Saturday, 14 May 2016

President Buhari with Rev Idowu-Fearon in London (Photo)

In the course of his itinerary during the London Anti-Corruption Summit, President Muhammadu Buhari was at Lambeth Palace, the official residence of the Archbishop of Canterbury.

Photo shows President Buhari being introduced by the Archbishop of Canterbury, Justin Welby to the Most Revd Josiah Idowu-Fearon  at Lambeth Palace on Friday.

Buhari on his return from London Anti-Corruption Summit (Photo)

President Buhari arrived Nnamdi Azikiwe International Airport, Abuja Friday night aboard Nigerian Air Force One.

Friday, 13 May 2016

How Police arrest the poor in Nigeria by Twitter user (Photo)

A Twitter user captured this arrest scene highlighting the difference in how the police in Nigeria treat the poor and the rich suspects.

He then called for more equitable treatment of both classes of suspects.

@sufianuopeyemi
@ngrpolice treat poor worse dan rich,the solutn isnt to mke pple richer.It's to mke police treat pple more equitably.

When Head of Interpol came calling at Force Headquarters Abuja (Photos)

The Executive Director of the International Criminal Police Organization, INTERPOL, Mr. Tim Morris visited the Inspector-General of Police IGP Solomon E. Arase NPM, fdc in his office at Force Headquarters Abuja on Wednesday, 11th May 2016.

Buhari to name looters on May 29

President Muhammadu Buhari told the press in London on Friday that he would disclose the names of Nigerians who have looted the public treasury in a speech he will make on May 29.

Speaking at the sidelines of the Tackling Corruption Together Summit in London, Buhari said :
“So far, what has come out, what has been recovered in whatever currency from each ministries, departments and individuals, I intend on the 29th to speak on this because all Nigerians are getting from the mass media because of the number of people arrested either by the EFCC, DSS. But we want to make a comprehensive report on the 29th.

Asked if the names of those indicted for corruption will be published, he said:
“Yes, eventually, it has to be done because we want to successfully prosecute them. But you know you cannot go to the courts unless you have documents for prosecution.

“People signed for these monies into their personal accounts, their banks gave statements that the money is there, when it came, how much and so on.”

See the first ever female Police force PRO in Nigeria

For the first time in its history, Nigeria Police has her first female Public Relations Officer. 

She is ACP Olabisi Kolawole.

VP Osinbajo explains hike in petrol price

13 May 2016 | OFFICE OF THE VICE PRESIDENT:
THE FUEL PRICING DEBATE: OUR STORY

Fellow Citizens:
I have read the various observations about the fuel pricing regime and the attendant issues generated. All certainly have strong points.
The most important issue of course is how to shield the poor from the worst effects of the policy. I will hopefully address that in another note.

Permit me an explanation of the policy. First, the real issue is not a removal of subsidy. At $40 a barrel there isn't much of a subsidy to remove.

In any event, the President is probably one of the most convinced pro-subsidy advocates.

What happened is as follows: our local consumption of fuel is almost entirely imported. The NNPC exchanges crude from its joint venture share to provide about 50% of local fuel consumption. The remaining 50% is imported by major and independent marketers.

These marketers up until three months ago sourced their foreign exchange from the Central Bank of Nigeria at the official rate. However, since late last year, independent marketers have brought in little or no fuel because they have been unable to get foreign exchange from the CBN. The CBN simply did not have enough. (In April, oil earnings dipped to $550 million. The amount required for fuel importation alone is about $225million!) .

Meanwhile, NNPC tried to cover the 50% shortfall by dedicating more export crude for domestic consumption. Besides the short term depletion of the Federation Account, which is where the FG and States are paid from, and further cash-call debts pilling up, NNPC also lacked the capacity to distribute 100% of local consumption around the country. Previously, they were responsible for only about 50%. (Partly the reason for the lingering scarcity).

We realised that we were left with only one option. This was to allow independent marketers and any Nigerian entity to source their own foreign exchange and import fuel. We expect that foreign exchange will be sourced at an average of about N285 to the dollar, (current interbank rate). They would then be restricted to selling at a price between N135 and N145 per litre.

We expect that with competition, more private refineries, and NNPC refineries working at full capacity, prices will drop considerably. Our target is that by Q4 2018 we should be producing 70% of our fuel needs locally. At the moment even if all the refineries are working optimally they will produce just about 40% of our domestic fuel needs.

You will notice that I have not mentioned other details of the PPRA cost template. I wanted to focus on the cost component largely responsible for the substantial rise, namely foreign exchange. This is therefore not a subsidy removal issue but a foreign exchange problem, in the face of dwindling earnings.
Thank you all.

VICE PRESIDENT YEMI OSINBAJO, SAN
May 13, 2016

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