governors to collaborate with the Federal Government in addressing the menace of poverty in the country, saying the level of impoverishment is unacceptable. The president advised the political leaders to downplay their differences and jointly focus on alleviating the sufferings and pains of the people. “We can see the effects of poverty on the faces of our people. Poverty is not hereditary, it is from the society. “Our position is to eliminate poverty, set aside partisan politics; we are here to deliberate about Nigeria and nation-building,’’ he said. Tinubu stated that the country should be seen as one big family. “We are a family occupying one house, and sleeping in different rooms. If we see it that way and push forward, we will get our people out of poverty. A determined mind is a fertile ground for delivering on results,’’ he stressed. The president said that good governance would safeguard the future of democracy. “Present in this room is our diversity in culture and politics, but we are one nation. The unity and stability of the country rest upon us. “We have managed ourselves very well to have a democracy. We have campaigned and arrived at our present destination. We must work for our people,’’ he charged the governors. Tinubu assured them that he would maintain an open-door policy and was prepared to share ideas, strengthen institutions and create bottom-up frameworks that would improve the livelihood of Nigerians. “We need synergy to fight other vices like corruption. We are trying to get smugglers out of the way. How do we work together to galvanize the economy and put resources in place. We must think and perform. “After removing subsidy, there must be savings accruing to the Federation Account,’’ he noted. Tinubu said the education sector must be improved as part of efforts to reduce poverty and penury. He also drew attention to the security problems in some states, urging the governors to put in all efforts to tackle insecurity. The president said he was prepared to share ideas, strengthen institutions, and create bottom-up frameworks that would improve the livelihood of Nigerians. “We need synergy to fight other vices like corruption. We are trying to get smugglers out of the way. How do we work together to galvanize the economy, and put resources in place. We must think and perform. “After removing subsidy, there must be savings accruing to the Federation Account,’’ he noted. Tinubu said the education sector must be improved as part of efforts to reduce poverty and penury. AbdulRazaq promised the president that the governors would support the Federal Government in meeting the targets of human development. He thanked the president for the invitation to deliberate on the challenges of poverty and security, promising that the governors will support the federal government in meeting the targets of human development.
Fuel marketers declare support for subsidy removal
*Pledge 100 mass transit buses The Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) on Wednesday in Abuja pledged its support for Federal Government’s removal of fuel subsidy. The association’s chairperson, Dame Winifred Akpani, made the disclosure at the end of a meeting with President Bola Tinubu. She said the association would also support government’s palliative measures by providing between 50 and 100 mass transit buses. Akpani said the buses would be locally-manufactured and would use Compressed Natural Gas as fuel. “We pledge our support for President Tinubu in the bold decision of removing petrol subsidy. It is an idea that was long overdue. “Removal of subsidy is not about making fuel costly and taking it out of the reach of Nigerians. It is about getting it right on the real issue of petroleum product subsidy. “Who are those enjoying the subsidy? The subsidy ends up being enjoyed by those it was not meant for. “We also spoke to the president about substitutes to petrol as well as creating an environment conducive for investments to thrive in the oil sector,’’ she said. Governor Dapo Abiodun of Ogun, who led the DAPPMAN delegation, described the subsidy removal as a bold step that portended positive growth for the economy He said fuel subsidy withdrawal was a clear indication of Tinubu’s readiness to address the challenges of the oil and gas sector. “Subsidy has become a N4 trillion per annum issue and its removal will release more funds for economic development. “Subsidy removal will unleash the potential of Nigeria because it will open up a lot of resources for the development of other sectors of the economy. “The National Economic Council will soon begin sitting to propose interventions on the subsidy removal. “The interventions will definitely be long-lasting solution to the effect of fuel subsidy removal on Nigerians,’’ Abiodun said.