President releases N407.076 billion for fuel subsidy

PRESIDENT Muhammadu Buhari has released the sum of N407.076 billion for the settlement of claims by petroleum products importers aimed at arresting the lingering fuel shortage in the country.

This sum exceeds the amount released by the Federal Government for the execution of projects under the capital votes for the 2015 fiscal year as only the sum of N197 billion has been released for the implementation of capital projects.

The World Bank on Tuesday said at the moment 18 percent of Nigeria’s total revenue generation goes into subsidy payments and projected that it will grow to 30 percent if the trend continues.

Meanwhile, the National Chairman of the ruling All Progressives Congress (APC), Chief John Odigie-Oyegun, has said the government will finally remove the subsidy on petroleum products after palliative measures have been introduced.

Odigie-Oyegun, while speaking with journalists said, “I do not know what is contained in the budget. What is covered or what it does not cover, we do not know because it is still in various stages of construction. Whether subsidy goes or stays is an intricate and major issue. If it has to go, the government must have to provide the palliatives to cushion the effect of the hardship that may come on the ordinary Nigerian.”

Anyway, eventually subsidy will have to go, but we have not reached that stage yet because you cannot just wake up and announce that subsidy has been removed without putting the adequate programmes in place to cushion the negative aspects that may be involved.”

Development Economist, Mr. Odilim Enweagabra, has however advised the World Bank to stop meddling in Nigeria’s fiscal policies, particularly issues concerning subsidy administration.

The Minister of Finance, Mrs. Kemi Adeosun, who confirmed the release said that the President has directed that payments be made immediately in order to bring to a quick end the lingering fuel crisis.

The minister’s confirmation is contained in a statement by the Director of Press in the Federal Ministry of Finance, Mr. Marshall Gundu.

The statement said: “The minister also said that despite dwindling revenues, the government is committed to ensuring continuous availability of fuel to Nigerians. The payments include arrears from the 2014 financial year as well as payments for the current year. It is expected that the recipients would ensure adequate supply of fuel to end the persistent fuel shortage in the nation.
“Details of the approved payments under the subsidy scheme will be published in the national dailies as has been the practice,” the statement added.

Enwegbara argued that his position and advice to World Bank was hinged on his understanding that even in Europe and the most advanced nations in the West, including the United States which houses the World Bank, there exist one form of subsidy or the other.

According to Enweagbara, “I’ve always said it that the problem with fuel subsidy is not that the subsidy is bad in itself. After all, not only do governments in EU, U.S. and most other OECD countries spend hundreds of billions of dollars annually subsidising agriculture so as to make food always readily and cheaply available.”

They also go as far as subsidising many social amenities, including electricity, winter heaters, and telephone subscriptions both for the poor and for businesses in an effort to make local businesses more competitive.
“That is why I strongly believe that there will always be one form of subsidy or another since to move petroleum products from either the refineries or depots to remote and distant parts of the country so as to maintain uniform pump price across the country, government should subsidise the cost of transporting fuel to distant fuel stations.”

Breaking: Fire at NITEL Building in Marina.

Posted By Obi-links

Eye witnesses have reported a fire at the NITEL building in Marina, Lagos.

- See more at: http://akpraise.com/2015/12/08/breaking-fire-at-nitel-building-in-marina/#sthash.iLprwusl.dpuf

Photos: Lady narrates sad experience with Lagos Police and other security agents today

A young lady named Ilsa Aida this evening narrated an unfortunate incident that happened in Lagos that will leave you both angry and sad.


Read her sad experience below

In the last 1 hour, I have cried more than I have in ages. My baby brother and I were/are on our way to Redemption Camp for the Holy Ghost Service when we encountered a bit of traffic on the 3rd Mainland Bridge. I thought it strange considering the time but hey… We then happened upon a man who we thought was dead in the middle of the road but as our car drove by, I noticed he was still breathing.
We stopped immediately. Another vehicle stopped too. There was no question about lifting the guy because we would have ended up in prison and charged with hit and run.
My brother trekked on Third Mainland Bridge to try to find an ambulance while myself and the other guy that stopped called the contact numbers of the police. At this time, I was directing the traffic on 3rd Mainland Bridge away from the body of the guy in the middle of the road till he was moved to the pavement. 4 Military men passed on “Okadas” and said “Eeeyah” and moved on. The police passed by with sirens and shook their heads. They didn’t stop. A LASTMA official on a bike stopped.


He didn’t have a vehicle so he called his bosses who told him “they” were not coming. I was stunned. Then came a policeman with the new vehicles given by Ambode and he called his bosses who instructed him not to carry the guy in the “new” car. It wasn’t to be stained with blood. I broke down in tears at this point. The reality was that the new police car was worth more than the Nigerian life. This was my Nigeria. This was my Lagos. We eventually stopped the ambulance of the Gbagada General Hospital and the driver agreed to carry the man, ONLY if the police escorted him.

So I understand the following
1. I cannot help a citizen who is injured because I will end up in prison first while they determine that I am not responsible.
2. The Uniform is a joke in Nigeria. It has no respect for the Nigerian life if you do not have money.
3. The new vehicles are better than the Nigerian life. Don’t have an accident near one.
4. I need to relocate to New Zealand.

Blatter: Investigation is like the 'Inquisition'

Berlin - Suspended FIFA president Sepp Blatter says the Ethics Committee investigation into corruption allegations is "like a Catholic Inquisition".

Blatter again denied involvement in corruption and said he should not have trusted officials at football's world body.

"What I can say about myself: I am an honest person, and I've had too much confidence," Blatter told German broadcaster ARD.

The 79-year-old has again been in the spotlight with a BBC claim that he was aware of corrupt practises within FIFA.

A BBC investigation broadcast this week alleged that the US Federal Bureau of Investigation has evidence which casts doubt on Blatter's denials that he knew about $100 million in bribes paid by sports marketing company ISL to FIFA officials during the 1990s in return for television rights deals.

Blatter has been suspended by FIFA's ethics committee since October after Swiss prosecutors opened an investigation into alleged criminal mismanagement at FIFA during Blatter's tenure.

The Swiss told German broadcaster ARD he is "appalled" by FIFA's Ethics Committee which has sought sanctions against Blatter and UEFA president Michel Platini, who is also suspended by FIFA.

"This prejudice and probing questioning - it's almost like an old Catholic Inquisition," said Blatter, who could face a life-time ban.

"I am disappointed and occasionally sad, but not bitter.

"Bitterness brings jealousy, that brings hatred and hatred helps no one in life."

Part of the Swiss investigation into Blatter is a $2 million payment made by FIFA to Platini in 2011 for work the Frenchman did a decade earlier. The two have acknowledged there was no written contract but that they had an oral accord.

Blatter said he takes no responsibility for FIFA's accounts and that officials at the world body had committed the offences.

"I trust people, and the trust has been abused, but I did not know how it was abused. I'm not a FIFA accountant."

NIGERIANS STORM ASO ROCK TO PROTEST AGAINST THE SOCIAL MEDIA BILL (PHOTOS)

December 8, 2015

Residents of Abuja took to the streets this afternoon to protest against the Social Media bill that senators intend to pass into law which will make all social media users go to jail if they pass wrong information.

Nigerians are having none of it and these residents hope to pass that message across.

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‘You’re inflicting hardship on Nigerians’, PDP tells Buhari

The Peoples Democratic Party (PDP) has accused President Muhammadu Buhari of inflicting hardship on Nigerians though his policies and “apparent lack of viable economic initiatives.”

PDP National Publicity Secretary, Chief Olisa Metuh in a statement on Tuesday said it is disheartening that the Buhari administration has remained insensitive and unresponsive to the groaning of Nigerians occasioned by the apparent lack of competent hands in the management of the economy.

“Rather than evolving economic initiatives to improve the lot of the citizens, this administration has in the last seven months churned out policies that stifle productivity in the formal and informal sectors, thereby inflicting hardship on them. This has resulted in the semi-destruction of the long-standing extended family system in our society.

“It is a statement of fact that under President Buhari’s watch, the nation has witnessed the gloomiest festive season. Under this government, Nigerians have had the worst Sallah celebration and by all indications, this Christmas season is going to be the bleakest ever.

“More worrisome is the fact that there is no indication that the government has any plan for ameliorating the hardship of the people. Instead, the situation may get worse as this administration, in its lack of economic initiatives, is now rolling up its sleeves to introduce some stringent tax policies, in addition to completely removing the social palliatives Nigerians benefit from.

“On the issue of the persisting fuel queues across the country, we demand that the government come clean. Is it market driven or a product of government conspiracy? Our take is that if indeed it is true that the government has a hand in this fuel crisis, then they should have a rethink and show pity on innocent Nigerians.

“We therefore align with the people in declaring that this administration is unprepared for governance. President Buhari and his party came to power on propaganda, deceit and falsehood and the government has now shown lack of initiatives and the required competence to successfully move the nation forward.

PDP further said that it is saddening that a government that came to power on a mantra of CHANGE now seeks to CHAIN the ways and means of the very people that they deceived into voting for them.

The party advised the government to note that any attempt to increase taxes and duties will overstretch the lean income of ordinary Nigerians and gradually inflict intolerable poverty in the land.

THE BITTER TRUTH ABOUT YOUR SALARY

I stumbled on this enlightening post on facebook and thought to share, see below:

HARD ANALYSIS:

Divide your SALARY by 30 days and see what you get (i.e. the number of days in a month and see the funny thing about your salary plan).
For example,

(1) An average level-12 worker in the state government civil service earns NGN 60,000.
**** And this translates to NGN 60,000÷30= NGN 2,000 every day. This is LESS THAN the amount made daily by an AVERAGE HAWKER in the city.

(2) A freshly EMPLOYED GRADUATE BANKER in most NIGERIAN BANKS earns an average of NGN120,000 monthly.
***So everyday, you get NGN120,000÷30= NGN4,000 as the daily value for your work-life. By implication, this is LESS THAN the amount earned DAILY by an AVERAGE DRIVER in d city and in some villages…..

(3) If you are a FRESH GRADUATE EMPLOYEE in some oil companies, you earn an average of NGN300,000 monthly. So in a day your WORK-VALUE is NGN300,000 ÷ 30= NGN10,000
**** This is LESS THAN the daily amount earned by an IRRIGATION FARMER supplying vegetables to Lagos MARKETS, a TIPPER CAR DRIVER supplying sand for three BLOCK INDUSTRIES and CONSTRUCTION SITES just 3 times a day and DRIVERS of DANGOTE TRUCKS who have bought off the trucks at scrap value and are using them to convey products between villages and the cities for just five business owners.
———>>>HOPE BY NOW, IT IS SINKING IN, RIGHT?
And when there is an ISSUE in the FAMILY that requires FINANCIAL ASSISTANCE, the DRIVERS, HAWKERS and the rest are looking up to you with a WHITE COLLAR JOB.

(4) If you are an NYSC MEMBER, you DON’T need to be told that:
*****NGN19,800÷30 = NGN 660 is your worth on a daily basis.