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Why FG still pay Petrol subsidy – PENGASSAN

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The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, Festus Osifo, has claimed that the Federal Government was still paying subsidy on petroleum products.

Osifo, who is also the president of the Trade Union Congress, TUC, stated this while speaking on Channels TV’s Politics Today on Friday.

He said due to the cost of crude oil in the international market and the dollar to naira rate, the government still pays subsidy for the product.

He said due to the cost of crude oil in the international market and the dollar to naira rate, the government still pays subsidy for the product.

Osifo said, “They [government] are paying subsidy today. In reality today, there is subsidy because as of when the earlier price was determined, the price of crude in the international market was somewhere around $80 for a barrel.

“But today, it has moved to about $93/94 per barrel for Brent crude. So, because it has moved, then the price [of petroleum] also needed to move,” he added.

Osifo noted that for the government to stop subsidising petroleum, “The only reason the price will not move is when you are able to manage your exchange rate effectively and you are able to pump in supply and bring down the exchange rate.

“So, if the exchange rate comes down today, we will not be paying subsidy. But with the exchange rate value and the price of crude oil in the international market, we have introduced subsidy.”

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FG Clarifies Renaming of Murtala Muhammed Expressway

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Minister Of Information
– FG denies renaming Murtala Muhammed Expressway after Wole Soyinka
– New road inaugurated by President Tinubu named Arterial Road N20
– Murtala Muhammed Expressway remains unchanged

The Federal Government has dispelled rumors that the Murtala Muhammed Expressway in Abuja was renamed Wole Soyinka Way.

The government clarified that the renaming of the expressway was never considered by the current administration.

Instead, a new road was inaugurated by President Bola Tinubu on June 4, 2024, which was named Arterial Road N20.

This new road connects the Outer Northern Expressway to the Northern Parkway and was named after Prof. Wole Soyinka.

The confusion arose from a proposal by the FCT Minister, Nyesom Wike, during the inauguration, which was approved by President Tinubu. ”

The government emphasized that the Murtala Muhammed Expressway remains unchanged, honoring the legacy of the former Head of State, Gen. Murtala Ramat Muhammed.

Therefore, the Arterial Road N20 is named after Prof Soyinka.

The Murtala Muhammed Expressway remains unchanged, the government stressed.

 

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Politics

Rivers State on Edge as Youths Storm LG Headquarters Amid Tenure Crisis

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Rivers State Governor
– Tension rises in Rivers State as youths occupy LG headquarters
– LG chairmen refuse to vacate office despite expiration of tenure
– Police deploy security operatives to maintain peace

Tension mounted in Rivers State on Monday as youths occupied the Degema Local Government Area headquarters, demanding that the council chairmen vacate office.

The youths, who were seen singing war songs, barricaded the entrance and vowed to remain until Wednesday.

The crisis follows the expiration of the tenure of local government chairmen in the state, with the chairmen refusing to step down citing a new law passed by the state House of Assembly.

The law empowers them to extend their tenure by six months, a move opposed by Governor Siminalayi Fubara.

In a similar development, youths stormed the Asari-Toru Local Government Area headquarters, occupying the building and vowing to resist any attempt by the council chairman to remain in office.

The situation was tense but peaceful, with security operatives deployed to maintain order.

Meanwhile, the outgoing chairman of Eleme LGA, Obarilomate Ollor, warned those eager to throw him out of office not to come close to the council, threatening to unleash terror on such invaders. “Some people are ganging up, they want to use force to enter into the local government, If you go there against the law, what you will see you will not believe it.”

The police have urged everyone to maintain peace in the state, with the spokesperson, Grace Iringe-Koko, saying “Our men were on a show of strength this morning. We are still monitoring the situation.”

 

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