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Tinubu Defends Fuel Price Hike, Promises Infrastructure Boost and Economic Stability

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President Bola Ahmed Tinubu has justified the recent increase in fuel prices, stating that it was necessary to redirect resources toward critical infrastructural development, such as road construction.

Tinubu, who was represented by Vice President Kashim Shettima at the 17th Annual Banking and Finance Conference in Abuja, organized by the Chartered Institute of Bankers, emphasized the importance of economic reforms to secure the nation’s future.

In a statement issued by Shettima’s spokesperson, Stanley Nkwocha, Tinubu explained that the fuel subsidy removal was a strategic move designed to free up significant budgetary funds.

These funds, he noted, would be allocated to essential infrastructure projects and social services.

He acknowledged that although the decision may cause short-term hardship, the long-term benefits would be felt across the nation.

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He also addressed Nigeria’s monetary policy, noting that the frequent adjustments to the interest rate, which currently stands at 26.75%, were aimed at controlling inflation and encouraging a market-driven exchange rate.

The government’s economic reforms, including the removal of fuel subsidies, were part of a broader strategy to create a more sustainable economy.

“While the removal of fuel subsidies might be painful in the immediate term, it is essential to free up budgetary resources for critical investments in infrastructure and social services,” he said.

Tinubu emphasized that controlling inflation through regular adjustments to monetary policy is a key step in ensuring that Nigeria’s economy becomes more stable and competitive on a global scale.

The president further called for cooperation among various sectors, including government, private industry, and civil society.

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He emphasized the importance of aligning policies and actions to keep pace with the rapidly changing global economic landscape.

“Achieving sustained economic growth requires intentional collaboration between the public and private sectors, as well as civil society.

Together, we must ensure that our policies are dynamic and adaptable to global changes,” Tinubu remarked.

These economic reforms come amid growing frustration among Nigerians, who have been grappling with rising fuel prices.

The price of petrol recently surged to N897 per liter at Nigerian National Petroleum Company Limited (NNPCL) outlets, while other stations are selling it for as much as N980.

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This sharp increase comes after an earlier hike in June 2023, when the government removed the long-standing fuel subsidy, causing the price to jump from N238 to over N500 per liter.

As a result, inflation has soared, hitting 33.40% in July 2024, a significant increase from 24.08% in the same period the previous year.

Despite these economic pressures, Tinubu remained firm in his belief that the reforms would ultimately benefit the country by creating a stronger, more resilient economy.

He reiterated the government’s commitment to stabilizing the macroeconomic environment, reducing inflation, and fostering long-term development through sound infrastructure investments.

In conclusion, the administration is optimistic that these challenging decisions will pave the way for a better economic future for Nigeria, with lasting impacts on both infrastructure and social services.

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While the immediate effects of these reforms may be difficult for many citizens, the president’s message highlights a long-term vision aimed at creating a stable and prosperous nation.


 

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Ekiti Moves Closer to Energy Independence with New Electricity Licenses

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The Governor of Ekiti State, Bioduna Oyebanji, has shared an exciting update on the state’s energy sector.

The governor announced that Ekiti has granted operational licenses to 14 electricity investors as part of a broader strategy to improve the state’s energy infrastructure.

This includes 3 distribution companies, 4 generation companies, 2 mini-grid generation companies, and 5 meter asset providers.

These licenses aim to strengthen power generation, streamline distribution, and ensure more reliable metering for residents, marking a major step forward in Ekiti’s energy development.

Currently, Ekiti receives around 20-25 MW of electricity from the national grid, which is far below the state’s estimated requirement of 120 MW.

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This gap has often resulted in power shortages that affect both residents and businesses.

To address this, the state government has set an ambitious target of achieving 130 MW through a robust, locally managed state grid.

This will not only reduce dependency on the national grid but also empower Ekiti with more control over its energy future, fostering sustainability and stability.

The decision to decentralize electricity markets in Ekiti aligns with the 2023 Electricity Law Enactments, which were designed to give states the authority to manage their own electricity markets.

The law enables states to license providers who can meet the specific needs of their local communities, ensuring a more tailored and efficient power supply.

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Governor Oyebanji emphasized the importance of this initiative for the future of Ekiti.

He expressed his confidence that this move will stimulate economic growth, create job opportunities, and improve the quality of life for all Ekiti residents.

With a more stable and reliable power supply, businesses in Ekiti will be able to thrive, contributing to the overall economic development of the state.

Additionally, residents will benefit from more consistent electricity, reducing the challenges posed by power outages and improving their daily lives.

Governor Oyebanji thanked everyone who believes in the state’s vision and progress, acknowledging the collective effort required to achieve such ambitious goals.

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Nigeria’s National Power Grid Collapses Again, Marking the 12th Time This Year

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On Thursday, Nigeria was thrown into darkness as the country experienced another collapse of its national power grid.

This disruption, which occurred at approximately 11:20 a.m., caused a nationwide power outage, affecting millions across the country.

The incident was confirmed by the Nigeria National Grid on X, where they posted, “BREAKING: Another Grid Setback Experienced,” signaling the severity of the situation.

This is the second time the national grid has failed in the past week, bringing the total number of collapses this year to twelve.

The Transmission Company of Nigeria (TCN), which is responsible for the operation and maintenance of the national grid, has yet to provide a detailed statement on the cause of Thursday’s collapse.

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However, earlier in the week, TCN attributed a similar incident on Tuesday to a combination of line failures and generator trips, which are often caused by technical faults or mismanagement within the system.

These explanations, though, have done little to quell the growing concerns over the state of the power sector in the country.

In a related development, Nigeria’s Minister of Power, Adebayo Adelabu, had received an investigative report on the persistent grid collapses just the day before.

While the findings of this report have not been made public yet, it is expected to provide critical insights into the underlying causes of the grid’s instability.

This report comes at a time when the Nigerian government is under increasing pressure to find long-term solutions to the nation’s power crisis.

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With the power grid collapsing so frequently, the impact on businesses, healthcare, education, and daily life is becoming increasingly severe.


 

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22 Miners Feared Dead in Taraba-Adamawa Mining Pit Collapse

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At least 22 miners are feared dead after a mining pit collapsed at an illegal site in the Gashaka-Gumti National Park, which spans Gashaka LGA in Taraba State and Toungo LGA in Adamawa State. The miners were searching for gold in a restricted area known as Buffa.

Local sources report that all 22 miners are presumed dead. Toungo LGA Chairman Suleiman Toungo confirmed five bodies have been recovered, though he couldn’t specify the total number still buried. The area, despite frequent ranger patrols, is known for continued unregulated mining activities, often carried out at night.

Adamawa Police spokesperson SP Suleiman Nguroje noted recent fatalities from pit collapses, adding that police are working with park authorities to address the illegal mining.


 

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