Economy
FG backtracks on subsidy removal says it is not on its card at the moment

***Lawan tells labour to shelve planned protests as it’s no longer necessary
The Federal Government has soft-pedal on its initial plan to remove subsidy on petroleum products saying it is clear to even the blind and audible to the deaf that the situation of the country does not allow for that at the moment
Recall that while presenting the 2022 budget the Federal Government had infused in the budget provision for subsidy untill June 2022 when it wanted to remove the subsidy which was passed and assented to.
In seeking for a soft landing based on the outcry from Nigerians the minister of Petroleum Resources Timipre Sylva and his counterpart in the ministry of Finance Hajia Zainab Ahmad as well as the Group managing Director NNPC limited, Mele Kyari met with the national assembly leadership to seek an ammendment of the law to provide for an extension of subsidy provision beyond June 2022
The Minister of Finance, Budget and Economic Planning, Hajia Zainab Ahmed, said that the Federal Government had postponed the planned removal of subsidy on petroleum products till further notice.
The meeting was convened at the instance of the President of the Senate, Ahmad Lawan.
The Finance Minister said the Federal Government initially had the plans to remove subsidy on petroleum products from July this year.
She said that was the reason adequate provision was made in the 2022 national budget for subsidy payment till June.
She said, “Provision was made in the 2022 budget for subsidy payment from January till June. That suggested that from July, there would be no subsidy.
”The provision was made sequel to the passage of the Petroleum Industry Act which indicated that all petroleum products would be deregulated.
“Sequel to the passage of the PIA, we went back to amend the fiscal framework to incorporate the subsidy removal.
“However, after the budget was passed, we had consultations with a number of stakeholders and it became clear that the timing was problematic.
“We discovered that practically, there is still heightened inflation and that the removal of subsidy would further worsen the situation and impose more difficulties on the citizenry.
“Mr. President (Muhammadu Buhari), does not want to do that. What we are now doing is to continue with the ongoing discussions and consultations in terms of putting in place a number of measures.
“One of these include the roll out of the refining capacities of the existing refineries and the new ones which would reduce amount of products that would be imported into the country.
“We therefore need to return to the National Assembly to now amend the budget and make additional provision for subsidy from July 22 to whatever period that we agreed was suitable for the commencement of the total removal’
The minister for state petroleum Resources Timipre Sulva said
“As far as I am concerned at this point it is a legislative duty.
“The law has been passed we are all aware but there is no law that is cast in stone. “It is clear to everyone that at this point in operationalizing the law is not possible within 6minths framework that has been provided for in the law and if that time frame provided for in the law is not feasible which has come to us as a result of operationalising the law then it is also a legislative responsibility now to see what can be done in extending that time frame for it to be in the purview of the law, “Secondly the other legislative issue arising from it is the provision for the subsidy that is not there after June.
It is very clear to the blind and audible to the deaf that it is not feasible at this time to remove subsidy.
“I know that some nay sayers, or political pundits want to bring politics into it but it is not within the contemplation of this administration now to remove subsidy.”
The president of the Senate Ahmad Lawan said the meeting ordinarily shouldn’t have been opened for media coverage however he indicated that anything that will interest the public is worth coverage
The Senate President therefore urged the organised labour unions in the country to shelve their proposed nationwide protests as it was no longer necessary.
“There is need at one point to do away with subsidy but the President genuinely feel for Nigerians particularly the most vulnerable. Even though our economy is growing but we still have challenge getting better.
“Because of this feeling by the President and most of us in this administration believe that the issue of removal of subsidy should be handled with utmost care especially that sufficient planning needs to be done.
“Significant arrangement for absorbing the shock that will come with the removal should be done and the timing is such that the impacts and consequences will not add to hardships.
He said the sympathy for Nigerians is not about NLC.
“We are talking about every Nigerian. NLC is just an organised part of the system. Our concern is beyond NLC.
“I am taking this opportunity to speak to TUC and NLC to shelve this their plan to go on strike or demonstration. “It is totally unnecessary. There is not going to be removal of subsidy so let us not create unnecessary tension where there should be none.
“Please forget about the 27th of January deadline. We are supposed to come together and work assiduously to see that our country is stable that our people enjoy the benefits of Government programs and projects. “At the end of the day whatever decision we would be taking would be in the best interest of our people.”
Economy
Economic downturn: Fasua, other experts, say, Nigeria needs home grown solutions

The Special Adviser to the Vice President, Kashim Shettima on Economic Affairs, Tope Fasua, has indicated that Nigeria has all what is needed to overcome all of its current economic challenges given the country’s abundant human and natural resources.
Fasua spoke on Thursday at a colloquium organized in his honour to mark his 52nd birthday anniversary in Abuja.
He said all that the country needs is for it to unlock its full potentials by developing its own “home grown solutions”, and taking advantage of the limitless opportunities that abound in the country to address its needs especially in the short run.
“All I see are Opportunities for development. I do not like to see the economy from the position of its challenges. I see only opportunities and prospects. This economy has not even started yet, hopefully it will start to grow with this administration
Speaking further, he advised that while the country steps up its fight against corruption, the country must not lose sight of the need to grow its economy, pointing out that this can be better achieved by looking more inwardly instead of relying on foreign interventions.
He said Nigeria can start by ramping up production which will then attract more Foreign investment Investments and ultimately create job opportunities, rake in foreign exchange and strengthen the Naira.
Speaking to Journalists on the sidelines, Director General, Bureau of Public Service Reforms, Dasuki Arabi shared similar sentiments with Fasua on the need for government to look inward for answers to Nigeria’s economic challenges.
He noted that President Bola Tinubu had in his inaugural speech set the pace with a clear roadmap towards economic recovery and that with people like Fasua having opportunity to work closely with him, Nigeria will in no time bounce back.
“We are happy he has a place in this government, as I said it we cannot get outsiders to do it for us it has to be a home grown solution to the problem that we are facing and we have a president that is giving people the space to address the challenges and problems facing this country.
“If you look at his inaugural speech he spoke about value addition improvement in foreign exchange earnings
“Most especially that message of saying use what we produce what we eat that will reduce our demand for foreign dependency on import and we look inwards to solving our problem.”
In his goodwill message, former Director General, Nigeria Maritime Administration and Safety Agency, (NIMASA), Dakuku Peterside said the major ingredient needed to jumpstart the Nigerian economy is quality leadership which he said is embodied in the current administration.
Five books authored by Tope Fasua were also presented at the intellectual discourse with many of them providing answers to Nigeria’s economic challenges.
The event had in attendance a crème of other prominent economic experts and policy matters.
Economy
Amb Oluwafemi hails Tinubu on diplomatic shuttle that halted UAE-Nigeria Visa Impasse

***Says billions in investments anticipated as arilines resumes
***Hails Aviation minister, Keyamo for being proactive over the issue
President Ahmed Bola Tinubu’s diplomatic moves that resolved the consular and economic relations with President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, in Abu Dhabi, is a masterstroke that will usher billions of investments in to the country, the CEO of the Africa Development Study Centre (ADSC), Ambassador Victor Walsh Oluwafemi has indicated.
To start with he said, the move he said resulted in the immediate cessation of the visa ban placed on Nigerians.
Recall that the impasse was very much in force before President Tinubu emerged as the Nigerian number one citizen last May.
Ambassador Victor Oluwafemi who is a seasoned management consultant of continental level applauded the president on the landmark in a statement he personally signed on Tuesday.
He explained that the development which banned Nigerian travelers nine months ago took a new twist after President Tinubu met with the UAE leader and this has led to the immediate resumption of flight schedules for both Etihad Airlines and Emirates Airlines into and out of Nigeria which is welcoming and salutary.
Mainly Instructive in his view is adding momentum to his drive to give greater investment opportunities to Nigerians at home and the diaspora.
He reiterated that President Tinubu is the first Nigerian Politician that has deliberately prepared himself for authentic leadership because of his uncommon supports for the Nigerian people since assumption of office particularly in foreign policy interventions and domestic governance ecosystem in the last 100 days.
According to him, the significant gesture in boosting Nigeria-UAE cooperation economically and geopolitically is second to none in the political history of Nigeria.
He stated that an economically stronger Nigeria would certainly help augment both the scope and level of cooperation between Nigeria and the UAE. The trade volume between the two sides will increase beyond our imagination.
He, therefore, appealed to other political parties and strategic stakeholders in the Nigerian project to engage with the Tinubu led administration to chart a pathway to national building efforts for shared prosperity particularly from the several billions of U.S. dollars’ worth of foreign direct Investments and new trade portfolios into the Nigerian economy across different sectors which is a sweet smelling savour for a new national rebirth.
Ambassador Oluwafemi also hailed Aviation minister, Festus keyamo, SAN for being proactive over the UAE debacle.
He said: “Within such a short period the aviation minister has proven to Nigerians that his administrative capabilities are not in doubt.
“Definitely the UAE issue was acidic but Keyamo pulled it through barely three weeks in office as minister.
“His moves at the airports particularly in the major gateways of our country are laudable,”.
Victor, who’s also the President of the African Air Passengers Rigth Association (APRASS) and a UAE resident, thanks the UAE President for resolving the issues swiftly and the Minister of Aviation for being proactive on this issue and the airport relocation.
He commended him and advised the association should be involved in the ministry’s activities especially the current committee that was set up because the airline users are the major stakeholders in all activities concerning the airport and the airlines.
Economy
Kogi, China finalise bilateral relationship in transport infrastructure

*** The partnership promises to make the State an industrial hub
The Kogi State Government and the Chinese Construction giant, CCECC have entered in to an accord that will bolster business relationships in the areas of planning, financing and execution of transport infrastructure in the state.
The meeting took at the headquarters of the China Civil Engineering Construction Corporation along Airport Road, Abuja on Thursday
The Executive Officer of the Kogi State Investment Promotion and Public Private Partnership Agency, Abdulkareem Siyaka who led the government’s delegation disclosed that the first line of business upscaling and partnership is the construction of Inland Transit Port in Lokoja to link Warri – Burutu/Port Harcourt via Onitsha.
This he said will rapidly develop the movement of agricultural produce and solid mineral cargo to and from northern and southern Nigeria.
He said the partnership was in line with the Kogi State’s medium-term economic development goals which within a 5-year time frame will want to rapidly develop her infrastructure outlay, citing transport infrastructure as the bedrock of economic development.
While interacting with newsmen at the end of their meeting, Abdulkareem said the upgrade of Adogo Airstrip to a commercial Cargo Airport to facilitate growth in cross-border trade and investment and boost real sector productivity was discussed.
Another infrastructure to be executed under the partnership is the construction of Electrified Rail Project between Jeba and Lokoj.
This will reduce haulage costs within Nigeria by freeing excess pressure on road transport infrastructure.
Speaking on the business models, Abdulkareem stated that Kogi State is in the process of building its economy from a conservative civil service state to an Industrial giant in northern Nigeria.
He said the ‘Build -Operate-Transfer’ model or similar model that will be economical for both parties would be ideal while involving the Federal Government to provide sovereign guarantees including counterpart funding in any or all the projects.
On his part, the Deputy Managing Director of CCECC, Guo Wenjun commended the state government for its vision while expressing readiness for the relationship.
He noted that the Kogi State Government has been a friendly business partner of CCECC over the years with mutual understanding and benefits.
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