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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that the country currently spends $600m on fuel importation monthly.

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He stated that the high import bill is due to neighbouring countries, up to Central Africa, benefiting from the country’s fuel imports.

The minister stated this during an interview on AIT’s Moneyline programme, which was posted on its Youtube channel on Wednesday.

Edun explained that the situation was the reason President Bola Tinubu removed fuel subsidy, as the country does not know the exact amount of fuel consumed internally.

According to a report by the National Bureau of Statistics, the country’s petrol import was reduced to an average of one billion litres monthly after President Bola Tinubu removed the fuel subsidy on May 29 last year

He said, “The fuel subsidy was removed May 29, 2023, by Mr President, and at that time, the poorest of 40 per cent was only getting four per cent of the value, and basically, they were not benefitting at all. So it was going to be just a few.

“Another point that I think is important is that nobody knows the consumption in Nigeria of petroleum. We know we spend $600m to import fuel every month but the issue here is that all the neighbouring countries are benefitting.

“So we are buying not just for Nigeria, we are buying for countries to the east, almost as far as Central Africa. We are buying. We are buying for countries to the North and we are buying for countries to the West. And so we have to ask ourselves as Nigerians, how long do we want to do that for and that is the key issue regarding the issue of petroleum pricing.”

He added that the nation must take a decisive step to tackle step the problem as it impedes it’s economic growth

Of great importance to the government, Edun said, is the welfare of the people, particularly the vulnerable.

One of the key areas of focus is ensuring food availability and affordability.

Speaking further in the interview, the finance minister clarified that the N570bn fund release to state governments was implemented last December.

He said, “This actually refers to a reimbursement that they received from December last year onwards and it was a reimbursement I think under the COVID financing protocol but the point is that the states have received more money. They have received more money. Mr President has charged to ensure food production in the states

Edun also clarified that the recent decision to raise the maximum borrowing percentage in the Ways and Means from five to 10 per cent does not imply that the Federal Government tends to rely on the Central Bank of Nigeria financing.

He said the government had rather used market instruments to manage its debts.

The minister said, “We have not gone to the central bank to say, please lend the government money to pay its debt, to pay its salaries. That’s Ways and Means. We have not gone. In fact, we have used market instruments to pay down what we owed, and that is a very, very germane aspect of having a strong economy.

“It was raised to 10 per cent, but that doesn’t mean it will be used. It’s there as a fail-safe and just gives that extra flexibility so that if a payment needs to be made and there is a mistiming or gap in when revenue would come in and expenses, we can just draw it down briefly.”

He described the approval by the National Assembly as a fail-safe measure

The minister added, “Sometimes it just gives that extra flexibility so that if a payment needs to be made and there’s a mistiming, there’s a gap between the time at which the revenue will come in and the expenses needed, you can just draw down briefly.

“So, the aim is to keep within the letter of the law, I think that’s the main point.”

He also said the welfare of Nigerians remained a key priority for the current administration, particularly ensuring food availability and affordability.

Edun said, “There is a concerted effort to ensure that we have homegrown food available. In the short term, apart from what is being distributed from reserves, there is a window that has been opened for importation because the commitment of Mr President is to drive down those prices now and make food available now.”

He assured all that the measure would not undermine local farmers, as importation would only be permitted after exhausting local supplies.

He said, “So, one of the conditions for this importation will be that everything available locally in the markets or with the millers and so forth has been taken up. We will have auditors that will check that.”

He said these interventions seek to reduce inflation, stabilise exchange rates, and lower interest rates, thereby creating a conducive environment for investment and job creation

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Politics

Governor UZODINMA has offered yet again free transportation buses from Lagos to *Owerri, Okigwe* and *Orlu* . The buses are free for Imolites from Lagos to Imo State on *24th December* and back to Lagos on *4th January* .

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December 22, 2024

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Press release

We are not fraudsters, evacuation of Imo residents in Lagos will go on – ISTDAL

Our attention had been drawn to a report where the Office of the Chief Press Secretary to the Imo State Government impersonated by unknown persons to issue a statement about a well intentioned gesture of the Governor to evacuate interested Imo indigenes resident in Lagos who wish to be home for the Christmas and New year celebrations.

In his magnanimity, Governor Uzodimma gave approval for the exercise to be carried out on December 24, 2024 for those returning from Lagos and those who would be returning to Lagos on January 5, 2025.

Unfortunately, unknown persons mischievously issued a Statement where
the name and designation of the Chief Press Secretary were impersonated as the author.

Based on that the Chief Press Secretary raised a strong statement where he called those behind the criminal and mischievous statement fraudsters, believing we were the ones behind it.

While we regret the criminal intentions of those behind the impersonation of the Office of the Governor’s spokesperson, we make bold to dissociate members of our association who are part of the evaluation exercise as fraudsters.

If anything, members of our association work in tandem with the Governor and his government for the wellbeing of our people for which this exercise is one of them.

Like the Governor, we mean well for our people resident in Lagos or any other part of the country and will not be part of moves to undermine the good intentions of His Excellency.

We put up this statement after conferring with the Chief Press Secretary and availing him with the facts regarding the exercise, and do hope that those who have already indicated interest in travelling through the channels we had earlier announced, and intending ones, should feel free to avail themselves of the opportunity.

Please, refer to our earlier announcement where the Office of the Chief Press Secretary to the Governor was not impersonated.

*Breaking news!! Breaking news!!!.*
*To all Imolites resident in Lagos.*

The Imo State Governor *Distinguished Sen. Hope Uzodimna (OON)* in line with 3Rs of His Excellency’s administration and in alleviating the stress, difficulties and hardship Imolites go through during Christmas journey, Governor UZODINMA has offered yet again free transportation buses from Lagos to *Owerri, Okigwe* and *Orlu* .

The buses are free for Imolites from Lagos to Imo State on *24th December* and back to Lagos on *4th January* .

Interested persons should please call *(ISTDAL)* *08033255565, 08092362966* or *07089303866* for seats reservation.

Please the buses are free and is on first come accreditation bases, once the seats are fully booked the registration closes, ( *_PLS DO NOT PAY ANYBODY ONE KOBO_)*

Please the buses are *NOT LUXURIES BUSES* , so only passengers with a small sizable bags will be allowed. (no big boxes or load is allowed)

The buses will leave on Tuesday 24th December at exactly *7.15am* to Owerri, Okigwe and Orlu.

The departure point will be made available after your registration, *(if you are not captured on accreditation, pls don’t bother coming as only accreditated passengers are allowed)* and please indicate your direction.

Call *Chima Davis* on the above numbers as soon as possible for accreditation ahead of time, you *must prove* you are from Imo State.

Note: the bus will not stop or drop any passenger until it passes Ihiala unto Imo State.

Thanks and best regards

*_C@davis 21.12.24_*

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Politics

FG Sets Aside ₦27bn For Obasanjo, Gowon, Buhari, Others In 2025

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17 hours ago

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December 22, 2024

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The Federal Government has allocated ₦27 billion for the entitlements of former presidents, vice presidents, heads of state, chiefs of staff, retired heads of service, and professors in the 2025 fiscal year.

The beneficiaries of this allocation include former Presidents Olusegun Obasanjo, Goodluck Jonathan, and Muhammadu Buhari, alongside ex-vice-presidents Atiku Abubakar, Namadi Sambo, and Prof. Yemi Osinbajo. Other notable individuals expected to benefit from this allocation are ex-military Heads of State, Gen. Yakubu Gowon (retd.) and Gen. Abdulsalami Abubakar (retd.), as well as former military President, Ibrahim Babangida, and retired Chief of General Staff, Commodore Ebitu Ukiwe.

It can be recalled that President Bola Tinubu on Wednesday presented the 2025 budget, titled ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity,’ to a joint session of the National Assembly. The ₦49.70 trillion spending plan prioritizes defence, infrastructure, and human capital development, with a projected ₦13.39 trillion deficit to be financed through borrowing.

The Federal Government has allocated ₦1.4 trillion for pensions, gratuities, and retirees’ benefits. This allocation includes ₦2.3 billion for former presidents, heads of state, and vice presidents. Retired heads of service and permanent secretaries will receive ₦10.5 billion, while retired professors in universities will get ₦13.5 billion. Additionally, ₦1 billion has been allocated for retired heads of government agencies and parastatals. The total allocation for these groups amounts to ₦27 billion.

Furthermore, the budget allocates ₦46 billion for civilian pensions under the Office of the Head of Civil Service, while ₦383.9 billion is earmarked for military pensions and gratuities. An additional ₦66.8 billion is budgeted for expected retirees, with ₦434 million allocated for administrative charges, ₦596 million for pension running costs, and ₦870 million for medical retirees.

The Federal Government has also set aside funds for various social investment programs, including the student loan scheme, National Poverty Reduction with Growth Strategy programs, National Home Grown School Feeding Programme, and the Consumer Credit Fund initiatives. A total of ₦500 billion has been allocated for these programs, with ₦50 billion specifically earmarked for the student loan scheme.

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Tinubu Is Not Our Problem In North; We Ruled Nigeria For 40 Years But Nothing To Show – Ex-Speaker Yakubu Dogara

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18 hours ago

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December 22, 2024

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Tinubu Is Not Our Problem In North; We Ruled Nigeria For 40 Years But Nothing To Show – Ex-Speaker Yakubu Dogara

North Remains The Same, Impoverished Despite Ruling Nigeria For Over 40-Years, Says Dogara.

“We are all northerners, and it should be made clear that President Tinubu or the South is not our problem. They have not come to cheat the North. That is out of the question.

“Some are claiming that Yoruba people are getting appointments, but let’s reflect. We ruled this country for over 40-years when northerners were in power. What did we achieve? The North remains the same, impoverished by our own leaders.

“We have had so much, but what did our governors do with the resources? They squandered them instead of investing in meaningful development.” -Yakubu Dogara, At A Townhall Meeting In Kaduna On Tax Reforms

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