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Hardship: FG To Distribute N25K Monthly Across 15m Households
The Federal Government is set to distribute N25,000 monthly across 15 million households nationwide as part of measures to minimise the level of economic hardship faced by Nigerians.
Since coming to office last year, President Bola Tinubu ended fuel subsidies and currency controls, leading to a tripling of petrol prices and a spike in living costs as the naira slid against the dollar.
The policies of the current administration has subjected many Nigerians to suffer an economic crisis with soaring inflation, leaving many people struggling to afford food. Many citizens have taken to the streets to register their displeasure with Tinubu’s style of leadership.
Speaking during an exclusive interview on Channels Television, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the Federal Government is working to alleviate the hardship, especially for the poor and vulnerable.
“But I think the important thing to point out, at this time, is that the focus of Mr President is on keeping his promise, particularly to the poor and the vulnerable. Food prices are elevated, and the purchasing power is limited and that is what Mr President is speaking directly to through the intervention programme of direct payments of N75,000 each over three months,” Edun said.
“That is N25,000 a month to 15 million households and each household is about five people. So, that effectively provides funding for 75 million people.”
The minister also re-echoed the Federal Government’s plan to provide grains to help cushion the rising cost of food items.
“More recently, there was a 42,000 metric tonnes release from the strategic reserves with another 60,000 metric tonnes to come. This is all in a bid to make sure there is food in the marketplace,” the minister said.
According to the minister, the current administration is also planning to give artisans, traders, women, and youth, a grant of N50,000 to start nano businesses to improve productivity.
“In this particular case there will be digital verification, just like with the direct payments, direct transfer procedure and in this particular case, it will cover at least 1000 people in all 774 local governments,” he said.
“So that programme will now be another N50 billion. The important thing is to know that to the extent that this is the most direct way to help people at this time, it can be expanded it can be continued until we find a more stable environment in terms of food production, food prices, and affordability through increased spending power of the poor people.”
He stated that the reason for the economic situation at the moment is as a result of eight years of a buildup of money supply, liquidity in the system, and money which was not matched with increased production.
To Edun, the microeconomic put in place would go a long way to provide relief, as technology would be deployed to ensure payments and revenues paid would go directly to desired places without any intermediary.
By Kayode Sanni-Arewa
The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in the pump price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail outlets in the Federal Capital Territory (FCT), Abuja.
According to a report by The Cable, the petrol price at the NNPC station in Wuse Zone 3, Abuja, was cut from ₦935 per litre to ₦910, signaling a slight relief for consumers in the nation’s capital.
However, the new pricing has not yet extended to Lagos, where petrol prices at NNPC retail outlets remain unchanged. This discrepancy has sparked renewed concerns over regional price variations in Nigeria’s downstream oil market.
The latest adjustment comes in the wake of an intensifying price contest between NNPC and the privately-owned Dangote Refinery. Just days earlier, on May 12, the Dangote Refinery lowered its ex-depot petrol price to ₦825 per litre, a strategic move aimed at capturing a larger share of the domestic fuel market.
The price reduction appears to be an outcome of recent high-level discussions between NNPC’s Group Chief Executive Officer (GCEO), Bayo Ojulari, and Dangote Refinery’s founder, Aliko Dangote. The meeting, held on May 9, reportedly sought to realign the relationship between the two entities and promote collaboration rather than rivalry.
Speaking after the meeting, Dangote stated, “There is no competition between us; we are not here to compete with NNPC Ltd. NNPC is part and parcel of our business, and we are also part of NNPC. This is an era of cooperation between the two organisations.”
Ojulari echoed this position during a press briefing on May 12, attributing the petrol price reduction to the recent procurement of fuel at lower international prices. He explained that the earlier surge in pump prices was due to existing stock purchased by marketers at higher rates.
“This downward price adjustment reflects our effort to respond to changing supply conditions and deliver better value to Nigerians,” Ojulari said, while also noting that more adjustments may occur as the market stabilizes.
Industry observers view the ongoing price adjustments as an early indicator of growing competition in Nigeria’s petroleum sector, especially with the Dangote Refinery ramping up its operations. Analysts believe that sustained collaboration between both players could enhance supply efficiency and potentially ease the burden of fuel costs for consumers nationwide.
News
BUNKERING: Army, Tantita Security Arrest Truck Laden with Illegally Extracted Crude Oil in Delta
A joint team comprising officers of the 181 Battalion, Nigerian Army, Oleh, and personnel from Tantita Security Services Nigeria Ltd. has arrested a vacuum truck involved in illegal crude oil extraction at Well 3, Olomoro, in Isoko South Local Government Area of Delta State.
According to reports, the truck, which previously belonged to Engr. Daniel Omoyibo, also known as Damotech, was gifted to the driver, Mr. Matthew Ojomikre, who is currently being detained at the Forward Operating Base (FOB), 181 Battalion, Oleh.
Upon interrogation, the driver confessed that his company had been contracted by Heritage Energy Operational Services Ltd. to evacuate sludge from Well 3, Olomoro. However, he was unable to provide any formal approvals or documentation authorizing the activity, as was previously the norm.
Until recently, Heritage Energy Operational Services Ltd. had consistently provided crude and condensate trucking permits to officers of the Nigerian Army and Tantita Security Services Nigeria Ltd. for proper monitoring from the loading point to the discharge location.
Officers of Tantita Security Services, in collaboration with a team from Heritage and the Nigerian Army, have collected samples from the vacuum truck for laboratory testing and analysis.
The preliminary confessional statement from the driver indicates that he illegally collected crude oil from Well 3 under the pretense of evacuating sludge from the wellheads.
Authorities have reported that the same truck has previously been involved in unauthorized crude oil evacuations within the Isoko axis.
The driver, the truck, and its contents remain in custody at the 181 Battalion Base in Oleh for further interrogation and possible prosecution.
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