GROUP DEMANDS DECLARATION OF ABA NORTH ASSEMBLY SEAT VACANT, THREATENS PROTEST. (PHOTO).

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 Group demands declaration of Aba North Assembly seat vacant, threatens protest A group known as the Coalition of Aba North Ethnic Youth Groups has mandated the Speaker of Abia State House of Assembly, Emmanuel Emereuwa to declare the Aba North seat vacant in seven days. The Aba North seat has been a subject of controversy since November 27, 2023, when the Court of Appeal sitting in Lagos sacked Destiny Nwagwu of LP and declared Aaron Uzodike of the PDP, the duly elected member to represent Aba North. However, the seat has remained unoccupied since November 2023, as Uzodike of PDP has not been inaugurated by the Speaker, despite his several appeals. A fresh controversy erupted Friday, as the Coalition of Aba North Ethnic Youths Groups, asked the Speaker to declare the seat vacant within seven days or expect a city-wide protest in Aba. A protest letter signed by the leader of the group, Uka Matthew and some other members in Aba, said they have been without a representative in the Abia S
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WORLD BANK HINTS AT 'PARTIAL RETURN ' OF SUBSIDY IN NIGERIA, SAYS PETROL SHOULD COST N750/LITRE.(PHOTO).

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World Bank hints at ‘partial return’ of subsidy in Nigeria, says petrol should cost N750/litre

The World Bank says Nigeria’s petrol should be priced at N750 per litre at the pumps.

Alex Sienaert, the bank’s lead economist for Nigeria, made this known during his presentation of the Nigeria development update report, the December 2023 edition.

The report, titled, ‘Turning The Corner (From Reforms and Renewed Hope to Results)” was presented on Wednesday in Abuja.

Based on today’s official exchange rate, according to Sienaert, the product should sell for around N750 per litre and not the N650 currently being paid by Nigerians.

He said the current petrol prices are not fully cost-reflective, which signals “the partial return of the subsidy”.

“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 retail PMS price of the would-be and assuming that importation is done at the official FX rate,” he said.

“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.

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

Sienaert said the bank is recommending that Nigeria’s government should take additional steps to safeguard the benefits of its bold reforms.

Since the federal government announced the removal of the petrol subsidy, concerns had been raised over the lack of correlation between pump prices in the country and the international crude oil price, as well as the exchange rates.

Festus Osifo, the national president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said the federal government is still paying subsidies on petrol.

However, the federal government denied reintroducing the subsidy payments.

 

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