German tactician Bruno Labbadia has been appointed the new head coach of the Nigerian men’s national team, the Super Eagles, Soccernet.ng reports.

The Nigeria Football Federation announced the decision to appoint Labbadia early on Tuesday morning following months of searching for a new handler for the former African champions.

In a statement released on their official media space, the NFF confirms that the German gaffer has agreed to take charge of the Super Eagles with immediate effect.

The statement reads: ‘The Nigeria Football Federation has announced that it has reached an agreement with German tactician, Bruno Labbadia, to become the Head Coach of Nigeria’s Senior Men National Team, Super Eagles.

‘NFF General Secretary, Dr. Mohammed Sanusi, said in the early hours of Tuesday: “The NFF Executive Committee has approved the recommendation of its Technical and Development Sub-Committee to appoint Mr. Bruno Labbadia as the Head Coach of the Super Eagles.

The appointment is with immediate effect.”‘

The Super Eagles had been without a coach since former Ajax winger Finidi George vacated the role following a brief spell in charge.

I was away on vacation for just two weeks only to return to meet fuel queues still on the streets of Nigeria with the fuel stations rationing fuel in Lagos and other parts of the country. It is a big shame, and an embarrassment that the world’s sixth largest producer of crude oil cannot refine its own petroleum products. Nigeria has the finest blend of crude- Brent Crude notable for its low sulphur content, but as in everything else, we export the best of our assets, including people, only to buy back the same assets from outsiders. With finished petroleum products, we now import the same petrol that flows in abundance in the creeks of the Niger Delta and the backyard of some people’s ancestors. Reuters reported recently, that NNPC Limited, the sole importer of finished products, enjoying a monopoly in that regard was indebted to gasoline suppliers to the tune of over $6 billion forcing traders to backout, resulting in a scarcity of fuel in the country. Under contract terms, NNPCL is required to pay within 90 days of delivery, failing which the traders collect a late payment compensation of $250, 000 per cargo. So, when Nigeria tenders for fuel, a number of traders now look the other way. Nigeria has no savings to bail it out, instead the government is desperately looking for money. It won’t be long before the Nigerian government begins to tax persons for dying, or having babies or for marrying or engaging in the basic ordinary tasks of living.  In 2023, NNPCL took a loan of $3.3 billion from Afrexim Bank, but it looks like even that has been depleted.  What we are dealing with, those who are familiar with the subject tell us, is simply the failure of policy, the lack of vision at the highest levels and the cumulative effect of the many years of the oil curse. President Bola Ahmed Tinubu worsened the situation. The crisis that non-availability of fuel in the country has now created, with the high cost of living, inflation, loss of time and capital and the widespread angst in the land could have been avoided. We suffer because of Tinubu’s populism, over-excitement and lack of caution. 

On May 29 2023, at his inauguration as President of Nigeria, Tinubu allowed his emotions to get the better part of him when he suddenly announced in his inaugural speech that “fuel subsidy is gone!” Some poorly educated persons in his team must have told him that he should do something radical from the first day, and that after all in Kenya, William Ruto did something radical as soon as he assumed office. Ruto is today rueing the day he caused the tragedy that his exuberance has brought upon him. There may have also been persons around President Tinubu who told him to take a step that would please the IMF and the World Bank, both of which had always argued that Nigeria could not sustain its subsidy regime. What no one told Tinubu was that whereas the removal of fuel subsidy was prescribed in the Petroleum Industry Act of 2023., President Muhammadu Buhari, Tinubu’s predecessor was happy to claim the credit that it was under his watch that the PIA was passed after 13 years – one of the longest running pieces of legislation in recent times - but he was not willing to implement every aspect of it. Section 205(1) of the PIA states that wholesale and retail prices of petroleum products would be determined by market forces, to encourage competition and private sector investment. As of 2022, almost one naira in every four Naira earned by the Nigerian government was spent on fuel subsidy. Nonetheless, the Buhari administration played smart. It postponed the divine reign of market forces until after 18 months, stating that the removal of fuel subsidy could result in social upheaval, and that the timing would be problematic.  Buhari wilfully disobeyed the same law that he signed. He postponed the evil day and left a booby trap for Bola Ahmed Tinubu, who clearly out of over-exuberance on inauguration day proclaimed that “the fuel subsidy is gone”.  His media handlers have said that he was left with no option in the matter, because in any cas,e the extension by the Buhari administration was due to expire. But could Tinubu have considered other options? Could he have chosen the option of a little honeymoon with the Nigerian people? 

The least that he could have done would have been to wait and study the situation and not resort to an impulsive policy making decision to please the Western crowd. The error is not his alone. What happened to the so-called members of the transition, hand-over committee? They should have looked at the situation on the ground and advise the President accordingly.  Buhari thought the removal of fuel subsidy would cause social upheaval, Tinubu’s transition team should have embarked on a rigorous interrogation of why and how Buhari tactfully avoided the storm. He must be laughing at Tinubu in his Daura home. And this is without prejudice to the fact that every economist that I know argued that the fuel subsidy regime was unsustainable. It had become an avenue for corruption and sharp practices, the very reason the Jonathan administration decided in 2012 to deregulate the downstream sector of the petroleum industry. The Mafia, benefitting from the rot in the industry including present occupants in the corridors of power, sabotaged the Jonathan government. They have since eaten their vomit, returning to 2012, and they are shamelessly comfortable about it. In 2012, fuel subsidy gulped just about N1 trillion. Tinubu created a perfect storm by removing fuel subsidy and also abolishing the dual foreign exchange rate at the same time. It is simple common sense. Both moves were populist but the timing and the combination were wrong. Within 15 months, Nigeria is literally on its knees. Between May 2023 and now, the pump price of fuel has gone from N197 per litre to N617 per litre and up to N1, 3000. President Tinubu promised the people that he would renew hope. He told us “e lo fokan bale.” On the contrary. cases of sudden death syndrome have increased. Nigerian youths are fleeing abroad in droves because they cannot find hope in their own country. Nigeria has not even been able to meet its OPEC production quota. When the spot price of Brent goes up as it did during COVID-19, and now in the face of the conflicts in the Middle East, and between Russia and Ukraine, Nigeria is unable to take advantage of given opportunities. The country is also underperforming in Domestic Revenue Generation as the elites in power, after a fashion, are more interested in their own luxury and comfort. The optics are scary. The Tinubu government has left the people in a place of confusion: Fuel subsidy was removed on a whim, without clarity and proper consultation with stakeholders, and apparently no co-ordination with the sub-nationals. 

What I find particularly intriguing is that last week the same Tinubu administration trying to find a way around the fuel scarcity in the country and the fact that fuel now sells for as much as N1, 300 per litre in parts of the country, directed the NNPC to use its 2023 final dividends due to the Federation to pay for petrol subsidy, in other words, the Federal Government wants the payment of dividends to the Federation to be suspended, to boost NNPCL’s cash flow. On its part, NNPCL says it will be unable to remit taxes and royalties to the Federation anyway because of on-going subsidy payments or what it calls “subsidy shortfall and FX differential.” In summary NNPCL says it has been paying subsidy, and the Federal Government says it should pay more. This is enough talk to make anybody have a headache. For, the same Tinubu administration since May 29, 2023, had insisted that there was no fuel subsidy in Nigeria, even when everyone including the IMF reported that fuel subsidy had been re-introduced as far back as December 2023. Nasir el-Rufai and others told us the government had reintroduced fuel subsidy. Senator Atiku Bagudu, Minister of Budget and Economic Planning said this was not true, quoting the PIA, and insisting that in fact the government was saving money from the removal of fuel subsidy, up to about N400 billion monthly. 

The lie is now out in the open.  The minimum that the Tinubu administration can do is stop the continuing cycle of deceit and hypocrisy on the fuel subsidy issue. The deceit should stop. We are in the era of transparency and accountability. The word of the government should be its bond. A government can admit that it made a mistake and it has found cause to change its mind. There is nothing wrong in that. It is not enough for President Tinubu to issue an order to NNPCL directing it to use royalties and dividends due to the Federal Government to manage fuel prices. What is the exact amount that we are talking about? What are the details? For how long? If there has been a change of policy, President Tinubu should be courageous enough to come before Nigerians and use the same energy and enthusiasm with which he pronounced “fuel subsidy is gone” to APOLOGISE to Nigerians, tell them a mistake has been made, and explain how his administration hopes to resolve the problem.   The reason there has been so much turmoil in town is because the people feel betrayed. President Tinubu needs to rebuild public confidence in his administration.  He can start by making the government less ostentatious. He wants the people to make sacrifices. The process must begin with him. He needs to reinvent politics. He must lead by example. The nation needs to know the truth. It is normal to make mistakes. It is nobler to admit one’s errors and seek to make corrections. 

In the face of the fuel scarcity in the land, Nigerians are asking: what is happening to the refineries in Port Harcourt, Warri and Kaduna?  It does not require divine intelligence to get the refineries working, but what we are confronted with is an endless circus of lies.  We are told again and again that the refineries will be completed, but we might as well be waiting for Godot. In August 2023, we were confidently informed that Nigeria would restart its four refineries by the end of 2024, so said Heineken Lokpobiri, the Minister of State for Petroleum. We heard the same thing in 2022. Lokpobiri repeated the lie. The Nigerian government should stop telling lies! It is irritating.  Where is the Warri refinery that was supposed to start operation in the first quarter of 2024?  Where is the Port Harcourt refinery that was “technically completed” in December 2023? Dates are set. Deadlines are not met. And we, the people, are supposed to understand that we live in a country where promises are not meant to be kept and leaders can do as they wish, without any explanation.? No. No. No. It is offensive that Nigeria is so blessed with oil and gas resources and all we talk about is crude oil theft, militancy in the Niger Delta and the country’s failure to meet production quota. To all intents and purposes, Nigeria is still dependent on oil resources despite argumentations that the country needs to diversify its economy, and invest more in the non-oil sector. 

There is the unresolved matter of the Dangote Refinery. This was a project that we all prayed for and hoped for to meet local demands for petroleum products and generate competition and investment. In typical Nigeria fashion, a $20 billion worth of investment and the prospect of a pathway to economic regeneration has been reduced to petty stories about Dangote’s personality and identity, with such questions as why would he, a Kano man, set up such a big project in Yorubaland? Or why would anyone allow an extension of Dangote’s monopoly? How much did he contribute to Tinubu’s election campaign in 2023? As if that should matter? Somehow, the excitement over the proposed 650, 000 barrels of petroleum products per day has been abbreviated by typical Nigerian stories. Some kill joys have even tried to de-market the Dangote project.  And then there are others who are saying that Mele Kyari is the problem. Twice on television, I have said clearly that Engr. Kyari is not the problem. In terms of record, he has done much better than his own predecessors. His spokespersons have given us much information about his efforts. I do not intend to be their megaphone, only to add that it is far too simplistic for Nigerians to seek a fall guy for the same problems that could have been easily addressed through long-term visioning. Nigeria waits for you. While you are busy doing your own thing, trying to make an impact, Nigerians have a good habit of waiting till you get to a significant moment and they would pounce on you, to destroy your dream. We must all be careful not to turn this country into a hostile environment for talent, creativity and good citizenship.  Tinubu has a duty not only to fix the loopholes, but also to embark on an urgent national project of moral regeneration. There is too much toxicity in this land. 

I end this piece knowing that the fuel queues are still out there. NNPCL has given the excuse of distribution challenges and weather conditions, but can they tell us another story please? Even in countries with the most extreme weather conditions, they have fuel at their filling stations. And how about distribution challenges? A government that is determined to help and serve the people will find the political will to address those challenges whatever their colour or shape. There is no limit to how far a government can go to deceive the people, but there is certainly a limit to the people’s anger and frustration. President Tinubu should know this.  

The President of the Catholic Bishops Conference of Nigeria (CBCN), Most Rev. Lucius Iwejuru Ugorji, has called on President Bola Tinubu to revisit his economic policies, noting that Nigerians are no longer at ease with them.

DAILY POST reports that Ugorji, who is also the Archbishop of Owerri, stated that the economic policies put in place by President Tinubu have caused Nigerians more harm than good.

He made the call on Sunday while delivering his welcome address at the opening session of the 2024 Second Plenary Assembly of the CBCN held in Auchi, Edo State.

He said the socio-economic problems of the nation were unmistakably beyond what economic reforms alone can effectively resolve, no matter how well thought-out and how meticulously implemented.

Most Rev. Ugorji, who opined that it seemed that the policies were no longer working, however, advocated for the return to a regional system of government to checkmate corruption and put the nation at the right footing.

He said the calls to return to the regional system was because the problems in the country have gone beyond mere economic reforms.

“When all is said and done, we must admit that the cost of running our military imposed presidential system of government with so many elected officials assisted by numerous support staff is staggering and unsustainable.

“We must also acknowledge that the corruption level of many Nigerian politicians have gone beyond scale and measure and that controlling our national resources at the federal government level creates more opportunities for corruption to flourish.

“Having experimented on the presidential system of government for over 25 years and having groped in the dark in search of solutions to our socio-economic problems, now seems to be the opportune time to heed the advice of some of our best minds canvassing for our return to the former regional system of government as envisaged by the founding fathers of our nation or devolve power to the present six geo-political zones”, he said.

The Archbishop, who said the bishops acknowledged the feats enumerated by President Bola Tinubu on his 4th of August speech, noted that they cannot fail to admit that the present state of the nation was worrisome.

He listed the numerous problems bedeviling the nation to include increased debt burden of $2.25 billion loan facility from the World Bank in June 2024, with a repayment period of 40 years.

He said the debt increased the nation’s public debt profile by 2.46 percent to $93.7 billion.

Ugorji also listed multiple taxation, hunger and hardship induced by insecurity as the major challenges faced by the citizens.

He posited that proactive steps must be taken urgently to address the situation before it snowballed into a huge crisis.

Earlier in his homily, Most Rev. Fr. Gabriel Dunia, Bishop of Auchi Diocese, called on those in authority not to lord it over those whom they have been called to serve.

Dunia noted that the led must know that they were duty bound to respect those in authorities because God had placed them there to lead

He contended that banditry, corruption, and bad governance can come to an end through fasting and prayers.

The Bishop of Auchi Diocese, who disagreed with the insinuation that God has stopped hearing the prayers of His people, assured that He hears but that Nigerians have to pray more.

He explained that the bishops were in Auchi to pray for the country and that they believed that God in His infinite mercy would turn the fortune of the country around for good.

The Federal Government has said it is practically impossible to put an end to the twin challenges of petrol smuggling and oil theft.

It disclosed that the problems are caused by the products subsidy and corroded expired pipelines.

Minister of State, Petroleum Resources, Heineken Lokpobiri made the disclosure at the just-concluded Energy and Labour Summit 2024 organised by Petroleum and Natural Gas Senior Staff Association of Nigeria in Abuja.

According to him, fuel smuggling from Nigeria to neighboring West African countries continues to thrive because the Nigerian Petroleum Company Limited sells the product below the landing cost.

“Nigeria plays a very critical role in the energy security in Africa. That is why whatever PMS we import into Nigeria finds its way to the whole of West Africa. That is why smuggling cannot stop”, he said.

He added, “If NNPC imports PMS and sells to marketers at perhaps N600 or below, there’s no way that smuggling can stop”.

Speaking further on the menace of pipeline vandalism and oil theft, Lokpobiri said that most of the country’s crude oil pipelines were too old and worn out.

“The reason why pipeline vandalism is very easy to do is that the pipelines have all expired; they completely corroded and so, anybody can just go and tap it and the thing is busted.

“But there are better technologies which are more expensive, there are better pipelines that other people are using in other countries, but they are not cheap, We also need to change our model”, he stated.

Consequently, Lokpobiri called for public-private partnerships to fix the old pipelines.

“That is why we have to go for the global model – PPP. We have to get the private sector to come in”, he said.

In July, Nigeria Customs intercepted and confiscated a total of 41,425 liters of petrol from smugglers operating in the country’s border.

Recently, NNPCL announced that it destroyed dozens of illicit oil pipeline connections and uncovered 63 illegal refineries in the oil-rich Niger Delta region.

The federal government has disclosed that only eight universities are accredited to award degrees to Nigerians in both Togo and Benin Republic.

This was disclosed by the Minister of Education, Tahir Mamman, on Sunday.

The Minister also insisted that there is no going back on the decision of the federal government to cancel about 22,700 certificates awarded to Nigerians by some “fake” universities in neighbouring Togo and Benin Republic.

Speaking on Channels Television’s Sunday Politics programme, Mamman maintained that the decision to invalidate the certificates was not a harsh one as Nigerians who obtained degree certificates from such “illegal” tertiary institutions are denting the country’s image and the authorities in the neighbouring Francophone West African countries also adjudged the concerned schools as fake.

Recalls the Minister, during a press conference on Friday to mark his one year in office, disclosed that over 22,700 Nigerians obtained fake degree certificates from the two countries and such certificates would be cancelled.

Mamman narrated that the development was part of a report submitted to the Federal Executive Council (FEC) by a committee with a mandate to probe degree certificate racketeering by foreign and local universities in Nigeria following the undercover investigation report in which a Nigerian journalist acquired a degree from a university in Benin Republic in under two months and used it to get deployment for the National Youth Service Corps (NYSC).

During the programme on Sunday, the minister said the federal government only recognised three institutions in Togo and five in Benin Republic while identifying others as illegal institutions.

He lamented that most of those parading the fake certificates didn’t even leave the shores of Nigeria but got their certificates through racketeering in collaboration with government officials at home and abroad.

The minister added that the “fake universities” capitalised on the “gullibility” of Nigerians who patronise such fake schools.

According to him, the government, through the offices of the Head of Civil Service and the Secretary of the Government of the Federation, would fish out those in the employment of the government with such fake certificates. He urged the private sector to follow suit.

Mamman identified three universities which the federal government approved to offer degree programs in Togo for students from Nigeria as:

1. UNIVERSITE DE LOME

2. UNIVERSITE DE KARA

3. CATHOLIC UNIVERSITY OF WEST AFRICA.

He also listed five accredited universities that have been authorized to provide degree programs in the Republic of Benin for students from Nigeria.

1. UNIVERSITE D’ABOMEY-CALAVI

2. UNIVERSITE DE PARAKOU

3. UNIVERSITE NATIONALE DES SCIENCES, TECHNOLOGIES
INGENIERIE ET MATHEMATIQUES.

4. UNIVERSITE NATIONALE D’ AGRICULTURE.

5. UNIVERSITE AFRICAINE DE DEVELOPMENT COOPERATIF.

The five officially recognized universities in Cotonou, Benin Republic, are all public universities.

Former Vice President Atiku Abubakar, on Monday, challenged President Bola Tinubu to be brave and admit the return of fuel subsidy months after the President declared that subsidy was gone.

Atiku, who lost to Tinubu in the 2023 presidential election, insisted that fuel subsidy had returned and alleging that it “has become an even wider conduit pipe through which money for funding the 2027 election will come from.”

The ex-Vice President stated this in a statement released on Sunday by his media aide, Phrank Shaibu.

“Tinubu visited the FMDQ in New York, Qatar and France, where he told lies about removing petrol subsidies. This is not a man who is serious about attracting FDI.

Meet Samuel Jubril, The Incredible Five-Year-Old Pianist0.00 / 0.00

“More worrisome is that he is not even brave enough to admit that subsidy is being paid. The NNPCL admits that N7.8tn is owed to the national oil company by the Nigerian government.

“IMF estimates that subsidy payments this year will constitute three per cent of GDP, which is about $7.5bn. This will be about N11.8tn. Yet, the petrol scarcity continues to linger while the Tinubu administration continues to frustrate the Dangote Refinery and even its own NNPCL facilities.

“Obviously, the subsidy regime has become an even wider conduit pipe through which monies for funding the 2027 election will come from,” Atiku said.

The Adamawa politician also challenged the Federal Government to clarify how Oando Plc, owned by President Tinubu’s nephew, Wale Tinubu, received accelerated approval to acquire the onshore assets of AGIP and ENI.

On Thursday, Oando PLC announced the successful completion of its acquisition of 100 per cent of the shares in Nigerian Agip Oil Company Limited.

In a statement released on Thursday, the company stated, “Today marks a significant milestone for Oando Plc as we proudly announce the finalisation of our agreement with Eni to acquire the entire shareholding of Nigerian Agip Oil Company Limited (NAOC Ltd).”

In a response issued on Sunday, Atiku alleged that Oando received unfair and preferential treatment in the oil and gas sector, which he claimed harmed more capable investors.

“Former Vice President of Nigeria, Atiku Abubakar, has asked the Federal Government to explain why Oando Plc, owned by the President’s nephew, got an accelerated approval to buy the onshore assets of AGIP and ENI, while other transactions such as the Shell/Renaissance deal and the Mobil/Seplat continue to suffer delays,” he said.

Atiku also condemned the House of Representatives for failing to act properly on the NNPCL, which has allegedly moved to “mortgage the country’s national oil assets to vested interests.”

Atiku said, “Within just eight months, the Nigerian Upstream Production Regulatory Commission approved a deal which saw the divestment of ENI/AGIP onshore assets to Oando.

“Within that same period, Nigeria controversially withdrew all litigation against Shell/ENI in the OPL 245 scandal in what has been described as a quid pro quo.

“However, the attempt by Seplat to buy Mobil’s onshore assets has continued to stall for the last three years, even as the consent letter remains on Tinubu’s table. The deal between Renaissance and Shell continues to stall.

“In fact, the only deal that has fully scaled through so far is the one involving Oando. We now know why it got accelerated approval.

“Ideally, democracy ought to be the government of the people, for the people, and by the people. But democracy in Nigeria has become the government of Tinubu, by Tinubu, and for Tinubu and his family members.”

He noted that in July 2023, the House of Representatives, following a motion by Miriam Onuoha, instructed the NNPC Ltd to halt the acquisition of OVH assets until its committee completed an investigation.

According to the former Vice President, the committee requested detailed information from NNPC Ltd, including registration documents, board resolutions, audited financial statements, management accounts, and evidence of tax payments.

He alleged that despite these requests, the oil company ignored them and proceeded with transferring ownership and properties in its retail arm to OVH, thus compromising the future of Nigerians.

“Despite the rot in the oil sector, the head of the NNPC, the head of the NUPRC, and the head of the NMDPRA continue to keep their jobs. This is clear evidence that they are fulfilling the mandate given to them by Tinubu.

“Furthermore, Atiku pointed out that the NNPC lied in its vacuous response to their statement last week, as it is on record that the Kyari-led management appointed Huub Stoksman, a former Chief Executive Officer of OVH Energy, as Managing Director of NNPC Retail, and Mumuni Dangazau, the former Chief Operating Officer of OVH Energy, as his Special Adviser Downstream, long before the consummation of the incestuous marriage of the entities.”

Also, Atiku criticised the Tinubu administration for allegedly increasing human rights abuses.

He said the President betrayed his claims of being a freedom fighter by allowing the Department of State Service, police and the military to violate citizens’ rights without accountability.

The former Vice President also argued that the Cyber Crime Prevention Act 2015 had been misused by Tinubu’s officials to detain citizens, with the Nigeria Police Force National Cybercrime Centre effectively becoming a replacement for the disbanded Special Anti-Robbery Squad.

Atiku added, “The dangerous trend of enforced disappearances has become a national embarrassment for a country which claims to be practising democracy.

“On May 1, 2024, Daniel Ojukwu of the Foundation for Investigative Journalism went missing and was presumed abducted by kidnappers until he was later discovered to be in police custody on the orders of IGP Kayode Egbetokun. Ojukwu’s crime was that he exposed the corruption of a government official who currently serves in Tinubu’s administration.

“On July 23, the DSS arrested one Aliyu Sanusi in Sama Road of Sokoto, the state capital, for printing and distributing materials ahead of the #EndBadGovernanceProtest.

“Even the arrest and release of the former BBC Pidgin Editor and current West Africa Regional Editor of the Conversation, Adejuwon Soyinka, clearly show a pattern, whose objective is to intimidate journalists for speaking truth to this government.

“Now, the police have arrested Bristol Tamunobiefiri, who owns the PIDOM Nigeria blog on X, formerly Twitter. After detaining him for over two weeks, he was granted an administrative bail, which would be impossible to meet.

“This is despite the fact that the Appeal Court, in the case of EFCC V. Emem Uboh (2022) LPEIR – 57968 (CA) held that administrative bail is illegal. Bristol should, therefore, be arraigned in court immediately or released.”

The Kogi State chapter of the People Democratic party has asked the local executive committee in Ijumu to initiate immediate suspension proceedings against Senator Dino Melaye,  following his recent outburst when he declared the party dead.

The party said the move was necessary to restore its integrity and focus on viable leadership.

 The party’s elders, led by Alhaji Ibrahim Dansofo, disclosed this in a statement on Sunday made available to newsmen in Lokoja.

 “Melaye’s political ambitions have crumbled to the point where he can no longer secure even a local councilor position

“Senator Melaye has become a burden to the party. His accusations against the current leadership are hypocritical, as he himself was granted a governorship ticket despite the party’s awareness of his inability to win even a primary election.”

The Kogi PDP placed the blame for the party’s current struggles squarely on Melaye’s shoulders, claiming that his nomination was a significant misstep that led to the party’s present predicament.

They called on former Vice President Atiku Abubakar and Governor Ifeanyi Okowa to reevaluate their support for Melaye, urging them to distance themselves from someone they described as a “bondage” and a “big-time liability” for the party.

Victor Osimhen’s potential move to Chelsea is threatened by the striker’s outrageous wage demand of £500,000 a week, Punch Sports Extra reports.

The Nigerian international is expected to leave Napoli this summer after he reportedly handed a transfer request to the club.

However, his move to Stamford Bridge largely depends on whether he would reduce his wage demands.

Paris Saint-Germain are also keen on signing the forward, while Arsenal are said to be monitoring the situation, looking for an opportunity to concretise their interest.

Osimhen, who joined Napoli from Lille in 2020, signed a new contract with the Azzurri in December 2023, which earns him a monthly salary of £1.29m, almost doubling his previous earning.

The Nigerian’s new salary was a reward for his performance in the 2022/23 season, where he inspired Napoli to a first Serie A title in 33 years and also capping it off with the league top scorer award with 26 goals.

Despite his desire to leave Diego Maradona Stadium this summer, Osimhen, according to reliable transfer expert Fabrizio Romano, will not take a pay cut to facilitate his move to Chelsea.

The Italian earlier this month hinted that talks could go down to the final week of the transfer window and that the future of the Super Eagles striker was yet to be sorted out.

According to The Sun, Osimhen has reportedly asked for £500,000-a-week wages before he completes a move to Chelsea, a salary the Blues may be reluctant to pay as they look to reduce their wage bill this season, which is one of the main reasons they have decided to offload Raheem Sterling.

If the London club agreed to the striker’s demands, it would make him the highest-earning player in the Premier League.

Chelsea have signed Joao Felix from Atletico Madrid but are still in dire need of a striker capable of guaranteeing them goals. They are intensifying their search with less than a week until the close of the transfer window.

The club has been negotiating with Napoli and Osimhen’s representatives in the entire summer but has failed to reach an agreement. They initially proposed a loan deal to Napoli, being unwilling to match the player’s release clause, which is set at €130 million.

However, Osimhen’s £500,000-a-week demand has truncated talks between both parties, and Chelsea may end their interest in the striker.

Representatives of state governments at the last Federation Accounts Allocation Committee meeting have bemoaned the decision by the Federal Government to save additional revenue for the payment of the new minimum wage.

This development, which affected their revenue distribution from the federation committee, was received with opposing views when an update on statutory allocation showed that the government transferred a sum of N200bn into the non-savings account at the August FAAC meeting, making a total of N595bn.

The Commissioners of Finance, Akwa Ibom, Dr Linus Noah; Delta, Okenmor Tilije and Ekiti, Akintunde Oyebode raised the observation at the last FAAC meeting held August 16, 2024, minutes of which our correspondent obtained.

At the meeting, it was learnt the committee distributed a total sum of N1.36tn to the three tiers of government, N1bn less than N1.35tn shared in June.

This is despite recording an increase of N13bn between the gross total of N2.61tn in July and N2.48tn in June.

In his opening address, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, applauded President Bola Tinubu for signing the National Minimum Wage Act into law, adding that its implementation will be of immense benefit to all Nigerians.

He further disclosed that discussions were still ongoing on the consequential adjustments. 

The minutes quoting the minister read, “Work on the new minimum wage is still in progress, adding that government had continued to dialogue with the organised labour and the private sector with a view to reaching an agreement.”

But after a presentation by a representative from the Office of the Accountant-General of the Federation on the gross statutory revenue and necessary deductions of N1.29tn, the commissioner took turns to question the reasoning for such deduction.

Reacting, the Commissioner of Finance, Akwa Ibom State, Dr Linus Noah faulted the move, stressing that the income should be shared in view of the current financial challenges faced by the states.

Additionally, Dr Noah’s counterpart from Delta State, Okenmor Tilije, disagreed with the proposed idea of saving the money for the benefit of the central government only and asked that it be shared to augment the distributable allocation.

The minutes read, “The HCF, Akwa Ibom State, referred to the provision made in the month for transfer to Non-Oil Savings Account. He proposed that given the financial challenges facing the states, the amount should be used to augment the distributable revenue for the month.

“In addition, the HCF, Delta State, agreed with his counterpart from Akwa Ibom State on the need to share the N595bn in the Non-Oil Savings Account to augment the distributable revenue.”

Responding, the AGF explained that the decision was taken to save for the rainy day and upcoming financial obligations, including payments of the N70,000 minimum wage.

The minutes added, “On the issue of the N595bn, Non-Oil Savings, the AGF advised members on the need to save for the rainy day, adding that the Federal and State Governments might require more funds to meet their future obligations, among which was payment of new minimum wage to workers.”

But reiterating its stance, the Chairman of Commissioners’ Forum/HCF, Ekiti State, Akintunde Oyebode, stated that the authority should have allowed sub-nationals to decide how to use their portions, as they were not benefiting from the interest on the saved funds.

“Commenting, the Chairman, Commissioners’ Forum/HCF, Ekiti State opined that since the Sub-nationals were not benefiting from the interest on the saved amount, they should be allowed to make decisions on what to do with their respective portions,” the minutes added.

He stated that the time value of money was also a factor to consider in deciding to save for a rainy day.

But the Permanent Secretary, Finance Ministry, Lydia Jafiya, who acted as chairman of the meeting after Edun’s departure, while noting the various contributions by members, overruled the discussion and called for the adoption of the revenue distribution for the month.

Recall that President Bola Tinubu signed the new minimum wage into law July 29 after meeting with leaders of the Nigeria Labour Congress and the Trade Union Congress of Nigeria. This was after months of deadlocked meetings.

Although the government is yet to begin implementation, organised labour has called for patience while expressing optimism that the process may be concluded by the end of August.

The Deputy President, Nigeria Labour Congress Political Commission, Prof. Theophilus Ndubuaku, in an interview with The PUNCH, said, “We have no reason to suspect that (deliberate delay). In a real sense, signing the wage is just a small component of the main activity. There is something we call consequential adjustment. That involves the calculation of the minimum wage from level one, step one. From there, we will move from stage one to 13 all the way to level 16.

 “So, it is something that may take some time. Again, they are not going to compile them alone. There are templates for compiling it. But they must also carry us along. I believe you are aware there is a committee that is supposed to carry out the necessary adjustments. We expect it should be completed before the end of the month.”

So far, only Adamawa, Lagos and Edo have claimed that they have begun paying the minimum wage.

Meanwhile, the state finance commissioners have sought more clarifications on the federation’s indebtedness to the Nigerian National Petroleum Company Limited, stressing that the company must begin to carry out its transactions independently as a company without recourse to the Federation Account.

Stating their displeasure after a presentation by the Chairman Post Mortem Sub-Committee and Revenue Mobilisation Allocation and Fiscal Commission, Mohammed Bello, Delta, Bayelsa and Akwa Ibom states commissioners said the oil company must be transparent and accountable in its operations.

Specifically, the HCF, Delta State, raised concerns on why NNPC Ltd had to source for US dollars when the crude oil that was sold was being transacted in the same currency.

They were reacting to information by the RMAFC chairman that outstanding claims against the federation had reached N4.34tn as of June, 2024 as a result of exchange rate differentials.

At its May meeting, the amount on exchange differentials was N2.69tn, indicating an increase of N1.65tn.

The minutes read, “NNPC Limited Exchange Rate Differentials on PMS Importation and Other JV Taxes for the Period August, 2023 to April, 2024: The Federal Commissioner, RMAFC, informed the meeting that NNPC Limited reported to the Sub-committee that it had an outstanding claim of N4,344,519,176,167.32 against the Federation as a result of exchange rate differentials as of June 2024.

“He stated that the sub-committee observed that the details of the PMS volume, price and sales value were not provided in the June, 2024 Report of NNPC Limited to justify the exchange rate differentials recorded.

“He concluded that the Sub-committee had resolved to request NNPC Ltd to provide the relevant information for further consideration.

“The Chairman commended the PMSC for the presentation and requested comments from members.

“The HCF, Akwa Ibom State referred to paragraph 3.3 of the report, in respect of NNPC’s claim of N4,344,519,176,167.32 indebtedness against the Federation. He sought for more clarifications on the indebtedness and how it could be resolved.”

The minutes added, “Responding, the Accountant-General of the Federation recalled that the matter was discussed at the FAAC Technical Session, held earlier in the day and the representative of NNPC Ltd explained that the company had approval to apply the “weighted average rate” on PMS transaction in order to maintain its current price. She stated that the representative of NNPC Ltd also explained that, if the “floating rate” was to be applied, the price of PMS would be higher than the current price.

There are indications that the Federal Government’s committee which was set up to ensure the implementation of crude oil sales to local refineries in naira will further discuss the pricing of Premium Motor Spirit, popularly called petrol, to be released by the Dangote Petroleum Refinery next month.

Multiple officials, both among oil marketers and members of the Implementation Committee on crude oil sales in naira, under the leadership of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, confirmed that the panel would be holding a series of meetings this week and in coming weeks on the development.

They also stated that the committee would be concluding a framework that would put a benchmark on the amount which the Dangote refinery would pay for crude in naira, adding that the Federal Government would have to decide whether to pay subsidies for petrol from the plant or to allow Nigerians buy the product at the market price.

However, oil marketers declared that the cost of Dangote petrol would be higher than the current pump prices of the commodity, stressing that it would be tough for dealers to buy the commodity from the plant if the Federal Government fails to intervene in the price.

Petrol sells at between N600 and N700/litre depending on the area of purchase across the country. The landing cost of the commodity, according to data released by the Major Energies Marketers Association of Nigeria recently showed that the cost of PMS was N1,117/litre.

Marketers say this is the actual market price of the commodity and explain that the cost of the product from the Dangote refinery should be around this figure.

The Nigerian National Petroleum Company Limited is the sole importer of petrol into the country. Other marketers stopped importing the commodity due to their inability to access the United States dollar required for petrol imports.

But last week at the presentation of the audited report and accounts of NNPC for the 2023 business year in Abuja, the firm’s Chief Financial Officer, Umar Ajiya, admitted that the oil firm was shouldering a heavy subsidy burden on petrol imports.

He said NNPC had been making PMS available for retail distribution at about half of the landing cost under an agreement with the government.

He explained that the company had been offsetting the shortfall in landing price and sale price through a reconciliation arrangement between the government and the company. He said the company had not paid any money to any marketer in the name of petrol subsidy in the last eight to nine years.

While the official pump price of petrol is about N600/litre, the average landing cost is about N1,200/litre. Ajiya said the company covered about N7.8tn in “shortfall” in the first seven months of this year.

“I think there is one fact that I need to make very clear, in the last eight or nine years, this company, even as a corporation as it were, has not paid anybody a dime or one naira as subsidy.

“No one has been paid a kobo by the NNPC in the name of subsidy. No marketer has received money from us by way of subsidy,” Ajiya said.

He said the government directs NNPCL to sell the petrol it imports, at a price that is half of the landing price.  According to him, at times the Federal Government pays the money and it could as well net off for it.

“What has been happening is that we have been importing PMS, landing at a certain price, and the government is telling us to sell it at half price. So, that gap between that landed price and the half price is what we call shortfall or we call it a subsidy,” the CFO explained.

On August 20, 2024, The PUNCH reported that the Federal Government’s committee which was set up to ensure the implementation of crude oil sales to local refineries in naira has reached an agreement with the Dangote Petroleum Refinery for the rollout of petrol in September this year.

The Federal Government also disclosed that the sale of crude oil to Dangote Refinery and other local refineries will commence on October 1, 2024.

On Sunday, impeccable sources among oil marketers, the Federal Ministry of Petroleum Resources, and the Presidency confirmed to our correspondent that the cost of petrol from the $20bn plant would be discussed by the government and the management of the plant in the coming weeks.

They said the options before the government are to either pay subsidies on petrol without piling the burden on NNPC or to allow Nigerians to buy the product at the market price to be released by the Dangote refinery, which, of course, will be high.

“The only way the government can intervene is to subsidise. There is nothing NNPC can do. I mean this. Do you want to kill the NNPC? Do you want the company to continue carrying the subsidy burden after the explanation it gave last week? It is not sustainable.

“Except you are saying NNPC will start doing whatever it can and nobody will expect profit from the company,” a source at the FMPR, who spoke in confidence due to lack of authorisation to speak on whether the NNPC would intervene in PMS price from Dangote, stated. 

Asked to state a possible solution to the matter, the official replied, “The solution is for Nigerians to pay the real cost of petrol. But then you know, other things will come into play, because, you know, our economy is not that good. Things are not good for everyone.

“However, it is for Nigerians to pay the real cost of petrol or for the government to bring back subsidies. I don’t know, but it’s just those two things. They may consider this at the meeting, but for now the major discussions centre on crude supply in naira, which should be finalised in a few weeks.”

The source said the sale of crude to Dangote in naira had been settled, stressing that “his (Dangote) own portion will be sent to him. But they are still working on the framework, I know, we’ve been having meetings. So we’re having meetings. So hopefully, I think by next week we should be able to get a clearer picture on the modalities. We meet almost every two or three times a week.”

The source noted that one major challenge is the lack of the United States dollar, but stressed that the committee “will benchmark the exchange rate for crude sale to Dangote.”

The official added, “All the framework will be sorted and you know AfreximBank is with us in this.”

Also commenting on the development when contacted and asked if marketers had reached a price for Dangote petrol ahead of its release next month, a senior official of the Major Energies Marketers Association of Nigeria explained that though members of the association were willing to load from the plant, it would be tough due to the price.

“There are two things: the first one is logistics and cost-taking. We’ve been taking AGO (diesel), ATK (aviation fuel) by vessel and truck. By now, we all know ourselves and we understand how it works. So that one is not a problem. When PMS starts, it will not be changed from what we were doing before. The methodology of picking it from them (Dangote) has already been worked out and it is already in place and play. 

“Now, when it comes to price, that’s the second thing and the third one is, in what currency are we paying? That one is going to be between Dangote and the government because as the government has just confessed to you, there is a subsidy. So, Dangote cannot clear the subsidy by himself. In order to deal with it, I think the government is trying to intervene, though still in denial.

“However, I do not think the subsidy is a good policy. I do not think anything has changed concerning the subsidy. Subsidy shortchanges the country. The government still must recognise that things are very tough on Nigerians right now and must find a way. If it wants to remove the subsidy, what can it do to mitigate the challenges?”

The official, who also spoke in confidence, said the government had introduced the Compressed Natural Gas initiative to tackle the cost of subsidy on PMS.

“So, what he’s (President Bola Tinubu) trying to do is he’s trying to push CNG which is possible so that he can stop paying subsidies for PMS. The CNG uptake is going a lot slowly; but that is the solution, to move quickly with the alternative CNG, especially for commercial transportation and long-distance movement of foodstuffs from the bread baskets to the urban centres so that you can manage your inflation.

“But, can the government continue with a subsidy of N7.7tn? I don’t think so, and anybody who says that is not being fair to Nigerians. The government is just a temporary group of people in power; they will soon go when their time finishes but our country will still be here.

“It is government policy. Currently, the government policy is that there is no subsidy; there is no subsidy provided for in the budget. How much will Dangote sell for? Dangote is not prepared – I don’t think – to sell at below the cost of production. So, we will need to wait to see what the government will do,” the source stated.

Asked whether there would be an intervention from the government, the official replied, “There may be an intervention, yes. Refined crude will still be at the international market price, as it should be.”