FGN - Abia ThinkTank News

Sep

2024

The Importance Of Petrol Subsidy Removal – President Tinubu

Columns/Opinions/Letters, Economy, FGN, News Flash

Why Petrol Subsidy Removal Is Important – President Tinubu President Bola Tinubu says the removal of subsidy on premium motor spirit (PMS), also known as petrol, is designed to free up budgetary resources for critical investments. Tinubu spoke on Tuesday during the 17th annual Chartered Institute of Bankers of Nigeria (CIBN) banking and finance conference in Abuja. He was represented by Vice-President Kashim Shettima. On May 29, 2023, Tinubu announced the removal of subsidy on petrol — a development that immediately led to a spike in the price of PMS, as well as goods and services. Speaking at the conference,…

Sep

2024

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By Abia ThinkTank

Presidency Accepts Ngelale’s Resignation As Tinubu’s Spokesperson.

FGN, News Flash, Politics

Presidency Accepts Ngelale’s Resignation As Tinubu’s Spokesman The Presidency on Saturday said it has received the memo from the Spokesman for the President, Ajuri Ngelale, to proceeded on an indefinite leave of absence due to personal and health-related reasons. This was disclosed in a statement shared on the X handle of the Presidency, @NGRPresident, and that of the Nigerian Television Authority, @NTANewsNow, on Saturday night. Unlike previous statements by the Presidency, it was not signed by any official as it simply indicated “The Presidency” as the signatory. It read in part,“The President has received the memo from Chief Ajuri Ngelale,…

Sep

2024

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By Abia ThinkTank

VP Shettima Summons Petroleum Minister, NNPCL, NSA Ribadu Over Petrol Price Hike

Economy, FGN, News Flash, Oil & Gas

VP Shettima Summons Petroleum Minister, NNPCL, NSA Ribadu Over Petrol Price Hike Vice President, Kashim Shettima, on Thursday summoned the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and the Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari. The Vice President also summoned the National Security Adviser, Nuhu Ribadu over the recent hike in the price of Premium Motor Spirit (PMS), otherwise known as petrol. The Vice President is meeting with the trio in his office at the State House, Abuja NNPCL on Tuesday increased the pump price of petrol from ₦568 to ₦855,…

Sep

2024

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By Abia ThinkTank

FGN Finally Begins Sale Of Rice At N40,000 To Nigerians With NIN

Agriculture, Economy, FGN, News Flash

FGN Finally Begins Sale Of Rice At N40,000 To Nigerians With NIN The federal government has commenced the sale of 30,000 metric tonnes of milled rice to Nigerians at subsidised rates of N40,000 per 50-kilogramme bag. “It is my pleasure to welcome you all to this historical, all-important and long-awaited inauguration of the sales of 30,000MT of federal government-milled rice to Nigerians at a subsidised rate of N40,000 per 50 kilogrammes,” said the minister of Agriculture and Food Security, Abubakar Kyari. Mr Kyari inaugurated the sale of the subsidised milled rice on Thursday in Abuja, saying the exercise would be…

Sep

2024

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By Abia ThinkTank

NNPC Reveals Main Reason Behind Petrol Price Hike In Nigeria

Economy, FGN, News Flash, Oil & Gas

NNPC Reveals Main Reason Behind Petrol Price Hike In Nigeria The Nigerian National Petroleum Company Limited (NNPCL) says foreign exchange illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), popularly known as petrol. These, it said, are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA). The newest price hikes, implemented by the Nigerian National Petroleum Company’s (NNPCL) Retail Management, range from N855 to N897 per litre, depending on the location, from the previous N568-N617. Independent marketers have adjusted their prices to between N930 and N1,200 per…

Sep

2024

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By Abia ThinkTank

FGN Declares State Of Emergency At Onne Port Over Arms Importation, Other Irregularities

Crime, FGN, News Flash

FG Declares State Of Emergency At Onne Port Over Arms Importation, Others The Federal Government has declared a state of emergency at the Onne Port in Rivers State following the repeated incidents of importation of dangerous cargo, including arms and ammunition through the port. To this effect the government said it is immediately implementing emergency protocols at Onne Port for the next three months by conducting thorough examinations of all suspected containers in the premises. The Comptroller General of Customs, Bashir Adeniyi, stated this during a press conference to unveil the seizures of illicit goods by Nigeria Customs Service, Area…

Sep

2024

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Nigeria Owes $16.5Billion; Becomes World Bank’s IDA Third-Largest Debtor.

CBN/Commercial Banking, Economy, FGN, News Flash

Nigeria Becomes World Bank’s IDA Third-largest Debtor, Owes $16.5 Billion Nigeria is the third-largest debtor to the World Bank’s International Development Association as of June 30, 2024, following a significant increase in its borrowing from the institution. A financial statement dated June 30 2024 but recently made public and obtained by our correspondent on Tuesday disclosed this. The IDA, a key arm of the World Bank, provides concessional loans and grants to the world’s poorest countries. These loans, characterised by low interest rates and extended repayment periods, are designed to promote economic growth, reduce inequalities, and improve living conditions in…

Sep

2024

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By Abia ThinkTank

IGP Unveils New Uniforms For Supernumerary Officers

FGN, News Flash, Security

Inspector General Of Police Unveils New Uniforms For Supernumerary Officers The Inspector-General of Police (I-G), Mr Olukayode Egbetokun, has ordered organisations utilising Supernumerary Police (SPY) personnel to strictly adhere to the new standardised uniforms of the officers. Egbetokun, represented by Mr Bala Ciroma, the Deputy Inspector-General of Police in charge of Administration and Finance, gave the order on Tuesday in Abuja at the inauguration of the new standard SPY uniforms. “As we relaunch these uniforms and kits, we mandate all organisations utilising SPY Police personnel to strictly adhere to these new standardised uniforms. “The Force Quartermaster and personnel across the…

Sep

2024

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By Abia ThinkTank

Tinubu Signs 5 MoUs At Meeting With Chinese President, Xi Jinping – Says ‘I’m A Reformer With Verifiable Antecedents’

Business, Economy, FGN, News Flash

‘I’m A Reformer With Verifiable Antecedents’ – Tinubu Signs 5 MoUs At Meeting With Chinese President, Xi Jinping President Bola Tinubu says the relationship between Nigeria and China needs to be strengthened for trade advancement and economic development. Tinubu spoke on Tuesday during a meeting with Chinese President Xi Jinping in Beijing, the capital of China. The president said Nigeria-China ties have been elevated to a comprehensive strategic partnership. Tinubu said his administration is reforming the Nigerian economy, adding that he is “a reformer with verifiable antecedents”. The president said Nigeria “holds great potential as the country with the largest…

Sep

2024

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Just In: Oyo State Government Receives Deployment Of 20 CNG Buses

News Flash, FGN, Transportation

Just In:Oyo Govt Receives Deployment Of 20 CNG Buses Oyo State Government through the Pacesetter Transport service (PTS), has received deployment of 20 CNG buses as part of efforts by the federal government to cushion the effect of subsidy removal. During the brief handling ceremony held at the PTS conference room on Monday, the Chairman and Sole Administrator, Hon. Salami Dikko, who expressed gratitude to the Federal Republic of Nigeria, President Tinubu over the laudable initiative, thanked the Governor of Oyo state, Seyi Makinde, for appointing him as the chairman of PTS. The chairman who disclosed that when he came…