Press spotlights savings of N400bn in four weeks from subsidy removal, others

APA – Lagos (Nigeria)
The report that the Nigerian Government has so far saved about N400bn as a result of the removal of subsidy on petrol since May 31, 2023, when the initiative was officially implemented is one of the trending stories in Nigerian newspapers on Friday.
The Punch reports that the Nigerian Government has so far saved about N400bn as a result of the removal of subsidy on Premium Motor Spirit, popularly called petrol, since May 31, 2023, when the initiative was officially implemented, oil marketers stated on Thursday.
Also, the oil dealers stated that there was a high possibility for the cost of petrol to rise in July, going by the recent floating of the naira against the United States dollar by the Federal Government.
The Central Bank of Nigeria unified the country’s exchange rates into the Investors and Exporters window on June 14, 2023, allowing market forces to determine the exchange rate.
Operators in the downstream oil sector told our correspondent on Tuesday that going by the revelation of the Nigerian National Petroleum Company Limted as regards the amount being spent previously on subsidy every month, Nigeria had now saved hundreds of billions after halting the subsidy regime in May.
Right now they (the government) are making money. At least with this removal of subsidy, the government has racked in hundreds of billions, whether in naira or dollar. This is because every month we know how much they lose before,” the National President, Independent Petroleum Marketers Association of Nigeria, Chinedu Okonkwo, stated.
The newspaper says that the President of Dangote Group, Aliko Dangote, has maintained his position as Africa’s richest man, despite a fluctuating Nigerian currency against the dollar, according to the Bloomberg Billionaires Index.
Dangote’s wealth was valued at an impressive $15.6 billion in the recently released daily top billionaire lists on Tuesday, placing him at the pinnacle of African billionaires on the Index.
Ellon Musk and Bernard Arnault are the first and second richest people in the world, with fortunes totalling $219 billion and $194 billion, respectively. Jeff Bezos comes in third with $151 billion, followed by Microsoft CEO Bill Gates with $130 billion, and Larry Ellison comes in fifth with a net worth of $130 billion.
Despite the volatility of the Nigerian currency, Dangote’s consistent ranking as Africa’s richest person reflects his successful business ventures and investments in a variety of sectors.
Only five other Africans made the most recent list of the world’s top 500 billionaires for the year 2023. They include South Africans Johann Rupert and his family, who have a net worth of $13.3 billion, Nicky Oppenheimer, Nassef Sawiris, Natie Kirsh, and Naguib Sawiris, who have respective fortunes of $9.0 billion, $7.47 billion, $7.37 billion, and $5.93 billion.
The Guardian reports that Nigerians will continue to reap the rewards of our administration’s new economic reforms after the time of sacrifice needed to transform the nation.
President Bola Ahmed Tinubu made this known on Thursday in Lagos at a reception in his honour by the Lagos state government.
He said that these rewards would be replicated in all the states and local governments of the country through the active participation of all the three tiers of government.
He said that the administration would work tirelessly to ensure that the country is brought back from the economic brinks to that of economic resilience.
The president appreciated the governors and the members of the national assembly present at the event, adding that the solidarity must continue for the betterment of Nigerians.
“We will work together in an open door policy that will bring Nigeria from the brinks back to a resilient economy; be ready.
“You governors, I know what I am going to do from Monday, Tuesday, up. I want us to be partners so that we can rescue our country and make it whole again.
“We shall receive the joy of giving, the joy of perseverance, the joy of resilience and endurance. You will see the reward. For this country is going to be prosperous for us.
“I am happy that the legislature, the executive arms of government are here. I appreciate it and I will continue to appreciate it more when we work together to dissect the possible economic prospects of our nation in favour of our children.”
The president said he will not allow the country’s huge population to be disappointed because it was not an alternative for him.
“The reason you voted for me is to see changes that will affect not only you but your children and we are set to realise that by re-engineering the economy to exploit it full potential.”
The newspaper says that Pharmacists under the aegis of Industrial Pharmacists of Nigeria (NAIP) have advised Nigerians to brace up for scarcity of essential and non-essential/prescription drugs as prices soar by over 300 per cent.
They noted that drug shortage could cause deterioration, delay surgical operations, increase patients’ suffering and result in ultimately death.
NAIP, at a press briefing in Lagos, Tuesday, to announce its 26th conference, tagged ‘Coal City 2023’, said the situation is made worse because over 70 per cent of drugs and active pharmaceutical ingredients used by local manufacturers are imported.
The theme of the conference, which will hold at Carlton Swiss Grand Hotels, Enugu, from July 5 to 8, is ‘Role of pharmaceutical industry towards achieving medicines security in Nigeria’.
Chairman of the occasion, Mr. Charles Ajibo, disclosed that significant shortage of essential medicines and medical products across the country is imminent.
“It is evident enough that Nigeria suffered drug scarcity alongside other African nations during the COVID-19 saga, as foreign countries locked borders against inter-trade, which had negative impact on sustainability of general public health,” he noted.
The pharmacist said drug security has been a major challenge in the country.
National chairman of the association, Mr. Ken Onuegbu, said there has been an unexpected jump in price of essential medicines. He said foreign exchange has placed over 20 per cent hike on production of drugs locally and that is why achieving medical security is the core topic of the conference.
Onuegbu highlighted negative impact of importing over 80 per cent of medicines into Nigeria. He attributed acute inadequacy of local manufacturers to an unsuitable working environment.
GIK/APA