ATIKU MUST EXPLAIN THE LEGAL AND FISCAL BASIS OF HIS PETROL SUBSIDY PROPOSAL. (PHOTO). #PRESS RELEASE.

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 APC PRESIDENTIAL CAMPAIGN COUNCIL PRESS STATEMENT ATIKU MUST EXPLAIN THE LEGAL AND FISCAL BASIS OF HIS PETROL SUBSIDY PROPOSAL At his press conference in Abuja on Friday, Alhaji Atiku Abubakar reiterated his proposed  “production subsidy” for locally refined petrol, which he said would reduce pump prices. He went further to ask President Bola Tinubu to slash the cost of diesel and petrol at the pump. That proposal raises important legal, fiscal and practical questions that he must answer. Section 205(1) of the Petroleum Industry Act 2021 provides that unrestricted free-market conditions shall determine wholesale and retail prices of petroleum products. The Nigerian Midstream and Downstream Petroleum Regulatory Authority, in a statement on Saturday, explained that it neither fixes pump prices nor issues administrative price templates, except where the statutory conditions for intervention are met. The PIA provisions guide its function.  At the moment, “No such market fail...
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GOVERNOR IHEDIOHA SWEARS-IN NEW ECONOMIC ADVISER.[PHOTO}.

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      On Monday, His Excellency, Governor Emeka Ihedioha, swore-in Dr Abraham Nwankwo as the Chief Economic Adviser to the State.
Dr Abraham Nwankwo before his appointment served as the the Director-General of Nigeria's Debt Management from 2007. He joined the agency as an Assistant Director in 2001.
Dr. Abraham Nwankwo holds a Ph.D degree in Economics from the University of Nigeria Nsukka, where he also obtained his Bachelors and Masters degrees in the same discipline. He was the first PhD graduate in Economics produced by the University of Nigeria Nsukka, 25 years after the institution was established.
After a few years of lecturing at the same University, Dr Nwankwo enjoyed a versatile career in banking and finance where he rose to top management positions.
Dr. Abraham Nwankwo veered into public service in 2001 when he joined Nigeria's Debt Management Office. In 2007 he became the Director-General of the agency.
As the DG of Nigeria's Debt Management Office, Dr Abraham Nwankwo conducted a Debt Sustainability Analysis of every State to determine whether or not to approve each request for new borrowing. The analysis led to a significant reduction and mitigation of risk of over-borrowing by the States.
Dr Abraham Nwankwo has also been on the Board of the World Bank, where he served as the Senior Advisor to the Executive Director (Africa II Constituency).
Dr Abraham Nwankwo is the author of over 5 books, which includes his 2011 Economics classic -- Stable Growth and Foreign Exchange.
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