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Breaking:FG Suspends Fuel Subsidy Removal

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The federal government has postponed the planned petrol subsidy removal till further notice due to “high inflation and economic hardship”.

Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol.

The government had planned to stop subsidy payments on petroleum products from July this year.

Zainab Ahmed, minister of finance, budget, national planning, disclosed this on Monday in Abuja at a meeting with Senate President Ahmad Lawan.

The meeting had Timipre Sylva, minister of state for petroleum resources; representatives of oil companies, among others, in attendance.

Last week, Lawal had said Buhari did not direct the removal of petrol subsidy, saying their “constituents are raising concerns over the policy”.

The National Economic Council (NEC) said it is still considering the recommendations — which proposed full deregulation and N302 per litre for PMS.

Ahmed said petrol subsidy was provided for in the 2022 budget to run from January till June.

She, however, said that after consultations with stakeholders — in view of the high inflation and economic hardship — additional provisions would be made beyond the initial period.

According to her, it has become clear that the timing for the removal of petrol subsidy will be problematic as the country still experiences heightened inflation.

“Provision was made in the 2022 budget for subsidy payment from January till June. That suggested that from July, there would be no subsidy,” Ahmed said.

”The provision was made sequel to the passage of the Petroleum Industry Act, which indicated that all petroleum products would be deregulated.

“Sequel to the passage of the PIA, we went back to amend the fiscal framework to incorporate the subsidy removal.

“However, after the budget was passed, we had consultations with a number of stakeholders, and it became clear that the timing was problematic.

“We discovered that practically, there is still heightened inflation and that the removal of subsidy would further worsen the situation and impose more difficulties on the citizenry.

“Mr President (Muhammadu Buhari), does not want to do that. What we are now doing is to continue with the ongoing discussions and consultations in terms of putting in place a number of measures.

“One of these include the roll-out of the refining capacities of the existing refineries and the new ones, which would reduce the amount of products that would be imported into the country.

“We, therefore, need to return to the National Assembly to now amend the budget and make additional provision for subsidy from July 2022 to whatever period that we agreed was suitable for the commencement of the total removal.”

On his part, Lawan appealed to the leadership of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) to shelve their planned industrial action over subsidy removal as it has become unnecessary.

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Remi Tinubu Urges Unity for National Development

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The First Lady Remi Tinubu has said that all hands must be on deck to ensure the development of Nigeria.

The First Lady said this while visiting Enugu State to distribute professional kits to midwives in the state.

Speaking on harnessing and leveraging Nigeria’s diversity, Tinubu said it is important to build a safe and prosperous nations regardless of each other political affiliation.

She also highlighted that traditional leaders are closer to the grassroots and the government on the other hand.

She appealed to the traditional leaders to align with her vision to promote the health and well-being of the people, especially women.

“As leaders, we are responsible to take care of all Nigeria, political affiliation notwithstanding.

“Nigeria is a beautiful country and no one should hinder anyone from visiting any part of the country to experience this. We pray our security will improve and Nigeria should get to that place of safety,” Tinubu said

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FRCN’s Ace Caster Yahaya Umar Passes On

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Ace Nigerian broadcaster, Yahaya Umar is dead. Umar is one of the most recognizable voices on the Federal Radio Corporation of Nigeria (FRCN) network.

He was a constant anchor of the widely  monitored 7am and 10pm network news on the FRCN.

The news of the legendary renown broadcaster, Yahaya Umar Social have continued to generate reactions among some of his fans in Kaduna.

The broadcaster who is popularly called Umar Social was known for his unique voice and flare while handling the microphone.

Most lovers of Radio Nigeria Supreme FM Kaduna attest to the fact that Umar Social was a voice to reckon with in the 1900s as well as on Radio Nigeria Network Service.

 

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Senate To Move Presidential Inauguration Venue From Eagle Square To N’Assembly

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The Senate says it is considering a legislative move to institutionalise a presidential address every June 12, in recognition of the day’s historical significance.

This is just as it is also considering the change of venue of presidential inauguration to the National Assembly from the current Eagles Square venue.

The Leader of the Senate, Opeyemi Bamidele, disclosed this in an interview with reporters on Tuesday, stating that the Senate is hoping to prepare a bill to formalise the President’s speech to the nation on that date.

“We are hoping to bring a bill soon to institutionalise the President’s address on June 12 because of its historical importance.

“There can’t be a better time to address the nation through the parliament than on June 12, especially since it is a joint sitting of the National Assembly”, Bamidele said.

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He further revealed that the proposed legislation would also seek to designate the National Assembly Complex as the venue for future presidential swearing-in ceremonies.

He added, “We are hoping, in that bill, to ensure that the swearing-in ceremony of the next President and Commander-in-Chief of Nigeria, whom we believe is President Bola Ahmed Tinubu, will be held within the arcade of the National Assembly.”

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