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President Okays Salary Increase for Policemen

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  • President Okays Salary Increase for Policemen

President Muhammadu Buhari has approved Rank Salary Structure Adjustment for the Nigeria Police Force, the Presidency said on Monday.

The structure implies that the salaries, allowances and pensions of policemen will be increased.

A statement by the Senior Special Assistant to the President on Media and Publicity, Mr Garba Shehu, said the decision was part of the commitment of Buhari’s administration “ to give attention to the welfare and operational needs of the Nigeria Police Force with a view to restoring its lost primacy in the internal security framework of the country.”

The statement said Buhari met with members of the Nigeria Police Service Commission at the Presidential Villa, where he spoke on the inability of the police to perform their primary duties of law enforcement.

He noted that this had necessitated government’s action in drafting the military to the streets often to help maintain law and order in situations that the police could have handled ordinarily.

“From Taraba to Sokoto to the South-South, people don’t feel secure until they see the military.

“I am pleased to make the increase in salaries and allowances in the hope that will increase the performance index of the police and strengthen Nigeria’s internal security system,” the President announced.

The President called for more efficient policing of the country to raise the confidence of both the government and Nigerians.

He explained that this would allow the military to be restricted to its core mandate of protecting the territorial integrity of the country.

The statement quoted Buhari further, “The military should be reserved for higher tasks.

“The police should be able to cope well with the challenges of armed robbery, kidnapping for ransom and such crimes. In every town and village, there is the presence of the police.

“From all these places, they should be able to forward first class intelligence to you on which to act.

He added, “There is a need to amplify the question of more men of the police, especially given the condition we are in – emergency in the North-East, pervasive insecurity and abduction for ransom and banditry in many parts of the country.

“I congratulate you on the success you recorded against criminals taxing people and stopping them from their farms. We are expecting more from you.”

The PSC members were led on the visit by a Commissioner on the commission, Justice Clara Ogunbiyi (retd), who represented the Chairman, Musiliu Smith.

New salary for police won’t restore Nigerians’ confidence in Buhari – PDP

Meanwhile, the Peoples Democratic Party has said the new salary structure announced by President Muhammadu Buhari for the police will not restore Nigerians’ confidence in the Federal Government and the President.

It however described the action as a welcome development.

Nevetheness, the main opposition party asked Nigerians to pray that the Buhari Presidency would be able to fulfil the promise.

National Publicity Secretary of the party, Mr Kola Ologbondiyan, who spoke with one of our correspondents on the pronouncement by the President on the increase in the salary of the police, said “asked the police not to jubilate until the President fulfils his promise.”

He said, “The increase in the salary is a welcome development. We are not against it, even though it is coming a few months before the conduct of the general election.

“However, that increment will never confer or restore peoples’ confidence in President Buhari andd his Presidency.

“It is a battered government of deceit that has lost the morality to lead. Let’s us pray that the Buhari Presidency will fulfil the promise. If that is the only promise it will fulfil before it leaves office next year, let us pray it is able to do that. Nigerians should also pray that the President will not renege on the promise, or even said a committee be set up later to discuss it in order for it to buy time.”

Ologbondiyan asked Nigerians to mount pressure on the President to fulfil the “self-imposed promise so that it doesn’t go the way of other campaign promises.”

Buhari may be playing political card – Civil society

Two civil society organisations – the Campaign for Democracy and the Centre for Anti-Corruption and Open Leadership – have said that President Buhari’s decision to review the police’s salary scale structure is a welcome development but may be a political card ahead of the 2019 general election.

The CD President, Usman Abdul, said the President had in the last three years not acted in that direction, noting that the Nigeria Labour Congress issues still had not been fully resolved.

Abdul said, “If the Federal Government is attending to the police, it should remember that the Nigeria Labour Congress had been on its neck for some time but nothing concrete has been done yet. If the President has just received the police commission and promised to review their salaries, I believe it is a good development but we at the civil society are mindful of the timing of such gestures.

“Let no one be overjoyed until we see the conduct of the police in 2019. These are political seasons and the President may be playing a political card. We hope the police will not be used to act against our democratic ideals.”

Also the CACOL Director, Debo Adeniran, said, “It is a right step in the right direction but one would not know the mindset of the President. It is better late than never. It may not be a political card and it may be. But we know that police deserve a better living. If you like, I would have said that the government knows how to take care of citizens only at election times, maybe elections should come every now and then.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Economy

Nigeria Faces Fuel Crisis with Petrol Costs Surging to N978/Litre

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Nigeria is grappling with a severe fuel crisis as the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has skyrocketed to N978 per litre.

This surge, driven by a depreciating naira and rising international costs, has led to widespread fuel shortages and long queues at filling stations across the country.

The latest figures reveal that the landing cost—which includes the international price, shipping, insurance, and other charges—has increased from N720 per litre in October 2023.

This escalation is attributed to the naira’s depreciation, which hit a three-month low of N1,530 per dollar on the parallel market this week, exacerbating the already dire economic situation.

“The rising landing cost of petrol is a result of the escalating foreign exchange (FX) crisis. There are market interventions through subsidies, as most Nigerians cannot afford the market price for petrol,” a senior executive in the downstream sector explained.

Despite the federal government’s denial of an ongoing subsidy, a report from the finance minister, Wale Edun, projected that fuel subsidies could cost about N5.4 trillion in 2024, up from N3.6 trillion in 2023.

The fuel scarcity has led to black market prices soaring between N1,000 and N1,100 per litre, while some retail outlets in Abuja, Nasarawa, and Niger have hiked pump prices to N900 per litre.

Motorists have been forced to spend hours in queues, further straining their daily lives.

NNPC Limited attributed the current fuel queues to recent thunderstorms and logistical challenges disrupting activities at fuel-loading jetties.

The company assured stakeholders that it is working to resolve the situation and clear the queues.

“We have no problem covering our gasoline payments. This is just money for normal business and not a desperate act,” said Mele Kyari, the group’s general manager.

He also mentioned that NNPC is considering securing a $2 billion loan using crude oil pre-payments as collateral to support its business activities.

Aisha Mohammed, an energy analyst at the Lagos-based Centre for Development Studies, noted, “The government is partially subsidizing the commodity for political, social, and economic reasons. While economically sound, the social and political costs are significant.”

Market analysts have called for a review of dollar-based fee collections to reduce petrol costs. “We must resist the dollarization of the Nigerian economy. There are some fee collections in dollars that are also pushing up the landing cost of petrol,” a source said.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) confirmed that NNPC is addressing the supply issues, but warned that the queues might persist for days, especially in locations far from major depots.

“Once they start loading, it takes some days to clear the queues. And don’t forget that filling stations in Abuja get products from Lagos, Oghara, Warri, Port Harcourt, or Calabar, and that takes more than three days turn-around time to accomplish,” said PETROAN president Billy Gillis-Harry.

He said there is a need for collaboration between the government, NNPC, and downstream operators to find a lasting solution to the fuel scarcity.

“We need a clearly defined council with grassroots knowledge of the business to project and address problems based on empirical evidence,” he stated.

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Egyptian Inflation Eases Despite Bread Price Hike

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Egyptian pound

Egyptian inflation eased for the fourth consecutive month in June despite a historic increase in the cost of subsidized bread that feeds a significant portion of the population.

Consumer prices in urban areas rose at an annual rate of 27.5%, down from 28.1% in May, according to the state statistics agency CAPMAS.

On a month-to-month basis, prices grew by 1.6%.

This latest deceleration comes after authorities implemented a 300% hike in the price of subsidized bread on June 1, the first such move since the 1970s.

Although some economists had anticipated an inflationary surge, the impact on overall inflation was minimal due to the relatively small weight of bread in the consumer price index, explained Mohamed Abu Basha, head of research at EFG Hermes.

Food and beverage prices, the largest component of Egypt’s inflation basket, increased by 31.9% year-on-year, compared to 31% in May, and rose 2.6% on a monthly basis.

Despite the ongoing challenges, the rate of inflation has been slowing for eight of the past nine months, even after a significant devaluation of the Egyptian pound in 2024, which saw the currency plummet almost 40% against the dollar.

The reduced inflation rate reflects how the lower value of the pound on the now-stabilized local black market had already been factored into retail pricing strategies.

Also, the country’s central bank maintained its interest rates at an all-time high in May, citing expectations for a significant decline in inflation during the first half of 2025.

Further subsidy reductions are anticipated as Egypt continues its economic reforms following a $57 billion bailout from the United Arab Emirates, the International Monetary Fund, and other international supporters.

Cairo-based EFG Hermes is among the institutions predicting a continued cooling of consumer costs throughout the remainder of the year.

Abu Basha noted that the gradual elimination of fuel subsidies and potential increases in power tariffs are expected to have a relatively minor effect on overall inflation.

However, recent shortages in domestic gas supplies, which caused temporary shutdowns at some fertilizer plants and contributed to widespread power cuts, remain a potential wildcard.

Despite the inflation slowdown, the Egyptian central bank is unlikely to reduce interest rates when it meets next week.

The IMF recently affirmed its agreement with Egypt that maintaining a tight monetary policy is crucial in the short term to bring inflation closer to the central bank’s target.

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Businesses Struggle as Petrol Scarcity Hits Major Nigerian Cities

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The pervasive impact of a severe petrol scarcity has thrown businesses across major Nigerian cities into disarray as long queues have started showing up at petrol stations.

In bustling urban centers like Lagos, Abuja, and Port Harcourt, scenes of frustrated commuters and distressed business owners paint a stark picture of the toll exacted by the ongoing fuel crisis.

Many petrol stations have either completely run out of fuel or are rationing limited supplies, forcing consumers to endure hours-long waits or turn to black market sellers who command prices as high as N1,000 per litre.

For Uche Adams, a Lagos-based trader, the petrol shortage has brought his business to a standstill for days.

“I have been out of business for two days because I have not been able to buy petrol,” lamented Adams, reflecting the widespread impact on small businesses reliant on transportation and generator power amidst erratic electricity supply.

The situation is equally dire in Abuja, where Adamu Abdullahi, operating a barber’s shop in Kubwa, described how the scarcity has slashed his operating hours and inflated his overhead costs.

“I have only operated for five hours today due to fuel scarcity. I can’t buy at any filling station and black marketers are selling higher than N1,000 per litre,” Abdullahi disclosed.

Behind the scenes, private depot owners in Lagos have exacerbated the crisis by hiking petrol prices from N630 to N720 per litre, citing logistical challenges and market dynamics.

This spike in prices at the source has cascaded down to consumers, with filling stations adjusting their rates upwards, compounding the financial strain on businesses and households alike.

The Nigerian National Petroleum Corporation (NNPC) has attributed the fuel scarcity to disruptions in ship-to-ship transfers during adverse weather conditions, which have hampered product deliveries to filling stations.

Olufemi Soneye, NNPC’s chief corporate communications officer, acknowledged the logistical hurdles exacerbated by recent thunderstorms and flooding on truck routes, hindering the smooth flow of petrol supply.

“Weather disruptions have affected berthing at jetties, truck load-outs, and transportation of products, compounding station supply logistics,” stated Soneye.

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