Oil Subsidy: FG Halts Foreign, Domestic Loans

Hamilton Nwosa
Writer

Ad

Ambode Reaffirms Loyalty to APC, Denies ADC Governorship Bid, Backs Tinubu for 2027

By Abiola Olawale A former Lagos State Governor Akinwunmi Ambode has dismissed rumors of a governorship bid under the African Democratic Congress (ADC), reaffirming his commitment to the All Progressives Congress (APC) and President Bola Ahmed Tinubu’s 2027 re-election campaign. In a statement released today, Saturday, August 9, Ambode described the speculations as “false publications”…

Audu Ogbeh: Tinubu, Obasanjo, Eminent Nigerians Mourn

By Abiola Olawale Eminent Nigerians have expressed sadness over the death of Chief Audu Ogbeh, former Minister of Agriculture and Rural Development and ex-National Chairman of the People’s Democratic Party (PDP). President Bola Ahmed Tinubu, former President Olusegun Obasanjo, and other prominent Nigerians have paid heartfelt tributes to the late statesman, describing him as a…

The Controversial East African Crude Oil Pipeline Is Nearing Completion

The East African Crude Oil Pipeline (EACOP), 64.5% complete, will connect Uganda’s oilfields to Tanzania’s Port of Tanga for global crude exports. Despite $3.6 billion already spent and new financing secured, the project continues to face backlash from human rights groups and environmental activists. Critics cite displacement of communities and threats to ecosystems, while developers…

Ad

The Federal Government, FG,  on Monday said that with its removal of subsidy on petrol and exchange rate harmonisation, it has no intention to borrow from any local or foreign organization

The Minister of Finance and Coordinating Minister of the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.

According to him, the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.

Edun further said that with the increased revenue from subsidy removal, various palliatives had been made available to cushion its effects on a short, medium and long term bases.

He reiterated the President Bola Tinubu-led administration’s desire to refloat the economy.

On his part, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said investment offers were already coming up in different sectors of the economy, including oil and gas, health, solid minerals and agriculture.

She said that her ministry would collaborate with relevant Ministries, Departments and Agencies of government to achieve the president’s commitment to creation of jobs for the teeming youthful population of Nigeria.

The Minister of Health, Prof. Ali Pate, said that critical sections of the health value chain would be exploited to improve the economy and create jobs for Nigerians.

He said that the president had directed them to be courageous and innovative in taking decisions that would benefit the country, adding that the president is already taking such moves.

Pate said that the president was responsive to the need to set the economy on the path of progress with his move to remove subsidy on petrol on his first day in office.

The Minister of Information and National Orientation, Alhaji Mohammed Idris, said that the president charged the cabinet members to be transparent in their dealings, especially in disseminating necessary information.

He urged the media to avail themselves the opportunity of verifying and fact checking their stories in order not to misinform the public.

Ad

X whatsapp