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Nigerians are expected to face increased challenges following the recent recommendation from the World Bank, urging the Federal Government to raise the pump price of Premium Motor Spirit (PMS). The World Bank, on December 13, asserted that the government might still be footing the bill for fuel subsidies, which President Bola Tinubu removed on May 29, 2023.
According to the World Bank’s Lead Economist for Nigeria, Alex Sienaert, the current fuel price in Nigeria is not cost-reflective and should be elevated to approximately N750 per litre, surpassing the current N650 paid by Nigerians. Sienaert disclosed this during the presentation of the Nigeria Development Update in Abuja on December 13.
The advice comes amid the severe hardships experienced in the country following the removal of the fuel subsidy in May. Since then, the pump price has risen significantly, contributing to higher prices of essential goods and services nationwide.
In response, various stakeholders, including the Nigeria Labour Congress (NLC), the Peoples Democratic Party (PDP), and other critics, have condemned the World Bank’s recommendation. They argue that such an increase would further impoverish the masses, given the already challenging economic situation in the country.
NLC spokesman Beson Upah criticized the World Bank for being insensitive to the plight of Nigerians, describing the institution as a “predatory” force that lacks consideration for the Global South. He warned that raising the pump price would invite anarchy.
Hon. Debo Ologunagba, the National Publicity Secretary of the PDP, blamed the International Monetary Fund (IMF) and the World Bank for Nigeria’s economic troubles. He expressed dissatisfaction with the lack of tangible palliatives for Nigerians since the removal of the fuel subsidy.
Dr Yunusa Salisu Tanko, Chief Spokesperson for the Labour Party Presidential Campaign Council, viewed the World Bank’s move as an attempt to continue colonizing African countries. He emphasized the need for creative leadership and the construction of refineries to address the economic challenges.
However, a chieftain of the ruling All Progressives Congress (APC), Mr. Mathew Adah, expressed confidence in President Tinubu’s ability to handle the situation intelligently, urging Nigerians to be patient.
The World Bank’s recommendation has sparked a debate on the potential consequences of a fuel price increase, with critics warning of detrimental effects on the already struggling population.
Benson Upah, spokesperson for the Nigeria Labour Congress (NLC), has cautioned that Nigerians might eventually face petrol prices of N5,000 per litre.
In an interview with Weekend Trust, Upah criticized the recent increase in fuel pump prices and argued that it contradicts the agreement previously made between the NLC and President Bola Tinubu’s administration.
He asserted that the Federal Government’s claims of restoring the fuel subsidy are untrue.
Upah remarked, “The subsidy was never reinstated as they have stated. So, what justifies the rise in pump prices from N650 to N1,500 or even N2,000?
“This situation suggests that we might not have seen the worst yet. There is a possibility that fuel prices could reach N5,000 per litre. We hope it doesn’t come to that, but if it does, it will be up to Nigerians to make the decision.”
The Nigerian Education Loan Fund (NELFUND) has announced the receipt of a two million Naira bank draft from Adegboyega Awomolo, SAN, a former student loan beneficiary.
This information was disclosed in a statement by Monalisa Dike from the Corporate Communications Department of NELFUND on Friday in Abuja.
Dike noted that Awomolo had received the loan during his undergraduate studies at the University of Ife (now Obafemi Awolowo University) from 1975 to 1977.
She mentioned that Awomolo had fully repaid the loan, showing his strong commitment to the country.
“The original loan amount was N1,000 for two academic sessions, which played a crucial role in his completion of the law degree.
“Although Awomolo had attempted to repay the loan several times over the years, he was only able to settle it now.
“In his letter to NELFUND’s Managing Director, Mr. Akintunde Sawyerr, Awomolo expressed his appreciation for the student loan opportunity provided by the Nigerian government,” Dike said.
She added that Awomolo praised the transparency and accountability NELFUND has shown in managing student loans.
Dike emphasized that Awomolo’s repayment highlights the enduring impact of President Bola Tinubu’s initiative and NELFUND’s continued importance in supporting Nigerian students.
She also mentioned that the repaid funds will be used to support the education of current students in need of loans.
The Niger Delta Development Commission (NDDC) has issued a warning to the public about scammers pretending to represent the NDDC Youth Internship Scheme.
The NDDC also noted that registration for the scheme ended on August 31, 2024.
This information was released in a statement on Friday by Seledi Thompson-Wakama, Director of Corporate Affairs at the commission, and shared with DAILY POST.
The statement reads, in part: “We have received reports of individuals receiving unsolicited messages claiming they have been selected for the NDDC Internship Scheme, which includes requests for personal information and an acceptance fee.
“The NDDC does not charge any fees for placing qualified youths in its internship programme. We want to make it clear that these fraudulent selection messages are not affiliated with the NDDC.
“Any official communication from us will only come through our verified websites and social media channels. If you receive a message like this, please ignore it and report it to the relevant authorities. Your safety and privacy are our top priorities.
“For genuine inquiries about our empowerment programs, please contact us directly through our official channels.”
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