Our Story: VP Osinbajo's official position on New Fuel Price

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.

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New Deadly Disease Breaks Out in Nigeria, As Killed one Person

The Federal Government has alerted Nigerians to the outbreak of a killer disease known as Stevens-Johnson Syndrome in the country. The Minister of Health, Prof. Isaac Adewole, who announced the outbreak of the disease at a news conference in Abuja, said the disease had killed one person. Another person affected by the disease was responding to treatment at the National Hospital, Abuja. Urging Nigerians not to panic, Adewole said that the Federal Government was doing everything possible to check the outbreak. He described the health condition as an unusual allergic reaction to medications found in Nigeria and some parts of Europe.


He said, “We have to find a means to communicate with Nigerians, so they should all be aware of this dangerous disease and it is the sole business of the government to enlighten the society by trying to increase their awareness, knowledge and to improve their quality way of life.”


The minister urged Nigerians to be vigilant and seek urgent medical attention should they notice any sign of a rare disease.


Adewole urged members of the public to be more careful while using medications of all kinds.


He called for increased awareness in the use of drugs and in the reading of drug leaflets before use.


At the press conference, a Senior Consultant Physician/Dermatologist at the National Hospital, Abuja, Dr. Olanrewaju Falodun, said: “SJS is an immune complex mediated hypersensitivity reaction that typically involves the skin and mucous membranes and was first described in 1922 by Albert Stevens and Frank Johnson.


“SJS is a rare and unpredictable reaction, and is also a minor form of toxic epidermal necrolysis with less than 10 percent body surface area involvement.


“SJS is a rare but serious and potentially life-threatening contagious drug reaction. Incidence of SJS is estimated between 1.1 and 7.1 cases per million per year and is more prevalent in women than men.”

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Tyga shows off his New diamond jewelry on IG

This was hours after Kylie showed hers off on snapchat.

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Lagos Stil remains most attractive investment destination in Africa - Ambode

Lagos State Governor, Mr. Akinwunmi Ambode on Friday emphasised the leadership status of the State as the most attractive location financially and socially for investment in Africa, just as he reiterated the commitment of his administration towards putting in place policies to attract investment and facilitate conducive atmosphere for businesses to thrive. Governor Ambode, who spoke in Lagosat the grand opening of CFAO Yamaha Showroom and Assembly Plant, said with a population in excess of 21 million, a significant proportion of which comprises of the mid-class with strong purchasing powers, he was convinced that the State has what every investor desires in investing in any city. He said aside the fact that Lagos accounts for 60 per cent of Nigeria's industrial capacity, the State also attracts between 70 to 80 per cent of $6bn annual Foreign Direct Investment (DFI) into Nigeria, adding that measures are being taken to increase the figure by 50 per cent. The Governor lauded the collaboration between CFAO of France and Yamaha of Japan to bring about the joint venture in LagosNigeria, saying the partnership was good news forLagoseconomy and a boost to the efforts of his administration in bringing investment to the State.


"The significance of locating this Assembly Plant inLagosis very clear.Lagosremains the most attractive location financially and socially for investment in Africa. I have come to assure you that you have made the right decision to locate your business here," he said. He said the take off of the CFAO Yamaha Plant inLagosbrings the number of assembly plants located inLagosto over 10, adding that the State still has the capacity to accommodate more plants.


Besides, Governor Ambode recalled how his administration, upon inception, prioritized the issue of makingLagosthe first choice destination for foreign investment. While stating that the State is open for business and serious investors, Governor Ambode assured investors and would-be investors that government would continue to invest in security, job opportunity and infrastructure which are the tripod upon which his administration was built.


He said: "We will therefore continue to invest in the critical infrastructure and security to guaranty safety and good return on investment. As a government, we will continue to explore ways to create an enabling environment to make your business thrive. We are committed to introducing new incentives for businesses inLagosto enable them grow, support the society and take more of our youths off the street.


"The ease of doing business is of concern to us and as a result, we are working to improve the indices of doing business inLagoswhile we continue in our commitment to carry out judicial and security sector reforms." Earlier, Chairman of CFAO Yamaha Motor Nigeria Limited, Mr. Gbenga Oyebode thanked Governor Ambode for making out time not only to personally attend the event, but also arriving on time, saying the development was an eloquent testimony of the Governor's commitment to encourage investment in the State.


Also, Managing Director of the company, Mr. Olivier Levigne said the vision of the firm is to be the grand company and a great organisation that is an open enterprise and a leader in its chosen field.


The CFAO Yamaha Showroom and Assembly Plant has the capacity to produce 70, 000 Motorbikes annually.

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MTN Business Launches SME Value Pack

MTN Business has launched a new SME-tailored solution called MTN SME Value Pack. This is a complete business-enabling solution that comes with an MTN Business-branded Internet router, an MTN Business-branded desk phone, a professional email account, data bundle, voice call minutes and bulk SMS – all in one package.


Amina Oyagbola, MTN Executive, said,“This new solution is an unbeatable choice for smart businesses. It is specially designed to make a huge difference in the way SMEs work. With this solution, growing businesses will have easy and convenient access to all the necessary tools they need to succeed.


This also reaffirms our commitment towards SMEs and our recognition of the critical role they play in every economyboth in development and job creation.”


Speaking further, Oyagbola noted that MTN SME Value Pack is in consonance with the MTN vision of leading the delivery of a bold, new digital world to its customers, of which SMEs are an integral part.


Onyinye Ikenna-Emeka, General Manager, Enterprise Marketing, MTN Nigeria,also lauded the benefits of MTN SME Value Pack, saying, “We believe thatthis solution will help SMEs achieve greater productivityeasily, while enhancing their business profile.MTN SME ValuePack, which can be purchased at any MTN store, comes in two bundle options from which SMEs can conveniently choose, with the assurance of getting real value.”


The launch of MTN SME Value Pack follows the recent launch ofThe MarketplaceandMTN Business Cloud Services, all geared towards enabling and inspiringthe millions of members of theSmall and Medium Enterprises Development Agency of Nigeria (SMEDAN)-recognizedforSME growth.

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Tiwa Savage celebrates is 1 million followers, on facebook

Tiwa Savage celebrated over 1 million facebook followers on her page and shared it on her IG page, she also stepped out in a nice top and distressed jeans. She wrote: Thank you, we are over a milli on Facebook.com/officialtiwa savage #God #Is #Faithful # Savage Soldiers More photos after the cut...

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Obama gives directive to all public schools in the US to allow transgender students use bathroom they identify with

The Obama administration yesterday recommended that all public school districts in the entire country allow transgender students to use whatever bathroom and locker-room that matches their gender identity. In the letter sent to all school districts in the US, transgender students should be allowed to use wherever they want without been asked for documentation to prove their preferred sexuality or medical diagnosis.


In a letter outlining guidance for schools that were sent out yesterday, the administration said as a condition of receiving federal funds, "a school may provide separate facilities on the basis of sex, but must allow transgender students access to such facilities consistent with their gender identity." The letter says the school should not require any medical diagnosis, nor should they demand documentation reflecting the student's gender identity before taking steps to protect transgender students, "even in circumstances in which other students, parents, or community members raise objections."


Adding that while schools are permitted to offer single-use restrooms to students who want "additional privacy," they should not require transgender students to use single-use facilities if their classmates are not required to do the same.


The letter was signed by officials from the Departments of Justice (DOJ) and Education.


Alongside the letter to school districts, officials will distribute a list of "emerging practices," advice for how to deal with a number of issues, from ensuring faculty uses the student's preferred pronoun to preventing staff from inadvertently disclosing a student's status as transgender.


The best practices document also gives guidance on how schools can "protect the privacy rights of all students," holding up a suggestion from Washington state that recommends offering "students who may feel uncomfortable sharing the facility with the transgender student(s)" the option to use a separate single-occupant restroom.


Human Rights Campaign President Chad Griffin called the directive 'groundbreaking'. He said in a statement: “This is a truly significant moment not only for transgender young people but for all young people, sending a message that every student deserves to be treated fairly and supported by their teachers and schools,"


Source: ABC News

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