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Subsidy removal fill further pauperize Nigerians

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Our attention has been drawn to a call by the National Leader of the All Progressives Congress (APC) and former governor of Lagos State, Asiwaju Bola Tinubu on the Federal Government to remove fuel subsidy.

This call, coming at this time when Nigerians are suffering untold hardship as a result of the downturn in global economy is both shocking and disappointing.

It is particularly disturbing that such call was made by a leader of the APC, a party whose leaders were in the forefront of a protest that shook the nation when former President Goodluck Jonathan increased fuel price to N97 per liter a few years ago.

As we speak, more than 15 states are unable to pay their workers as a result of the shortfall in the nation’s earnings.

Without doubt, the removal of the fuel subsidy, which in truth is about the only thing that Nigerians enjoy from the government, will inflict more hardship on hapless Nigerians.

Therefore, any increase in the price of fuel via the removal of subsidy will definitely lead to increase in the prices of food stuff, while transport fares will shoot up, leaving civil servants who are already suffering from the shortfall in government’s allocations to suffer more.

Rather than attempt to remove subsidy, the government should focus its attention on efforts to put our refineries in good shape.

It is a shame that at this age of our national life, Nigeria takes her crude oil to smaller countries like Equatorial Guinea to refine and later bring back same into the country as imported fuel.

Nigerians cannot continue to take the same old story by government that it cannot continue to subsidize the price of fuel, when we all know that that is only little benefit that Nigerians enjoy.

But the truth is that the call for subsidy removal should not surprise any Nigerian with discerning mind.

The government had for some time now drummed it into our ear to prepare for tougher times.

Government has also promised us change, but whatever change Nigerians expect and deserve from President Muhhamadu Buhari should not be to further push them into poverty.
Let President Buhari and all organs of government responsible for production and distribution of oil in the country stop the blame game and go after the disease instead of continuing to treat the symptom, which at all times, have only given us temporary reprieve.

More importantly, it is imperative that the government should know that any attempt to remove subsidy will only benefit the oil marketers, the cartel and all those who have combined to make living hell for Nigerians.

It is also important to remind government that any talk of subsidy in Nigeria is a government magic designed to deceive the people.

If truth be told, it is Nigerians that subsidize the little the government is doing.

Nigerians provide their own power, borehole, security, fill potholes and send their kids to private schools.

These are the problems President Buhari and the government should focus its attention on and not a planned subsidy removal as punishment for Nigerians for voting for him.

Signed

Otunba (Dr) Gani Adams

National Coordiantor, Oodua People’s Congress.

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Controversial Sterling Bank caught in the act! CBN sanctions, parades officials for hoarding new naira notes [VIDEO]

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Officials of the Central Bank of Nigeria (CBN) have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks, THE WITNESS reports.

 

In a trending video on social media, seen by THE WITNESS, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.

 

The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.

 

The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.

 

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.

 

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”

 

WATCH VIDEO HERE:

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FCMB Manager Arrested For Hoarding New Naira Notes

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A manager of the First City Monument Bank (FCMB) branch in Osogbo, Osun State capital, has been arrested for allegedly preventing Automated Teller Machines (ATMs) loaded with cash from dispensing money to customers.

The spokesperson of the Independent Corrupt Practices and other related offenses Commission (ICPC), Azuka Ogugua, in a statement on Friday said the cash bundles were loaded into the ATMs while still wrapped, and as such, could not be dispensed through the machines

“The ICPC Compliance Team in Osogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team, therefore, directed that the wrappers be removed, and the cash loaded properly’.

Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash.

Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.

 

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New naira: ICPC arrests Stanbic IBTC Bank manager over sabotage

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The Independent Corrupt Practices and other related offences Commission (ICPC), has arrested an official of Stanbic IBTC Bank in Abuja for alleged sabotage.

The ICPC spokesperson, Azuka Ogugua, said the development was in continuation of ICPC’s clampdown on elements frustrating efforts in making the redesigned Naira notes available to members of the public.

The bank official, who is the branch service head of Stanbic IBTC Bank, Deidei Branch in Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATMs) even when the cash was available and people were queuing at the ATM points.

The statement reads: “When the ICPC monitoring team stormed the bank at about 1:30pm on Friday to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, the team was informed by the branch’s head of operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash earlier around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“The ICPC said investigations were still ongoing and the Commission will take appropriate actions as soon they are concluded.

“Similarly, seven Point of Sale (PoS) operators as well as a security guard were arrested during an ongoing exercise in Osun State for charging exorbitant commissions for cash.

“Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons were helping the anti-graft commission with information to assist investigations and bust other syndicates involved in the hoarding and sales of the redesigned Naira notes,” the anti-graft agency said.

 

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