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Subsidy Removal: Experts Task FG on Rehabilitation of Local Refineries

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Economic experts have advised the Federal Government to ensure that the local refineries are working optimally for effective implementation of the proposed fuel subsidy removal.

The experts gave the advice in separate interviews with the News Agency of Nigeria (NAN) in Abuja on Sunday, while speaking on the proposed subsidy removal.

The Federal Government in order to comply with the provisions of the Petroleum Industry Act (PIA) had announced working through a process for the removal of petroleum subsidy from July, 2022.

An oil and gas expert, Dr Olanrewaju Aladeitan, said that the impact of the subsidy removal would be minimised if both the brown and green refineries were up and running.

Aladeitan noted that an increase in the supply of the Premium Motor Spirit (PMS), known as petroleum in the country may lead to a reasonable and affordable price.

“Removal of petroleum subsidy which is a consumption subsidy if done in a truly liberalised economy is a welcome development.

“But with deregulation of the petroleum downstream sector, pricing will be determined by the forces of demand and supply.

“The implication of this for Nigeria’s fragile economy with a largely unplanned transportation network is more hardship for the citizens.

“Past experience has shown that once there is an increase in the prices of petroleum products, prices of other goods and services soar and the country plunges into unprecedented hyper-inflation,” Aladeitan said.

He said that the burden in the immediate, short and mid-term would be overwhelming and the level of poverty would be terribly devastating.

Another oil and gas expert, Mr Charles Majomi, said Nigeria had been addicted to fuel subsidy, especially, when crude oil prices were high-eating into the windfalls that should had been directed at national development.

Majomi noted that it was not the first attempt the Federal Government had attempted to wean itself from the stranglehold of this addiction.

“As ensnared in corruption as it was, it did provide a rare example of benefit to the people. Nonetheless, its removal is a bitter pill we have to swallow,” he said.

Dr Chijioke Ekechukwu, an economist, maintained that while planning to remove petroleum subsidy, the government should ensure that local refineries are working optimally.

Ekechukwu said that it would enable the country not to depend on the volatility of the international oil price.

According to him, from the economic standpoint, subsidy should not have existed at all.

 (NAN)

Agriculture

Sallah: Ram Traders Lament Rising Preference to Cows

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 Some ram traders in Lagos State have lamented the preference for cows to rams by Muslim faithful this 2025 Eid Kabir celebration.


The traders disclosed this in interview on Thursday in Lagos.

The traders said that most people prefer to buy cows than rams because of the size and the fact that five families could buy and share for the celebration.


“A ram trader, Mr Ibrahim Hassan, at the Lawanson area of the state, said patronage has been decent, but with an interesting twist.


“The patronage this year is not bad, but I have noticed that people are buying more cows than rams. I believe the reason behind this shift is that cows are more economical and offer better value for money.


“When families or even groups of friends come together, they can share a cow and still fulfil the sacrifice. That way, instead of each person buying a ram for over N500,000, they split the cost.


“The cheapest cow you can get right now is around N800,000, while the cheapest ram starts at about N550,000. Prices also vary depending on the size and weight of the animal.


“I have contacted my sources for more cows, but the market price has gone up since last week. It’s a volatile market, and prices can change quickly,” Hassan said.
Also, Mr Shakiru Gbadamosi, another ram seller at Lawanson, said he noticed that “people are weighing their options this Sallah, and they have been buying  more of cows”


“I was surprised to see some buyers turning to cows, and this trend has been on for weeks. Although many still prefer rams for Sallah because it’s about tradition and religious significance.


“The ram is the symbolic animal for the sacrifice, and that’s not something easily replaced.
“Prices have gone up this year, a decent ram now costs between N550,000 and N700,000 depending on the size and breed. But despite that, the demand remains steady.


“Some people have been buying younger rams because they are less expensive but still acceptable.


“The younger rams are sold for between N130,000 and N250,000,” Gbadamosi said.
A buyer, Mr Folajimi Aderibigbe, who confirmed the trend, said buying a cow seems like a better option.


“We are a family of eight, and instead of buying two small rams, we joined with my brother-in-law and bought a cow. It cost us N950,000, but we split it. Everyone still gets to perform their sacrifice and save money.


“Traditionally, rams are the preferred animal for Eid Kabir (Sallah). However, economic realities have changed things, and we must find a way to adapt,” he said.

In a related development, vegetable oil traders said they have observed increased patronage due to the Sallah celebration.


Mrs Linda Nwachukwu, a cooking oil trader at the Lawanson Market, said the demand for cooking oil had increased because of preparations ahead of Sallah.


“The celebration usually increases the demand for groundnut oil. Consumers have been stocking up oil since last week, especially now that there are few days to Sallah.


“Cooking oil prices have risen, but it is cheaper than last December, a 25-litre container cost N110,000, a price that persisted until April 2025.


“A recent price adjustment, just three weeks ago, sets the current rates for groundnut oil at N78,000 for 25 litres, N35,000 for 10 litres, and ₦18,500 for five litres.”


“This is unusual, groundnut oil prices normally surge in December and then decrease by January or February, but it stayed high for a long time,” she said.


Another trader, Mrs Imoleayo Fakunle, said she buys in larger jerrycans and sell in measured portions to customers who cannot afford bigger sizes.


“Not everyone can buy 25 litres or even afford the branded ones, so as a vendor, what I do, is to buy in larger containers and sell in small portions.


“Groundnut oil is expensive, but it is essential. A lot of customers have been buying the measured portions, and they are always happy that they can save money.


“Despite rising prices, customers prioritise the essential ingredient for their celebrations,” she said.


Mrs Taraoluwa Alausa, a consumer at the Idi-Araba Market, said she had learned to prioritize when buying cooking oil since the increase in the price of groundnut oil.

“I purchase measured portions of oil specifically for frying and use a good branded oil for general cooking.


“Lately, I have become more conscious about the type of oil I use. I want something natural and less processed. It’s a bit pricier, but I think it’s good for healthy living.


“However, for this celebration, there is going to be an exception because I will be frying with the measured portions I bought. This way, I can save more and even fry more,” Alausa said. (NAN)

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Economy

Eid-el-Kabir: Ram Sellers Decry Low Patronage as Prices Soar in Ile-Ife

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 The Chairman, Ram Sellers’ Association, Odo-Ogbe Market, Ile-Ife, Osun, Alhaji Akeem Salahudeen, has complained of low patronage, attributing it to high cost of rams and the economy situation in the country.

Salahudeen stated this in an interview on Wednesday in Ile-Ife.

He said that the big sized ram which was sold between N550,000 and N620,000 last year are now being sold at the rate of N800,000 to N1.

2 million.

He added that the medium sized ram which was sold between N300,000 and N350,000 last year is now going for between N450,000 and N550,000.

According to him, small sized ram sold for N200,000 and N230,000 last year now attracts N300,000 and N450,000 this year.

He attributed the increase in the prices of rams in this year’s Sallah to the insecurity in the North, which he claimed had disrupted the supply chain.

“They said the worsening insecurity in the North has forced some sellers to import rams from neighbouring countries like Niger, Mali and Chad, which they said contributed to the high prices,” he emphasised.

At Sabo Cattle Market in Ile-Ife, Alhaji Saheed Yaro, said that the price of rams has surged as the small sized ram which was sold at N150,000 and N180,000 last year, is now being sold between N250,000 and N350,000.

Yaro added that the price of medium sized ram which was between N185,000 and N260,000 last year now goes for between N350,000 to N450,000.

Accordingly, the big sized ram sold between N480,000 and N500,000 last year is now between N550,000 and N780,000.

At Boosa Cattle Market located at Modakeke, Mr Musa Salami stated that prices of rams have witnessed sharp increase with a medium sized ram which was for N170,000 to N200,000 last year is now at N250,000 to N300,000.

Salami stated further that the big sized ram that was sold at N350,000 and N400,000 is now being sold at N600,000 to N750,000.

He added that he brought 150 rams a week ago, but has been able to sell only 15, explaining that many customers turned back on hearing prices without buying.

He noted that customers who usually bought rams from him over the years are now complaining about costs.

NAN reports that ram sellers expressed concern over low patronage in many markets, saying that customers were lamenting the high cost of the animals.

A civil servant, Mr Bayo Olabisi, said that most workers in the state cannot afford to buy rams for this year’s Eid-el-Kabir due to the high prices and the economic hardship.
Olabisi added that the present economic hardship has been taken a toll on the workers, especially with the high transportation and other costs following the removal of fuel subsidy by the government.

“In fact, I visited three places where they sell rams, but I couldn’t buy any because I can’t afford to buy.

“When I priced a medium sized ram, the seller told me N250,000, the same size of ram I bought for N150,000 last year.

“I would rather use part of my salary to buy half bag of rice and two chickens for my family.

“For Allah has said that if you can’t afford ram, you should not borrow or buy on credit because there’s no reward on that,“ he said. (NAN)

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Oil & Gas

NNPC Ltd. Disclaims Fake Financial Scheme

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has disowned a fake AI-generated video circulating on social media featuring a cloned voice of the Group CEO, Mr Bayo Ojulari, promoting a fictitious poverty alleviation scheme.

The Chief Corporate Communications Officer, NNPC Ltd.

, Olufemi Soneye in a statement on Thursday clarified that the company had no such investment initiative.

Soneye urged the public to disregard the video, originally shared by an account named Mensageiro de Cristo on Facebook.

“NNPC Ltd. has warned the perpetrators to cease their fraudulent actions or face legal consequences,” he said. (NAN)

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