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Nigeria Losing One Million Barrels of Oil Daily – Osinbajo

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Vice President Yemi Osinbajo

Vice-President Yemi Osinbajo says Nigeria has been losing one million barrels of crude oil daily in the last six months due to the activities of pipeline vandals.

Osinbajo, who is the head of President Muhammadu Buhari’s economic team, disclosed this on Tuesday while receiving a delegation of the Northern States Pentecostal Bishops Forum in his office at the Presidential Villa, Abuja.

Nigeria had lost at least 180 million barrels of crude oil in less than one year.

A statement signed by Osinbajo’s spokesman, Laolu Akande, read in part, “In addition to the massive fall in oil prices, the VP stated that the vandalism of pipelines had led to a worsening of the situation with the country losing about one million barrels of oil per day for up to six months now. The vandalism has equally cut power supply short since gas pipelines were also destroyed.”

According to the Vice-President, there is no country in the world that can face the kind of stealing that has taken place in Nigeria without having to deal with the consequences, including the current state of the economy.

He, however, assured Nigerians that even though the times were hard today, “there is great hope that this country will prosper.”

“This country has been badly governed. We are dealing, for instance, with the embezzlement of funds to the tune of $15bn in one sector alone.”

Osinbajo dismissed suggestions that the Buhari administration should stop blaming past governments.

He added, “We have to, that is why we are here. We have not turned attention to the oil and gas sector, where the former CBN governor alleged that $20bn was stolen. We must condemn and stand up against this level of corruption. It is the single most important reason of the current state of the country. We can’t ignore it.”

Osinbajo called on Christian and religious leaders generally to condemn corruption openly.

Responding to the views of the leader of the delegation, Archbishop John Daniel, that members of the forum had been actively involved in the fight against corruption in Nigeria, the VP said indeed the “country has been systematically destroyed.”

He added, “Our currency depreciated because we don’t have the reserves to back it. At the height of the oil boom, there were no savings.”

The senior advocate said that the recent GDP figures released last week indicated clearly there is growth in agriculture and solid minerals.

The social investment programmes, according to the Vice-President, are on course, reassuring the nation “that very soon, the 500,000 jobs scheme will take off,” alongside other schemes.

Earlier, Archbishop Daniel expressed the support of the forum for the diversification of the Nigerian economy by the Buhari administartion but asked the Federal Government to ensure that violent herdsmen were brought to book.

In his response, Osinbajo noted that Buhari had given clear instructions to the security agencies to arrest and prosecute anyone, regardless of status, who carried arms and perpetrated violence.

He, however, lamented that the justice system needed reforms to ensure speedy prosecution.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Peter Obi Slams Tinubu Over Double National Grid Collapse, Calls for Urgent Power Sector Reforms

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Peter G. Obi

The Labour Party (LP) presidential candidate in the 2023 election, Peter Obi, has berated President Bola Tinubu’s government after the country’s national grid collapsed twice in less than 24 hours.

The former Anambra State Governor reacted via a lengthy statement on his official X handle on Tuesday, October 15.

Obi blamed the persistent collapse on the failure of leadership and the policies implemented by the federal government.

He called for urgent and comprehensive reforms, saying Nigerians deserve a government that prioritizes measurable indices of development

He said, “For the umpteenth time, the national grid has collapsed, plunging a huge part of the nation into darkness and exposing the fragility of Nigeria’s power infrastructure.

“This recurring disaster is a national shame and a glaring testament to the failure of leadership and policy implementation at the highest levels. How long must Nigerians endure a system that fails to provide one of the critical necessities for a productive society?

“This latest power grid collapse is emblematic of a leadership and government that have consistently failed to prioritize the welfare and economic well-being of the people.

“We all know the immense importance of power supply to the transformation of our economy. Its support to SMEs, which are the engine of job creation and a major contributor to our GDP, is immeasurable.

“Today, we are the fourth largest economy in Africa, having fallen from the number one position due to leadership failure over the years, including the persistent power crisis, which is critical when compared to smaller economies.

“South Africa, which is now the largest economy in Africa with a GDP of about $400 billion and 30% of our population, generates and distributes over 40,000 megawatts of electricity.

“Secondly, Egypt, the second largest economy with a GDP of about $350 billion and half of our population, generates and distributes over 40,000 megawatts.

“Algeria, the third largest economy, with about 300B GDP and 20% of our population, generates and distributes over 50,000 megawatts of electricity.

“Nigeria, with less GDP but with more population than the 3 countries combined, generates and distributes less than 10,000 megawatts, and even that is riddled with frequent collapses and crises of failure.

“This disparity in power generation is a reflection of the deep-rooted governance deficit that continue to hold back our growth and potential. It is time for urgent, comprehensive reform. Nigerians deserve a government that prioritizes measurable indices of development.”

Investors King reported that the national grid partially collapsed on Tuesday morning, marking the second collapse in less than 24 hours after the first collapse on Monday.

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INEC Begins Security Training Ahead of Ondo Governorship Election

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The Independent National Electoral Commission (INEC) has commenced a three-day training session for security personnel as part of preparations for the upcoming off-cycle governorship election in Ondo State.

Investors King reports that the electoral body is scheduled to conduct the election on November 16

During the opening of the training in Akure, the state capital on Monday the National Commissioner and Chairman, Board of Electoral Institute, Prof Abdullahi Zuru, said the training was opened for security officers from various agencies including the state police command, the Nigerian Army, the Nigerian Airforce, the Federal Road Safety Corps, the Nigerian Security and Civil Defence Corps, the Nigerian Immigration Service and the Nigerian Customs Service.

Zuru revealed that off-cycle elections in Nigeria pose more challenges compared to general elections.

He, however, said there is a need for continuous collaboration between INEC and security agencies to tackle the prevailing challenges effectively.

He said, “It is pertinent to remind ourselves that off-cycle elections in Nigeria are inherently more challenging than general elections because it allows political actors to concentrate their human and material resources to circumvent the electoral process.

“So, the INEC and security agencies must continuously enhance collaboration to ensure that the vote of every voter counts and the people of Ondo State decide who governs them through the ballot box.

“This training is, therefore, an opportunity for the commission to further enhance synergy between INEC and the security agencies, and ultimately ensure that a tranquil electoral environment is provided for deployment of electoral materials, equipment and personnel as well as peaceful movement of voters.”

Meanwhile, during the All Progressives Congress (APC) campaign flag-off in Ondo West Local Government Area on Saturday, Governor Lucky Aiyedatiwa announced an increase in the minimum wage for civil servants in the state.

Aiyedatiwa, who is running for office under the APC platform, reaffirmed his commitment to improving the welfare of civil servants and urged residents and citizens to come out in large numbers and vote for him.

 

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Enugu Government Gives Reasons For Imposing Tax on Dead Bodies 

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Company Income Tax (CIT) - Investors King

The Enugu State Government has given reasons for its decision to impose a tax on corpses in mortuaries across the state.

The government said its decision was not driven by the need to generate revenue.

Executive Chairman, Enugu State Internal Revenue Service (ESIRS), Mr Emmanuel Nnamani, made this clarification while reacting to the Mortuary Tax circular addressed to all morticians in the state.

Nnamani said imposing the tax was inline with the state Mortuary Tax Law which had existed for years, adding that it was not new to the state.

He further clarified that the mortuary tax was N40 daily only as against N40,000.

Nnamani stated that it is an indirect tax paid by mortuary owners, not deceased family and it is just N40, not N40,000.

He added that since its introduction, nobody has been denied burying their dead ones, adding that if the corpse stays in the mortuary for 100 days, the mortuary is expected to pay the state a sum of N4,000.

“The tax is not meant to generate revenue but to discourage people from taking their dead ones to the mortuary all the time,” he stressed.

According to the circular, ESIRS, in line with the provisions of Section 34 of the Birth, Deaths and Burials Law Cap 15 Revised Laws of Enugu State 2004, approved the implementation of the Mortuary tax.

The law partly reads, “The sum of N40.00 only is to be paid by owners of a corpse once it was not buried within twenty-four hours. The amount continues to count daily.

“Kindly ensure that owners of corpses make the payments before collection of the corpses for burial and then remit the same to the ESIRS in any commercial bank under the mortuary tax in Enugu State IGR Account.”

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