Atiku in a tweet on Tuesday said the hike in fuel price does not in any way support certain claims regarding deregulation in Nigeria.
According to Atiku, his view on the matter stems from his experience as a businessman who is seeing things from an economic perspective.
The elder statesman argued that in the US and Europe, fuel prices are far lower than they were in 2019, adding that if Nigeria truly deregulated, then fuel prices should have dropped.
The prices ranged from between N155 and N162 per litre, press correspondents across the country observed.
The increase was triggered after the product’s depot price was increased on Wednesday from N138.62 to N151.56, according to an internal memo from the Pipelines and Product Marketing Company (PPMC).
In its Memo, the PPMC which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC), stated that the new product price adjustment will take effect from September 2.
However, it did not state the Expected Open Market Price of the commodity.
The fuel price hike stirred various reactions in different quarters across the country.
In his reaction to the increment, President Muhammadu Buhari blamed the COVID-19 pandemic for the hike.
He explained that the outbreak led to a downturn in Nigeria’s finances, making it difficult for the Federal Government to pay for fuel subsidy at this time.
For President Buhari, the COVID-19 pandemic, which has affected economies globally, has compelled the government to make some adjustments which he described as far-reaching.
Although he admitted that such reviews would cause some initial pain for the people, he insisted that they were necessary for the long-term gains.
In a similar vein, the Minister of Petroleum Resources (State), Mr Timipre Sylva has explained the deregulation of the petroleum subsector will be difficult for a while but pay off on the long run.
Mr Sylva said this on Thursday, September 3, during a briefing in Abuja and noted that the government no longer controls the price of the product.
According to him, the Nigerian government spends over a trillion naira yearly as a subsidy payment, explaining that the high cost forced the government to allow market forces to determine the prices of the product.
The former Bayelsa Governor noted that the current price of petrol is a reflection of the global crude oil price, adding that the Federal Government is not working on any kind of policy to cushion the effect of the deregulation. Instead, it is introducing alternatives to petrol.
Mr Sylva revealed that the alternatives include Liquefied petroleum gas (LPG), and it will be rolled out by the end of the month.
Stating further, Mr Sylva said that the Department of Petroleum Resources will engage marketers to upgrade their facilities to be able to dispense the alternatives.
Opposition rejects hike in fuel price
The Minority Caucus in the House of Representatives has rejected the reported increase in the pump price of fuel from N148 to N151.56.
Minority Leader of the House, Ndidu Elumelu, made the position of the lawmakers known in a statement on Wednesday.
He described the announced price as unacceptable, saying it would result in an increase in the already high cost of consumer goods and services, as well as worsen the current economic hardship being suffered by Nigerians.
“The minority caucus in the House of Representatives rejects the announced increase in the pump price of fuel,” the lawmaker stated.
He added, “This is because such increase will directly result in more hardship on our citizens, particularly at this critical time when a majority of Nigerians across the country are struggling to survive under the burden of the high cost of living and low purchasing power occasioned by the prevailing economic challenges.
“Any increase in the cost of an essential commodity like fuel will, therefore, bring more hardship to the people and as such should not be contemplated.”
According to the minority leader, the opposition lawmakers are challenging the All Progressives Congress (APC)-led government to rather come up with strategies that will lead to decrease and not increase in the cost of domestic fuel.
He stressed that it was important for the government to revamp the nation’s refineries, instead of resorting to fuel price increase at the detriment of Nigerians.
Elumelu, therefore, directed the PPMC to immediately rescind the purported announcement and revert to the former price, with a view to further reviewing it downward.
Gov. Fayemi Reacts To His ‘Suspension’ Says, ‘It’s A Joke Taken Too Far’
The Ekiti State Governor, Kayode Fayemi has reacted to his purported suspension by a faction of the All Progress Congress (APC), referring to it as a joke taken too far.
The leaders of an APC faction on Friday announced the suspension of the governor, claiming that five days before the Edo election, he hosted Femi Fani-Kayode of the PDP in the Government House in Ado-Ekiti and planned a coup against Edo APC.
Governor Fayemi in his reaction through his Chief Press Secretary Mr. Yinka Oyebode, said the All Progressives Congress (APC) as a party is governed by laws, adding that members of the group cannot hide under their recent suspension to announce a dubious suspension they lack the locus to handle.
“While one would have dismissed their claims as another failed attempt to polarise the party in the state, it is also important to put it on record that the action of the group smacks of criminal impersonation as none of those who signed the purported suspension letter were executive members of the party at ward, Local government or state level,” the statement added.
“The action is but a joke taken too far as they never had such power they want to arrogate to themselves while they were members of the party, much less now that they have been suspended”.
Mr. Oyebode noted that Governor Fayemi remains unperturbed by “these antics of suspended members”.
He urged the public and members of the APC to disregard the news of the purported suspension as it only exists in the imagination of members of the group.
“Dr. Kayode Fayemi remains the indisputable leader of the APC in Ekiti State,” he said
‘It’s Not A Right Thing To Do’: Gov. Obaseki Dismisses Returning To APC
The Edo State Governor Godwin Obaseki has dismissed claims that he will be returning to the All Progressives Congress (APC).
Governor Obaseki who got a second term on the platform of the Peoples Democratic Party (PDP) said having contested and won on the party’s platform, moving out of the party will be a stain on his integrity.
“I couldn’t have contested on a party won on that party’s platform and then considered moving to another party,” Obaseki said on Friday when he visited President Muhammadu Buhari at the Presidential Villa.
“It’s not a good thing to do, it’s not the right thing to do and I’m sure you will not encourage me to do that”.
Governor Obaseki was accompanied to the visit by his Deputy Philip Shaibu and some members of his cabinet, following his re-election as governor of the state.
On the issue of godfatherism, the governor said he will not participate in such activities.
Ekiti State APC Suspends Ojudu, Oyetunde Ojo, Nine Others
Ekiti State Executive of the All Progressives Congress (APC) has announced the indefinite suspension of eleven party members in the state.
They include Babafemi Ojudu, a special adviser to President Muhammadu Buhari and a former member of the House of representatives, Oyetunde Ojo, and nine others.
The spokesperson of the party in Ekiti State said the suspension was based on the recommendation of the Disciplinary Committee recently inaugurated by the APC in the state over the refusal of the affected people to withdraw court cases filed against the party as instructed by its National Secretariat.
“The suspension is based on the recommendation of the investigative/disciplinary committee inaugurated by the SEC to investigate the disobedience of certain party members to the National Executive Committee (NEC) of 25th of June 2020, which directed members of the party not to institute any court action and to withdraw existing cases in court.
“The decision of the SEC has been communicated to the Caretaker/Extra-Ordinary Planning Convention Committee,” the statement read.
Others suspended are Wole Oluyede, Olusoga Owoeye, Dele Afolabi, Ayo Ajibade, Toyin Oluwasola, Akin Akomolafe, Bunmi Ogunleye, Femi Adeleye, and Bamigboye Adegoroye.
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