BUSINESS
Lai Mohammed Plans Fact-finding on State of Petroleum Subsidy Removal
Minister of Information and Culture, Alhaji Lai Mohammed, has said he will need to consult with relevant agencies to know the exact position of government on whether or not fuel subsidy will be stopped this year.
Mohammed, who spoke with newsmen yesterday after the weekly virtual Federal Executive Council (FEC) meeting presided over by Vice-President Yemi Osinbajo at the State House, Abuja, explained that he was going to initiate a fact-finding process to determine the state of things on the removal of petroleum subsidy following the announcement Tuesday by Senate President, Dr Ahmad Lawan, that President Buhari had not told anyone to remove fuel subsidy.
When asked to clarity the issue since the 2022 budget has no subsidy provision beyond June 2022, the minister said he needed to consult with the relevant government agencies to determine the exact position of the subsidy removal question.
“As for the removal of fuel subsidy, I think you will give me time to consult with relevant departments and ministries and I will get back to you,” he said.
Last October, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, had announced that the federal government made provision for petrol subsidy only for the first six months of 2022 as the government looked towards a complete deregulation of the sector.
She had said: “In our 2022 budget, we only factored in subsidy for the first half of the year. The second half of the year, we are looking at complete deregulation of the sector, saving foreign exchange and potentially earning more from the oil and gas industry.”
Reacting to Ahmed’s position after meeting with President Muhammadu Buhari at the State House, Abuja on Tuesday, Senate President, Lawan, told newsmen that President Buhari had not directed anyone in his government to implement the removal of petroleum subsidy.
But he also conceded that subsidy was a big burden, noting that a solution had to be found to it.
“Well, it will be of interest to Nigerians to hear what I’ve come to discuss with Mr. President among several other things.
“Many of us are very concerned with the recent agitations, protests and many citizens were so concerned, our constituents across the country are very concerned that the federal government will remove the petroleum subsidy. And for us, as parliamentarians, as legislators representing the people of Nigeria, this must be of interest to us.
“And we’ve just finished our recess, we had gone home to our constituencies and senatorial districts. And we felt the pulse of our people. And I found it necessary to visit Mr. President, as the the leader of our government and our leader in the country, to discuss this particular issue of concern to Nigerians, and I’m happy to inform Nigerians that Mr. President never told anyone that the petroleum subsidy should be removed.
“I know and I agree that the subsidy is very heavy. But I think we must never transfer the burden to the citizens,” he said.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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