General
I Delayed Subsidy Removal to Enable Tinubu Become President—Buhari
By Modupe Gbadeyanka
The immediate past president of Nigeria, Mr Muhammadu Buhari, has explained why he did not remove the payment of subsidy on the premium motor spirit (PMS), commonly known as petrol when he was in power.
The government of Mr Buhari paid several trillions of Naira in fuel subsidy despite describing it as a fraud before he took over from former President Goodluck Jonathan in 2015.
After signing the Petroleum Industry Bill into law, Mr Buhari delayed its implementation, especially because of the part which made it illegal to pay petrol subsidy. Instead, he passed this on to his successor.
On May 29, 2023, when he handed over power to Mr Bola Tinubu, the new leader declared that subsidy for fuel was gone because his predecessor did not make provision for its payment in the 2023 budget.
On Monday, June 26, 2023, Mr Buhari, through his spokesman, Mr Garba Shehu, explained that the decision to delay the removal of the petrol subsidy was purely political.
In a note titled Buhari Didn’t Fail To Remove Subsidy, he explained that Mr Tinubu and the ruling All Progressives Congress (APC) would have lost the presidential election if it had been removed before the exercise.
“Poll after polls showed that the party would have been thrown out of office if the decision as envisaged by the new Petroleum Industry Act was made,” he said.
Read the full statement below:
Why did it take the new Tinubu/ Shettima presidency weeks to remove the petrol subsidy when Buhari didn’t do so for years fails to ask the right question.
The massive electricity subsidy. The fraudulent fertilizer subsidy. Hajj/Christian Pilgrim subsidies. Remember them?
The diesel subsidy. The aviation fuel subsidy. LPFO. Kerosene. Cooking gas and the other subsidy policies we found in place, and put them firmly on the ground. Remember them?
For those with short memories, many of those subsides were all in place when president Buhari was elected to office in 2015: all those in place were gone by May 2023 – including the annual fertilizer subsidy that weighed 60-100 billion Naira (that’s trillion naira in about 10 years – yes you read that right) heavy on the federal budget each year.
So no, Buhari didn’t remove the petrol subsidy – but in vitally important stages he removed every other budget-busting, egregious, economic-growth-crushing subsidy along the way.
So far, I have refrained from answering these repeated questions on the removal in Nigeria of subsidies on Premium Motor Spirit, PMS and that arising from the dual rates of the Naira in the Central Bank and the parallel market: Why did Buhari “fail” to do these?
First of all, my thinking is that instead of the former President answering this question, it is the Party, the All Progressives Congress, APC that is best suited to speak and failing to do this, we are forced to say what will follow here.
Secondly, we are mindful of the fact that with a Tinubu/Shettima presidency now in place and for which there is a “New Sheriff in Town.”
We do not want to distract them from the onerous tasks facing them and the nation. Neither is it our wish to take the spotlight away from them in any way.
In terms of the timings of the decisions to remove fuel subsidy and unify the currency, the Tinubu/Shettima administration has done overwhelmingly well. Even more importantly, they have been most dexterous in managing the aftermath of the decisions by successfully avoiding any crisis.
To this extent, our wish and prayers are that fellow countrymen will continue to support the new leadership in these very laudable decisions and, in particular, for the Labour leadership and civil society to work with them to ensure that the palliative efforts as promised are successfully implemented.
The decision to remove subsidies, as in our case – and we believe in all situations – was not for the President to take all by himself.
That’s why it’s important to remind ourselves – and all those who have conveniently forgotten – that Buhari administration had been on this pathway from the very beginning in 2015.
Removing subsidies for the Naira and PMS was cued and put on hold. Look for example in the Petroleum Industry Act. The important decision was kept for a better time.
It could not have come at a time when tensions were high in the country and no responsible leader would have added fuel to the fire.
In the view of many-including those in the security circles- only a new administration with a goodwill that fills a warehouse can attempt this, and here now comes in the wit and grit of the Tinubu government.
Finally, we must be politically honest with ourselves. The Buhari administration in its last days could not have gone the whole way because the APC had an election to win. And that would have been the case with any political party that was seeking election for another term with a new principal at its head.
Poll after polls showed that the party would have been thrown out of office if the decision as envisaged by the new Petroleum Industry Act was made.
With the election now behind us, a capable leader as we now have in place is best positioned to move forward. We have nothing but confidence that the new administration will carry the nation and all its constituents into a stable future in the aftermath of these major economic and financial decisions.
As they say, there are times when you have to lose in order to win.
Garba Shehu
Search Engine Optimization isn’t what it used to be.
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Search engines—especially Google—have become dramatically smarter.
Modern ranking systems analyze:
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SEO today is no longer about “gaming the algorithm.” It’s about becoming the most trusted answer in your industry.
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Wholesale marketplaces were created so that business owners could find profitable offers and make deals on B2B platforms worldwide. In addition to buyers and sellers, there are traders, distributors, logisticians, and other professionals on such platforms. Let’s take a closer look at these professions. Traders purchase goods in order to resell them at a higher price; speculation is allowed on B2B marketplaces and is a legal instrument. Distributors are the official representatives of the manufacturer, meaning you can purchase original products at the lowest price. Most often, goods are purchased in China and then transported by sea to European countries or North America. We suggest you try the Globy Platform, where the most reputable Asian distributors are registered. Logisticians can also register on Globy. They provide services for the transportation of goods by sea. The following are the advantages of Globy, which are mentioned most often:
- quick registration on the portal;
- website with simple navigation and management;
- excellent choice of reliable suppliers;
- most relevant products in the catalog;
- free registration;
- no commission.
Some B2B platforms process payments, but Globy allows participants to make money payments outside the platform using one of the secure methods. In addition, Globy does not charge a commission when concluding a purchase deal. To start working on the platform, you need to register in accelerated mode or fill out a form with your company’s details. You can be sure that your banking details, personal, and contact information are protected. Third parties can only see the information that you leave open. When registering, do not forget to enter your company’s contact information (messenger, phone, email) so that new partners can contact you. You can pay attention to the fact that the Globy catalog contains items without specifying a price, but the product profile contains the vendor’s contacts. You can contact the seller to discuss the deal details, determining the price of the product.
Logistics Tool on Globy
There is often a situation when the supplier does not provide transportation services and the buyer has to search for a carrier on their own. In fact, this problem is solved simply. Globy has a special tool that helps you quickly find a charterer. You would open the freight calculator and fill in all the fields in the suggested form. You would specify the sending and destination port, and don’t forget to specify the dates and choose the container size. If you want to place containers in an optimal way, then use the load calculator, which is also available for free on the official website. You can use these tools only after registration. You can log in quickly if you have a Google account or a LinkedIn profile. After entering the data, the freight calculator will process your request and provide a list of prices. You can select a suitable line and contact the charterer to discuss the details of the contract. It is recommended to choose a sea delivery with a minimum number of intermediate stops, in which case the cargo will arrive at the destination port faster.
Receiving Cargo at the Destination Port
Buyers should remember that you can check the cargo when it arrives at the port. If the rules of transportation were violated, there was a long delay, or the goods were damaged, you can refuse the cargo, explaining the reason. You can discuss a price reduction with the supplier if the product has lost its proper appearance or the packaging is damaged. You can evaluate the cargo yourself or with the help of third-party experts. It is best to carefully check the documentation when receiving the goods at the port. All documents must be executed in accordance with international law. You can register on Globy today, find the goods you need, and use the logistics tools for free. More than fifty-five thousand users have already been registered on the platform, which indicates the high authority of Globy. If you have any questions, you can ask them in the Help Center on Globy website.
By Adedapo Adesanya
Shipping giant, Mediterranean Shipping Company (MSC), has signed a 45-year concession agreement with Nigerian maritime company, Nigerdock, to develop, operate and maintain a new container terminal at Snake Island Port in Lagos.
A statement by MSC on Thursday noted that the new container terminal would be completed by 2028 with a 910-meter quay, six Ship-to-Shore (STS) cranes, two ship berths, three barge berths, and up to 18 meters of draft.
The dedicated MSC terminal would be part of the company’s announced $1 billion investment in infrastructure and logistics in Nigeria.
“We are thrilled to take this step forward in our partnership with MSC to develop a world-class container terminal within Snake Island Port.
“This gives the world’s leading shipping line a home in Nigeria and brings significant foreign direct investment into the country to accelerate growth in the maritime and logistics industry,” it said.
Global shipping companies are pushing to secure long-term footholds in emerging markets as supply chains are reconfigured worldwide.
MSC said the terminal, to be built by ITB Nigeria and DEME Group, is expected to be ready by 2028.
It will occupy 30 hectares (74 acres) and feature a 910-metre (3,000 ft) quay capable of handling ship‑to‑shore cranes and mobile harbour cranes, serving both deep-sea vessels and barges.
MSC President, Mr Diego Aponte, said: “Completing this key phase in the development of Snake Island Container Terminal with Nigerdock and our trusted partners demonstrates MSC Group’s commitment to providing excellent service to our customers in Nigeria and throughout Africa.
“The new terminal will open up opportunities, enhance efficiency, and elevate Snake Island Port as a major global shipping centre.
“Together with our Group’s other long-term investments in Nigeria, it will generate many local jobs and significantly increase economic revenue and resilience.”
Snake Island Port is an 85-hectare facility operated by Nigerdock, a maritime and logistics company, and comprises three terminals serving the Lagos port complex.
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