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Atikunomics explains how Nigeria’s fuel price can be reasonably reduced

Alhaji Atiku Abubakar has intensified his electioneering campaign, this time by talking about his plans to drastically reduce the price of petrol.

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Atiku Abubakar

Ahead of Nigeria’s 2019 general elections, the presidential candidate of the People’s Democratic Party (PDP), Alhaji Atiku Abubakar, has intensified his electioneering campaign, this time by talking about his plans to drastically reduce the price of petrol.

A statement released yesterday by Mr Atiku’s political party said the presidential hopeful intends to reduce fuel price to at most N90 per litre.

According to the statement, this is something the incumbent President, Muhammadu Buhari and his administration has failed to do due to their “insensitivity” to Nigerians.

Furthermore, the PDP disclosed that it has met with some major global stakeholders in the oil industry who informed that the official pump price for fuel should be between N87 and N90, especially with an oil subsidy in place.

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In the same vein, the opposition party said it has rejected the increase in the official pump prices of kerosene and diesel, two equally essential commodities which most private Nigerians and companies depend on for electricity generation.

Note that Nigerians currently spend N145 to purchase a litre of fuel which, by the way, is an essential commodity. This amount is almost double the N87 mark the product was priced back in 2015 when the present administration took over power.

“with the current price template of crude oil in the international market, the Buhari Administration has no justification to keep the pump price of fuel at N145 per litre and watch Nigerians groan under the weight of high prices, while a cabal at the presidency loot the funds meant to subsidise the product.” -PDP

The party made serious accusations…

Meanwhile, the People’s Democratic Party, in the statement, went further to accuse the President Buhari-led Government of diverting the sum of N58 out of every N145 Nigerians pays per litre of fuel.

This money remains unaccounted for, even as the Government has failed to “account for the over N1.4 trillion allegedly syphoned through sleazy oil subsidy deals,” the statement said.

The statement concluded by saying that Nigerians would never have to be subjected to Buhari’s Government were they lack transparency in their dealings. Now, Atikunomics is supposedly here to offer the solution that will work once and for all.

In the meantime, Mr Abubakar’s economic plans for Nigeria are completely dependent on whether he ever gets the opportunity to be president. He knows this, which is why he is using every means possible to sway the votes in his favour come early 2019.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Coronavirus

WHO approves protocol for phase 3 clinical trials for COVID-19 herbal medicine

A COVID-19 herbal medicine has gained approval by WHO for phase 3 clinical trial.

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WHO is concerned that vaccine hoarding could prolong pandemic, COVID 19: Facebook provides free Ads to help WHO combat Misinformation, COVID 19: Facebook supports WHO, provides free Ads to combat Misinformation, Coronavirus: WHO says Nigeria is among countries with highest cases, WHO warns countries against rushing to lift coronavirus restrictions, Covid-19: WHO lists conditions for relaxing restrictions

The World Health Organization (WHO), in collaboration with the African Centre for Disease Control and Prevention and the African Union Commission for Social Affairs, has approved a protocol for phase 3 clinical trials of herbal medicine for Covid-19.

The Regional Expert Committee on Traditional Medicine for Covid-19, which was formed by the 3 institutions, while giving the approval also endorsed a charter and terms of reference for the establishment of a data and safety monitoring board for herbal medicine clinical trials.

The Director Universal Health Coverage and Life Course Cluster at WHO Regional Office for Africa, Dr Tumusiime, said, “Just like other areas of medicine, sound science is the sole basis for safe and effective traditional medicine therapies. The onset of COVID-19, like the Ebola outbreak in West Africa, has highlighted the need for strengthened health systems and accelerated research and development programmes, including on traditional medicines.’

The technical documents that were approved are aimed at empowering and developing a critical mass of technical capacity of scientists in Africa to conduct proper clinical trials to ensure quality, safety and efficacy of traditional medicines in line with international standards.

This appears to add to the global effort to develop vaccines for the coronavirus disease, which are at different trial stages. The WHO had disclosed that there are well over 100 Covid-19 vaccines currently under development across the globe with about 8 of them at the phase 3 trial stage.

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The phase 3 clinical trials are quite crucial in fully assessing the safety and efficacy of a new medical product. The data safety and monitoring board will ensure that the accumulated studies data are reviewed periodically against participants’ safety.

The late-stage trial will also make recommendations on the continuation, modification or termination of a trial, based on evaluation of data at predetermined periods during the study.

Dr Tumusiime explained that if a traditional medicine product is found to be safe, efficacious and quality assured, the WHO will recommend for a fast-tracked, large-scale local manufacturing. The WHO also noted that through the African Vaccine Regulatory Forum, there is now a benchmark upon which clinical trials of medicines and vaccines in the region can be assessed and approved in less than 60 days.

The Expert Committee Chairman, Professor Motlalepula Gilbert Matsabisa said, “The adoption of the technical documents will ensure that universally acceptable clinical evidence of the efficacy of herbal medicines for the treatment of COVID-19 is generated without compromising the safety of participants.”

The 25-member Regional Expert Advisory Committee on Traditional Medicine for Covid-19 was mandated to support countries to improve on research and development of traditional medicine based therapies against the virus.

It is to also provide guidance on the implementation of the approved protocols to generate scientific evidence on the quality, safety and efficacy of herbal medicines for Covid-19.

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Coronavirus

COVID-19 Update in Nigeria

On the 20th of September 2020, 97 new confirmed cases and 3 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 57,242 confirmed cases.

On the 20th of September 2020, 97 new confirmed cases and 3 deaths were recorded in Nigeria, having carried out a total daily test of 2,609 samples across the country.

To date, 57,242 cases have been confirmed, 48,569 cases have been discharged and 1,098 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 482,321  tests have been carried out as of September 20th, 2020 compared to 479,712 tests a day earlier.

COVID-19 Case Updates- 20th September 2020,

  • Total Number of Cases – 57,242
  • Total Number Discharged – 48,569
  • Total Deaths – 1,098
  • Total Tests Carried out – 482,321

According to the NCDC, the 97 new cases were reported from 12 states- Lagos (46), Kwara (12), Rivers (11), Adamawa (4), Niger (4), Ogun (4), Osun (4), Ekiti (3), Imo (3), Kaduna (3), Plateau (2), FCT (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 18,943, followed by Abuja (5,551), Oyo (3,231), Plateau (3,231), Edo (2,611), Kaduna (2,348), Rivers (2,243), Delta (1,799), Ogun (1,766), Kano (1,734), Ondo (1,597), Enugu (1,234), Ebonyi (1,038), Kwara (1,025), Abia (881), Katsina (848), Osun (817), Gombe (799), Borno (741), and Bauchi (689).

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Imo State has recorded 562 cases, Benue (473), Nasarawa (448), Bayelsa (394),  Jigawa (322), Ekiti (317), Akwa Ibom (288), Niger (254), Adamawa (234), Anambra (232), Sokoto (161), Taraba (95), Kebbi (93), Cross River (85), Zamfara (78), Yobe (75), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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Economy & Politics

Godwin Obaseki wins Edo State governorship election

Incumbent governor, Godwin Obaseki emerged winner in the Edo State gubernatorial election.

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Oil theft gulped $1.35 billion in first six months - Obaseki 

Independent National Electoral Commission(INEC) has declared Godwin Obaseki the winner of the Edo State gubernatorial election today.

Mr. Obaseki will return as the Governor of the state for a second term.

The results were declared by INEC on Sunday afternoon after the results were counted from all LGA’s on Saturday.

Obaseki had 307,955 votes, which was enough to be declared a clear winner over Ize-Iyamu’s 223,619 votes.

Obaseki took to his Twitter handle to thank the people of Edo State for their votes. He stated,

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“Words fail me in saluting our teeming supporters who displayed immense courage in the face of threats, intimidation and brutalization. The collective will of Edo people made it possible for us to triumph over godfatherism. Congratulations to all Edo people. This is our victory!”

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