Energy and Power
Fuel Subsidy Removal Untenable – Buhari Tells IMF, W’Bank
.Rates Self High on Anti-corruption Fight, Security
.Says Emefiele Did no Wrong by Dabbling into Politics
By Mathew Dadiya, Abuja
President Muhammadu Buhari has stated that his government had ruled out the possibility of heeding the calls by the International Monetary Fund (IMF), World Bank and leading economists to remove the fuel subsidy in the country.
The President revealed this in an interview he granted Bloomberg News recently.
Defending his government’s refusal to remove fuel subsidy against the advice of the experts,
Buhari said “Most western countries are today implementing fuel subsidies.
Why would we remove ours now? What is good for the goose is good for the gander! What our Western allies are learning the hard way is that what looks good on paper and the human consequences are two different things. My government set in motion plans to remove the subsidy late last year. After further consultation with stakeholders, and as events unfolded this year, such a move became increasingly untenable. Boosting internal production for refined products shall also help. Capacity is due to step up markedly later this year and next, as private players and modular refineries (Dangote Refinery, BUA Group Refinery, Waltersmith Refinery) come on board.”Asked what his government was doing to ensure food security in the face of spiralling inflation, the President accused the European Union (EU) of encouraging the export of their subsidized food into Africa, thereby undermining the continent’s food sustainability efforts.
According to the president, “The EU’s policies, in particular is all rhetoric of open trade – yet their Common Agricultural Policy subsidy programmes and export of those subsidized goods create dependence, undermine Africa’s self-sufficiency, and cause food poverty and starvation.”
Rating his performance in the last seven years on anti-cprruption fight, the President told his interviewers that he had been able to secure the repatriation of looted funds because the nation’s international partners could trust his leadership.
:Starting with our Whistleblowing Policy enacted in my first year in office, hundreds of millions in stolen funds have been returned within Nigeria,”he said.
According to him, “Working with our international partners, hundreds of millions of various currencies have been returned from abroad – primarily from the UK, US, and Switzerland – and used as social and welfare funds distributed directly to the poorest during the Covid-19 pandemic and the provision of long-delayed infrastructure-roads, bridges, rail, and power.
“As an illustration, Monetary recoveries (January-December) 2021 show that more than N152 billion has been recovered. Dollar recoveries for the year amount to over USD 386 million; GBP, more than 1.1 million; Euro, about 157,000; Saudi Riyals about 1.7 million some more in Digital and other currencies.
“Those partners refused to return these monies held for decades to previous Nigerian administrations in the certainty they would simply be re-stolen. They changed their approach with us because they knew my administration could be trusted.”
On why he refused to sanction the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for dabbling into politics and contesting for Presidential ticket of the ruling party, the All Prigressives Congress (APC) while still in office, the President said the Presidential ambition of Emefiele did not run foul of the law and said if it did, if should be determined by the Board of Directors of the CBN.
He added that Emefiele was being labeled political for following alternative economic models that focuses centrally at the people.
“The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate. Ultimately, it will be for the CBN’s board of directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties.
“But there is a subtext to the accusations. Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again.
“Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians,” he said.
Asked to assess his performance in the fight against insecurity, Buhari said he had been able to recover territories hitherto held by the Boko Haram insurgents and depleted their ranks adding that his administration’s execution of vast infrastructural projects had set the country on the course of sustainable and equitable growth.
From Mike Tayese, Yenogoa
Governor of Bayelsa State, Senator Douye Diri, has sued for patience on the ongoing installation of the state’s independent power project.
The 60-megawatt gas turbine project, which installation commenced in October this year, was earlier scheduled to be completed by December but suffered some logistical delay.
He called on people of the state to have an open mind about the project, which he said now requires a new completion date due to unforeseen challenges.
Diri, who undertook an on-the-spot-assessment of the project at Elebele in Ogbia Local Government Area on Wednesday, said like other Bayelsans, he was also disappointed that the December completion deadline could not be met.
He, however, stated that his reaction to the delay had been that of understanding rather than being angry as had been noticed, particularly on the social media.
”You can see I have gone round the whole facility. It was based on the working agreement and information available at my disposal that I gave the December date. But as it is with every human endeavor, we must all have an open mind, when it comes to issues, particularly technical matters like this.
”I am as disappointed as any other Bayelsan because I believed that we were going to celebrate the 2025 Christmas with our own independent power, but it turned out not to be so.
”I call on Bayelsans to have an open mind. These technical experts are working virtually 24 hours, but delays like this will certainly come” he stated.
The state’s helmsman implored the people to appreciate the work of the engineers, stressing that a minor mistake was capable of jeopardising the millions of dollars expended on the project.
”For 29 years Bayelsa has been in darkness or has endured epileptic power supply. Now that we are getting close to the day of liberation, some people have become impatient. Let us not behave like the proverbial tortoise in the prison for years that asked to be released immediately as the place was smelling the moment he knew it would regain freedom the next day.”
Governor Diri gave a thumps up to the technical partners, Jampur Group, and its team on ground as well as the Managing Director of the Bayelsa Electricity Company Limited, Engr. Olice Kemenanabo, saying they were working round the clock to ensure the job was completed.
”Those who have been following me on this inspection would know that work has not stopped even for one day since it started. I am sure the job is more than 90 per cent complete. So let us hold our fire.
“Engineer Olice, I am not putting you under any pressure. From the reports I have, Olice is one of the best electrical engineers in Nigeria.”
The governor, however, hinted that the government was looking at inaugurating the project during its sixth anniversary in February.
The MD of the Bayelsa Electricity Company Limited, Kemenanabo, who also spoke, said the state was on the right track towards actualising the project and assured that the alignment of the entire system, including the gas generator and alternator were on course.
He also stated that the remaining two turbines would be delivered to the project site in a few days.
Speaking on behalf of the Jampur Group, Mr. Sherrif Abu-Anif said the company was in good position to meet its own end of the bargain and appreciated the state government for playing its part very well.
By Eze Okechukwu, Abuja
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun yesterday declared that liquidity was the major hindrance required by the troubled power sector to achieve the desired result of producing steady Power in Nigeria.
This is as the Managing Director of Niger Delta Power Holding Company (NDPHC) Chiedu Ugbo informed the Senate Committee on Power in Abuja yesterday that the Calabar Power Generation Company under its ownership was the best performing power plant in the country.
In his submission to the Committee investigating the controversial Make up Gas (MUG) Reprocessing Deal Involving the Ministry of Finance, NDPHC, Calabar Generation Company Limited and ACUGAS Limited, the Minister of Finance pointed out that the need for liquidity into the Power Sector remained the key to unlocking it.
The Minister who made the submission through his Special Assistant, Mallam Dahiru Moyi said the agreements on Gas supply between NPDHC and ACUGAS Limited was inherited by former President Muhammadu Buhari in 2015, following after the agreement was signed in 2011 during President Goodluck Jonathan’s administration.
According to him, “just as the Ministry of Justice was not aware of the contract agreement, the Ministry of Finance was also not part of it from the beginning but since government is a continuum, the Ministry of Finance later came into it for the purpose of facilitating the required liquidity.
“The issues on ground about contracts agreements being investigated by the Senate Committee on Power is not about restructuring but providing the required liquidity which the Ministry of Finance is doing through collaboration with the Nigerian Liquified Natural Gas (NLNG).
“Since NLNG pays Gas in Dollars, the Ministry is collaborating with it for a practical solution of bringing liquidity into the age long contract agreement through Deed of Transfer.
“Make Up Gas (MUG) belongs to Calabar, Calabar belongs to NDPHC and NDPHC belongs to Federal and State governments with the Federal Government having 52.68%”, he said.
In his own submission before the Committee, the Managing Director of NDPHC, Chiedu Ugbo said the company as a result of the Gas supply agreement with ACUGAS Limited was taking Gas from three out of five units and generating power from Calabar plant to the National Grid which according to him was the best power plant in the entire country.
He said NDPHC went out of its way to construct an 80 kilometres gas pipeline for utilization of MUG in Calabar and Alaoji power plants.
He however lamented that problems relating to systemic transition, frequency and voltage issues have not made the firm achieve the desired results.
In his remarks, the Chairman of the Committee, Senator Enyinnaya Abaribe (APGA, Abia South) thanked the stakeholders for giving the Committee clarity on the issue but added that it was still an ongoing investigation.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has directed its members to comply with the directive of the two labour centres to begin an indefinite nationwide strike on Monday.
Its General Secretary, Mr Afolabi Olawale, in a statement on Saturday, said the union was committed to ensuring total compliance with the directive.
Recall that the Nigeria Labour Congress (NLC) and Trade Union Congress of Nigeria (TUC) declared an indefinite nationwide strike to begin on Monday, to express their grievances over the proposed new minimum wage.
.In a joint statement signed by NLC President, Mr Joe Ajaero and TUC President, Mr Festus Osifo, the centres declared the strike over the tripartite committee’s inability to agree on a new minimum wage and the hike in electricity tariff.
Afolabi said the union was concerned and disturbed with the insensitive attitude of the federal government “to the very critical issue of negotiating a new minimum wage for Nigerian workers”.
“This is in view of the various socio- economic policies of this administration that have impoverished the working people of this country.
“Leaders of our great union at all levels, from the units, zones and branches, should immediately put all processes in place to ensure total compliance with this directive.”
Also, the National Union of Electricity Employees (NUEE) said it was mobilising its members to embark on the strike following the directive of NLC and TUC.
The Acting. General Secretary, Mr Dominic Igwebike, gave the directive to the members in a statement.
Igwebike said that along with the reasons of inconclusive negotiations on the minimum wage and electricity tariff hike, apartheid categorisation of Nigeria electricity consumers into bands was another, to embark on the strike.
“Given the above, all national, state, and chapter executives are requested to start the mobilisation of our members in total compliance with this directive to ensure the government does the right thing as stated above.
“The withdrawal of services becomes effective on Sunday 2nd June by 12.00 midnight, “ the union leader said. (NAN)
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