SARAKI DENIES TAKING STANCE ON OPPOSITION PARTY MERGER AHEAD OF ELECTIONS. (PHOTO).

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  Former Senate President Bukola Saraki has clarified that he has not taken a position on the ongoing discussions about a potential merger of opposition political parties aimed at challenging the ruling All Progressives Congress (APC) in the upcoming general elections. The statement comes amid reports of prominent political figures meeting to explore forming a united front against President Bola Tinubu’s administration. An online report had recently claimed that Saraki, a former Governor of Kwara State, dismissed the idea of joining a mega party to oppose the APC during a Peoples Democratic Party (PDP) stakeholders’ meeting in Ilorin. However, Saraki’s Media Office swiftly refuted the story in a statement signed by Yusuph Olaniyonu, calling it a fabrication and urging the public to disregard it. The media office condemned what it described as a deliberate misrepresentation by opposition elements in Kwara State, accusing them of spinning the narrative and circulating fake quotes alo...
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SUBSIDY IS GONE', FG DISMISSES WORLD BANK’S CLAIM.(PHOTO).

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subsidy Is Gone’, FG Dismisses World Bank’s Claim

The Federal Government has said contrary to the claim by the World Bank that government is still paying subsidy on petrol, the era of petrol subsidy is “gone for good”.

Speaking in an interview on Channels TV on Thursday morning, Minister of Information and National Orientation, Mohammed Idris, said President Bola Tinubu made it clear from his first day in office that his government would not sustain the payment of subsidy on petrol.

The minister said the subsidy removal had translated to increased revenue accruing to the federation account.

The World Bank hinted on Wednesday that current fuel prices in Nigeria were not cost-reflective and that the Federal Government might still be paying subsidy on petrol.

The bank said Nigerians should be paying about N750 per litre as against the current price of N650 in some parts of the country.

The World Bank’s lead economist for Nigeria, Alex Sienaert, during his presentation of the Nigeria Development Update (NDU), December 2023 Edition in Abuja on Wednesday, insisted that there was still subsidy on petrol.

He stated, “It does seem like petrol prices are not fully adjusting to market conditions. So, that hints at the partial return of the subsidy if we estimate what is the cost reflective of the retail PMS price of the would-be and assume that importation is done at the official FX rate.

“Of course, the liberalisation is happening with the parallel rates, which is the main supplier, the price would be even higher. These are just estimates to give you a sense of what cost-reflective pricing most likely looks like.

“We think the price of petrol should be around N750 per litre more than the N650 per litre currently paid by Nigerians.”

 

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