Governance – Page 14 – Obasempire entertainment

Tinubu Approves Crude Oil Sales In Naira To Local Refineries

July 30, 2024 (updated July 30, 2024) Published by kunmybabs3

Obasempire reports that the Federal Executive Council (FEC), led by President Bola Tinubu, has authorized the sale of crude oil to local refineries, including the Dangote Refinery, in naira.

The move aims to decrease Nigeria’s reliance on the U.S. dollar and strengthen the local currency.

Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS), revealed the decision after the FEC meeting on Monday.

He noted that President Tinubu has directed the Nigerian National Petroleum Corporation (NNPC) Limited to execute this directive without delay.

Adedeji said: “The attitude of Mr President is thinking outside the box to solve Nigeria’s problem and actually to localised the solutions to Nigeria’s problem.

“He has approved through the Council that effective immediately, that NNPC get engaged with local refineries and we are starting that with Dangote Refinery. That the sales of crude oil to Dangote Refinery be denominated in naria and also the sales of byproducts from Dangote Refinery to distributors also be conducted in naira.

“And what does it mean to our economy? One, the pressure on foreign exchange will be reduced.

“President Tinubu is committed to innovative solutions for Nigeria’s challenges and this move to sell crude oil in naira to local refineries exemplifies this approach,” Adedeji stated. “Adedeji explained the economic implications of this decision.

Currently, Nigeria spends between 30% to 40% of its foreign exchange on importing petroleum products. “We spend approximately $660 million monthly, which amounts to $7.92 billion annually,”

he noted. “With this new policy, we anticipate a reduction of at least 90% in these costs. Transactions in naira will stabilize the pump price and reduce our reliance on foreign exchange fluctuations.”

The shift to naira-based transactions is expected to save Nigeria significant foreign exchange.

“The approval by FEC will reduce our monthly foreign exchange expenditure from $660 million to a maximum of $50 million, resulting in annual savings of $7.32 billion,” Adedeji highlighted.

“This will also decrease finance costs associated with opening letters of credit, which currently amount to $79 million.”

Furthermore, the FEC has approved Afreximbank as the lead arranger for transactions between the NNPC and the Dangote Refinery. This partnership is seen as a crucial step in ensuring the smooth implementation of the new policy.

“This policy is a major innovation in addressing Nigeria’s economic challenges,” Adedeji emphasised.

“It will not only create more employment opportunities but also ensure greater control over one of the mainstays of our economy. We congratulate President Tinubu, the FEC, the NNPC, Dangote Refinery, and Afreximbank for their roles in making this transformative initiative a reality.”

The move is expected to enhance economic stability by reducing the pressure on foreign exchange and supporting the local currency, marking a significant step towards solving Nigeria’s economic problems permanently.

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Igboho Declares Yoruba Nation Will Not Join Nationwide Protest

July 30, 2024 (updated July 30, 2024) Published by kunmybabs3

Obasempire reports that Yoruba Nation leader, Chief Sunday Igboho, has stated that his people will not join the nationwide protest.

Igboho claimed that the protest is organized by unidentified and anonymous figures attempting to fracture the nation.

Igboho emphasised that the Yoruba Nation has no intention of joining the protest, stating, “While the right to peaceful protest is enshrined in our Constitution, it does not extend to calls for an unconstitutional regime change.”

He further explained that during President Buhari’s tenure, there were no protests from the Southwest for regime change, even in the face of oppression and atrocities.

He said the focus of their protests has always been on protecting their communities, not destabilising the country.

“I and the Yoruba Nation Movement firmly declared that we will not participate in any protest aimed at using the Southwest as a battleground for political upheaval,” Igboho, said, affirming that the Yoruba Nation will not be a launchpad for disintegrating Nigeria.

Igboho also highlighted that economic hardship is a global issue and acknowledged the efforts of the government in reducing food prices and increasing the minimum wage.

He called on all Yoruba people and well-meaning Nigerians to reject what he described as politically motivated protest.

“The Yoruba Nation unequivocally opposes any such protests and believes that President Tinubu should be allowed to complete his term in office,” Igboho said, emphasizing that the path to change lies in democratic processes, either through the ballot box or a referendum.

Igboho urged their members and the broader community to resist the temptation to participate in these protests, as they do not serve the interests of the Yoruba people or the nation as a whole.

He also issued a strong warning against any individuals or groups attempting to instigate violence under the guise of these protests, stating that they will firmly resist and stay off the streets during the designated protest days and in the future.

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Tinubu Approves Crude Oil Trade In Naira To Cut Forex Dependence

July 30, 2024 (updated July 30, 2024) Published by kunmybabs3

Obasempire reports that President Bola Tinubu has approved a new directive to advance crude oil trade using the local currency.

The Chairman of the Federal Inland Revenue Service (FIRS), Zacchaeus Adedeji, revealed this to State House reporters on Monday, following the Federal Executive Council (FEC) meeting at the Presidential Villa in Abuja.

He stated that, effective immediately, the Nigerian National Petroleum Company (NNPC) Limited will conduct transactions with local refineries in Naira.

This policy also applies to the sale of crude oil to Dangote Refinery, with Dangote’s subsequent product sales to be carried out in Naira.

Adedeji explained that the initiative aims to reduce the heavy dependence on foreign exchange for crude oil imports, which currently represents about 30 to 40 percent of Nigeria’s forex spending.

The FIRS Chairman added that by denominating transactions in Naira, the Federal Government hopes to significantly lessen the forex burden, projecting annual savings of approximately $7.3 billion.

He emphasized that the shift is expected to stabilize domestic crude oil prices by minimizing the effects of forex fluctuations and alleviate pressure on Nigeria’s foreign exchange reserves, reducing monthly forex expenditure from $50 million to roughly $600 million.

Afreximbank has been chosen as the pilot settlement bank to implement the transactions.

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Tinubu-Ojo Urges Lagos Traders To Keep Children From Protests

July 28, 2024 (updated July 28, 2024) Published by kunmybabs3

Obasempire reports that Folasade Tinubu-Ojo, the Iyaloja-General of Lagos and daughter of President Bola Tinubu, has advised merchants in the state to deter their children from joining the upcoming nationwide demonstrations starting on August 1.

Addressing attendees at Dosunmu market on Saturday, Tinubu-Ojo highlighted that the Lagos state government has made significant strides in improving residents’ lives.

Recalling the aftermath of the #EndSARS protests in 2020, Tinubu-Ojo pointed to the damage to government properties and the prolonged recovery difficulties faced by businesses as instances of the negative consequences of protests.

Tinubu-Ojo urged families to dissuade their children from participating in protests and called on Lagosians to remain composed and support the state government, which she asserted is working earnestly to better the welfare of its citizens.

Her words: “Let’s tell ourselves, family, and children that there is nothing like protest in Lagos. It is a gimmick to destroy the country.

“Look at what they did during the last protest (#EndSARS), look at how they burnt government properties. Can you see that they are fighting against us?

“Don’t allow any political party to give money to some persons to fight. Don’t allow our children to get killed during the process.

“Look at the ShopRite at Adeniran Ogunsanya, Sangotedo, Lekki. Those businesses that were destroyed… have the owners recovered from their losses?

“I’m begging you in the name of God, let’s talk to ourselves and our children that there is nothing like protest in Lagos state because the government of Lagos state is making us proud.

“They (Lagos government) are making us happy. They gave us a sense of belonging.

“The federal government recently assumed office. Before you say a government is not doing well, let it spend three years in office. Let everyone tell their children at home to remain calm.”

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Kenneth Okonkwo Exits Labour Party Over Internal Crisis

July 28, 2024 (updated July 28, 2024) Published by kunmybabs3

Obasempire reports that Kenneth Okonkwo, a former spokesperson for the Labour Party’s presidential campaign council, has left the party.

Okonkwo stated that he chose to depart after the party’s former presidential candidate in the 2023 election, Peter Obi, was unable to resolve the party’s internal issues.

“I no longer have the confidence that PO has what it takes to build a party that can win these kakistocrats and kleptocrats, and above all, he has proved that even if the people vote for him, he doesn’t have what it takes to secure the mandate,” Okonkwo said in a statement he shared on his X account.

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Osun Governor Backs Traditional Food Price Control Measures By Rulers

July 26, 2024 (updated July 26, 2024) Published by kunmybabs3

Obasempire reports that Osun State Governor, Adetola Adeleke, has endorsed the traditional method of controlling food prices recently introduced by some local rulers in the state.

Governor Adeleke has instructed the Food Security Implementation Committee to accelerate efforts to ensure a stable and accessible food supply chain. He characterized the traditional rulers’ method as “a local initiative to combat rising food inflation throughout the state.”

Reports indicate that the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, has instructed vendors in Ife to lower food prices and dissolved the market vendors’ association in the region.

Similarly, the Oluwo of Iwo land, Oba Abdulrosheed Adewale Akanbi, has mandated a reduction in food prices across the three local government areas of Iwo land.

In a statement released on Friday by his spokesperson, Olawale Rasheed, Governor Adeleke urged the State Food Security Implementation Committee to act promptly. He expressed approval of the traditional rulers’ efforts to regulate food prices and address the exploitative practices of middlemen in markets.

Governor Adeleke criticized the artificial inflation caused by market intermediaries and praised the traditional rulers, led by the Ooni of Ife, for dismantling market associations that contributed to high food prices.

According to the Governor, “the actions of most members of the Osun State Council of Traditional Rulers on price control have assisted the government in its quest to address food insecurity in Osun State.”

He praised the traditional rulers for impressing upon market leaders the need to avoid unnecessary price increases and called on all other traditional rulers in Osun State to emulate the actions of the royal fathers at Ile Ife, Ede, Igbajo, Iwo, and other areas.

“I task our royal fathers to engage market associations and stop the exploitation of our people. I read the report of the initiative by the Ooni of Ife. I also read of similar actions by the Oluwo of Iwoland and the Timi of Ede Land. This approach should be adopted by all royal fathers.

“I am also directing my Special Adviser on Markets to move quickly to support our royal fathers in this new drive to institute traditional price control. The Iyalojas and Babalojas should be integrated into the implementation process.”

Meanwhile, Governor Adeleke also tasked the Committee on Food Security Implementation to quickly come up with actionable plans, deliverables, and timelines, noting that food security is a matter demanding urgent attention.

“The Committee is composed of tested experts. It is time for action. We already have a well-thought-out food security report. We only need a roadmap to execution.

“I commend the Commissioner for Agriculture for rising to the occasion on our agro-industrialization agenda. We have started with the supply of tractors, which I will be unveiling at a ceremony soon. We have embraced traditional price control through our traditional rulers.

“We must implement a holistic agenda which addresses all segments of the agricultural value chains. That is what we have in our Food Security Committee report, and the actualization is what I demand from the implementation committee,” the state Governor declared.

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Alaba Market Leader Declines Participation In Nationwide Protests, Cites Business Concerns

July 26, 2024 (updated July 26, 2024) Published by kunmybabs3

Obasempire reports that Chief Camilus Amajuoyi, the President General of Alaba International Market in Ojo Lagos, has declared that the market’s members will abstain from the upcoming nationwide demonstrations.

He explained that this choice is not due to ignorance of the current severe economic conditions but rather from the view that large-scale protests might not be the most suitable remedy at this moment.

Amajuoyi stressed that many vendors in the market depend on daily earnings and cannot afford to halt their business operations.

He noted that the informal sector, which encompasses numerous market participants, has been significantly impacted by the tripling expenses of running a business, without any governmental support, incentives, or interest-free loans to ease their difficulties.

Nevertheless, he voiced his trust in President Bola Ahmed Tinubu’s capability to tackle the country’s urgent issues.

“The fluctuating exchange rates and high costs of duties at national ports, coupled with increased transportation expenses, have made it nearly impossible for business owners to plan effectively. These factors have contributed to the sharp rise in the prices of goods and services across the country.

“These are realities staring Nigerians in the face, from the North, East west and South of the nation. Even at that, we members of Alaba International market unequivocally state that we are not going to partake in any planned protest in Nigeria, we are not closing our market in solidarity with any group or persons with regard to any protest.

“We believe that President Bola Ahmed Tinubu will definitely find a lasting solution to the numerous challenges facing Nigerians now, ranging from insecurity, high cost of food, drugs, transportation, bad roads, corruption among other things,” Amajuoyi said.

Amajuoyi however decried the perilous state of the only access road to Alaba International Market, which has caused numerous accidents involving heavy-duty trucks.

Obasempire reports that Chief Camilus Amajuoyi, the President General of Alaba International Market in Ojo Lagos, has declared that the market’s members will abstain from the upcoming nationwide demonstrations.

Amajuoyi stressed that many vendors in the market depend on daily earnings and cannot afford to halt their business operations.

Nevertheless, he voiced his trust in President Bola Ahmed Tinubu’s capability to tackle the country’s urgent issues.

Amajuoyi however decried the perilous state of the only access road to Alaba International Market, which has caused numerous accidents involving heavy-duty trucks.

He urged the Lagos State government to prioritize the repair of this critical route and focus on other projects that could significantly reduce the suffering of the masses.

He also warned potential protesters to stay away from Alaba International Market to prevent any looting or damage to goods.

He called on the Lagos State government, Nigerian police, military, DSS, and other security agencies to ensure that all market places are protected from criminal elements.

He urged the Lagos State government to prioritize the repair of this critical route and focus on other projects that could significantly reduce the suffering of the masses.

He also warned potential protesters to stay away from Alaba International Market to prevent any looting or damage to goods.

He called on the Lagos State government, Nigerian police, military, DSS, and other security agencies to ensure that all market places are protected from criminal elements.

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SSS Recovers 2,000 Bags Of Rice Diverted By Officials In Katsina

July 25, 2024 (updated July 25, 2024) Published by kunmybabs3

Obasempire reports that the operatives of the State Security Service (SSS) in the Katsina State Command have recovered 2,000 bags of rice from the 20 trucks provided to the state by the Federal Government.

The retrieved rice was reportedly misappropriated by certain government officials.

The Federal Government’s donation aimed to alleviate the impact of the current economic difficulties in the country.

SSS officials in the state, who confirmed the adverse development, chose not to provide further details and preferred to remain anonymous.

An investigation revealed that the 25kg bags of rice were stored in a warehouse at the Central Market in Katsina.

The discovery came after individuals notified the DSS on Wednesday night, prompting an immediate response.

Abdulrahman Abdullahi, Chairman of the Civil Society Organisations (CSOs) in the state, expressed astonishment at the incident.

Mr. Abdullahi criticized how the Federal Government’s aid, intended for the needy, was reportedly redirected by some unscrupulous individuals.

He pledged to pursue the case until it reaches a proper resolution.

He also urged the government to thoroughly investigate the situation and penalize those responsible for the diversion.

Additionally, Katsina resident Suleiman Kofar-Durbi commented that the situation is regrettable.

“It is unfortunate that I received the information yesterday night that the President provided relief to the vulnerable and some people diverted it.

“People are experiencing hardship due to the current economic situation in the country, the government should investigate the matter thoroughly and bring culprits to book,” he said.

The Chairman, Market Traders Association, Shehu Usman, said that the rice was brought into the market by someone who was not a trader.

“Someone asked his brother to keep the rice for him in his stores in the market.

“We are calling on our members to be careful in receiving such items from people outside for keeping in the market,” he said.

Responding to the matter, the Principal Private Secretary to Governor Dikko Radda, Aliyu Abdullahi, said the rice was allocated to the Minister of Housing and Urban Development, Ahmed Dangiwa, by the Federal Government.

He said, “The minister directed the Special Adviser to the Governor on Infrastructure Development, Alhaji Nasiru Lawal to keep it and he decided to take the rice to the market for safe keeping.

“The rice allocated to the minister were 1, 200 bags.”

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‘Thank God for Carry Over’: Facebook User Celebrates Minimum Wage Increase

July 24, 2024 (updated July 24, 2024) Published by kunmybabs3

Obasempire reports that a Facebook user known as Yahoo Driver expressed his elation today over the recent increase in Nigeria’s minimum wage, despite admitting to academic setbacks.

His jubilant post, shared shortly after Senate President Godswill Akpabio announced the wage increase from N30,000 to N70,000, has drawn widespread attention and amusement.

Yahoo Driver wrote, “thank God for the carryover.” This highlighted how the new minimum wage would positively impact his financial situation, even though it didn’t address his academic struggles.

His post quickly went viral, with many finding humor in his enthusiasm for the wage hike despite his educational challenges.

The wage increment, approved by the Senate, aims to ease the financial burden on many workers. For Yahoo Driver, it appears to be a rare bright spot amidst personal setbacks.

The reaction from the public has been a mix of surprise and humor, with many questioning the connection between academic performance and financial relief.

In a related development, another Facebook user, identified only as “Darling Anita,” has also shared her change of heart regarding her plans. Initially uninterested in public service, the new minimum wage has prompted her to reconsider her stance, possibly motivated by the increased financial stability.

The new wage policy is expected to benefit many Nigerians, particularly those in lower-income brackets. As the country adjusts to the higher minimum wage, it remains to be seen how individuals like Yahoo Driver and Missed Opportunity will adapt their personal and professional aspirations.

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Senate President: No Nigerian Employee Can Be Paid Below N70,000

July 24, 2024 (updated July 24, 2024) Published by kunmybabs3

Obasempire reports that Senate President Godswill Akpabio has stated that Nigerian employers must not pay their employees less than N70,000.

Akpabio noted that employers are now prohibited from compensating their domestic workers, drivers, or security personnel below N70,000.

He made this announcement while enacting the new minimum wage legislation during a session in the Senate.

According to Akpabio: “If you’re a tailor and you employ additional hands, you can’t pay the person below 70,000. If you have a housemaid, you cannot pay them below 70,000. If you hire a driver or a gateman, you cannot pay them below 70,000.”

Recall that President Bola Tinubu had approved N70,000 as new minimum wage for workers during a meeting with the organized labour.

Following his approval, the president had transmitted the minimum wage bill to the National Assembly for passage.

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Category: Governance

Tinubu Approves Crude Oil Sales In Naira To Local Refineries

Igboho Declares Yoruba Nation Will Not Join Nationwide Protest

Tinubu Approves Crude Oil Trade In Naira To Cut Forex Dependence

Tinubu-Ojo Urges Lagos Traders To Keep Children From Protests

Kenneth Okonkwo Exits Labour Party Over Internal Crisis

Osun Governor Backs Traditional Food Price Control Measures By Rulers

Alaba Market Leader Declines Participation In Nationwide Protests, Cites Business Concerns

SSS Recovers 2,000 Bags Of Rice Diverted By Officials In Katsina

‘Thank God for Carry Over’: Facebook User Celebrates Minimum Wage Increase

Senate President: No Nigerian Employee Can Be Paid Below N70,000

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