flokii:


Just chill, you'd marvel at the level of support PBAT will get in the North come 2027.. the masses there are not chickens or goats without brain o.

Moreover, majority of the noisemakers calling themselves Northern elders supported either Atiku or Kwankwaso, they want to make it look as if they worked for PBAT's victory which is false. The Northerners themselves are tired of their bad leaders.

The Northern Elders Forum (NEF) has expressed regrets that the region voted for President Bola Tinubu in 2023.

Of the three leading candidates in the 2023 presidential election, Tinubu, who ran on the platform of the All Progressives Congress (APC), polled the highest votes from the region.

In an interview with Guardian on Tuesday, Abdul-Azeez Suleiman, spokesman of the forum, said going forward, the region will prioritize unity and consensus in selecting a candidate for the highest office in the land.

Quizzed on the recent visit and donations by Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 general elections, to communities in northern states, Suleiman said the region would prioritize someone who is seen as more inclusive, less controversial, and more aligned with the interests of all regions of the country.

“The North made a mistake in voting Bola Tinubu to the presidency in 2023, and it is unlikely that they will repeat the same error in the future.”

“They have learned from their past misstep and will strive to select a candidate who can unite the country and govern in the best interests of all Nigerians.

“Moving forward, the North will be more cautious in selecting a candidate for the presidency. They will prioritize someone who is seen as more inclusive, less controversial, and more aligned with the interests of all regions of the country.

“The mistake of supporting Tinubu in 2023 has taught them the importance of unity and consensus in selecting a candidate for the highest office in the land,” he was quoted as saying.

Tinubu has been widely criticised over some policies of his administration, which have been tagged as anti-masses.

Earlier in the week, former Vice-President Atiku Abubakar, Tinubu’s main challenger in last year’s election, said the president’s policies lack human face.

The Peoples Democratic Party (PDP) presidential candidate said this in reaction to the hike in electricity tarriff.

However, the president has consistently assured Nigerians that the worse days are over, saying his government has things under control.

After signing the Student Loan bill into law last week, Tinubu said the future of Nigerian children will be brighter as the path to take them out of poverty has been cleared.

He also said the economy was taking shape and step were being taken to tackle inflation.

“The only thing that can fight poverty is education. Today, I signed the bill for the Student Loan Scheme. Imagine the children of the poor; what about people going through the mud fishing in the ponds? How do you tell their children that their future will be brighter? It is only through education that we can fight poverty. A promising future awaits our children,” the president said at an Aso Rock dinner.

“The economy is looking much better. Yes, we have inflation challenges, but we will bring them down. When the exchange rate was going haywire, it looked like we were asleep, but we worked on it diligently, and it is going down; it is getting better. Borrowing was higher a year ago, but today, we are reengineering the financial landscape, and our revenue is expanding. And we are taking up our sovereignty and earning our respect back in the comity of nations.”

Biodun556:
https://www.facebook.com/100064333526488/posts/pfbid04KmLvaVFyruP6kTLHroXA9raLCEkfqbm5dqYkpRKdMZQ9Q1gH6GoQQHF1ET6aqfzl/?mibextid=rS40aB7S9Ucbxw6v

Paraman:



https://punchng.com/testing-begins-on-700mw-zungeru-hydroelectric-power-plant-fg/?utm_source=telegram&utm_medium=social

Omooba77:


Despite the denial of ending subsidy on Premium Motor Spirit (PMS), indications have emerged that the Nigerian National Petroleum Company Limited (NNPL) is unable to pay oil traders $3 billion. x With surging crude oil prices, inflation and depreciation of the Naira, The Guardian had reported that about N1 trillion is being paid monthly to sustain the current pump price of petrol. Some oil traders have told Reuters that while the NNPCL is gradually clearing the backlog, over $3 trillion remains unpaid. The players said instead of the agreed 90 days, the payment is taking as much as 130 days. While NNPCL remains the sole importer of petrol, President Bola Tinubu, who had announced subsidy in his inauguration speech on May 29, 2023, backtracked through a subsequent announcement reiterating that the price would remain unchanged. The development has kept the pump price at a flat rate despite changes in market realities, including the crude price, which now sells for about $90 per barrel against the about $70 it was when Nigeria removed subsidy. Meanwhile, across most West African countries, the price of petrol now hovers between N1,400 and N2,000 per barrel. In Cameroon, a litre of PMS was N2,011; Benin Republic sells at N1,633. Togo offers it for N1,680, while the product goes for N1,500 in Ghana. It is N2,080 in Mali and N2,042 in Burkina Faso.



https://guardian.ng/news/petrol-subsidy-payment-pushes-nnpcls-fuel-import-to-3b/

SAMAJ:
The Federal Government of Nigeria has extended the Eid El Fitri Holiday by one day.

THE price of Liquefied Petroleum Gas, LPG, otherwise known as cooking gas has risen to N14,150 for 12.5kg cyclinder, about 38 per cent Year-on-Year, YoY, against N10, 323.33 it sold in April 2023 last year.



This is even as the price of aviation fuel also rose to between N1, 300 and N1, 500 per litre in the domestic market, from about N1, 000 during the period, indicating an increase of 33 per cent.

However, checks by Energy Vanguard also indicated that the price of 5kg of the gas increased by 37 per cent to N5, 700 from N4, 642.27 during the period.

In an interview with Energy Vanguard, the President, Nigerian Association of Liquefied Petroleum Gas Marketers, NALPGM, Mr. Oladapo Olatunbosun, said the prices of cooking gas would continue to leap as the domestic market continues to be impacted by foreign exchange crisis.

He said: “It is expected that when the foreign exchange increases, the price of LPG will follow suit because it still priced and determined by the flow of foreign exchange.”

On his part, the Minister of Petroleum (Gas), Ekperikpe Ekpo, said: “Despite the declaration of the decade of gas and the government’s push to make gas a transition fuel, low production and rising prices have continued to push Nigerians away from the use of cooking gas.

“You have seen the demonstration by the federal government by withdrawing all taxes and levies from importation of gas related equipment. It is a big incentive on the issue.

“We are interacting with the critical stakeholders to ensure that there is no exportation of cooking gas. All cooking gas produced within the country will have to be domesticated and when this is done, the volume will increase and of course, the price will automatically crash.


“I am in contact with the regulator, NMDPRA (Nigerian Midstream and Downstream Petroleum Regulatory Authority), we have meetings almost on a daily basis, and the producers of the gas like Mobil, Chevron and Shell. So, there is hope that things will turn around.


“It is not going to reflect that way. We are dealing with human beings. The policy has been put in place and the investors want to maximise the profits that they are going to get from it all. At the end of the day we have to come in. That is why you have the regulator and we are interfacing with them to make sure they crash the price.”

However, further checks indicated that many households, especially in the outskirts of cities and rural areas have taken to increased utilisation of firewood, thereby encouraging deforestation in the nation.

Nigeria’s foreign exchange reserves have taken a significant hit, dropping by approximately $1.02bn within 18 days as the Central Bank of Nigeria steps up efforts aimed at defending the naira.

On March 18, 2024, the FX reserves stood at $34.45bn, but by April 3, it had dropped to $33.50bn, based on the latest data from the CBN.

Before the current decline, the reserve had been steadily growing, witnessing a remarkable 43-day surge between February 5 and March 18, 2024, during which it appreciated by $1.28bn.

The CBN attributed this rise to increased remittance payments from Nigerians abroad and heightened interest from foreign investors in local assets, including government debt securities.

Additionally, reforms in the foreign exchange market and an increase in oil production contributed to the reserve growth.

However, the trend since March 18 indicated a significant drawdown in the reserve. After peaking at $34.45bn, it gradually declined; $34.39bn on March 19, $33.57bn by April 2, and finally $33.50bn by April 3.

This rapid decline of $1.02bn within 18 days underscores the pressure on the reserve as efforts continue to stabilise the local currency.


The CBN has been actively intervening in the foreign exchange market to support the naira, which has faced pressure from various economic factors. These interventions often involve the sale of dollars to maintain liquidity in the market, a strategy that has likely contributed to the decrease in FX reserves.

During the 18 days under review, the Central Bank of Nigeria made two significant announcements. First, it declared the complete clearance of the valid foreign exchange backlog. Second, it facilitated the sale of foreign exchange to Bureau De Change operators in Nigeria at an exchange rate of N1,251/$1.

Usually, Nigeria’s foreign exchange reserve reflects the country’s balance of payments and its ability to meet international obligations. A substantial decline in reserve can erode investor confidence and potentially lead to a credit rating downgrade, which would further impact the nation’s borrowing costs.

The International Monetary Fund recently projected that Nigeria’s foreign reserve would experience a significant reduction, plummeting to $24bn by 2024. The IMF foresaw a challenging period for Nigeria’s financial account through 2024–25, driven by the absence of new Eurobond issuances, substantial repayments of existing funds and Eurobonds totalling $3.5bn, and continued portfolio outflows.

Meanwhile, the federal government has said it will issue domestic bonds denominated in foreign currency in the second quarter of this year, precisely in the month of June, a move which some economists believe would stabilise the naira and nation’s reserve.

post=129290534:


Source: https://dailytrust.com/how-top-public-servant-slumped-died-in-kogi/

helinues:


Wow , finally what you have been wishing for eventually came to pass. Na this kind of news dey elevate your likes.

Where is the party at?

helinues:


Na on 120km/hr you dey drive pass there?

Former Vice-President Atiku Abubakar has rejected the hike in electricity tariff, saying it will worsen the suffering of the people.

In a series of tweets on Friday, the Peoples Democratic Party (PDP) Presidential Candidate in the last election accused the government of unleashing another dose of reforms without adequate notice and without an adequate post-reform plan to mitigate the pain.

The PDP chieftain said the increase in electricity tariff is coming at a time when “Nigerian citizens are going through excruciating difficulties occasioned by the withdrawal of subsidy on PMS and floating of the domestic currency.

“The government has not successfully dealt with the pains associated with the implementation of those measures, and now this. The hike in electricity tariff will create more difficulties for the citizens as inflationary pressures are elevated.

“Our manufacturing sector will similarly be impacted negatively. Not only are they paying higher interest rates on their bank loans but also paying more for diesel, paying higher wages as a result of the new minimum wage. The President’s men are pushing the economy into a deeper crisis. His reforms are without a human face.”

The opposition figure said, ” It is important that we understand the root cause of the inefficiencies in the power sector before unleashing another dose of reforms. It is time to revisit the privatization exercise that produced the DISCOs.

“Tinubu must (a) ensure that these reforms are sequenced, (b) implement measures to mitigate the pain, and (c) hold the NERC responsible for ensuring improved service delivery.”

hakeemhakeem:


You only feed on a bad news and you have forgotten so soon how there was always fuel scarcity during the pdp, you will be alright last last

Wainey:
that wasn't what was said sha.

But make this govt allow us enjoy the inflation weh don deh come down na, at least enjoying it for 2months before u fire us anoda one. This back to back wickedness no funny abeg

Melagros:
COMRADES, 20k? Where una dey see the 20k? Through out this year na pos I dey buy my money
I hear say banks now maximum na 10k then dey give

ogododo:
Two days after the Nigerian Electricity Regulatory Commission (NERC) approved increase of electricity tariff for customers under the Band A classification, the Federal Government has hinted that a similar measure would be extended to others.


Speaking at a briefing in Abuja on Friday, Minister of Power, Adebayo Adelabu, said the recent increase in electricity tariff is a pilot in phasing out of electricity subsidy in the country.


He said the government plans to remove all subsidies in the sector to allow the thriving of investment in the power sector.

The Minister said: “This tariff review is in conformity with our policy thrust of maintaining a subsidized pricing regime in the short run or the short term with a transition plan to achieve a full cost reflective tariff for over a period of, let us say three years. I have mentioned it in a couple of media briefings that it is because of government sensitivity to the pains of our people that we will not make us migrate fully into a cost reflective tariff or to remove subsidy 100 percent in the power sector like it was done in oil and gas sector.”

“We are not ready to aggravate the sufferings any longer which is why we said it must be a journey rather than a destination and the journey starts from now on, that we should do a gradual migration from the subsidy regime to a full cost reflective regime and we must start with some customers.

Petrol subsidy removal: 10 months after, FG yet to roll out electric vehicles
FG’s subsidy reforms, not money supply driving core inflation in Nigeria – Study
“This is more like a pilot for us at the Ministry of Power and our agencies. It is like a proof of concept that those that have the infrastructure sufficient enough to deliver stable power of enjoying 20 hours of light to be the ones to get tariff add.”


The Minister added that the N225 kilowatt per hour Band A customers are charged as little in relative to the N500 they pay for alternative energy like diesel and others.

While explaining that Nigeria is experiencing a subsidy pricing regime where the government provides a large portion of the generation, transmission and distribution cost, he said the government was formerly subsidising 67 percent of the cost of electricity.



“The government would have paid N2.9tr for 2024. This is more than 10 percent of the national budget. It will be insensitive on our part to compel the government to pay such subsidy when we have other competing issues the government needs to fund under pau its of funds we have.”

https://dailytrust.com/breaking-expect-more-increase-in-electricity-tariff-fg-tells-nigerians/

RealLordZeus:
The matter pass wetin I fit talk..

Polaris bank last week will accept deposit and use it to pay withdrawal..

E come be like who wan withdraw 10k, 10k is available now oo

It's like CBN is hiding something.. but I don't know why ppl no too too shout

article1:
Almost all the filling stations here in my area are selling fuel 24/7 without any queue