Press spotlights President Tinubu’s Democracy Day nationwide address, others

APA – Lagos (Nigeria)
President Bola Tinubu’s nationwide address on Nigeria’s Democracy Day on Monday that hailed the winner of the June 12, 1993 presidential election, Chief MKO Abiola and promised to ease subsidy removal pains dominates the headlines of Nigerian newspapers on Monday.
The Punch reports that President Bola Tinubu, on Monday, hailed the winner of the June 12, 1993 presidential election, Chief MKO Abiola.
He described the late businessman who died in suspicious circumstances after his election was annulled by the late Gen Sani Abacha, as the symbol of democracy.
Tinubu, who acknowledged the hardship being faced by Nigerians in the aftermath of the fuel subsidy removal, said his administration will “reward” their sacrifices with “massive investment” in transportation infrastructure, education, regular power supply, healthcare, and other public utilities that will improve their quality of life.
The President, who said he identified with the pain of Nigerians, argued that the temporal discomfort was necessary to save the country from going under.
“I feel your pain. This is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements,” Tinubu said in his maiden Democracy Day address to Nigerians as President.
In his inaugural speech on May 29, the President stated that subsidy can no longer justify its ever-increasing costs in the wake of drying resources. Therefore, it had to go.
The PUNCH reported that the aftermath of Tinubu’s announcement was the increase in petrol pump price from N195 to N537 nationwide, alongside an ancillary price increase.
The newspaper says that Nigeria lost $46.16bn to crude oil theft between 2009 and 2020, while it lost $10.7bn annually to subsidy on Premium Motor Spirit, popularly called petrol, the Energy and Natural Resources subcommittees of the Advisory Council of President Bola Tinubu, has revealed.
A summation of the amounts lost to oil theft and subsidy indicated that the country lost a total of $56.86bn, going by figures released in the Policy Advisory Council Report, dated May 2023, which was prepared when Tinubu was still President-elect.
On highlights of economic and sector challenges in the report, the council also stated that $70bn worth of investments was lost in the petroleum industry since 2011 due to the absence of the Petroleum Industry Act.
The PIA was signed into law by former President Muhammadu Buhari, after dragging for decades as a bill at the National Assembly.
The report further pointed out that at seven per cent, Nigeria’s revenue to Gross Domestic Product ratio was among the five lowest in the world.
It read in part, “Insecurity is a major sector challenge. $46.16bn was lost to crude oil theft between 2009 and 2020. $10.70bn lost annually to PMS subsidy and inefficiencies associated with the purchase, distribution, and sale of PMS.
“Governance and regulatory concerns have eroded investor confidence, diverting private capital needed for the development of critical oil and gas infrastructure.
“Cumulatively, these have reduced the energy sector contribution to economic growth and deprived citizens of the necessary infrastructure and social amenities required for improving living standards.”
The council outlined some targets to be pursued by the President between 0 to 100 days, adding that there was a need to unify exchange rate window, reorganise the Nigeria Upstream Petroleum Regulatory Commission/Nigeria Midstream and Downstream Petroleum Regulatory Authority.
The Guardian reports that a Senior Advocate of Nigeria and human rights lawyer, Femi Falana, has warned the Department of State Services (DSS) against mishandling ongoing investigation of suspended Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
According to him, “DSS lacks the power to investigate and prosecute Emefiele, in respect of allegations of money laundering and other economic crimes.”
In a statement, yesterday, Falana said: “After investigating the alleged involvement of Mr. Emefiele in terrorism financing, DSS should transfer him to the Economic and Financial Crimes Commission (EFCC) for the purpose of investigating the allegations of money laundering and allied offences. Otherwise, investigation of the case will be bungled by the DSS!”
The statement reads in part: “A few months ago, the DSS levelled grave allegations of terrorism financing, money laundering and other economic crimes against Mr. Godwin Emefiele. At the material time, attempt by the DSS to arrest, investigate and prosecute Emefiele was frustrated by the erstwhile Buhari administration.
“However, following the suspension of Emefiele as CBN Governor by President Bola Tinubu, the DSS quizzed him in Lagos and flew him to Abuja. According to media reports, the investigation of the suspect by the DSS has commenced. Even though the DSS, which initially denied the arrest, has since turned round to admit that Emefiele is in its custody.
“In the case of Dr. Bukola Saraki v. Federal Republic of Nigeria (2018) 16 NWLR (pt. 1646) 433-434, the Supreme Court ruled that EFCC lacks the vires to investigate and prosecute the appellant for breach of provisions of the Code of Conduct Bureau and Tribunal Act. It was for that principal reason that the apex court freed Senator Saraki.
“In line with the principle of law enunciated by the apex court in Saraki’s case, the DSS lacks the power to investigate and prosecute Emefiele in respect of allegations of money laundering and other economic crimes.”
The newspaper says that besides court order, shoddy preparation by Ministry of Aviation has been fingered for the failure of Nigeria Air to scale the hurdle of Air Operators Certificate (AOC).
The Guardian learnt that the controversial project had only passed stage one of the five-stage mandatory processes before the hurried unveiling by former Minister of Aviation, Hadi Sirika, which the National Assembly has, in turn, described as a “fraud” deserving of prosecution.
But in pushback, Sirika said the event in Abuja was not Nigeria Air’s official launch, but a ‘static display’ at the request of Ethiopia Airline, to which he was also invited as a guest.
Sirika, on TV, yesterday, also dismissed fraud claim by the Chairman, House of Representatives Committee on Aviation, Nnolim Nnaji, saying Nnaji was an embittered party, who was refused a request to own five per cent stake in the national carrier.
He said: “You know, I record all my things anyway, and I have it very clear. What I said to him (Nnaji) in private, I will say now, just to give him some comfort. He (Nnaji) asked me to give him five per cent of Nigeria Air, to carry him and his people along. And I told him in private that the five per cent belongs to the owners, and I believe they will be willing to offer him, if he has the money.
“So, it is not me giving it. I didn’t get involved. It was a bidding process. I am very sure they would have reserved five per cent for him and his people. So, he should approach them and get the five per cent that he needed.
“I want to assure you that at some point, even the five per cent shares owned by the Federal Government will go to the market. So, he should get his money ready and buy for him and his people.
“Let’s be fair, he (Nnaji) did not say other members. He said himself and his people. His people could be his family members; it could be the leadership.”
Sirika added that contrary to the humongous sum credited to the botched national carrier, only N5 billion had been budgeted for the project, and only N3 billion had, thus far, been released.
He also blamed Airline Operators of Nigeria (AON), especially the owners of Air Peace and United Nigeria Airline (UNA) for going to the “so-called court” to stall the national project.
GIK/APA