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No Power, Petrol Price Hikes Till After Elections

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Nigerians should be ready for hike in power and petrol prices immediately after the 2019 general elections, economists and investors in the power and petroleum sectors have warned.

In a chat with New Telegraph in Lagos, they insisted that the expedient hike in prices of electric power and Premium Motor Spirit (PMS); two utility products in Nigeria, will wait till immediately after the general elections.

Speaking with this newspaper last night, CEO of Financial Derivatives, Mr. Bismarck Rewane, a frontline economist, said nothing would happen on both power tariff and petrol price until after the election.

“Nothing will happen until the government gets another four-year mandate. If they do now, they will lose and that will not be a wise decision,” he said.

Similarly, Managing Director, Cowry Asset Management, Mr. Johnson Chukwu and investors in the 11 distribution companies, said that no party or individual that emerges winner in the election will sustain the energy tariff and oil subsidy burden.

The All Progressives Party (APC)-led Federal Government, New Telegraph gathered last weekend, foreclosed the processes it started to make the current prices of these two products competitive basically because of the effects it could have on voting pattern during the forthcoming general elections.

The Nigerian National Petroleum Corporation (NNPC) incurs about N774 million daily under-recoveries to subsidise the N145 per litre pump price of petrol across the country.

Chukwu told this newspaper that the “government is absorbing the shock presently, which is inevitable, but at the long run, any government that comes in after the election will definitely review the prices.”

Specifically, he said: “Immediately after the election, whoever wins will not sustain the energy tariff and oil subsidy.

“Even if the government increase tariff today, the power generation will not change overnight, it will only enable operators to raise funds to strengthen their networks.”

Besides, he noted that the reality of the matter was that no government will inflict hardship on the masses prior to an election.

“So they are actually not willing to say that they want to increase tariffs or drop subsidy on oil before the general elections.

“They will be going for votes in the next six months to seek for mandate and there is no reason for any government to want to increase any tariff few months to the national election. It doesn’t happen anywhere in the world.

For me, it is a known fact that government will not increase the tariff. The government is currently absorbing the loss in terms of price difference between boarding price of petroleum product and the pump price,” he said.

Blaming the current woes in the power sector on the government’s inability to effect a cost-reflective tariff for power, investors in the 11 DISCOS in the country, said through their Director, Research and Advocacy, Association of Electricity Distributors (ANED), Sunday Oduntan, that the government can’t raise power tariff.

“They (the government) can’t do that until after the elections. They just cannot do that because it will be politically unwise. You know, there are problems,” he said, but refused to be specific.

He described the government’s inaction to raise the power tariff as “illegal.”

Besides, he insisted that actions and inactions of the Minister of Power, Works and Housing, Mr. Babatunde Fashola, on the tariff and relationship with shareholders should be checked if the country is ready to be out of the power crisis.

The minister’s relationship with stakeholders, he said, is headmaster/pupils rapport, as such, “gives no room for sincere collaboration.”

“Under the watch of Mr. Fashola as the minister, the Nigerian Electricity Regulatory Commission (NERC) has conducted no minor review of the Multi-Year Tariff in violation of the law. This has worsened the under recovery in the entire value chain far above N1.1 trillion,” he said.

Stating that the DISCOs are battling with dire economic situation foisted on them by the lack of cost-reflective tariff, Oduntan maintained that only one of the DISCOs had foreign direct investment as at the time the Power Holding Company of Nigeria (PHCN’s) assets were sold to them. Others procured the assets with facilities from the Nigerian banks.

Meanwhile, International Oil Companies (IOCs) in Nigeria’s oil and gas industry have commissioned studies on feasibility of violence during the 2019 general elections with focus on protection of over 1.2 million barrels of equity crude they produce daily in the country.

This move, investigations by this newspaper showed, has led most of the oil producers into talks with foreign and local safety and security consultants as the polls draw nearer.

Describing this move as a normal routine by “multi-national business concerns”, a management staff of one of the IOCs who confirmed this development to this newspaper, maintained that the consultants are being charged to beam searchlight on areas such as the oil-rich Niger Delta where over 2 million barrels of oil are being produced jointly by the IOCs, NNPC and the indigenous oil companies.

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FG declares holidays for Christmas, New Year

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The Federal Government has declared Wednesday, December 25; Thursday, December 26; and Wednesday, January 1, 2025 as public holidays to mark Christmas, Boxing Day, and New Year celebrations.

This announcement was made by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, through a statement signed by the ministry’s Permanent Secretary, Magdalene Ajani, on Monday.

Tunji-Ojo extended greetings to Nigerians, encouraging citizens to embrace the season’s values of love, peace, and unity.

“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” Tunji-Ojo said.

He further emphasised the need for Nigerians to strengthen familial and community bonds, fostering harmony that contributes to national development.

Reassuring Nigerians of the government’s dedication, Tunji-Ojo stated, “The Federal Government is committed to ensuring peace, security, and prosperity across the nation.”

He expressed optimism that President Bola Tinubu’s Renewed Hope Agenda would drive the country toward a more prosperous 2025.

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IGP directs FCID to take over investigation of Jimoh Abdulqaudri’s death in Police custody

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The Inspector-General of Police (IGP), Kayode Adeolu Egbetokun, made an unscheduled visit to Ilorin, Kwara State, on Sunday and directed the Force Criminal Investigations Department (FCID) to immediately take over the investigation into the death of Jimoh Abdulqaudri, who reportedly died in police detention on Friday, December 20, 2024.

Jimoh, who had been arrested over a debt of N220,000 owed to his employer, Mr. Peter, was allegedly tortured to death by some police officers at the Kwara State Command. The police initially informed the family that he had hung himself in the cell.

While addressing Balogun Fulani, the traditional ruler of the community, IGP Egbetokun urged the people, particularly the youth, not to take the law into their own hands. He assured the community that a thorough investigation would be conducted and that justice would be served.

“I have directed the Commissioner of Police to investigate this matter thoroughly. We will get to the root of this incident and make the findings public,” Egbetokun said. “I ask for calm and caution, as we await the outcome of the investigation. I am already forming my opinion, but I will not conclude until the investigation is complete.”

The IGP also stated that “very competent detectives” had taken over the investigation, expressing confidence that the truth about Jimoh’s death would be revealed.

In his comments, IGP Egbetokun assured the deceased’s family of the police’s support, saying, “We will support the family in any way we can. If there is anything we can do to ease their pain during this difficult time, they should reach out to us.”

Various community leaders, including Balogun Fulani, youth representatives, and the Ilorin Descendants Union, demanded justice for Jimoh’s death.

Jimoh’s family, including his elder brother Ismail and his mother, Mrs. Adijat Moriyike, told the IGP that the deceased had been tortured by the police. They claimed that police operatives had beaten him with a hard object, causing his nose to bleed, and later falsely reported that he had committed suicide.

“My brother was arrested over a debt of N220,000, and we were in the process of settling it,” his elder brother explained. “He was arrested with his phone and N350,000. We were called around midnight on December 20 to bail him, but when we arrived at the police headquarters, we were told he had been taken to the hospital. At the General Hospital mortuary, we saw his body covered in blood. They claimed he hanged himself, but my brother was tall and couldn’t have done that in the cell.”

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IGP Never Ordered Beating, Attacks On Policemen During Stop And Search. It Is A Lie – FPRO

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The Nigeria Police Force wishes to address a viral fake news story that has emerged, claiming that Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM., has instructed citizens to physically assault and throw stones at police officers who request to search their phones.

This claim is entirely false and has no basis in reality. The IGP has not issued any such directive encouraging violence against law enforcement officers. Instead, he has called on citizens to report instances of police misconduct through appropriate channels. This approach underscores the importance of accountability and maintaining the rule of law, rather than resorting to violent actions.

Members of the public are urged to make use of the following Police helplines & contacts to lay complaints whenever necessary: +2347056792065, +2349133333785, +2349133333786, @PoliceNG on X, @ngpolice on Facebook, and @nigeriapoliceforce on Instagram. Citizens can also contact us by mail through; pressforabuja@police.gov.ng and reach us through the police website at npf.gov.ng

Members of the public are advised to remain vigilant against misinformation and verify information through credible sources. The Nigeria Police Force remains committed to fostering a cooperative and trustful relationship between the police and the communities they serve.

ACP OLUMUYIWA ADEJOBI, mnipr, mipra, fCAI
FPRO, ABUJA.
22ND DECEMBER 2024.

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