₦airaland Forum

• 130 farmers killed in four Benue LGs, 28 in Sokoto, sorghum production falls by 90% in Borno
• Benue farmers lose N1.1bn to attacks, Sokoto growers pay N3bn ransoms, N5m paid in Delta

No fewer than 165 farmers have lost their lives to attacks by bandits, who have hindered access to farms across the country, findings by The PUNCH have shown.

Farmers in Benue, Sokoto, Niger, Plateau, and other states, in separate interviews with our correspondents on Tuesday, lamented that they did not only lose crops to the rampaging bandits but many of their colleagues were also killed by the hoodlums. They added that they had abandoned their farms following the rising attacks by the bandits.

Out of the 165 farmers killed this year, the highest number was recorded in Benue State, where 130 of them were killed by the bandits.

The Association of Nigerian Farmers in the state told The PUNCH on Tuesday that 130 farmers were killed by bandits in four local government areas of the state this month (March). Also, in Sokoto State, 28 farmers have been killed since the beginning of the year, while six farmers lost their lives in Niger State during bandits attacks. One farmer was murdered by bandits in Plateau State.

In Sokoto State, the association lamented that not less than N3bn had been paid by its members as ransoms to bandits, who kidnapped them from their farms.

There has been an upsurge in banditry recently with over 295 victims being held hostage by kidnappers in Sokoto, Kaduna, and Borno states.

Lamenting the implications on farming The Benue State Chairman of the AFAN, Aondongu Saaku, told The PUNCH that six farmers were kidnapped in the state in the last two weeks.

According to him, farmers lost over N1.1bn to bandits’ attacks in the last few months in Benue State.

Saaku said, “The figure I will give you is for March alone so you can know the gravity of what farmers in the state are passing through.

“Six farmers were kidnapped in their farms. No fewer than 130 farmers were also killed in Kwande, Ukum, Agatu, and Apa LGAs.”

Asked to quantify what his members might have lost, the Benue State AFAN chairman replied, “It’s difficult to quantify because how do we quantify those farm crops that were harvested and burnt by the bandits?

“It’s huge. We will be talking about something around N1.1bn, because many farmers lost the whole farm, some over 100 bags of rice, several thousands of tuber of yams and the seeds, cassava chips, corn and a host of others.”

Saaku stated that going to the farm now was between life and death, “because in as much as one doesn’t have another source of income, you have to risk it and go to the farm. If you are caught and killed, that is your fate; and if you go and come back alive, it’s your luck.”

He, however, called on the Federal Government to declare a state of emergency on security, warning that Nigerians were at risk of heavy famine shortly if nothing is done to arrest the insecurity plaguing the country.

Farmers in Borno State noted that the production of sorghum and other crops had fallen by 90 per cent in the state.

Eight Delta farmers

On their part, farmers in Delta State stated on Tuesday that about eight of them were kidnapped last week and paid between N1m and N5m each as ransoms.

Farmers in Ika North-East and Aniocha South Local Government Area of Delta State said they could not access their farms following the incessant kidnapping in the state.

A farmer, Mr Okwudili Uti, in the Ute-Okpu community, said, “My brother we passing through hell now, as I speak we cannot go to farm again. The kidnappers have been kidnapping our people.

“In Ute-Okpu, Ute-Erumu, Abavo and communities around the Ika North-East, recently when the kidnapping started, we usually go to farms in groups. But last week, about eight farmers were kidnapped, and some paid ransoms of between N1m and N5m.

“Our farm produce have all gone bad in the farms because we cannot go to the farm even in groups, due to the fear of being kidnapped.”

The Olubadan of Ibadanland, Oba Lekan Balogun, Alli Okunmade II, is dead.

He was aged 81.

Oba Balogun spent two years on the throne of his forefathers, having been presented the Staff of Office by the Oyo State Governor, Seyi Makinde, on March 11, 2022.

Confirming his death in a statement by his Chief Press Secretary, Sulaimon Olanrewaju, on Thursday, Makinde said Oba Balogun died Thursday evening at the University College Hospital, Ibadan.

Budget Padding: Senators Confront Ningi Over Allegation0:00 / 0:00

The governor described the late monarch as a towering figure akin to an Iroko tree.

He wrote, “With total submission to the will of God, I announce the passing unto glory of our father, His Imperial Majesty, Oba Balogun, Alli Okunmade II, the 42nd Olubadan of Ibadanland.

“A mighty Iroko has fallen; Oba Balogun has joined the ancestors.


“In Kabiyesi, Ibadanland had a cosmopolitan and well-experienced Olubadan, who made indelible marks on the sands of history and achieved greatly within a short while.

“On behalf of the government and good people of the state, I condole with the immediate family of the Oba Balogun, the Olubadan-in-Council, the state Traditional Council and the people of Ibadanland. It is my prayer that God grants repose to the soul of our late monarch.”

“The passing of Oba Dr. Balogun marks the end of an era for Ibadanland, leaving behind a profound void in its rich history and heritage,” he added.

The late Olubadan was born on October 18, 1942.

The PUNCH reports that Olubadan ascended his forefathers’ throne two years ago after the passage of the late Oba Saliu Adetunji.

On Monday, the late monarch thanked God for the grace and privilege to clock two years on the throne, just as he thanked members of his advisory council for their unflinching support so far.

Balogun, in a statement by his Personal Assistant on Media, Oladele Ogunsola, in Ibadan, the state capital, said the second anniversary, which coincided with the commencement of this year’s Ramadan fast, was also used as an opportunity by the monarch to ask for prayers for the country by the Islamic faithful and expression of love for one another to make the period stress-free for the adherents.

The monarch said his clocking two years on the throne was a special grace by his creator that he could not take for granted.

The Federal Government, through the Minister of Transportation, Said Alkali, has initiated a move to transition Nigerian Railway Corporation locomotives from diesel to liquefied natural gas and compressed natural gas in a bid to steer the corporation towards sustainable energy sources and reduce operational costs.

This was disclosed in a statement signed by the ministry’s Director, Press and Public Relations, Olujimi Oyetomi, on Thursday.

Alkali was said to have reiterated the desire of President Bola Ahmed Tinubu’s administration to provide Nigerians with efficient, affordable, and sustainable transportation given the recent removal of subsidy on fuel.

On Tuesday, March 12, 2024, the De-Sadel consortium presented the LNG-CNG alternative for joint deliberation by the Ministry of Transportation and the NRC at the Ministry’s headquarters.

Alkali expressed optimism that this transition could lead to more effective, efficient, and possibly cheaper rail services for Nigerians, especially in the wake of the recent removal of fuel subsidies.

To expedite the process, Alkali directed the immediate formation of a seven-member technical committee tasked with evaluating the feasibility and potential outcomes of retrofitting NRC’s locomotives with LNG-CNG technology.

The committee was given a timeframe of seven to 14 days to produce recommendations.


“It is the desire of our President, Bola Ahmed Tinubu, to provide an efficient, affordable, and sustainable transportation system for the people of this great country and I am sure this would go a long way in bringing down the cost of transportation,” Alkali said.

He found reasonable the proposal by De-Sadel Company to retrofit their existing LNG-CNG kits onto NRC’s locomotives at zero cost to the government and to provide replacements in case of damage.

Alkali, eager to proceed with retrofitting an NRC locomotive through the De-Sadel consortium, instructed the Permanent Secretary, Olufemi Oloruntola, to assemble a joint team of mechanical engineers from the Transportation Ministry, NRC, and De-Sadel Consortium.

He emphasised the gradual transition from diesel to gas usage, starting with a 50-50 ratio and progressing to 30-70 and ultimately 0-100.


“A committee will be set up immediately after this interactive session, and they are to commence deliberations and discussions at the Ministry’s headquarters. They are to advise and possibly have a gas-powered locomotive ready for test run within the very short possible time,” the minister directed.

Following the directive, the technical committee swiftly conducted evaluations, culminating in a visit to NRC’s workshop in Idu, Abuja, on March 13, 2024.

The committee’s findings confirmed the viability of retrofitting NRC’s locomotives with LNG-CNG technology.


Managing Director of De-Sadel Consortium, Sam Uko, underscored the benefits of adopting LNG-CNG technology, including cost reduction and extended engine lifespan.

Uko revealed that the Consortium already has 50 gas-powered locomotives installed and ready for deployment, with a commitment to supply gas for 5 years to alleviate concerns about gas scarcity.

Uko clarified that the implementation strategy of retrofitting into a dual-fuel locomotive shouldn’t be regarded as a conversion or modification of the engines.

Aside from retrofitting NRC’s locomotives, De-Sadel Consortium also proposed security installations across the rail corridors in the country, a system that deploys real-time monitoring for the train wagons and the rail lines to deter vandals and attacks.

He stated that the technology will allow much more security for the rail services, such that the trains can operate 24/7, increasing NRC’s turnover from gas usage and security.

Furthermore, the De-Sadel Consortium proposed additional security installations along rail corridors to enhance safety and prevent vandalism.

Uko emphasised that real-time monitoring systems would deter attacks, allowing trains to operate 24/7, thereby increasing NRC’s revenue from gas usage.

In a bid to secure the release of abducted Nigerians, controversial Islamic scholar, Sheikh Ahmad Gumi, has expressed willingness to facilitate comprehensive discussions between the Federal Government and bandits.

Sheikh Gumi urged President Bola Tinubu’s administration not to repeat the mistake made by former President Muhammadu Buhari, who refused to dialogue with bandits.

He was reacting to the refusal of the Kaduna State government to negotiate with the bandits involved in the abduction of 287 school children from Kuriga Government Secondary and LEA Primary Schools in Chikun Local Government Area.

Last week, bandits abducted over 280 students from Kuriga primary school, and the government.

Reacting, Gumi, in a statement said: “The government’s stand of no negotiation with the bandits is an unfortunate position. My advice is that the government should dialogue with the bandits not only for these Kuriga school children abduction but all the cases.

“Also, the government should use the same approach it used in releasing passengers that were abducted on Abuja – Kaduna train in 2022 to release the Kuriga school children and others.


“I am ready to lead a holistic dialogue be- tween the government and bandits. It is a religious duty for me to do so for peace.

“I hope the present government of President Bola Ahmed Tinubu will listen by dialoguing with the bandits because the past administration of former President Muhammadu Buhari refused to do so.”

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The Federal Government has suspended the implementation of the recently enacted Expatriate Employment Levy by the Federal Ministry of Interior, as administered by the Nigerian Immigration Service.

This was disclosed in a statement signed by the National President, the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Dele Kelvin Oye, on Friday.

Oye said the resolution was taken following a successful Trade and Investment outreach led by President Bola Ahmed Tinubu in Qatar and a productive meeting with the Minister of Industry, Trade and Investment, Doris Aniete, and the Minister of Interior, Olubunmi Tunji-Ojo.

The meeting was also attended by the President of the Petroleum Technology Association, the President of the Special Economic Zones Association, the Director General of the Nigerian Turkiye Business Council, the European Union Trade delegation head, the NACCIMA Chair of Digital Trade Group, and the representatives of the National Association of Small and Medium Scale Enterprises.


The statement read, “The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, in collaboration with key stakeholders, announces a temporary step down of the recently enacted Expatriate Employment Levy by the Federal Ministry of Interior, as administered by the Nigerian Immigration Service.”

Last week, on Tuesday, President Bola Tinubu launched the Expatriate Employment Levy.

However, the introduction of the levy attracted widespread condemnation from private sector groups.


Among other reasons, they said the levy will impact the much-needed Foreign Direct Investment by the current administration to rein in the free fall of the naira.

But announcing the suspension, the NACCIMA president said the policy reversal would allow for further consultations with NACCIMA and other vital stakeholders, adding that a review committee would be constituted.

He added, “It was unanimously agreed that the implementation of the Expatriate Employment Levy will be paused, allowing for further consultations with NACCIMA and other vital stakeholders.

“A joint committee comprising members of the Ministry of Industry, Trade and Investment, the Ministry of Interior, NACCIMA, and other stakeholders will be formed to review the EEL policy.

“The rollout of the EEL, as initially proposed, will be deferred in accordance with the resolutions made.”

According to the statement, Oye further thanked the Federal Government of Nigeria, the Ministry of Industry, Trade and Investment, and the Ministry of Interior for their magnanimity, understanding, and willingness to engage in dialogue and consider the implications of the EEL on the business community.

“This is indicative of their commitment to creating an inviting atmosphere for both local and international investors.


“NACCIMA and its partners remain dedicated to working hand in hand with the government to ensure that policies align with the nation’s economic objectives, aiming to position Nigeria as a prime destination for investments.”

The NACCIMA president further advised investors, both current and prospective, to continue with their business activities and investment plans in Nigeria with confidence, noting that the government is ready to enhance the investment landscape and support economic growth.

“We advise all investors, both current and prospective, to continue with their business activities and investment plans in Nigeria with confidence.

“The assurances provided by both ministers during the negotiations have reinforced the Federal Government of Nigeria’s intent to enhance the investment landscape and support economic growth.

“We thank all stakeholders for their engagement and patience during this period.”

“Our ‘Joko’ charcoal stoves are a must-have for everyone. Easy to use; cook faster; use less charcoal and super durable.

“Because of its wall insulation, it concentrates all the generated heat onto the food that is cooking for even, and faster cooking.


“The big size sells for N21,500, while the small size sells for N15,000. We are not taking online orders for now only store pickups.”



These and many more are what you find available at website of online store of a popular brand that sells locally-fabricated kitchen appliances.

Many of these brands use different catchphrases and advertising strategies as they hustle for customers in the fast-growing charcoal stove market.

From using sponsored advertising campaigns online, the word of mouth and referrals, the advent of charcoal stoves and its acceptability among Nigerians cannot be underestimated.

‘Let’s go back to charcoal’
Due to rising kerosene and cooking gas prices, a Mararaba resident, Hauwa Ladan says she has shifted to charcoal stoves and firewood as primary cooking fuels.

She finds charcoal stoves economical and faster for family meals, and has recommended it to friends and neighbours.

Ladan highlights the considerable impact of high cost of cooking gas, saying that it leaves huge holes in household expenditure in Nigeria.

“Nigerians should go back to charcoal. They believe gas cooks faster, whereas charcoal is better!


“There’s no cooking pot you place on charcoal that will go black. It’s only firewood that stains cooking pots’’, Mrs. Elizabeth Moyegun“, told a national daily recently.


The recent blame game by the Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) and LPG terminal owners for the high cooking gas prices underscores the complexities in the supply chain.

Industry watchers say such disputes may reveal challenges in distribution, storage, or pricing strategies.

Addressing these issues is crucial to stabilise and potentially lower cooking gas prices for consumers, the NALPGAM says.

President of the NALPGAM, Oladapo Olatunbosun, insists that liquefied petroleum gas, popularly called cooking gas, has risen to at least N1,300 per kilogramme.


Although charcoal and firewood may come handy in this period of expensive cooking gas, experts warn that it comes at a huge cost to the environment.

They come in the shape of deforestation, air pollution, degradation of ecosystems and other potential consequences.

Deforestation
According to a United Nations data, between 2005-2010, Nigeria experienced an annual loss of over 2 million hectares of forest, primarily due to agricultural expansion, logging, and infrastructure development.

Nigeria is a major consumer of fossil fuel for cooking, with over 120 million Nigerians relying on firewood and charcoal for their cooking needs, according to the International Energy Agency.

A report by National Bureau of Statistics (NBS), says cooking gas prices surged by 38 per cent, hitting ₦16,250 per 12.5kg cylinder in January 2024.


The NBS says there was a 3.55 per cent month-on-month increase in the average retail price for refilling a 5kg cylinder.[surgewhich rose to ₦1,300 from ₦950 during the same period, the agency said.

[b]Dr Temitope Oyetunji, a family health doctor in Abuja, said the use of firewood has dual impact on both users and the environment.

According to Oyetunji, the smoke from burning firewood poses health risks, leading to respiratory and heart diseases when inhaled.

He emphasised that the emitted smoke particles contribute to environmental pollution, impacting the ozone layer.


“The consistent use of firewood and other fossil fuels creates polluted air, affecting several Sustainable Development Goals (SDGs).

“They include SDG3 (Good Health and Well-being), SDG 7 (Affordable and clean energy), SDG 11 (sustainable cities and communities), and SDG 13 (climate action)”.

The World Health Organisation (WHO) points at fossil fuels, as major contributors to harmful emissions, significantly impact global health.

The WHO says 99 percent of the world’s population breathes air exceeding the organisation’s recommended quality limits, thereby posing threats to health.

Consequently, the WHO stresses the urgent need to reduce fossil fuel usage and implement tangible measures to alleviate air pollution.


Analysts say encouraging sustainable alternatives and efficient use of cooking gas could mitigate these environmental impacts and promote a healthier balance between energy needs and environmental conservation.

According to them, promoting sustainable practices, such as reforestation, efficient use of wood, and alternative energy sources, is essential to mitigate these environmental consequences.

An Environmentalist, Mr Newton Jibunoh, underscored the detrimental impact of tree felling for firewood in Nigeria, emphasising that it led to loss of biodiversity.

Charcoal stove impact on climate
Jibunoh highlighted that deforestation significantly diminishes habitats for diverse plant and animal species, resulting in a notable decline in overall biodiversity.

According to him, the crucial role trees play in preventing soil erosion cannot be ignored, saying that their removal, as seen in the quest for firewood, can lead to diminished soil fertility and an increase in erosion rates.


He drew attention to the role of trees in absorbing carbon dioxide, noting that widespread removal of trees for firewood contributes to elevated levels of greenhouse gases, thereby exacerbating the challenges posed by climate change.

“The significance of trees in regulating water cycles cannot be underestimated, deforestation disrupts local hydrological patterns, potentially affecting water availability in the region.

“Many communities rely on forests for resources, as deforestation intensifies, these communities experience adverse effects on their livelihoods and cultural practices”.

Experts advocate a shift to sustainable cooking practices in Nigeria by addressing the escalating costs of traditional fuels like gas.

They opine that fostering collaboration and addressing supply chain issues could stabilise and lower cooking gas prices, benefiting both the economy and the environment.


They also propose reforestation and alternative energy adoption to mitigate environmental impacts. (NAN)

Naira, on Monday, depreciated to N1,620/$ at the parallel section of the foreign exchange market.

The figure represents N20 or 1.25 percent depreciation compared to the N1,600 it traded on March 1, 2024.

Speaking to TheCable, currency traders in Lagos, also known as bureau de change (BDC) operators, quoted the buying rate of the greenback at N1,580 and the selling price at N1,620 — leaving a profit margin of N40.

At the official window, the naira gained 0.9 percent to trade at N1,534.19/$ on Monday — from N1,548.25 per dollar on March 1.

According to data from FMDQ Securities, a platform that oversees foreign exchange trading in Nigeria, the local currency hit an intra-day trading high of N1,600.75 and a low of N1,425.35.

Meanwhile, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), on February 28, 2024, said the naira is undervalued largely due to distortions by perpetrators in the foreign exchange market.

“As and when we come up with these distortions, we will take them off and throw them away and where there are distortions that come about as a result of bad behaviour, we will ensure that those who do it will face the music as a deterrent to ensure that others in future do not take that route,” Cardoso said.



He said the perpetrators confuse the FX market.

Former lawmaker and social critic, Senator Shehu Sani, has reacted to the alleged looting of a warehouse belonging to the National Emergency Management Agency of Nigeria, NEMA, by some residents of the Federal Capital Terrritory, FCT.

According to Sani, the development is a dangerous symptom of an impending revolution.

DAILY POST reported some residents of the FCT had looted a warehouse belonging to the NEMA amid the current economic hardship across the country.

It was gathered that the residents carted away foodstuffs and other items.

“Masses looting foodstuffs from a Government Warehouse in our oil rich Nigeria is a dangerous symptom of an impending revolution that must be averted or contained,” he wrote on his X handle on Sunday.

Recall that the International Monetary Fund, IMF, had said that stalled per-capita growth, poverty and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria.

The report emerged amid rising inflation, exchange rate crisis, weak economic growth and business shutdowns.

The torrential fall of the Naira which has turned the petroleum supply chain into a quagmire is fast eroding the projected gains after the federal government finally removed the petrol subsidy regime.

Oil marketers and government officials also appear not to be on the same page when it comes to the actual landing cost of Petroleum Motor Spirit and the impact that Nigeria’s fluctuating currency has had on the importation of the product.

Presently, it has been calculated that landing cost of Premium Motor Spirit, PMS also called petrol has averaged N1,009 a liter going by prevailing rate of N1,500 per dollar, from N720 per litre recorded in October 2023.

Though, this cannot independent be confirmed by our Correspondent as President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said such figures may still be disputed because there are other associated costs like insurance, port charges and cost of hiring vessels.

It has also been reported that the country is paying about N907.5 billion subsidy on petrol monthly as the country’s foreign exchange crisis pushed the actual cost of litre of fuel to N1,203, signalling a return of subsidy regime.

However, an inside source at the Nigerian National Petroleum Company Limited, NNPCL, denied the insinuation.

The source said such reports are falsehood and should be disregarded as subsidy has gone.

“I think we should take a look at the provisions of the Petroleum Industry Act, PIA, which gives the NNPCL the responsibility to ensure energy security at any time. Though it operates as a limited liability company that pays dividend to shareholders, nonetheless the PIA vests that responsibility to the Company to provide buffer and secure the country’s energy demands and perhaps that is what is erroneously being interpreted as return of Subsidy.
The group CEO of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, had said at the birth of NNPCL that the country was spending over N400 billion monthly on petrol subsidy, but investigations into Nigeria’s petrol pricing dynamics have revealed a significant surge in the landing cost of petrol, attributed to the escalating exchange rate.

In his views, the chief executive officer, CEO, of the Center For The Promotion Of Private Enterprises, CPPE, Dr. Muda Yusuf, said, “Evidently, the currency depreciation has partially eroded the subsidy savings.”
According to Yusuf, this is because the cost of fuel importation has increased, when converted to naira, adding.

Besides, the mounting inflationary pressures has inherently increased the subsidy because the pump price had remained fixed while the landing cost has been on the increase.”
This he said is understandable in the light of the current hardships being experienced by the citizens.

“The government is unlikely to go back to full subsidy. Doing so, would amount to a complete reversal of a major pillar of the current reforms. Besides the government do not have the fiscal space to ensure full restoration of subsidy.

“The objective of the reform is actually to exit completely from fuel subsidy regime. But this will take some time as the economic fundamentals are still weak.” he advised.
Just recently the International Monetary Fund (IMF) claimed that the Nigerian government has, through the backdoor, resumed the payment of subsidies on petrol.

LEADERSHIP WEEKEND writes that on May 29, 2023, President Bola Tinubu announced an end to petrol subsidy, which caused a hike in the prices of goods and services in the country.

Following that announcement, the Central Bank of Nigeria (CBN) collapsed the different exchange rate regimes into one, with the value of the naira to the dollar weakening.
The IMF recently issued a statement on the conclusion of its Executive Board’s Post Financing Assessment with Nigeria, during which it expressed concerns that the government had capped the prices of fuel at retail stations.

The IMF advised Tinubu to completely stop the payment of subsidies on petrol to free funds to run the government.

In reaction, some Groups and individuals rejected the IMF position for what they described as “anti-masses policies”, and called on Nigerian government to explore home grown options that would fix the economy and better the life of the people.

But the minister of Information and National Orientation, Mohammed Idris, on Wednesday, said petrol importation in the country reduced by 50 per cent since the withdrawal of the fuel subsidy.

Idris said this at the third edition of the ministerial press briefing series, where the coordinating minister for Health and Social Welfare addressed journalists in Abuja.

He said,“Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy. The Nigerian Stock Exchange All Share Index crossed the 100,000 mark – its highest ever, mainly due to the pragmatic reforms initiated by the President, which inspired investor confidence in the Nigerian economy.
It is also encouraging to state that oil production has risen from 1.22 million barrels per day in the second quarter of 2023 to 1.55 million barrels per day in the fourth quarter of 2023.”
President Bola Tinubu announced the removal of petrol subsidy during his inaugural address on May 29, 2023, saying, “Subsidy is gone.”

Idris notes that President Tinubu has also given a directive for the design of a Social Security Unemployment Programme to cater for unemployed graduates.

Equally, President Bola Ahmed Tinubu, has stated that the decision of his administration to remove subsidy on Premium Motor Spirit (PMS) was premised on the need to ensure long-term energy security and economic prosperity of Nigeria.

Tinubu stated this in his keynote address at the opening ceremony of the 7th Nigerian International Energy Summit (NIES) at the Banquet Hall of the Presidential Villa, Abuja on Tuesday, 27th February, 2024.

The president who was represented at the event by the minister of Information and National Orientation, Mohammed Idris, noted that the petroleum subsidy had, over the years, strained the country’s economic resources, leading to inefficiencies and, most importantly, hindering ability to invest in critical areas of energy security.

He admitted that the decision to remove the petroleum subsidy was a challenging one, but stressed that it was a step that must be taken to secure Nigeria’s energy future and foster economic growth.

He added that by removing the subsidy, “We are creating a more transparent and accountable energy sector. The funds that were previously allocated to subsidizing petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure”.

However, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the only way out of this quagmire is to tap and explore the country’s vast gas deposits and bring it into useful disposition.

The Nigerla Labour Congress has threatened to embark on full blown nationwide strike should government fail to meet its demands on full implementation of 16 point agreement.

NLC President issued the warning at a briefing to give reasons for the suspension of street protests, earlier scheduled for two days.


Ajaero said apart from the success of the demonstrations, it wanted members to celebrate the NLC at 46.

Meanwhile , the NLC has countered government’s reanimation of implementing most of the agreements reached


The latest ultimatum billed to expire on March 13, is issued only by the NLC and not jointly with the Trade Union Congress, as was the last which expired on February 22.

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