Fuel Price Hike: The Independent Petroleum Marketers Association of Nigeria (IPMAN) has linked the recent fuel price surge to the effects of full deregulation in the petroleum sector.

Speaking on Thursday during a Channels Television interview, IPMAN President Abubakar Garima explained that the removal of subsidy has allowed deregulation to take full effect. “We can no longer call it an increase; it’s simply deregulation now in full swing,” he said.

In Lagos, the Nigeria National Petroleum Company Limited (NNPCL) retail outlets raised the price of premium motor spirit (fuel) from ₦855 to ₦998 per litre. In Abuja, the price rose from ₦897 to ₦1,030 per litre. This adjustment follows President Bola Tinubu’s May 2023 declaration that the fuel subsidy was “gone” during his inauguration.

Fuel Price Hike: A Rising Trend

Before the removal of the subsidy, fuel prices were around ₦200 per litre across Nigeria. Since then, prices have been steadily rising, which, along with the floating naira, has contributed to the increased cost of living. This economic shift has made basic commodities unaffordable for millions in Nigeria.

Fuel Availability to Improve

Despite rising costs, availability remains a significant issue. Queues at filling stations across the country have become a regular sight. However, Garima reassured Nigerians that with deregulation fully in place, fuel supply would improve. “Now that there’s no subsidy, availability will no longer be an issue,” Garima stated.

He added that other marketers, not just NNPC, would now be able to import products directly, including from Dangote Refinery.

NLC’s Call for Reversal

Amid the price hike, the Nigeria Labour Congress (NLC) has voiced its opposition, demanding a reversal. The NLC argues that the increased prices will exacerbate poverty, as production capabilities are hampered. “Previous increases did not yield positive results; they only made Nigerians poorer,” the NLC noted in a statement, urging the government to reverse the recent hike.

President Tinubu has urged citizens to remain patient as his reforms are expected to produce long-term benefits, despite the current hardships.

Key Points:

• Full deregulation is driving fuel price hikes in Nigeria.
• Fuel prices have surged from ₦855 to ₦998 in Lagos and ₦897 to ₦1,030 in Abuja.
• The NLC demands a reversal of the pump price hike, citing poverty concerns.

Source: ChannelsTv

Last Updated on October 10, 2024 by news

$53000 Scam: A Federal High Court in Lagos has sentenced Ikpaka Courage to two years in prison for impersonating Nigerian singer Flavour and scamming a U.S. citizen out of $53,000.

Court Convicts Ikpaka Courage for $53,000 Scam

On September 4, 2024, Justice Dehinde Dipeolu sentenced Ikpaka Courage to two years of imprisonment for posing as Chinedu Okoli, famously known as Flavour, a prominent Nigerian singer. The scam involved deceiving Yvelte Thompson, a resident of the United States, out of $53,000.

Details of the Crime

The Economic and Financial Crimes Commission (EFCC) detailed the case, noting that Courage, a Philosophy graduate, was charged with cybercrimes and money laundering.

The EFCC report indicates that Courage misled Thompson by pretending to be Flavour through his Telegram account, falsely promising a performance in Washington, DC.

The charges against Courage were twofold:

1. False Representation: The first charge stated that in April 2021, Courage falsely claimed to be Flavour on his Telegram account to obtain financial benefits.
2. Unlawful Retention: The second charge involved Courage holding $53,000 in his bank account, knowing it was obtained through fraudulent means.

Court Proceedings and Sentencing: $53000 Scam

Courage admitted guilt to both charges. During the court session, EFCC operative Azibagiri Dan Ekpar testified that Courage confessed to the scam and provided evidence of his fraudulent activities.

Courage had forged documents and created a fake email address to deceive Thompson. He had also used a Bitcoin wallet to collect the funds.

In his defense, Courage’s lawyer, Bayo A. Phillip, argued for leniency, highlighting that Courage had used the scam’s proceeds for educational purposes and was a first-time offender.

Justice Dipeolu sentenced Courage to one year for each count, with an option to pay a fine of N1,000,000 for each charge. The court also ordered the forfeiture of the $53,000 to the victim and mandated that Courage remain in EFCC custody until the forfeiture is completed.

Conclusion: $53000 Scam

Ikpaka Courage’s case underscores the severe consequences of online fraud and impersonation. The court’s decision serves as a reminder of the legal risks involved in cybercrimes.

Source: ChannelsTv

Last Updated on September 4, 2024 by news

Nigeria’s Tax Collection Struggles

Bill Gates, the American billionaire philanthropist, recently highlighted Nigeria’s low tax collection during his speech at the Nutrivision 2024 event in Abuja.

The co-chair of the Bill and Melinda Gates Foundation expressed concerns over Nigeria’s financial strategies, emphasizing the need for improved tax revenue.

Nigeria’s Tax Collection Challenges

At the Nutrivision 2024 conference, Gates addressed the question of financing mechanisms for Nigeria’s public health initiatives.

He stressed that Nigeria’s low tax collection rates are hindering the government’s ability to fund large-scale health projects. Gates urged for better fiscal policies to enhance public health funding.

Agricultural Potential and Economic Growth

Gates also discussed Nigeria’s potential to become a net food exporter, given its extensive land and favorable soil types.

He noted that with the right credit facilities, soil surveys, and agricultural support, Nigeria could transform from a net food importer into a major food exporter. This shift could significantly boost the nation’s economy and reduce reliance on foreign currency for food imports.

Focus on Agricultural Productivity

Gates emphasized the importance of improving agricultural productivity to benefit rural areas, particularly in the northern regions of Nigeria.

By adopting digital technologies and better seeds, Nigeria could achieve substantial gains in food output. This improvement would contribute to economic equity and address nutritional issues.

Prioritizing Health and Education

The billionaire philanthropist also highlighted the need for Nigeria to prioritize health and education funding.

He suggested that citizens should have confidence in public and private programs designed to enhance primary health care. Gates’ foundations are actively involved in demonstrating effective and efficient health care systems.

Conclusion: The Path Forward

Bill Gates’ insights at the Nutrivision 2024 event underline critical issues in Nigeria’s tax collection and public health funding.

Addressing these challenges requires a concerted effort to reform tax policies and invest in agricultural and health sectors for sustained economic growth and improved public services.

Source: ChannelsTv

Last Updated on September 4, 2024 by news