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FG Projects N1Tr Annually as a Result of Fuel Subsidy Removal

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FG Projects N1Tr Annually as a Result of Fuel Subsidy Removal

The Minister of state petroleum, Chief Timipre Sylva, disclosed on Thursday in abuja in an interview, that the issue of fuel subsidy has been in the public sphere of discussion even under previous governments.

According to him, the federal government’s decision to remove fuel subsidy will bring in one trillion naira annually. This increase in income, will be deployed to fund other critical parts of the economy.

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He also noted that the ministry has taken off the excess forex price that was given to NNPC so that all the money used to defend the naira to subsidise the dollar will now be freed up for development and critical infrastructure and assured Nigerians that deregulation is a policy direction that will be good for the common Nigerian.

“It is time for Nigerians to face reality and do the right thing. At least from the very beginning, it will save us up to a trillion, and more every year. Already, we have taken off the budgetary provision for the subsidy which is about N500 billion in the budget.

“Also, we have taken off the excess forex price that special rate that was given to NNPC which also came at a cost. So, all the money that we used to defend the Naira at that time to subsidize the dollar will now be freed up for development,” the minister said.

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Finance

Nigerian Economy Losses N700Bn to EndSars Protest – LCCI

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Nigerian Economy losses N700bn TO Endsars Protest-LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has valued the nation’s losses as a result of the ENDSARS protest at N700 billion.
The statement released by LCCI partly reads:

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“The Lagos Chamber of Commerce and Industry is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country. Over the past twelve days, economic activities have been crippled in most parts of the country and have been particularly profound in the urban areas. The Nigerian economy has suffered an estimated Seven Hundred Billion Naira [₦700 billion] loss in the past twelve days’’.

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Foreign

10,000 Protesters Defy Thai Crackdown After Emergency Decree

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Thai protesters

10,000 Thai protesters gathered Thursday in defiance of a sweeping crackdown after authorities moved to crush months of pro-democracy demonstrations by imposing emergency powers and rounding up leading activists.

Protesters chanted “Prayut get out!” and “free our friends!” as they confronted police at Ratchaprasong, a busy junction in central Bangkok, despite a new decree that bans gatherings of more than four people — aimed at quelling student-led demonstrations.

The Government of Prime minister Prayut Chan-o-Cha, a former army chief who initially took power in a 2014 coup, has been the target of the protesters, but they have also taken aim at Thailand’s unassailable monarchy.

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As night fell, Thai protesters waved their lit-up mobile phones in the air.

Thousands sat on plastic sheets on the road snacking on street food while scores more watched from overhead walkways. Many said they would return Friday evening.

After the emergency measures were announced early Thursday, riot police dispersed hundreds of protesters who camped overnight outside the prime minister’s office.

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Finance

CBN Invests Over N120bn on Cotton Value Chain

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Nigeria’s External Reserves Records Decline to $35.67bn

The Central Bank of Nigeria, CBN says it has invested over N120 billion on the Nigerian Cotton value chain and projected over 300, 000 metric tonnes of seed cotton by end of 2020.

This was made known by the Deputy Governor, Corporate Services, CBN, Edward Adamu, at the Cotton, Textile and Garments, CTG, stakeholders meeting tagged ‘Cotton Harvest 2020 season’.

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According to Adamu, the Apex bank’s intervention is to eradicate smuggling and dumping of textile goods in Nigeria and also to resuscitate and return the lost glory of the cotton textile and garment industry.

He recalls the booming days of the industry that sustained the economy with massive job creation, which in the 1970’s and early 1980s, Nigeria was home to Africa’s largest textile industry, with over 180 textile Mills in operations, which employed close to over 450,000 people.

Explaining that if nurtured properly, the industry can create millions of jobs for Nigerians.

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COVID-19 PREVENTION

infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

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@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

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Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

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