₦airaland Forum

He argued that since the Petroleum Products Pricing Regulatory Agency (PPPRA) empowered to recommend the price of petroleum products has not been reconstituted, such decision was wrong.

Cab operators at the Murtala Muhammed International Airport, Lagos have assured commuters that they would not hike transportation fares, following the removal of fuel subsidy by government.
Mr Olalekan Agboola, General Secretary, Airport Cab Operators, gave the assurance while speaking with the News Agency of Nigeria (NAN) on Thursday in Lagos.
NAN reports that the government had on Wednesday announced the removal of subsidy for petroleum importation which increased the pump price from N86.50 per litre to N145 per litre.
However, Agboola said the association had no plan to increase fares, adding that the normal N100 and N150 fares charged for a journey to and from Ikeja would remain.
He said: “we cannot increase our fares because everybody knows how the country is now.
“We have been on ground to monitor the situation and things are still the way they were before the announcement.
“The fare is still the same. There is nothing we can do if the government refuses to revert to the old pump price. We can’t raise our fares over the issue.”
Agboola noted that the President Muhammadu Buhari-led administration had valid reasons for removing the subsidy, but pleaded with the government to consider its impact on the lives of Nigerians.

Femi Asu
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has said Nigerians will be amazed at what will become of the price of Premium Motor Spirit in the next six months.
The Federal Government had on Wednesday announced the removal of fuel subsidy, with a new petrol price band of N135 to N145 per litre, up from N86 and N86.50.
The development has been greeted with mixed reactions, with labour vowing to protest against it.
Kachikwu, who spoke on Thursday morning on Channels at the Sunrise Daily programme which was monitored by our correspondent, said the move was necessary in order put an end to fuel scarcity in the country.
He said the market dynamics would take hold fast “because there are a lot of Nigerians who are very active, very bullish, very talented in doing this; they just have been prevented by government intrusions.
“As it gets better and it gets to a point where we find that the market has stabilized in terms of supply, we will begin to pull back a bit in terms of determinants for pricing.”
He said by opening up the space for people to perform, to practice their trade, “you will be amazed at what will happen to your N145 price because it will go downwards.”
The minister said as a result of the decline in government earnings from oil, it could not provide foreign exchange for the importation of fuel.
“You don’t give what you don’t have. We want Nigerians to understand that we feel the pain, and we have tried to avoid it since I came in October. We have done everything we can.
“We first went on to the issue of the subsidies that we inherited which, by the way, were based on 50 to 55 million liters consumption, and we said the number looked bloated. So, we did an experiment and came to a conclusion that this country doesn’t consume more than 45 million liters a day.
“Then we came to a second point and said, ‘We are not even going to have subsidy again. We are going to exit it because there was just too much fraud involved in it.'”
The minister said if the government did not take the step it took, massive subsidy would continue, adding that there was no foreign exchange for importation.
“So, left with that option, what were we supposed to do? We have struggled. Queues continue to go and they are back. And it will continue to happen unless we address the issues.
“If you free up Nigerians to find sources of funds, they will find those secondary funds. They will import the product; the burden on the NNPC will reduce and the country will have peace and subsidy will go away permanently.”
Kachikwu added, “I am appealing to Nigerians to please for the first time realize that we are doing our very best. I have together with everybody who is in this government worked night and day looking for solutions.
“We mean well and Nigerians should please trust us. Give us a chance; you will be surprised what will become of your PMS Price over the next six to eight months.”

greatiyk4u:
Ok

By Dayo Benson
Failure of successive governments has been attributed to their inability to provide the required vision and expertise needed to ignite economic growth in the country since independence. Nigerian Bar Association NBA , President Mr. Augustine Alegeh SAN, made this assertion while delivering a lecture titled Law and National Development at the 15th Annual Justice Idigbe Memorial Lecture, organized by the Faculty of Law, University of Benin, Edo state.
According to him , “we have witnessed several instances of abuse of office and mismanagement of our natural resources by those we entrusted with our commonwealth .
Though Nigeria’s crude oil and gas reserves have continued to increase over the years, despite our enormous endowment, Nigeria has not been able to record significant economic growth and development relative to our resources”.
He said “the reason for the Nigeria’s economic woe’s and setback were identifiable as absence of rule of law, corruption, insecurity and failure to implement extant laws, adding that several programmes were initiated and sold to the public as policies and programmes designed to boost development and economic growth at all levels, but regretted that “these programmes were mere conduits to siphon and loot the public treasury.” He stated further that, “the few of such programmes that worked and impacted positively on the lives of the citizens were later abandoned by successive governments that erroneously thought that these programmes had served their purposes being the initiatives of previous administrations.
“One remembers with nostalgia, the days when the US Dollars was lower than the Naira at about 70K-$1. During those days, the Naira was considered to be a very strong currency exchange in the world market based on the value of products Nigeria exported. Presently, we are faced with the sad reality of having the currency exchange rate at $1 to N320.”
He said it has become imperative to examine the relationship between law and National Development in nation building, added that governments world over, are increasingly engaging in law reforms programmes as they seek to ignite, support and sustain economic growth and development in their countries and Nigeria must not be different.
Alegeh who disclosed that the petroleum industry has undergone several modifications and reform however noted with dismay that, “it is rather unfortunate that despite discovering crude oil over 59 years ago, we are yet to enact an Act that has the capacity to regulate all activities within the petroleum sector.
He reiterated that attempt by the National Assembly to break the petroleum Industry Bill and pass it piecemeal is certainly not the solution to the problem in the Oil and Gas Reform, adding that the PIB is expected to address the constant face -off between Oil companies and their host communities.

Babacele:
una wey dey there for 16 years wetin b una achievement? refinery no work, no light, roads na death row, employment sef na after paying on earth na to go collect for heaven a la Moro, money wey we sell from oil una steal, una no dey shame? Trial and error beta pass wicked thievery!

greatgod2012:
Anyone who was among the protesters then, claiming they were against the fuel subsidy removal but in support of this present one, claiming it's long overdue or the right thing to do is an unrepentant hypocrite and such a person need to tender apology to GEJ.

gud4dbest:
Cluelessness is contagious!

mightyjoe746:
The fuel subsidy removal will hapen one day! Let us stop postponing our suffering, let it hapens once and for all so that the word fuel subsidy, will become a thing of the past in our country.

temitemi1:
Failures supporting FAILURE

donTbone:
Am sorry... Its damn too long for me to read!

"If you are on a journey and you find out that you are traveling the wrong road, the right thing to do is to turn back and take the right path.”

Nixiepie:
Story story...

DropShot:
Painment of election loss.

Apart from Saraki, the rest were PDP slayers!