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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FORMER PRESIDENT OF PERU SENTENCED TO 20 YEARS IN JAIL. (PHOTO).

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 Former President of Peru Sentenced To 20 Years In Jail


A court in Peru has sentenced former President Alejandro Toledo to 20 years and six months in prison after finding him guilty of corruption and money laundering. 

Prosecutors accused Toledo, who served as president from 2001 to 2006, of accepting $35 million in bribes from the Brazilian construction company Odebrecht in exchange for awarding them a contract to build a highway in southern Peru.


Toledo, 78, was arrested in California five years ago, where he had been living and working for many years. He was extradited to Peru in 2023 to face charges. Odebrecht, now renamed Novonor, previously admitted to paying millions in bribes to officials across Latin America and the U.S. to secure lucrative government contracts.

During the sentencing, Judge Inés Rojas highlighted that Toledo had violated the trust placed in him by the Peruvian people, who expected him to manage the nation’s finances responsibly. Instead, she said, he defrauded the state. The former president denied the charges throughout the trial and was seen smirking and laughing during the court proceedings.


Toledo is not the only former Peruvian leader implicated in the Odebrecht scandal. In 2019, former president Alan García took his own life when police arrived to arrest him over similar bribery charges. Two other former presidents, Pedro Pablo Kuczynski and Ollanta Humala, are also under investigation in connection with the case.

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