Fuel Subsidy: Reps Tell FG to Suspend DSDP Contracts

Image

By Adedapo Adesanya

The House of Representatives has called on the federal government, following the subsidy removal, to suspend all Direct Sales Direct Purchase (DSDP) contracts.

At the plenary on Thursday, it also called on the new administration to cushion the effects of the subsidy removal for Nigerians through the provision and procurement of Compressed Natural Gas (CNG) buses as an alternative transport system with cheaper fuel consumption.

The DSDP contracts are high-stakes agreements used to supply nearly all of Nigeria’s petrol needs as well as cover some of its diesel and jet fuel consumption.

It also called on the government to outrightly remove subsidies on all petroleum products and introduce intermodal, regional and national transport systems to ease the mass movement of people across the country.

The House made these resolutions after adopting the report of its ad-hoc committee, which investigated the country’s subsidy regime.

President Bola Tinubu on Monday, during his inauguration, said the country’s fuel subsidy is gone, one month before its proposed demise.

“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime, which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

“We shall, instead, re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions,” he said.

The lawmakers, however, want the FG to immediately design measures and palliatives that will see the already felt impact of the move ease on Nigerians.

The legislators also called for further investigation through a forensic audit by the office of the Auditor General of the Federation to check whether the N413 billion borrowed from the CBN for subsidy payments was refunded after the passage and assent of the 2015 budget as earlier approved by the President.

Share
Related Stories
Image
15-March-2024

Brent Rises to $85 as IEA Predicts Tighter Supply Market

By Adedapo Adesanya Brent crude appreciated by $1.39 or 1.7 per cent on Thursday to sell at $85.42 per barrel, its highest level in four months, as the International Energy Agency (IEA) predicted a tighter market in 2024 and raised its view on oil demand growth this year. This also helped the US West Texas Intermediate (WTI) crude to go up by $1.54, or 1.9 per cent to $81.26 per barrel, though the agency warned that the global economic slowdown acts as an additional headwind to oil use. The IEA raised its view on 2024 oil demand growth for the

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
14-March-2024

Binance and Nigerian Law Enforcement: Partnership to Foster Responsible Growth

For Binance, complying with the applicable laws and regulations in the countries where we operate is a top priority. We proactively engage with regulators and law enforcement whenever we can contribute insight, intelligence, or expertise to help protect users, identify and prosecute criminals, or stop or prevent unlawful activity. This is the definition of collaborative security in the crypto space that we have pledged to strengthen. In light of recent news, we would like to share some facts and numbers that demonstrate that we take our commitment to promoting the responsible growth of crypto in Nigeria very seriously. Even though

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

More Stories
Image
15-December-2017

LBS Conducts Sales Boot Camp Programme for NNPC Retail Limited

By Dipo Olowookere Lagos Business School recently partnered with NNPC Retail Limited to conduct a Sales Boot Camp Programme (SBCP) as an investment in their Retail Sales Representatives, preparing them for enhanced responsibilities. The programme ran in November 2017. NNPC Retail Limited’s (NRL) vision is to become the leader of choice in the downstream and energy sector, driven by customer satisfaction and operational excellence and to achieve this vision; the company is investing in its greatest assets – its people. According to the Managing Director of NNPC Retail Limited, Mr Tunji Adeyemi, “the choice of LBS as a human resource

Image
16-September-2019

Oil Prices Rise on Heightened Tensions in Middle-East

By Adedapo Adesanya Following an attack on Saudi Arabia’s largest oil processing plant prices on Saturday which shut down over 5 percent of global supply, crude oil rose higher on Monday morning. As at the time of this report, the Brent crude, the international oil benchmark, was trading at $65. 41 per barrel, an increase of $5.19 or 8.62 percent, while the US West Texas Intermediate (WTI) crude oil was trading high at $59.34 per barrel an increase of $4.49 per barrel or 8.19 percent. Yemen’s Iran-backed Houthi rebels has claimed responsibility for the attack on the Saudi Aramco facility

Image
07-April-2017

Kaduna Unveils Ease of Doing Business Charter

By Modupe Gbadeyanka Governor Nasir El-Rufai has launched the Kaduna State Ease of Doing Business Charter at the second Kaduna Economic and Investment Summit (KADINVEST 2.0). The scheme is aimed to outline the state government’s commitment and measures, which in turn is to simplify business processes and operations in the state. According to Mr El-Rufai, the charter is further to demonstrate the state’s business-friendly environment that is also supported by a favourable legal framework. Speaking at the programme, the Governor said the major objective of the master plan was to create a conducive environment for public/private participation in infrastructure project

Image
18-January-2018

Futures Pointing To Mixed Open On Wall Street

By Investors Hub The major U.S. index futures are pointing to a mixed opening on Thursday following the rally to new record highs seen in the previous session. Traders are digesting the latest batch of earnings and economic news The Dow Jones Industrial Average closed above 26,000 for the first time ever on Wednesday, extending early gains after the Federal Reserve’s Beige Book painted a sunny picture of the U.S. economy. The major averages all ended the session at record closing highs. The Dow surged up 322.79 points or 1.3 percent to 26,115.65, the Nasdaq jumped 74.59 points or 1

Image
14-December-2022

Telecoming Partners MTN to Boost Sportech Offering in Nigeria, Others

By Adedapo Adesanya Telecoming, an international company specializing in sport and entertainment monetization technologies, has signed a partnership with MTN Group to monetize digital services in 21 African countries. The scope of the agreement is to provide access to an audience of more than 280 million users in the region as Telecoming consolidates its connections in Africa and boosts its Sportech project. The impact of the deal opens up a potential market of more than 280 million African users. This is the second major global agreement that Telecoming has signed with a telco group, following the one reached in 2019,

Image
19-February-2018

New CBN Rules: See List of Banks That Won’t Pay Dividends to Shareholders

By Modupe Gbadeyanka Last week, the Central Bank of Nigeria (CBN) announced a new policy for lenders listed on the Nigerian Stock Exchange (NSE) on the payment of dividends to shareholders. In a circular posted on its website, the apex bank directed banks with high bad loans and low capital base not to pay dividends to their shareholders. According to the central bank, this move was to ensure the financial institutions gather enough more to remain in business. According to the new rules, Deposit Money Banks (DMBs) and Discount Houses (DHs) that have capital adequacy ratios of at least 3

Image
14-January-2021

Naira Appreciates to N393.33/$1 at I&E, N474/$1 at Black Market

By Adedapo Adesanya, Ahmed Rahma The Naira appreciated by 0.17 per cent or 67 kobo against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Wednesday, January 13. During the session, the local currency closed at N393.33/$1 compared with N394/$1 it traded on Tuesday and this was influenced by the low trades witnessed at the market window. According to data obtained by Business Post from FMDQ Securities Exchange, transactions worth N17.23 million were recorded at the I&E as against the N36.07 million recorded a day earlier, indicating a N18.84 million or 52.2 per

Image
08-June-2023

NDEP Lifts Unlisted Stock Exchange By 0.19%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange appreciated by 0.19 per cent on Wednesday, June 7, as a result of the price appreciation in the shares of Niger Delta Exploration and Production (NDEP) Plc during the session. The indigenous oil and gas company closed the trading day at N260.00 per unit after adding N14.85 to its previous day’s closing price of N245.15 per unit. The appreciation lifted the value of the bourse by N1.93 billion to wrap the day at N1.007 trillion from the N1.005 trillion that it closed in the preceding session. Following the same trend was

Ad
Ad
Recent Stories
Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a

Image
18-March-2024

Stanbic IBTC Adopts Mala Kachallah Model School, Three Others

By Modupe Gbadeyanka Mala Kachallah Model School in Maiduguri, Borno State; Methodist School Mbiafun Nkwono Ikono, Akwa Ibom State; Aramoko District School, Aramoko Ekiti State; and Magin Rafi Model Primary School Tudun Wada, Sokoto State have been adopted by Stanbic IBTC Holdings Plc. The leading financial services provider in Nigeria revamped these citadels of learning under its Adopt-a-School programme structured on the company’s Social, Environmental, and Economic (SEE) framework, which aligns with its mission to be a responsible corporate citizen. It was learned that Stanbic IBTC renovated and rebuilt classroom blocks, provided modern and conducive learning environments, furnished classrooms, established

Image
18-March-2024

Nigeria’s Data Regulator Investigates Alleged NIMC Breach

By Adedapo Adesanya The Nigeria Data Protection Commission (NDPC) is investigating allegations of unauthorised access to the personal data of enrollees in the database of the National Identity Management Commission (NIMC). This was disclosed by Mr Vincent Olatunji, the National Commissioner of the data regulation body in a statement signed by Head of Legal, Enforcement and Regulations, NPDC, Mr Babatunde Bamigboye on Monday. He said the investigation is a further regulatory measure to be taken by the commission in the wake of public concerns over reports of illegal access, to the personal data of enrollees by a shadowy entity called

Image
18-March-2024

Russia Validates Partnership with Republic of Congo

By Kestér Kenn Klomegâh Over the years, Russia and the Republic of Congo have had good bilateral relations and, undoubtedly, there are still prospects for strengthening these relations, especially in the economy and security spheres as underlined during the meeting between Vladimir Putin and Denis Sassou-Nguesso in the Kremlin. “Our countries have always had friendly relations that have been developing this way for 55 years now. Our trade is growing – by over 60 per cent – although, unfortunately, the numbers in absolute terms are still modest. But, we have good potential in several industries, such as energy, the processing

Image
18-March-2024

2,250 Professionals for Interswitch Job Shadowing Programme

By Modupe Gbadeyanka An initiative known as Job Shadowing Programme designed to empower about 2,250 professionals through immersive training, tailored coaching, and mentorship sessions has been introduced by one of Africa’s leading integrated payments and digital commerce companies, Interswitch. A statement disclosed that the mentorship sessions would span diverse disciplines such as engineering, product management, operations, marketing, finance, and human resources. The firm explained that the scheme was designed to nurture emerging talent and enhance capabilities within the continent’s tech sector. Scheduled to run from March to June 2024, participants will immerse themselves in comprehensive training, gaining insights into industry