‘EMPTY BARRELS’ – OTTI DISMISSES UZOR KALU, ORJI, IKPEAZU OPPOSITION GANG-UP. (PHOTO)

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 ‘Empty barrels’ – Otti dismisses Uzor Kalu, Orji, Ikpeazu opposition gang-up Abia State Governor, Alex Otti, has urged Abians to disregard recent remarks by some leaders of the opposition in the state. Governor Otti who was speaking on Saturday at Seventh-Day Adventist Church, Umuoriehi, Umuahia North LGA, during the dedication of the church building, said that those who are gathering against him were the same people that failed to develop the state in the past. Otti was reacting to an alliance formed against his re-election by former Abia governors Orji Uzor Kalu, Theodore Orji and Okezie Ikpeazu. The governor slammed the opposition members for pursuing personal interest above the collective development of Abia, declaring that every gathering they are making against him would collapse. He said, “Pastor Uguru made reference to the noise that you may have been hearing in the last few days. “I want us to just dismiss it as noise, you know, and it’s always the empty barrel that makes...
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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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