News

Buhari to blame for nation’s woes, he set booby trap for Tinubu – Afenifere

Published

11 months ago

February 17, 2024

The Pan-Yoruba Socio-political group, Afenifere on Friday said former President Muhammadu Buhari set booby trap for President Bola Tinubu by not removing fuel subsidy.

The organisation said Tinubu is never to be blamed for the economic hardship in the country, saying he only summoned up courage by removing fuel subsidy, instead of postponing the evil days.

Afenifere said this in a statement issued by Otunba Kole Omololu, National Organising secretary and Comrade Jare Ajayi, Publicity Secretary, titled: “What Sins Did President Tinubu Commit?”

The statement said Afenifere had watched with significant disbelief the sudden reawakening of voices across the federation over the worsening economic situation in Nigeria, saying many forgot that the economic downturn was caused by the Buhari Administration on a platform of hope and defective federalism, as promises were made, most of which were not fulfilled.

“Under Buhari’s watch, terrorists and banditry were operating effortlessly. Law and order broke down. Many innocent citizens including the daughter of our leader were killed and or kidnapped. President Buhari could not rein in on his critical officials like the then Governor of CBN, Mr. Godwin Emefiele, who was printing money rather than facing the reality of taking the difficult decisions, which were postponed till the evil day.

“A probe panel was reported to have accused Godwin Emefiele and his team of printing N22.7 trillion through ways and means. We remembered that we were borrowing to pay salaries and pensions during the years of the Buhari administration.

“We recall that some ministers suggested the removal of subsidies, among other economic decisions. But President Buhari would not agree until his last year in office to lay a booby trap for the incoming administration of President Bola Ahmed Tinubu.

“It was, therefore, obvious that we were simply postponing the evil day. The CBN Governor denied leaks flying around that the books were being doctored. He reassured the federation that all was well. He even wanted to contest the presidential election! There were no penalties for his infractions by President Buhari. These inactions and false lives continued till May 29, 2023, when the new helmsman, Asiwaju Ahmed Tinubu, was sworn in as President,” Afenifere said.

The organisation said Tinubu wasted no time amending his inauguration address and declared the subsidy regime over, saying this was obvious as there was no appropriation for subsidy from June 2023.

“He quickly followed up with the deregulation of the forex regime, which resulted in the free fall of the Naira. A man who is not shy about making difficult decisions, he probably underestimated the capability and capacity of the beneficiaries of the old order to make things ungovernable for his administration.

“Those sleeping and snoring during the eight years of Buhari suddenly woke up. They forgot that these remedial actions should have been taken many years back. The major sins of PBAT reside in his daring to contest and win the presidential election and make these decisions, which will hurt in the short term but bring us back to reality in the long run,” the body said.

According to Afenifere, what was needed right now is vibrant Ministry of Information to regularly stay in touch with the people, as current economic challenges are worldwide in scope and not peculiar to Nigeria.

It also suggested regular town hall meetings across the country where ministers would go back to their constituencies to engage with the people, as well as realignment of the National Assembly budget and launch of operation go back to the people by the legislators, with each National Assembly member taken palliatives back to the constituency.

Afenifere added that governors receiving almost double allocations due to the removal of subsidies and readjustment of the exchange rates should deliver to their people, saying that the allocations of each state of the federation should be published on a monthly basis

The organisation stated that there should be implementation of operation ‘grow what we eat and eat what we grow policy.’

Afenifere added that the government should make banditry, kidnapping and terrorism a capital offence punishable by death as well as return to true and fiscal federalism with state police, for which “we commend the President and Governors’ endorsement, and state ownership of mineral resources.”

News

Photos) Obi Visits IBB, Reveals Their Discussion

Published

4 hours ago

January 2, 2025

Kayode Sanni-Arewa

(By Kayode Sanni-Arewa

Peter Obi, the 2023 Labour Party (LP) presidential candidate, paid a visit to former military president, General Ibrahim Badamasi Babangida (IBB), at his residence in Minna, Niger State.

In a post shared on his X account on Thursday, Obi confirmed the visit, which followed his earlier meeting with Jigawa State Governor Umar Namadi.

The discussions with IBB reportedly centered on national issues, with Obi also taking the opportunity to wish the elder statesman a happy new year.

Describing Babangida as a “father figure” and “wise man,” Obi expressed his admiration for the former leader’s insights and guidance.

He wrote:
“From Jigawa State, I traveled to Minna, Niger State to pay a visit to a father figure, elder statesman, and leader, the former military president, General Ibrahim Badamasi Babangida, at his residence in Minna. The visit was an opportunity to wish him a happy New Year and to exchange thoughts on national issues.

“General Babangida’s wisdom and perspectives remain very important, and I always deeply appreciate the chance to visit him and listen to his invaluable advice and words of wisdom.

“A new Nigeria is POssible!”

News

After Obasanjo’s outburst NNPCL invites him to PH Refinery, Speaks on ‘Halting Crude Oil Supply to Dangote

Published

4 hours ago

January 2, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Nigerian National Petroleum Company Limited (NNPCL) has invited former President Olusegun Obasanjo to visit the Port Harcourt Refinery and assess its operational status firsthand.

Naijablitznews reports this is coming barely hours after the former president’s on the reactivated refineries.

Obasanjo had granted interview on Channels Television, in which he cited advice from Shell Petroleum Development Company (SPDC) raising concerns about the refinery’s potential inefficiency.

SPDC, which had been approached for equity participation in the refinery, reportedly attributed these concerns to corruption impacting operations.

Obasanjo also accused NNPCL of misleading the public regarding the refinery’s performance.

In response, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, emphasized the company’s commitment to transparency and invited Obasanjo to see the progress made since the refinery’s rehabilitation.

Soneye highlighted that the rehabilitation efforts involved more than just maintenance, but a complete overhaul to meet international standards, with similar projects underway at the Warri, old Port Harcourt, and Kaduna refineries.

Soneye also noted that NNPCL’s transition from a government corporation to a private entity with limited liability has refocused the company on profitability, aiming to position it as a competitive global energy player. He reassured Nigerians of NNPCL’s dedication to sustaining operations that meet global standards and contribute to the nation’s energy security.

Addressing Obasanjo’s comments, Soneye acknowledged the former president’s role in national discussions and reaffirmed NNPCL’s commitment to a brighter future. Regarding rumors about NNPCL cutting crude oil supplies to the Dangote Refinery, Soneye dismissed the reports as false, indicating there was no need to respond to such claims.

News

Oil Prices Rise On First Trading Day Of 2025

Published

4 hours ago

January 2, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

On Thursday, marking the inaugural trading day of 2025, global oil prices experienced a modest increase.

Brent crude futures experienced an increase, reaching $74.80 a barrel by 0547 GMT, marking a gain of 17 cents, or 0.06%

Meanwhile, U.S. West Texas Intermediate crude futures rose by 19 cents, or 0.26%, settling at $71.91 a barrel

On Tuesday, New Year’s Eve, Brent crude oil prices increased by 65 cents, while West Texas Intermediate (WTI) saw a rise of 73 cents on the same day

In 2024, global oil prices experienced significant fluctuations, driven by ongoing conflicts in the Middle East and a notable decline in oil demand from China

China’s Economic Growth Fuels Optimism.

Investors are closely monitoring the expansion of China’s economy.

According to a report by Reuters, oil investors are expressing optimism regarding potential growth in China’s economy, which may lead to increased oil demand from the Asian powerhouse

This sentiment follows President Xi Jinping’s commitment to fostering growth by 2025

In his New Year’s address, the President of China committed to enacting more proactive policies aimed at stimulating economic growth in 2025

China’s factory activity experienced sluggish growth in December 2024, according to a recent survey by Caixin and S&P Global

However, there are indications of a modest recovery in the services and construction sectors, pointing to the potential impact of policy stimulus measures.

Impact of US Economic Policies

As US President-elect Donald Trump prepares to take office on January 20, investors are expressing concerns about the potential effects of tariffs

Due to the New Year holiday, the Energy Information Administration has delayed the release of the weekly U.S. oil stocks data until Thursday, which investors are currently anticipating

Market analyst Tony Sycamore shared insights with Reuters, noting that the weekly chart for WTI is narrowing, suggesting that a significant price movement is on the horizon

The upcoming US ISM manufacturing release is poised to play a crucial role in determining the next direction for crude oil prices.

Instead of attempting to forecast the direction of the impending break, he suggested that it would be more prudent to observe it as it happens and then align with it.

Nigeria’s oil price assumption for the year

The administration of President Bola Tinubu has established the 2025 budget based on the expectation that global oil prices will hover around $75 per barrel.

Additionally, the government has committed to increasing oil production to exceed 2 million barrels per day

Elements influencing oil prices in 2025. We project China’s oil demand to peak in 2025. We anticipate an increase in oil prices should this occur

The Economic and Technological Research Institute (ETRI) of the China National Petroleum Corporation forecasts an increase in oil demand to around 770 million tonnes in the world’s second-largest economy by 2025. India’s Demand: If demand surges in India, the country with the highest population globally, we could witness a significant increase in oil prices. Analysts predict that India is poised to overtake China as the dominant oil market in Asia.

Trump’s commitment to the slogan “drill, baby, drill” has sparked significant discussion regarding energy policies and environmental implications. Upon taking office, President Trump has committed to an immediate increase in oil production within the United States. Experts suggest that this scenario may be unlikely, as the private sector predominantly influences the oil and gas industry in America. The impact of OPEC: Last year, the Organization of the Petroleum Exporting Countries (OPEC) faced challenges managing oil prices despite implementing production cuts.

We cannot yet predict the potential impact on the oil market in 2025. Analysts suggest that OPEC’s influence in the global oil market has diminished compared to its historical prominence.