Press focuses on report that fuel subsidy, oil theft gulped N29tn, others

APA – Lagos (Nigeria)
The Nigerian Government’s claim that the amount spent on subsidising petrol between 2005 and 2021 was N13tn, and that the country lost N16.3tn to oil theft from 2009 to 2020 is one of the trending stories in Nigerian newspapers on Friday.
The Punch reports that the Nigerian Government, on Thursday, said that the amount spent on subsidising Premium Motor Spirit, popularly called petrol, between 2005 and 2021 was N13tn, adding that the country lost N16.3tn to oil theft from 2009 to 2020.
It disclosed this in Abuja through the Nigeria Extractive Industries Transparency Initiative at a policy dialogue on oil swap, co-hosted by NEITI and Policy Alert, an indigenous civil society organisation, with support from the Opening Extractives.
In a presentation by NEITI’s Executive Secretary, Orji Ogbonnaya-Orji, which was made available to our correspondent, he said there was an urgent need to make decision on the agitation for the removal of fuel subsidies.
He stressed that the full deregulation of the petroleum sector would permanently lay to rest the conversation around oil swaps, adding that latest findings by NEITI showed the humongous amount spent on subsidising fuel by the government.
“NEITI’s latest policy brief titled, ‘The cost of fuel subsidy: A case for policy review,’ revealed that Nigeria expended over N13tn ($74bn) on fuel subsidies between 2005 and 2021.
“The figure in relative terms is equivalent to Nigeria’s entire budget for health, education, agriculture, and defence in the last five years, and almost the capital expenditure for 10 years between 2011 2020. It is also important to note other economic opportunity costs of fuel subsidy which include slashing allocations for the health, education, and technology infrastructure sectors.”
The newspaper says that aviation workers’ unions have threatened to withdraw their services over the refusal of the Federal Government to release the reviewed condition of service negotiated over seven years ago.
Other grievances include the non-implementation of the National Minimum Wage consequential adjustments and arrears for workers of the Nigeria Meteorological Agency since 2019.
The union also rejected the planned demolition of aviation agency buildings in Lagos to pave the way for an airport city project initiated by the Minister of Aviation, Hadi Sirika.
In a notice of a two-day warning strike signed by the secretaries general of five aviation unions – National Union of Air Transport Employees, Air Transport Services Senior Staff Association of Nigeria, Association of Nigeria Aviation Professionals, National Association of Aircraft Pilots and Engineers, and the Amalgamated Union of Public Corporation Civil Service Technical and Recreation Services Employees – it was stated that if the warning strike, scheduled to commence on April 17 failed, an indefinite strike would be embarked upon.
The unions had on February 7, 2023 issued a 14-day ultimatum to the Federal Government on the same issued.
In the latest strike notice, the unions said they had directed their members to comply with the directive, adding that all state councils, branches, and executives had been mandated to enforce the directive.
The Guardian reports that multiple economic shocks in recent years, amid a slow rise in per capita income in more than three decades, have put developing economies in real danger if urgent steps are not taken, the managing director of International Monetary Fund (IMF), Kristalina Georgieva, has warned.
Speaking at the start of a session on concessional finance at the ongoing Spring Meetings of the World Bank and IMF, holding in Washington DC, Georgieva said the world has to work together to close the existing gap.
She hinted that since the outbreak of the COVID-19 pandemic, the IMF has provided $24 billion in support through the Poverty, Reduction and Growth Trust (PRGT) alleviating the suffering of the poor and preventing instability from spreading beyond borders.
The IMF chief, however, was quick to add that higher interest rates have raised the cost of borrowing and increased the funding shortfall.
“We have to work together to close this gap and I have no doubt that we will be successful,” Georgieva said, adding that every dollar committed in PRGT subsidies translates into $5 of interest-free lending.
As a first step forward, she solicited bridging the subsidy gap by providing pledges of $1.6 billion, saying $4.7 billion is needed to close the gap in the credit market.
She observed that higher interest rates make bringing down the cost of lending to low-income countries harder, adding that as a result, the resource gap for the PRGT has grown.
“What this means is that by October, by closing this gap, we can restore access to concessional financing for PRGT-eligible countries at par with access for our GRA-eligible countries.
That is meaningful on its own from a financial standpoint. It is also meaningful in terms of equality of treatment and the sense that we are one community – all our members,” she stated.
The newspaper says that the Nigerian Government has reiterated its commitment to providing quality, affordable and accessible healthcare services to Nigerians.
Mr Joseph Ekumankama, the Minister of State for Health, made this known at the presentation of certificate of ISO 17025:2017 to the National Laboratory Equipment Calibration Centre (NaLECC).
Ekumankama, who commended the centre for receiving an accreditation by the Kenya Accreditation Services (KENAS), said Nigeria was signatory to several global initiatives and committed to the health and development of her citizens.
He said the reforms omplemented by the Medical Laboratory Science Council of Nigeria (MLSCN) on the health sector was in line with the efforts of Federal Government to reposition the health centre.
”This action will enable the federal government to meet the yearnings of the citizens for quality, affordable and accessible healthcare.
“It is indeed remarkable as the council has recorded such a milestone within a short period of existence.
”I am happy with the number of activities for quality service delivery and you are trying for excellence.
“The council is always attempting to break new frontiers albeit; they do not allow the ministry any breathing space, the milestones of course can only be achieved by hard work, creativity and foresight,’’ Ekumankama said.
Dr Mary Boyd, Country Director, U.S. CDC said that the U.S. Sub-Saharan Africa strategy was released with the intend to pursue four objectives, one of which is on health.
“The strategy has outlined the plan to build core capacities to prevent, detect and respond to infectious diseases globally, including addressing challenges related to diagnostics and service delivery that would enhance health security”
“This accreditation is the first of its kind in Nigeria and a major step towards our mission of public health excellence for healthy Nigerians”
“It is to positively impact on the region as it allows international accredited laboratories across West Africa to have their equipment calibrated right here in the region,’’ she said.
GIK/APA