Connect with us

Featured

Shedding light on the petrol subsidy imbroglio

Published

on

By Olukola Osunbunmi

Nigeria is a blessed country, no doubt. Almighty God in His infinite mercies has blessed Nigeria with everything that most developed countries in the world do not have. But there is a curse to our development or should one say there are clauses or impediments for the giant in Nigeria to be reawakened. In the 1960s, Nigeria was at par with the Asian Tigers namely Hong Kong, Taiwan, South Korea and Singapore. But unfortunately, we were left behind by the aforementioned countries between the early 1950s and 1990s as they underwent rapid industrialization while at the same time maintained exceptionally high growth rate of 7 percent a year. At a time in the history of this nation, our currency, the naira, was one of the strongest in the world. It had more value than the dollar and pound sterling.

In March 2009, the late President Umaru Musa Yar’Adua of blessed memory unveiled and launched the logo of the ‘Rebranding Nigeria’ campaign with the slogan: ‘Good People, Good Nation’. Truly Nigeria is a country of good people but we have been very unlucky with those at the helm of affairs, elected or appointed. The sleaze that characterized the administration of former President Muhammadu Buhari cannot be over emphasised. Those saddled with the responsibilities of putting smiles on the faces of fellow compatriots rather made them weep in agony and pain. The attendant consequences have been followed with the gale of suspensions of the leading figures of the last administration and more will still come.

On May 29, 2023 at the Eagle Square Abuja during a change of baton between former President Buhari and President Bola Ahmed Tinubu, the latter made a pronouncement that put paid to the ghost of subsidy in Nigeria once and for all. The pronouncement meant that the Government will no longer subsidise petrol for the citizens rather the subsidy will be pushed to other sectors like health, education, transport and others that will make life more meaningful for an average Nigerian. It was a tough decision to make but Nigerians are gradually embracing the reality and are expectantly looking forward to how the Tinubu’s government will cushion the effect of the subsidy removal for them.

It did not however come as a surprise that the shylock oil marketers increased the pump price of petrol from N195 to N547 per litre, an increment of more than 250 percent. The question to ask is: how did the NNPC arrive at the new price? Immediately after the speech made by the President on the Petrol subsidy removal, one observed that petrol marketers in Abuja started selling at N350 per litre and this continued until the NNPC made their pronouncements that the pump price would henceforth sell at N537 per litre in Abuja. It however mean a litre of fuel is being subsidised at N352 per litre. Where is the money, who is keeping it for Nigeria and Nigerians, who are the beneficiaries and who are their cronies? Could these fellows come out boldly and tell Nigerians where the humongous money generated from the subsidy debacle are stashed.

To start with, how much does it take Nigeria to transport and bring back its refined crude from abroad? The understanding is that the crude is transported abroad to be refined and after the process is completed, the refined product is brought to Nigeria. The Premium Motor Spirit (PMS) otherwise known as petrol is not the only refined product from crude oil, there are diesel, kerosene, asphalt, paraffin, consumer goods, cosmetics among others.

It is high time agencies that have things to do with our oil and as well as the security agencies come forth to give account of their stewardships to Nigerians. How many litres of petrol does Nigeria consume daily? As at last year and early this year before the subsidy pronouncement, the Nigerian National Petroleum Company Limited (NNPCL) said Nigeria consumes 68 million litres daily. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) within the same period contradicted NNPCL’s claim. The NMDPRA also contradicted itself. It first gave 62.9 litres and later 66.8 litres. The Comptroller General of Nigeria Customs Service, Retired Colonel Hameed Ali also disagreed with NNPCL on the daily consumption of fuel. Following the subsidy removal, it is however strange that Nigeria now consumes between 13 million and 16 million litres of petrol per day. Where is the payment for the non-existing 52 million litres or thereabout been bandied about in the last 18 months? Where is the excess going to? Who is deceiving who? The oil industry players and heads of security agencies must come out clean. He who comes into equity must come with clean hands!

As a chartered Accountant, one cannot explain and convince myself as to how the NNPCL arrived at the N547 per litre and this has to be itemized and explained to all Nigerians as transparently as possible so as to earn the respect of all. The decision affects the life of all Nigerians and to a large extent, the explanation will help the Tinubu administration gain the trust of the people.

That being asked, it is being suggested that the Federal Government should allow the modular refineries to operate as the Dangote Refinery so as to cut down on perceived monopoly of the Dangote brand. If there is no competition, Nigerians will be forced to buy at the price being forced in them by this monopoly. In addition, those in the area of oil and gas and who have the capacity should in the interim be encouraged to bring in the PMS for competitive pricing and competitive service to Nigerians.

Osunbunmi is a chartered accountant and forensic auditor

Continue Reading

Featured

NELFUND: The Renewed Hope Engine Propelling Nigeria’s Youth into Tomorrow

Published

on

By Dayo Israel, National Youth Leader, APC

As the National Youth Leader of the All Progressives Congress, I have spent most of my tenure fighting for a Nigeria where every young person, regardless of their ward or local government, family income, or circumstance, can chase dreams without the chains of financial despair.

Today, that fight feels like victory, thanks to the Nigerian Education Loan Fund (NELFUND). Launched as a cornerstone of President Bola Ahmed Tinubu’s Renewed Hope Agenda, this initiative isn’t just a policy tweak; it’s a revolution. And under the steady, visionary hand of Managing Director Akintunde Sawyerr, NELFUND has transformed from a bold promise into a roaring engine of opportunity, disbursing over ₦116 billion to more than 396,000 students and shattering barriers for over a million applicants.

Let’s be clear: NELFUND was always destined to be a game-changer. Signed into law by President Tinubu on April 3, 2024, it repealed the outdated 2023 Student Loan Act, replacing it with a modern, inclusive framework that covers tuition, upkeep allowances, and even vocational training—ensuring no Nigerian youth is left on the sidelines of progress.

But what elevates it from groundbreaking to generational? Leadership. Enter Akintunde Sawyerr, the diplomat-turned-executioner whose career reads like a blueprint for results-driven governance. From co-founding the Agricultural Fresh Produce Growers and Exporters Association of Nigeria (AFGEAN) in 2012—backed by icons like former President Olusegun Obasanjo and Dr. Akinwumi Adesina—to steering global logistics at DHL across 21 countries, Sawyerr brings a rare alchemy: strategic foresight fused with unyielding accountability.

As NELFUND’s pioneer MD, he’s turned a fledgling fund into a finely tuned machine, processing over 1 million applications since May 2024 and disbursing ₦116 billion—₦61.33 billion in institutional fees and ₦46.35 billion in upkeep—to students in 231 tertiary institutions nationwide. That’s not bureaucracy; that’s brilliance.

Sawyerr’s touch is everywhere in NELFUND’s ascent. Since the portal’s launch, he’s overseen a digital ecosystem that’s as transparent as it is efficient—seamless verification, BVN-linked tracking, and real-time dashboards that have quashed misinformation and built trust. In just 18 months, the fund has empowered 396,252 students with interest-free loans, many first-generation learners who might otherwise have dropped out.

Sensitization drives in places like Ekiti and Ogun have spiked applications — 12,000 in a single day in one instance, while expansions to vocational centers in Enugu pilot the next wave of skills-based funding. And amid challenges like data mismatches and fee hikes, Sawyerr’s team has iterated relentlessly: aligning disbursements with academic calendars, resuming backlogged upkeep payments for over 3,600 students, and even probing institutional compliance to safeguard every kobo. This isn’t management; it’s mastery—a man who doesn’t just lead but launches futures.

Yet, none of this happens in a vacuum. President Tinubu’s alliance with trailblazers like Sawyerr is the secret sauce securing Nigeria’s tomorrow. The President’s Renewed Hope Agenda isn’t rhetoric; it’s resources—₦100 billion seed capital channeled into a system that prioritizes equity over elitism. Together, they’ve forged a partnership where vision meets velocity: Tinubu’s bold repeal of barriers meets Sawyerr’s boots-on-the-ground execution, turning abstract policy into tangible triumphs. It’s a synergy that’s non-discriminatory by design—Christians, Muslims, every tribe and tongue united in access—fostering national cohesion through classrooms, not courtrooms.

As Sawyerr himself notes, this is “visionary leadership” in action, where the President’s political will ignites reforms that ripple across generations.

Why does this matter to us, Nigeria’s youth? Because NELFUND isn’t handing out handouts—it’s handing out horizons. In a country where 53% of us grapple with unemployment, these loans aren’t just funds; they’re fuel for innovation, entrepreneurship, and endurance.

Picture it: A first-generation polytechnic student in Maiduguri, once sidelined by fees, now graduates debt-free (repayments start two years post-NYSC, employer-deducted for ease) and launches a tech startup. Or a vocational trainee in Enugu, equipped with skills funding, revolutionizing local agriculture. This is quality education that endures—not fleeting certificates, but lifelong launchpads. Sawyerr’s focus on human-centered design ensures loans cover not just books, but bread—upkeep stipends of ₦20,000 monthly keeping hunger at bay so minds can soar. Under his watch, NELFUND has debunked doubts, refuted fraud claims, and delivered results that scream sustainability: Over ₦99.5 billion to 510,000 students by September, with 228 institutions on board.

As youth leaders, we see NELFUND for what it is: A covenant with our future. President Tinubu and MD Sawyerr aren’t just allies; they’re architects of an educated, empowered Nigeria—one where poverty’s grip loosens with every approved application, and innovation blooms from every funded desk. This isn’t charity; it’s an investment in the 70 million of us who will lead tomorrow.

We’ve crossed one million applications not because of luck, but leadership—a duo that’s turning “access denied” into “future unlocked.”

To President Tinubu: Thank you for daring to dream big and backing it with action.

To Akintunde Sawyerr: You’re the executor we needed, proving that one steady hand can steady a nation.

And to every Nigerian youth: Apply. Graduate. Conquer.

Because with NELFUND, your generation isn’t just surviving—it’s thriving, enduring, and eternal.

The Renewed Hope isn’t a slogan; it’s our story, now written in scholarships and success. Let’s keep turning the page.

Dayo Israel is the National Youth Leader of the All Progressives Congress (APC).

Continue Reading

Trending

error

Enjoy this blog? Please spread the word :)