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Fuel Price Hike And Market Fundamentals 

With the recent slump in global crude, oil price shock and the pandemic outbreak of COVID-19, induce economic lockdown impact on the masses. The Nigerian Government has gifted her citizenry increase in PMS (Petrol Motor Spirit) Price from N145 to N151.56/litre, but in reality fuel is been sold majorly between N161 to N170/litre in filling stations across the nation.

This news didn’t come as a surprise to many analyst and economist going by the prevailing circumstance around crude and primary commodities price falls and depression triggered by world economy uncertainties. Even with the trajectory eyes on the storm of recession hovering over us. The news also came on the heels of the fraudulent and cosmetics monthly PMS Price fixing regime and deregulation of the oil sector by Petroleum Products Pricing Regulatory Agency (PPPRA) in the last three months.

Let rewind back to March, 2020 when the Federal Government, through the PPPRA, announced a new fuel price regime. First, was the reduction price regime from N145 to N125/litre that came into effect on March 19, 2020. Followed is government’s approval of adjustment of N121.50 to N123.50 per litre PMS. Then, followed again, was the N141.80 to N143.80 per litre of petrol, adjustment in June, 2020.

Secondly, then came the Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu, who said “Going forward, pricing of the PMS will reflect market fundamentals in a circular dated Wednesday, July 1, 2020, to oil marketers, with PMS pump price increase from N143.80 to N145 /litre, Saidu noted that the essence of “the price band was to ensure price efficiency that would be beneficial to both consumers and oil marketers. PPPRA will continue to monitor price trends and advise monthly guiding price for all petroleum products, based on prevailing market realities and other pricing fundamentals,” he stated.

Saidu further explained that the recent plunge in oil price occasioned by the outbreak of COVID-19 and slowing global oil demand had a direct bearing on the EOMP of petrol, pushing it to a level below the pump price cap of N145/litre. He however concludes that “Nigerians should be ready to pay high or low prices for petrol following the price liberalization scheme currently in place and what we have in place is a market reflective pricing system”
Earlier in the year also on May 15, 2020, a statement credited to the Minister of State for Petroleum Resources, Timipre Sylva, who said deregulation was approved on March 19 this year. Adding that “But as you all know, PMS (Premium Motor Spirit) and other petroleum products are very strategic commodities, so you cannot allow the prices of these commodities to be determined wholly by the marketers,” he stated.

Sylva further said that “deregulation meant that the government would no longer continue to be the main supplier of petroleum products, but would encourage the private sector to take over the role of supplier of the products”. Officially, as we all know since 2017, the NNPC is the monopoly sole importer of petrol into the country after private oil marketers stopped importing due to crude price fluctuations globally, while the PPPRA retains the unjust price template.

Thirdly, then came, the bombshell, provocative and dooms day statement by the Minister of State for Petroleum Resources, Timipre Sylva which rightly observed by saying, fuel subsidy “benefiting in large part are the rich, rather than the poor and ordinary Nigerians.” The government decided to rid itself of the burden by the removal of the subsidy on petrol pump price was abundantly and categorically clear in affirmatively this month of September, 2020 with PMS Price from N145 to N151/litre.

He, however, noted that efforts were being made to develop alternative fuels to the PMS by deepening the utilization of Liquefied Petroleum Gas/Compressed Natural Gas as auto gas in Nigeria. From, aforementioned, it stands to reason that here is the glaringly contradiction, that would be creating controversy and confusion, soon the “market fundamentals”.

The purview and crux of this piece is to x-ray the genuity and ingenuity of market fundamentals that the government as so much put it hopes on to drive the pump price of PMS in Nigeria. “Accordingly, price will naturally be adjusted to reflect a true picture of market fundamentals at any particular period, high or low” The question is how true the above statement, we knowing fully well that the so called market fundamentals is hinge on supply and demand, hancour on the invisible hand of market forces, embellish in profit maximization drive of global capitalism.
In as much as government decide to bite the bullet so as to put in place a more transparent pricing model, stimulate investment growth in the sector and encourage resumption of product imports by oil marketing companies. Regrettably, with the shambles and rots in the downstream sector of Nigeria’s oil and gas industry, government throwing the sector up into the risky and uncertainty space and manipulative tendency of market fundamentals live us with concern. One great pitfall of market fundamentals is it poor scientific outlook and dangers it will pose to our economy.

The petroleum products marketers in this realm would be market fundamentalist. To this end we are confronted with the following questions: Will the market fundamentalist not exploit consumers with arbitrary pricing and round tripling of PMS? Would the market fundamentalist not create artificial scarcity of PMS? Will the market fundamentalist not put pressure on the naira? Will the market fundamentalist not join forces with forex speculator to sabotage, distort and deflect our foreign reserve? How would the uncertainty challenges of accessing foreign exchange be address?

The way forward, if the government is serious about the deregulation of the sector, is not surrendering PMS Price to market fundamentals that are predicated on free market capitalist economy principles not devoid of rooted sharp practices and market manipulation. Secondly, repositioning the sector is to attract the much-needed investments in functioning refineries and pipelines transport construction in the country with incentives for investors in that sectors. Thirdly, the government should also avoid creating a situation where the market fundamentalist in the PMS importation become a nightmare to CBN tired less and painstainking efforts to keep the naira stability jeopardized by the market fundamentalist cowboys. Lastly, we expect healthy competition among marketers that would enhance value for consumers without monopolistic structure that market fundamentals normally bring on, to kill vibrant and competitive market, a cyclical feature of free market economy. In conclusion, we must say here that market fundamentalist are primitive accumulator and maximum profit minded.

By: Adefolarin A. Olamilekan
Political Economist & Development Researcher
Email: Adefolari77@Gmail.Com
Tel: 08073814436.

You can follow Daily Watch Press publications or drop your comment below and reach the writer through the above address.

Hon. Minister of Information And Culture, Alhaji Lai Mohammed On Recent Increase In Petrol And Electricity Prices

The Minister of Information and Culture, Alhaji Lai Mohammed in Press Conference today, address the recent issues surrounding the the hike in the price of fuel and electricity tariff. The Adress was as follows:

ON: FUEL PRICES

As you are aware, the long-drawn fuel subsidy regime ended in March, 2020, when the Petroleum Products Pricing Regulatory Agency (PPPRA) announced that it had begun fuel price modulation, in accordance with prevailing market dynamics, and would respond appropriately to any further oil market development.

Recall that the price of fuel then dropped from 145 to 125 Naira per litre, and then to between 121.50 and 123.50 Naira per litre in May. With the low price of crude oil then,
the cost of petrol, which is a derivative of crude oil, fell, and the lower pump price was passed on to the consumers to enjoy. With the price of crude inching up, the price of petrol locally is also bound to increase, hence the latest price of 162 Naira per litre. If, perchance, the price of crude drops again, the price of petrol will also drop, and the benefits will also be passed on to the consumers.

The angry reactions that have greeted the latest prices of Premium Motor Spirit (PMS) are therefore, unnecessary and totally mischievous.

Gentlemen, the truth of the matter is that subsidizing fuel is no longer feasible, especially under the prevailing economic conditions in the country. The government can no longer afford fuel subsidy, as revenues and foreign exchange earnings have fallen by almost 60%, due to the downturn in the fortunes of the oil sector. Yet, the government has had to sustain expenditures, especially on salaries and capital projects. Even though we have acted to mitigate the effect of the economic slowdown by adopting an Economic Sustainability Plan, we have also had to take some difficult decisions to stop unsustainable practices that were weighing the economy down.

One of such difficult decisions, which we took at the beginning of the Covid-19 pandemic in March – when oil prices collapsed at the height of the global lockdown – was the deregulation of the prices of PMS. As I said earlier, the benefit of lower prices at that time was passed to consumers. Everyone welcomed the lower fuel price then. Again, the effect of deregulation is that PMS prices will change with changes in global oil prices. This means quite regrettably that as oil prices recover, there will be some increases in PMS prices. This is what has happened now.

Government can no longer afford to subsidize petrol prices, because of its many negative consequences. These include a return to the costly subsidy regime. With 60% less revenues today, we cannot afford the cost. The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this Administration. The days in which Nigerians queue for hours and days just to buy petrol, often at very high prices, are gone for good. Of course, there is also no provision for fuel subsidy in the revised 2020 budget, because we just cannot afford it.

Gentlemen, the cost of fuel subsidy is too high and unsustainable. From 2006 to 2019, fuel subsidy gulped 10.413 Trillion Naira. That is an average of 743.8 billion Naira per annum. According to figures provided by the NNPC, the breakdown of the 14-year subsidy
is as follows:

  • In 2006 Subsidy was 257bn
  • In 2007 Subsidy was 272bn
  • In 2008 Subsidy was 631bn
  • In 2009 469bn
  • In 2010 667bn
  • In 2011 2.105tn
  • In 2012 1.355tn
  • In 2013 1.316tn
  • In 2014 1.217tn
  • In 2015 654bn
  • In 2016 Figure Not Available
  • In 2017 Subsidy was 144.3bn
  • In 2018 730.86bn
  • And in 2019 Subsidy was 595bn
  1. The Federal Government is not unmindful of the pains associated with higher fuel prices at this time. That is why we will continue to seek ways to cushion the pains, especially for the most vulnerable Nigerians. The government is providing cheaper and more efficient fuel in form of auto gas. Also, Government, through the PPPRA, will ensure that marketers do not exploit citizens through arbitrarily hike in pump prices. And that is why the PPPRA announced the range of prices that must not be exceeded by marketers.
  2. In spite of the recent increase in the price of fuel to 162 Naira per litre, petrol prices in Nigeria remain the lowest in the West/Central African sub-regions. Below is a comparative analysis of petrol prices in the sub-regions (Naira equivalent per litre);
  • Nigeria – 162 Naira per litre
  • Ghana – 332 Naira per litre
  • Benin – 359 Naira per litre
  • Togo – 300 Naira per litre
  • Niger – 346 Naira per litre
  • Chad – 366 Naira per litre
  • Cameroon – 449 Naira per litre
  • Burkina Faso – 433 Naira per Litre
  • Mali – 476 Naira per litre
  • Liberia – 257 Naira per litre
  • Sierra Leone – 281 Naira per litre
  • Guinea – 363 Naira per litre
  • Senegal – 549 Naira per litre
  1. Outside the sub-region, petrol sells for 211 Naira per litre in Egypt and 168 Naira per litre in Saudi Arabia. You can now see that even with the removal of subsidy, fuel price in Nigeria remains among the cheapest in Africa.

ON: ELECTRICITY TARIFF

  1. Another issue we want to address here today is the recent service-based electricity tariff adjustment by the Distribution Companies, or
    DISCOS. The truth of the matter is that due to the problems with the largely-privatized electricity industry, the government has been
    supporting the industry. To keep the industry going, the government has so far spent almost 1.7 trillion Naira, especially by way of supplementing tariffs shortfalls. The government does not have the resources to continue along this path. To borrow just to subsidize generation and distribution, which are both privatized, will be grossly irresponsible.
  2. But in order to protect the large majority of Nigerians who cannot afford to pay cost-reflective tariffs from increases, the industry regulator, NERC, has approved that tariff adjustments had to be made but only on the basis of guaranteed improvement in service. Under this new arrangement, only customers with guaranteed minimum of 12 hours of electricity can have their tariffs adjusted. Those who get less than 12 hours supply will experience no increase. This is the largest group of customers.
  3. Government has also noted the complaints about arbitrary estimated billing. Accordingly, a mass metering programme is being undertaken to provide meters for over 5 million Nigerians, largely driven by preferred procurement from local manufacturers, and creating thousands of jobs in the process. NERC will also strictly enforce the capping regulation to ensure that unmetered customers are not charged beyond the metered customers in their neighbourhood. In other words, there will be no more estimated billings.
  4. The government is also taking steps to connect those Nigerians who are not even connected to electricity at all. As you are aware, under its Economic Sustainability Plan, the government is providing solar power to 5 million Nigerian households in the next 12 months. This alone will
    produce 250,000 jobs and impact up to 25 million beneficiaries through the installation, thus ensuring that more Nigerians will have access to electricity via a reliable and sustainable solar system.
  5. Gentlemen, please note that despite the recent service-based tariff review, the cost of electricity in Nigeria is still cheaper or compares favourably with that of many countries in Africa.

COST IN NAIRA PER KWH IN SOME AFRICAN COUNTRIES.

  • Nigeria 49.75
  • Senegal 71.17
  • Guinea 41.36
  • Sierra Leone 106.02
  • Liberia 206.01
  • Niger 59.28
  • Mali 88.23
  • Burkina Faso 85.09
  • Togo 79.88

ON: CONCLUSION

  1. Gentlemen, the timing of these two necessary adjustments, in the petroleum and power sectors, has raised some concerns among Nigerians. This is a mere coincidence. First, the deregulation of PMS prices was announced on 18 March 2020, and the price modulation that
    took place at the beginning of this month was just part of the on-going monthly adjustments to global crude oil prices.
  2. Also, the review of service-based electricity tariffs was scheduled to start at the beginning of July 2020 but was put on hold so that further studies and proper arrangements can be made. Like Mr. President said today, at the opening of the Ministerial Retreat, this government is not insensitive to the current economic difficulties our people are going through and the very tough economic situation we face as a nation. We certainly will not inflict hardship on our people.
    But we are convinced that if we stay focused on our plans, brighter and more prosperous days will come soon.
  3. The opportunistic opposition and their allies are playing dirty politics with the issue of petrol pricing and electricity tariff. Please note that these naysayers did not complain when the price
    adjustment led to lower petrol prices on at least two occasions since March. Nigerians must therefore, renounce those who have latched onto the issue of petrol pricing and electricity tariff review to throw the country into chaos.
  4. I thank you all for your kind attention Show quoted text.

Alh Lai Mohammed Charges New CEOs of Govt Agencies To Justify Their Appointments

According to report available to the Daily Watch Press, the Minister of Information and Culture, Alhaji Lai Mohammed, has charged the newly-appointed Chief Executive Officers of some agencies under the Ministry to consider their appointment by Mr. President as a call to national service.

The Minister, who gave the charge in Abuja on Friday at his maiden meeting with the CEOs, said they must work hard to justify their appointments.

He specifically urged them to key into the 9-Point Agenda of the Administration, identified to guide the policy directions over the next few years and to achieve national development.

“You must consider your appointment by Mr. President as a call to national service, and you must work hard to justify it. A starting point is for you to ensure that the activities of your agencies key into the 9 priority areas of government.

“Of particular relevance to your various agencies, especially those in the culture and tourism sectors, are priorities 1, which is to build a thriving and sustainable economy, and 2, which is to enhance social inclusion and reduce poverty,” Alhaji Mohammed said, adding that the Ministry of Information and Culture is already working on these areas through its reform of the Creative Industry and the efforts to put in place a standard Audience Measurement System.

Describing the new CEOs as round pegs in round holes, he said they were carefully selected based on their respective track record of achievements, competence and years of dedication to duty.

The Minister said the CEOs are joining a government that is doing so much with so little, especially at a time of dwindling resources due to the sharp fall in the price of oil and the devastating impact of the Covid-19 pandemic on global economies.

He said in spite of the challenges, the government has remained steadfast in carrying out massive infrastructural renewal in the areas of roads, bridges, rail and power, among others.

Responding on behalf of his colleagues, the General Manager/CEO of the National Theatre, Prof. Sunny Ododo, thanked President Muhammadu Buhari for the appointments and assured that he and his colleagues will consolidate on the gains so far recorded by the Minister, and strive to make the Creative Industry an enviable component of the Nigerian economy.

The new CEOs who attended the meeting are: Mr. Buki Ponle, Managing Director, News Agency of Nigeria; Mr. Olalekan Fadolapo, Registrar, Advertising Practitioners Council of Nigeria; Prof. Sunny Ododo, General Manager/CEO, National Theatre; Mr. Francis Nwosu, Executive Secretary, Nigerian Press Council; Mr. Ado Muhammed Yahuza, Executive
Secretary/CEO, National Institute for Cultural Orientation and Mr. Ebetan William Ivara, Director-General, National Gallery of Arts.

Others are: Prof. Abba Isa Tijjani, Director-General, National Commission for Museums and Monuments; Mrs. Oluwabunmi Ayobami Amao, Director-General, Centre for Black and African Arts and Civilization and Mr. Nura Sani Kangiwa, Director-General, National Institute for Hospitality and Tourism.

The statement was made available today by Mr Segun Adeyemi, the Special Assistant To The President on Media, Office of The Minister of Information and Culture.

NUJ Strongly Condemns Femi Fani Kayode For Insulting Daily Trust Reporter

The verbal attack on a Daily Trust reporter, Mr Eyo Charles by former minister of Aviation, Femi Fani-Kayode, has been condemned by the Nigeria Union of Journalists (NUJ).

Mr Fani-Kayode was captured in a viral video pouring invectives on the reporter, Eyo Charles, whom he said asked him an “insulting” question.

The incident happened at a press briefing on Thursday in Calabar, Cross River State, where Mr Fani-Kayode wanted to talk to reporters about his tour of projects in the state.

The former minister got angry and told the reporter he was “foolish” for asking him who “bankrolled” his tour to Cross River and other states.

“What type of insulting question is that? Which bankroll? To do what? Who can give me money for anything? Who do you think you are talking to? Bankroll what? Go and report yourself to your publisher,” Mr Fani-Kayode said to the reporter.

“I could see from your face before you got here, how stupid you are. Don’t ever talk to me like that,” Mr Fani-Kayode kept yelling at the reporter who was still standing and apologising — “I am sorry, sir.”

“Don’t judge me by your own standards,” the former minister kept saying.

“I have been in politics since 1990. I am not one of those politicians that you think will just come…. I was taken, I have been locked up how many times by this government. I have been prosecuted, unlike most of these politicians you follow for brown envelopes!

“Don’t ever judge me by that standard. I spend, I don’t take and I am not a poor man, I have never been and will never be.”

The NUJ President, Chris Isiguzo, said in a statement, Tuesday, that Mr Fani-Kayode’s attack against Mr Charles was “gangster-like”.

Mr Isiguzo said the reporter was only asking “a simple question”.

“For him to have embarked on assessment of projects in some states, even though we are yet to be told under what platform, he is doing so, it is proper for the media to hold him to account for his actions and decisions,” Mr Isiguzo said.

Mr Isiguzo said the former minister’s reaction to the reporter’s question was against “simple decorum and civility” and, therefore, “unacceptable, dishonourable and reprehensible”.

He demanded a retraction from him.

“By delving into politics and holding political office, Fani Kayode is very conversant with the watchdog role of the media.

“We are more shocked that the same Kayode who had in recent times, used his social media handles to call leaders to account is at the same time attacking a journalist for a simple demand for him to unmask those behind his nationwide tour.

“He had already visited six states. This is indeed, terribly disappointing,” the NUJ president said.

“By denigrating the journalist, Fani Kayode has exposed himself the more as an intolerant and unstable person who will not want his activities closely scrutinised by the media.”

Media Trust, the employer of the reporter, Mr Eyo Charles has since comdemned the actions of the former minister for been reprehensible.

President Buhari Will Ends Nigeria’s Fuel Importation – Timipre Sylva

President Muhammadu Buhari is committed to putting an end to the importation of refined petroleum products into Nigeria, said the Minister of State for Petroleum Resources, Chief Timipre Sylva.

Sylva said the government is working to reverse Nigeria’s status as a net importer of Premium Motor Spirit, popularly called petrol, and as such had been supporting the establishment of modular refineries to boost indigenous PMS production.

The minister stated this after inspecting the Azikel Hydro-Skimming Refinery, the first hydro-skimming private modular refinery being built by businessman, Azibapu Eruani in Yenagoa, Bayelsa State.

The refinery, which is about 75 per cent completion, has the capacity to process or refine 12,000 barrels of crude per day.

He said this via a statement issued in Abuja on Wednesday by the spokesperson for the company, Austin Ebipade, Sylva said the modular refinery would facilitate the Federal Government’s objectives towards attaining self-sufficiency in the production of refined products.

Nigeria currently imports refined petroleum products such as petrol, diesel, aviation fuel and liquified petroleum gas.

According to the minister, the Azikel refinery was important to Nigerians and the country’s search for economic prosperity.

He was quoted in the statement as saying, “The Azikel Refinery is set to actualise the ‘export’ of refined products from Bayelsa State to other states in the Nigerian federation.

“It comes with a daily production of 1.5 million litres of petrol, one million litres of diesel, 500,000 litres of kerosene and aviation fuel.

“It will thereby reverse the stigma on Nigeria, the world’s fifth largest producer of crude oil being a net importer of refined products.”

Sylva commended the Nigerian Content Development Monitoring Board for the development of the project, as well as the participation of the Nigeria National Petroleum Corporation and Nigerian Agip Oil Company.

Others include Total Nigeria and Shell Petroleum Development Company of Nigeria for the supply of feedstock for the Azikel refinery.

Eruani, who is the President, Azikel Petroleum Refinery, pledged to work assiduously towards actualising the government’s objective of industrialising the nation.

Right Group Warns FG Against Borrowing To Fund Budgets

A Right Group called Human Rights Writers Association of Nigeria (HURIWA) has urge the Minister of Finance, Zainab Shamsuna Ahmed, that continuous borrowing from international organisations to fund the yearly budget is destructive to the country’s image.

HURIWA noted that Nigeria had been on expansionist budgets since 2016, with its budget rising from the N4 trillion mark in 2010 to above N6 trillion since 2016.

While acknowledging significant improvement in the Company Income Tax (CIT), Value Added Tax (VAT), customs and other revenue lines, the group added that the Federal Government had resorted to large unfunded deficit through large borrowing, which raised its foreign debt continuously.

To this end, it called on the minister to give Nigerians information on the total revenues it generated in the last five years of the Muhammadu Buhari-led administration.

According to the rights group, the Federal Inland Revenue Service (FIRS) stated that in the first quarter of 2020, it recorded N1.12 trillion revenue, from the N1.04 trillion recorded in the first quarter of 2019 as a show of commitment towards achieving its N8.5 trillion revenue target for the year, despite turbulence in the global economic system, especially the sharp fall in the price of crude oil – the country’s major export and top revenue earner.

In a statement signed by its National Coordinator, Emmanuel Onwubiko, and the National Media Affairs Director, Zainab Yusuf, HURIWA noted that the senate, not too long ago, passed the revised 2020 budget of N10.8 trillion sent by Buhari, which was premised on the increase in the VAT rate from five per cent to 7.5 per cent.

Breaking: President Buhari Names Railway Stations After Prominent Nigerians

President Muhammadu Buhari has approved the naming of some railway stations along the Lagos-Ibadan and Itakpe/Ajaokuta/ Aladja/Warri corridors after some deserving Nigerian citizens. Minister of transportation Rt. Hon. Chibuike Amaechi disclosed this through a statement by his ministry’s Director of Press, Eric Ojiekwe.

The statement noted that the deserving citizens have contributed to the progress and development of their respective communities and the nation at large.

According to the statement, for the Lagos-Ibadan with extension to the Lagos Port Complex at Apapa railway station, the beneficiaries are: Bola Ahmed Tinubu (Apapa station) Mobolaji Johnson (Ebute Metta Station), Babatunde Raji Fashola (Agege station), Lateef Jakande (Agbado station) and Prof. Yemi Osinbajo (Kajola station).

Others are Funmilayo Ransome-Kuti (Papalanto station), Prof. Wole Soyinka (Abeokuta station), Aremo Segun Osoba (Olodo station), Chief Ladoka Akintola (Omio-Adio station), Chief Obafemi Awolowo (Ibadan station) and Chief Alex Ekwueme (Operation Control Centre)

For the Itakpe-Ajaokuta/Aladja-Warri Railway, the names are: Alhaji Adamu Attah (Itakpe station), Dr. Olushola Saraki (Ajaokuta station), Admiral Augustus Aikhomu (Itogbo station), Brigadier General George Innih (Agenebode station), Anthony Eromosele Enahoro (Uromi station), Chief Tom Ikimi (Ekehen station) and Brig. Gen. Samuel Osaigbovo Ogbemudia (rtd) (Igbanke station).

Others according to the statement include: Goodluck Ebele Jonathan (Agbor Station Complex), Brigadier General David Ejoor (Abraka station), Micheal Ibru (Opara station), Alfred Rewane (Ujevwu station) and Vice Admiral Mike Akhigbe (Railway Village, Agbor).

Signed:
Eric Ojiekwe
Director, Press and Public Relations Federal Ministry of Transportation
July 27, 2020

FEC Approves Establishment of N75 billion Nigeria Youth Investment Fund (NYIF) – Sunday Dare

The Nigerian Minister of Youth and Sports Development, Mr Sunday Akin Dare, Discloses That The FEC Approved The Nigeria Youth Investment Fund.

The Federal Executive Council (FEC) approves establishment of 75 billion Naira Nigeria Youth Investment Fund (NYIF), by Ministry of Youth and Sports Development, in fulfillment of Presidential mandate to accelerate national investment in young Nigerians.

Full statement by Minister, Sunday Dare:

President Buhari Wishes Foreign Affairs Minister Geoffrey Onyeama speedy Recovery

The Presidency issued a statement yesterday through Malam Garba Shehu, the Senior Special Assistant to the President on Media & Publicity.

The statement in which the President wishes Mr Geoffrey Onyeama speedy recovery, reads thus:

“President Muhammadu Buhari wishes Minister of Foreign Affairs, Geoffrey Onyeama, quick recovery as he goes into isolation after testing positive to Covid-19 on Sunday.

President Buhari described the minister as a strong pillar of his administration, commending him for tirelessly working to stem the spread of coronavirus in the country as a member of the Presidential Task Force on Covid-19, and ensuring safety of Nigerians abroad.

“The country is eternally grateful to Geoffrey Onyeama for his diligence in attracting international support to Nigeria to defeat the coronavirus pandemic and boost the economy. I wish him speedy recovery,” the President said.” He concluded.

Breaking: FG Announced Date For WASSCE Examinations

The Federal Government on Monday announced the date for the 2020 West African Senior School Certificate Examination.

During the daily briefing of the Presidential Task Force on COVID-19 in Abuja, the Minister of State for Education, Emeka Nwajiuba said the examination will hold from August 4th to September 5th 2020.

Nwajiuba added; “From the 4th of August to the 5th of September. Parents please take note.”

Candidates should visit Examination organizations websites for more information.