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...

SPAIN SAYS A CITIZEN HAS BEEN KIDNAPPED IN NORTHERN AFRICA.(PHOTO).


 Spain says a citizen has been kidnapped in northern Africa


Spain’s foreign ministry says that a Spanish man has been kidnapped in an unspecified northern African country, while Spanish media report that the man is being held by a jihadist group, AP reported.


Spanish state news agency EFE and newspaper El País both report that the man was captured in southern Algeria and then taken into Mali by the Islamic State in the Greater Sahara.


The foreign ministry would neither confirm the details of the media reports nor reveal the location of the kidnapping when asked by The Associated Press.


“Reliable sources confirm that a Spanish citizen is presently being held against his will in northern Africa,” the ministry’s statement read. “The government is actively working to clarify and resolve the situation.”


Algerian authorities have not yet commented on the reported abduction. Kidnappings have rarely been reported in Algeria in recent years, however a decade ago, militant groups in the region routinely used kidnapping and ransom to finance their operations.


On Sunday, Austria’s Foreign Ministry said unnamed gunmen had kidnapped an Austrian aid worker in Agadez, Niger, roughly 280 miles (450 kilometers) from the largely porous desert border with Algeria. The ministry said it had informed Algeria.


Algeria, Africa’s largest country by area, has worked to clamp down on instability and terrorism in the vast Sahara, however the kidnapping comes months after a Swiss tourist traveling in the desert was killed.

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