Business
Controversy Surrounds Nigeria’s Oil Subsidy Scheme: Allegations of Financial Exploitation
A major controversy has emerged surrounding Nigeria’s oil subsidy scheme, with accusations that President Tinubu is personally benefiting from the subsidy payments.
Despite the official removal of the subsidy, reports suggest it is still being secretly paid, effectively allowing Tinubu to pay himself. Critics argue this represents an extraordinary level of financial exploitation.
Additionally, allegations have surfaced that the government will continue to subsidize Tinubu even after he leaves office, ensuring his monopoly over Nigeria’s oil sector remains intact.
In 2023 alone, Nigeria reportedly imported over $2 billion worth of petroleum products through the Malta refinery. This stark increase in petroleum importation highlights a troubling trend in Nigeria’s oil importation future.
Historical data shows that Nigeria’s petroleum import from Malta was minimal from 2013 to 2022, with a sudden spike to $2.08 billion in 2023, raising concerns about potential financial manipulation and exploitation within the sector.
The US Dollar and Bitcoin rise again as Trump reportedly wins the presidential election with 279 Electoral College votes against Kamala Harris’s 22. Major investors have now returned and do no longer need to be cautious.
Investors now anticipate Trump’s policies economically, Dollar has now strengthen again and is now against Euro and Pound which were gaining benefits over Dollar being weak. With Trump’s win, crypto and Bitcoin have strongly risen and are set with expectations higher prices and a boost in U.S savings returns.
The Upcoming United State Presidential has caused USD to be weak due to the investors being cautious of the outcome. Meanwhile other countries are gaining strength in their currency and benefitting from this weakness. Euro and GBP keeps rising and gaining against USD.
Gold prices still remain stables despite the recent deadline and the Australian inflation keeps rising. Markets are now watching the political movement to serve as guidance.
Security Expert, Dr. Kingsley Aguoru has advised the Central Bank of Nigerian (CBN) and Economic and Financial Crimes Commission (EFCC) to stop the use of online transactions through Card Pins as it results to a security risk.
He emphasized the risks we can be exposed to, phishing and cyber threats, he states that the use of one-time passwords can serve as an aid in this to better the security.
The expert shares that pins are only safe when in use for ATM and Pos but not online, due to cyber risks. He expressed that information can be leaked from the continuous use of sharing pins online.
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