Don’t Adjust  Pump Price Of Fuel, CD Tells FG

Petrol pump price dilemma lingers as FG retains subsidy | The Guardian  Nigeria News - Nigeria and World News — Nigeria — The Guardian Nigeria News  – Nigeria and World News
Campaign for Democracy (CD) has told the Federal Government to burry outright the plan to increase pump price in the country.
It said Nigeria risks  mass action that could cripple the the entire democratic structure of the nation if the government eventually tampers with fuel price.
The group’s General Secretary, Pastor Ifeanyi Odili, conveyed the warning in a statement on Wednesday.
It  described the All Progressives Congress-led government’s plan to increase pump as inhumane, wicked and insensitive to the plight of Nigerians
According to the statement, “It could not be overemphasized that hunger and mass poverty had brought serious pains and havoc on Nigerians, which we feel that government should show concern about, but rather, it prefers to unleash more pains on the citizenry.To be frank with the government, we will mobilise Nigerians to vehemently oppose any plan by government of Nigeria to go ahead to inflict more pains on Nigerians.
“We want to assert here that it is sad to note that democracy has in Nigeria disappointed majority of Nigerian people. It is also sad that most of us who engaged the military dictators eye ball to eye ball have been disappointed with the handling of democracy. It is regrettable that the current pilots of Nigeria’s affairs are worse than the soldiers we sent away in terms of corruption, insensitivity to our plights and wickedness, nepotism, and brutal display of executive rascality.
“Above all, CD noted that a major threat to our national life is the organisation within the Federal structure called Nigerian Governors’ Forum (NGF) under the leadership of Dr. kayode Fayemi, Governor of Ekiti state. While Nigerian masses are struggling to survive, NGF was busy planning another hardship on Nigerians by proposing to the Federal Government another wicked and killing fuel price.The CD vows to personally hold the governors responsible in their respective states if a dime is added to the price of fuel. We would turn the masses against them in their respective states.
Killers  Of Ogun Monarch Won’t Go Unpunished – Abiodun

I will never forgive Dapo Abiodun – Impeached Ogun Deputy Speaker's mother  - Daily Post Nigeria
Ogun State Governor Dapo Abiodun, has promised to visit the perpetrators with full wrath of the law on the  killers of Alagado of Agodo in Ewekoro Local Government Area of the State, Oba Ayinde Odetola
Oba Odetola was assassinated on Monday before his corpse was taken to his vehicle while both his remains and the vehicle were set ablaze.
Declaring that his administration would not tolerate breach of peace and harmony being currently enjoyed in the state, Governor Abiodun, in a statement by his Chief Press Secretary, Kunle Somorin, also directed the security agencies to immediately fish out the killers.
In a statement by his Chief Press Secretary, Kunle Somorin,warned those threatening the peace of the state, adding  that  his  administration would stop at nothing to deal decisively with the perpetrators by prosecuting and meting out the full wrath of the law on them.
The governor, who described the incident as unfortunate noted that politics, land and chieftaincy matters should not attract descent to self-help and killings.
Meanwhile,the Ogun State Police  Command say  killers of Alagado of Agodo in Ewekoro Local Government Area of the State, Oba Ayinde Odetola would soon be arrested .
The Command Police Public Relations Officer, Abimbola Oyeyemi,  who disclosed this to newsmen,described the death of the monarch as callous.
He clarified  that it was only the traditional ruler  that was killed and later  set ablaze in his vehicle and not four people as being reported by some section of the media.
According to him, the remains of the Monarch has been retrieved by the Police while residents of the town have vacated the entire town because of the incident.
Why Nigeria’s Economic Crises Worsen -NESG

The Nigerian Economic Summit Group (NESG),has identified  some factors responsible for worsening economic crises threatening  full economic rebound in the country.
Mr. Asue Ighodalo, Chairman of the NESG, stated this in Abuja at the launch of 2022 Macroeconomic Outlook Report with the theme,”The Last Mile: Reforms Towards Significant Improvement In National Economic Outcomes.
He said such factors include multiple macroeconomic challenges, exchange rate volatility, fiscal constraints, market distortions, high inflation, an unattractive investment environment (with security concerns at the core of investor reticence) as well as infrastructure deficits.”
He called on the government to address these impediments with a sense of urgency, noting that the implementation of immediate economic reforms must be prioritised to promote higher productivity, achieve economic efficiency, and deepen inclusive development.
“Long-standing issues such as effective deregulation of the downstream oil and gas sector, foreign exchange scarcity and pricing, export promotion, enhanced revenue generation without dampening entrepreneurial drive, acceleration of economic diversification and patient quality investment into priority sectors such as agriculture, manufacturing, social,trade and information technology sectors, must be given the utmost attention in 2022,” he said.
Ighodalo expressed reservations in the implementation of key reforms to turn around the fortunes of the nation, in view of the fact that 2022 is a pre-election year.
According to him,election-related distractions will likely have the effect of amplifying the challenges experienced in 2021 if the government does not immediately move to stem the tide by implementing critical reforms.
He added “We believe that policies that directly impact the welfare, gainful employment and safety of our citizens and the performance, sustainability and job-creating potentials of our businesses, in the short term,  must be at the fore of government policies and actions in 2022.
“Being a pre-election year, 2022 will likely come with its peculiarities.First, increased election spending could motivate a tighter monetary policy stance to curb inflationary pressures.Secondly, attention may shift from effective governance to outright politicking.The pace of decision-making usually slows down in a pre-election year and reform pronouncements and implementation become difficult.
“Thirdly, the philosophical and political battles which will ensue as each party seeks to choose its presidential candidate and then convince the citizens that they are the party that will form the best government, may relegate focus on the economy and lead to the stagnation of our recovery,” he explained.
He advised  that proactive and swift actions should be taken by the government in the implementation of various reforms,preferably in the first quarter of 2022.
Hr  urged Nigerians to make careful choice with regard to various candidates and their political parties, to forestall plunging Nigeria into further economic morass.
According to him: “As campaigns begin to kick off for the general elections in 2023, we must pay very careful attention to the candidates that the political parties present.We, the people of Nigeria, must carefully consider the capacities, track record and love of the country demonstrated by each of these candidates.
“We must only reward with our votes those parties that put forward knowledgeable reformers; reformers who are creative, passionate, courageous and have shown with evidence of their life’s work, a genuine love for the people of Nigeria. At this time in our country’s trajectory, we cannot afford to be delinquent in this most basic civic responsibility.
“The cost of getting it wrong in 2023 is more than this great nation can or should bear. With just over a year left in office, the current administration must strive to leave behind a positive lasting legacy.
“The government still has the time, if it has the will, to create a solid foundation, and catalytic growth base for this country; and must continue to work hard to deal decisively with the challenges of poverty, unemployment, insecurity, social cohesion and macroeconomic instability.To secure the future of Nigeria, there can be no punting or denial of the fierce urgency of now.”
Speaking,Mr. Laoye Jaiyeola, Chief Executive Officer of NESG, emphasized  the need for macroeconomic stability, improvement of the Internally Generated Revenue(IGR) and addressing the nagging issue of fuel subsidy.
He pointed out that 40 percent of the population consumes 3percent of the petroleum products, adding that the continued retention of subsidy in the budgetary allocation is not sustainable.
Ekiti Retirees Seek God’s Intervention Over Unpaid N1.8bn  Gratuities 

Retirees in Ekiti State have sought God’s help  over unpaid N1.8billion gratuities by the state government.
The Nigerian Union of Pensioners (NUP) ,members  held an inter-denomination prayer session in Ado-Ekiti,where they revealed  that they had lost many of it’s members due to poor attitude of government to their plight.
Speaking, the  NUP Chairman, Mr. Joel Akinola said it was embarrasing that retirees had to wait for long  for their gratuities after meritorious services to their state .
He said :”We are here this morning to seek divine intervention in the affairs of pensioners, situation of things in Ekiti and Nigeria at large. We believe that there is nothing God can’t do. Out of nothing he can bring something out.We pensioners in Ekiti are facing a lot of challenges and where human efforts fail that of God can still work. That’s why we are coming together to seek the face of God.
“It’s absolutely embarrassing that our members who retired in 2012 haven’t collected their gratuities and many of us have died as a result of non-payment of gratuities. This thing is increasingly embarrassing not for us alone but also the state government. Gratuity is not a bonus but a fundamental rights. Gratuity is a right of pensioners either dead or alive. As I am talking to you now , for the state government, we are still having about N1.8bn gratuities still owing us. At the local government, we are having N19m. So, you see that it’s much”, he added.
He noted that the situation had left them impoverished so much that they find it difficult to afford daily sustenance or pay their children’s school fees, house rent, among other responsibilities.
The NUP boss lamented that  pensioners, who served the state  for 35 years are dying on daily basis as a result of non-payment of pension and gratuity of deserving former workers.
He accused the state government of deliberate neglect of pensioners in the state, demanding to know the crime the pensioners had committed that made the government to treat them like second class citizens.
He added:” Each time there is transition of power its often difficult to agitate or confront the new governor because they will be quick to tell you that they are not the one owing us, you can see the situation.”
Man Gets Life Jail  For Defiling Minor

Man Jailed For Life for Defiling 2 Year Old Girl – Rockcity 101.9 FM
A Lagos State Domestic Violence  and Sexual Offences Court,has  sentenced  Sunday Oyedele to life imprisonment for defiling three-year-old neighbour.
 Justice Abiola Soladoye , in her verdict,described the convict  as a sexual monster who should be kept in solitary confinement .
She  held that the prosecution had proven its case beyond reasonable doubt against Oyedele who was charged with a lone-count charge of defilement.
She said : “The defilement saga is unfortunate, the defendant is a sexual monster, a paedophile who should be locked away.The charge against the defendant has been proven beyond reasonable doubt.
“The defendant having been found guilty is sentenced to life imprisonment with no option of fine. He is also to have his name registered in the Sex Offenders Register as maintained by the Lagos State Government”
The convict,who was arraigned on April 29, 2019, allegedly had unlawful sexual intercourse with the toddler at Itamaga area of Ikorodu, Lagos.
During the trial four witnesses including Dr Oyedeji Alagbe, a medical doctor from the Mirabel Centre (a Sexual Assault Referral Center) testified for the prosecution.
Alagbe, in his evidence said that medical examinations revealed that the minor was defiled both anally and vaginally..
The prosecution team; led by Mr Olusola  told the court that the defendant committed the offence sometimes in November 2017.
 Nigeria’s Corruption Rating In West Africa Drops

Transparency International (TI) has rated Nigeria as  second most corrupt country in West Africa, after Guinea.
In the 2021 Corruption Perceptions Index released by the Organisation, Nigeria dropped five places, scoring 24 out of 100 points in the 2021 index.
“In the Corruption Perceptions Index 2021, Nigeria ranks 154 out of 180 countries and territories, falling back five places from the rank of 149 in 2020.
“The 2021 Corruption Perceptions Index released by Transparency International today shows corruption is on the increase in Nigeria.
“The country scored 24 out of 100 points in the #CPI2021, which is one point less compared to the score of 2020,” the organisation tweeted on its official Twitter handle @TransparencITng, on Tuesday.
It is Nigeria’s second consecutive year of a downward spiral on the TI’s CPI ranking.
The country’s score had dropped from 26 in 2019 to 25 in the 2020 assessment, and further to 24 in the latest 2021 record.
The CPI is TI’s tool for measuring the levels of corruption in the systems of various countries around the world.
The maximum points a country can score is 100 points, and the least is zero. Zero signifies the worst performing countries and 100, the best-ranked.
How Increased  Payments To GenCos Stabilized  National Grid-NBET

NBET pays GENCOs 50% of invoice on power supply - Vanguard News
The Nigerian Bulk Electricity Trading (NBET) Plc,has said that the increase, timeliness and consistency in payments to the generation companies has ensured stability of the national grid and sustained power generation in Nigeria.
It also  said that the quantity  of power delivered to the grid has been on a steady increase as GENCOS can leverage payments to third parties and ensure maintenance of their plants.
“With a new license, NBET is suitably positioned to lead the NESI towards a viable power exchange for the good of the sector” ,
Henriettta Ighomrore, Head, Corporate Communications, NBET, disclosed these in a statement.
She said the Nigerian Bulk Electricity Trading (NBET) Plc. has processed market payment of over N42 billion naira (N42,486,673,723.75 (billion)  to generation companies (GENCOS) for the November 2021 payment cycle for grid distributed electricity.
These payments which  were made last week to GENCOS for delivered electricity to the National grid during the period,she said,were a combination of market receipts and supplementary payments from Distribution Companies (DISCOS) made to NBET.
She added:”DISCOS and GENCOS payments are based on the electricity market settlement statement.Market Settlement Statement are issued in arrears by the Market Operator (MO) following a period of 28 days after a cycle.
“The MO takes the readings of the various meters via the grid network to determine the quantum of electricity supplied to the grid by each generation companies into the national pool, which is then wheeled via the transmission network to the distribution companies and subsequently to the end-users. “The settlement statement forms the basis of invoicing and processing of payments to the GENCOS.
Ighomrore explained that NBET has continued to ensure timely payments to generating companies for energy generated and distributed to end users via the grid despite the average market performance of DISCOS.
 She said NBET continues to fulfill its mandate in ensuring an efficient and effective transactions environment for the bulk purchase and resale of power in the Nigerian Electricity Supply Industry.
She further added that for the 2021 payment cycle, NBET processed an average of N68 billion naira worth of electricity via the grid, making sure that GENCOS received an average minimum settlement of 85% of generation invoices.
According to Ighomrore, for January – June 2021 settlement cycle, NBET ensured that all GENCOS received payment of 90% – 99% of generation invoices for grid distributed electricity through the NBET Payment Assurance Facility (PAF) and market receipts.
“The top performing DISCO for the November 2021 remains Eko Electricity Distribution Company (EKEDC) with a performance rating of 93% of its Minimum Remittance Order (MRO), whilst the least performance for the November 2021 cycle are Abuja Electricity Distribution Company (AEDC) and Kaduna Electricity Distribution Company (KEDCO) with both DISCOS performing below 20% of the MRO”
How Africa Can Address Oil Production Decline-Kola Karim

Turning Africa's Oil Production Decline Around | The Guardian Nigeria News  - Nigeria and World News — APO Press Releases — The Guardian Nigeria News –  Nigeria and World News
Despite being blessed with abundant oil and gas resources, Africa’s production has been on the decline, representing a challenge for the continent as moves to initiate a COVID-19 economic recovery and address energy poverty.
With exploration restricted due to reduced capital for fossil fuel projects and the transition away from hydrocarbons, the continent needs to act now if it is to reap the benefits of its oil and gas.
Kola Karim, CEO and Managing Director of Shoreline Energy International and African Energy Chamber,Advisory Board Member,sheds   more  light on the current situation.
What will this production underperformance in Nigeria and other African countries mean for the continent as a whole?
Underperformance will have a direct effect on the ability of countries to fund budgetary spending. There has been a direct linkage for many years between the oil price and the ability to many African governments to balance the books. The massive slow down with have seen due to covid and the significant economic shocks it has produced coupled with production below capacity will certainly create fiscal pressure. We have seen the oil price rise in the last few quarters to a healthy level, however without the production to take advantage of higher prices, expect to see the usual challenges in funding capital spending. Deficit spending will also therefore depend on the view of the markets on how much damage and for how long countries
What do you feel are the primary reasons influencing production decline in Africa?
I don’t think we can take a cookie cutter approach to identifying where the problems lie. For instance, our production challenges on onshore Nigeria are very different to challenges in other countries that may be more constrained by limited investment in infrastructure or more straightforward operational bottlenecks. Beyond these more systemic challenges,I think also that covid has had a significant impact which has still to be worked out of the supply chain and we will continue to see the effect of this through 2022. We would typically expect a natural 4-5% decline in production in the industry. However, Covid has seen those rates double to 10% over the last couple of years. The massive disruptions in global supply chains has also meant that equipment and maintenance activities such as part replacement has been severely disrupted across the industry leading to significant production delays and production shut ins in the worst cases.
What can be done to turn this around?
We are facing some quite significant headwinds. The Systemic and Covid related challenges I alluded to earlier are significantly complicated by the additional variable of de-carbonisation which continues to create a potential financing gap for both local producers and IOC’s looking to invest in new production. Banks are retreating from lending to Oil and Gas projects, and this creates an uphill task with regard to the key cornerstone of any turnaround which is financing. We need to see additional financing to fix supply chains and allow manufacturing and maintenance inputs to be located nearer to production facilities on the continent and we need more investment in opening up additional reserves to close the production gap as consumption returns.
Food Prices Won’t Go Up-CBN

The Central Bank of Nigeria (CBN) on Tuesday assured Nigerians that food prices would not accelerate the way people had anticipated in 2022.
The CBN Governor, Mr. Godwin Emefiele,disclosed answering questions from the press after presenting the outcome of the two-day Monetary Policy Committee (MPC) meeting on Tuesday in Abuja.
The MPC, at the meeting, retained the country’s Monetary Policy Rate (MPR) at 11.5 per cent and also unanimously agreed to retain all other monetary policy parameters.
The Cash Reserved Ratio (CRR) was, thus, retained at 27.5 per cent, Liquidity Ratio, 30 per cent and Assymetric Corridor, +100 and -700 Basis Points around the MPR.
Emefiele,  said the MPC saw logistical challenges in moving food from farm gates to the market, and also the activities of hoarders and would do everything possible to stop it.
He also said the CBN is looking at the issues involved and will come up with good stories to tell about the trend by the next MPC.
He added:“We found out that prices at farm gates are in line with our expectations because they are somewhat moderated. However, prices at the markets where our statisticians take their survey are high.So, if prices at the markets are high, there is, therefore, some problems between the farm gates and the markets.
“So, we see logistical problems, essentially bordering on transportation, also bordering on maybe destruction of food produce or perishable items from farm to market.
“We are trying to encourage people who are interested in looking at how to resolve the logistical problems of delivering food from farm to market to come in and take advantage of some of the interventions that we have,” he said.
He said the MPC believed that the rise in food prices in December 2021 was temporary hence, the plan to look at it again in its coming meetings.
Emefiele said the MPC was happy about the Anchor Borrowers programme, which started last year, adding that it would help to moderate food prices and stop hoarding.
“Luckily, we started a programme last year where we said for our own repayment of our loans under the Anchor Borrower programs, we will receive the produce into our own silos and our own warehouses and we will dispose them and sell them to the real end-users.
“Whether it’s the rice millers or the feed millers who need them to produce, so that through that mechanism, we can be seem to be competing with the hoarders in the market to moderate prices,” he said.
According to him, it worked well in 2021 because between February and around August 2021, the central bank released on a monthly basis 50,000 tons of maize through those it recognised as feed millers.
The CBN governor also said the MPC had ensured that the Nigerian commodity exchange would come alive.
Emefiele said an independent board would eventually be inaugurated assuring that every support needed to play its role as a large commodity exchange that could hold different produce in the country and compete with hoarders, would be given to it.
He spoke on rice pyramid, and  assured Nigerians that soon they would be buying a bag of rice at a reasonable price.