BINANCE FALSE CLAIM ON BRIBERY DIVERSIONARY . (PHOTO). #PRESS RELEASE.

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 FEDERAL MINISTRY OF INFORMATION AND NATIONAL ORIENTATION  PRESS STATEMENT  BINANCE FALSE CLAIM ON BRIBERY DIVERSIONARY  The Federal Government of Nigeria is aware of attempts by Binance to launder its impaired image as an organisation that does not play by the rules and laws guiding business conduct in sovereign nations. In a blog post that has now been published by many international media organisations, in an apparent well-coordinated public relations effort, Binance Chief Executive Officer Richard Teng made false allegations of bribery against unidentified Nigerian government officials who he claimed demanded $150m in cryptocurrency payments to resolve the ongoing criminal investigation against the company.  This claim by Binance CEO lacks any iota of substance. It is nothing but a diversionary tactic and an attempted act of blackmail by a company desperate to obfuscate the grievous criminal charges it is facing in Nigeria. The facts of this matter remain that Binance is being inve
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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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