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Nigerians Will Suffer More if Petrol Subsidy is Removed, Says Oil Marketers

While the commodity is scarce in some parts of the country, the cost continues to rise in many states as Nigerians keep complaining over long queues and skyrocketing prices.




The Independent Petroleum Marketers Association of Nigeria (IPMAN) have alerted their fellow citizens to brace up for harder times once the Federal Government eventually commences the removal of subsidy on Premium Motor Spirit (PMS), popularly known as petrol.

This warning came as Nigerians, especially vehicle owners and those who often visit filling stations to purchase petrol face difficulties in getting the commodity.

While the commodity is scarce in some parts of the country, the cost continues to rise in many states as Nigerians keep complaining over long queues and skyrocketing prices.

Petrol users have continued to lament the scarcity and hike in price and blamed the Federal Government for their woes.

While the official price of petrol is pegged at N185, filling stations have been selling at higher prices even most buyers have to tip fuel attendants before purchasing the commodity.

Some buy between N200 and N450 across the country after spending hours at filling stations queuing to get the commodity.

Investors King had reported that the Federal Government was contemplating removing subsidy on petrol gradually even as the Minister of Finance, Budget and National Planning, Zainab Ahmed, had hinted that allocation for subsidy in the nation’s subsidy would cease in June this year.

Investors King recalls that the administration of President Muhammadu Buhari had promised to resuscitate the nation’s collapsed refinery but a few months to the end of his eight years in office, none of the country’s refineries is yet to pick up.

Nigerian oil marketers have expressed fear that Nigerians may buy petrol at higher rates if the subsidy is removed without concrete measures put in place by the Federal Government before its withdrawal.

According to IPMAN Secretary, Abuja-Suleja, Mohammed Shuaibu, a litre of petrol may be sold at the rate of N800 or even higher if petrol is subsidized and no painstaking measures are put in place beforehand.

Shuaibu said the situation would bring untold hardship on Nigerians, adding that it would not be realistic if the nation withdraws subsidy on a commodity is barely available.

While exonerating IPMAN from the problem of scarcity of fuel, the oil marketer asked the Federal Government to explain to Nigerians how the fuel supply crisis came to be.

He told the federal government to desist from blaming oil marketers for the unwholesome development in the oil sector, warning that a subsidy removal without appropriate measures that would ameliorate the harsh effects would make citizens suffer more.

While stressing that the oil market is not properly situated for healthy competition, Shuaibu stated that once the Dangote Refinery, a privately owned company kicks off, Nigerians would be exploited through it.

Revealing that the pipelines of the refinery were not even designed to run in any Nigerian state, he disclosed that the pipelines have been structured to run in neighbouring countries except for the one in the Lekki area of Lagos State.

For him, the absence of competition in the oil sector for oil refinery would give Dangote the opportunity to be the only supplier that would be calling the shot in the industry and that would not fetch Nigerians any good.

Shuaibu said the exploitation may not end until other private persons build refineries in the country and there is competition.

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Federal Government Appeals to Electricity Union Amid Tariff Hike Tensions



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The Federal Government has made a direct appeal to the National Union of Electricity Employees (NUEE) amidst rising tensions over the recent hike in electricity tariffs.

The plea comes as the union continues to voice its dissatisfaction with the government’s decision to remove the subsidy on the tariff payable by Band A customers, warning of potential service withdrawal if the decision is not reversed.

In an interview with our correspondent, Adebiyi Adeyeye, the National President of the NUEE, reiterated the union’s stance against the increase, citing the impracticality of expecting their members to collect higher tariffs from customers without a proportional improvement in service.

Adeyeye emphasized the union’s concerns over the discrepancy between the promised 20 hours of daily power supply and the actual delivery, which he deemed “not feasible” due to existing infrastructural limitations.

The Federal Government, represented by Minister of Power Adebayo Adelabu, called for understanding and patience from the union. Speaking through his media aide, Bolaji Tunji, Adelabu assured that efforts were being made to improve electricity supply across the nation. He emphasized the necessity of these changes for the country’s long-term economic growth and job creation.

“We just want to appeal to the labor union to understand the context of these changes. It’s about working together to address the underlying issues within the power sector. It is not anybody’s joy that there are blackouts all the time,” Adelabu stated.

He added that the steps being taken would ultimately benefit the economy and urged the union to bear with the government during this transitional phase.

Adeyeye maintained that the union’s primary objective is to safeguard the well-being of its members, who are facing increased threats due to the tariff hike.

He stressed the need for immediate action from the government to resolve the issues, stating that the union would withdraw its services if necessary.

As the standoff continues, the public watches with interest, hoping for a resolution that will avoid disruptions to the country’s power supply and maintain a harmonious relationship between the government and electricity workers.

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Minister of Power Pledges 6,000 Megawatts Electricity Generation in Six Months



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Adebayo Adelabu has made a bold pledge to ramp up electricity generation to 6,000 megawatts (MW) within the next six months.

This announcement comes amidst ongoing efforts to tackle the longstanding issue of inadequate power supply that has plagued the country for years.

During an appearance on Channel Television’s Politics Today program, Adelabu said the government is committed to resolving the issues hindering the power sector’s efficiency.

He expressed confidence in the administration’s ability to overcome the challenges and deliver tangible results to the Nigerian populace.

Currently, Nigeria generates and transmits over 4,000MW of electricity with distribution bottlenecks being identified as a major obstacle.

Adelabu assured that steps are being taken to address these distribution challenges and ensure that the generated power reaches consumers across the country effectively.

The minister highlighted that the government has been proactive in seeking the expertise of professionals and engaging stakeholders to identify the root causes of the power sector’s problems and devise appropriate solutions.

Adelabu acknowledged the existing gap between Nigeria’s installed capacity of 13,000MW and the actual generation output, attributing it to various factors that have impeded optimal performance.

Despite these challenges, he expressed optimism that the government’s initiatives would lead to a substantial increase in electricity generation, marking a significant milestone in Nigeria’s energy sector.

Addressing concerns about the recent decline in power generation due to low gas supply, Adelabu assured Nigerians that measures are being taken to rectify the situation.

He acknowledged the impact of power outages on citizens’ daily lives and reiterated the government’s commitment to providing stable electricity supply within the stipulated timeframe.

The Minister’s assurance of achieving 6,000MW of electricity generation in the next six months comes as a ray of hope for millions of Nigerians who have long endured the consequences of inadequate power supply.

With ongoing reforms and targeted interventions, there is optimism that Nigeria’s power sector will witness a transformative change, ushering in an era of improved access to electricity for all citizens.

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Nigeria’s Economic Woes to Drag Down Sub-Saharan Growth, World Bank Forecasts



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The World Bank’s latest report on the economic outlook for Western and Central Africa has highlighted Nigeria’s sluggish economic growth as a significant factor impeding the sub-region’s overall performance.

According to the report, while economic activities in the region are expected to increase, Nigeria’s lower-than-average growth trajectory will act as a hindrance to broader economic expansion.

The report indicates that economic activity in Western and Central Africa is set to rise from 3.2 percent in 2023 to 3.7 percent in 2024 and further accelerate to 4.2 percent in 2025–2026.

However, Nigeria’s growth, projected at 3.3 percent in 2024 and 3.6 percent in 2025–2026, falls below the sub-region’s average.

The World Bank underscores the importance of macroeconomic and fiscal reforms in Nigeria, which it anticipates will gradually yield results.

It expects the oil sector to stabilize with a recovery in production and slightly lower prices, contributing to a more stable macroeconomic environment.

Despite these measures, the report emphasizes the need for structural reforms to foster higher growth rates.

In contrast, economic activities in the West African Economic and Monetary Union are projected to increase significantly, with growth rates of 5.9 percent in 2024 and 6.2 percent in 2025.

Solid performances from countries like Benin, Côte d’Ivoire, Niger, and Senegal are cited as key drivers of growth in the region.

The report also highlights the importance of monetary policy adjustments and reforms in supporting economic growth.

For instance, a more accommodative monetary policy by the Central Bank of West African States is expected to bolster private consumption in Côte d’Ivoire.

Also, investments in sectors such as agriculture, manufacturing, and telecommunications are anticipated to increase due to improvements in the business environment.

However, Nigeria continues to grapple with multidimensional poverty as highlighted by the National Bureau of Statistics.

Over half of Nigeria’s population is considered multidimensionally poor, with rural areas disproportionately affected. The World Bank underscores the need for concerted efforts to address poverty and inequality in the country.

Sub-Saharan Africa as a whole faces challenges in deepening and lengthening economic growth. Despite recent progress, growth remains volatile, and poverty rates remain high.

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