Connect with us
nairametrics
UBA ads

Economy & Politics

Nigerians react as Buhari resumes for second term in office

Yesterday was May 29th, a day that has long been used for political inaugurations since Nigeria returned to democratic governance in 1999. As expected, it was a big day, especially for all the elected officials that were sworn in; including President Muhammadu Buhari.

Published

on

Nigeria's recession period, Buhari Ministerial list, Buhari ask for more time, Nigeria's economy - growth, Buhari food forex, CBN Policies

Yesterday was May 29th, a day that has long been used for political inaugurations since Nigeria’s return to democratic governance in 1999. As expected, it was a big day, especially for all the elected officials that were sworn in; including President Muhammadu Buhari.

The day was also a public holiday, meaning that many Nigerians had the time to watch the ceremonies on their TV screens whilst reacting to it online. Some of the commentaries underscored how disillusioned Nigerians are over the country’s political system. Other commentaries simply poked fun at some of the dramas that unfolded yesterday.

UBA ADS

Nairametrics hereby brings to you some of the best reactions. Please see below:

Mixed feelings: While some Nigerians expressed lukewarm excitement over the development, others could simply not be bothered.

GTBank 728 x 90

Some others didn’t even know that yesterday was Inauguration Day. This makes you wonder what they thought the public holiday was meant for; National Twitter Day perhaps? Oh well…

Meanwhile, other Nigerians focused on the major drama that unfolded at President Muhammadu Buhari’s Inauguration ceremony. This involved the Chairman of the All Progressive Congress, Adams Oshiomole, who was taught a simple lesson on protocols.

Now, just in case you didn’t know about this until now, let us bring you up to speed. Mr Oshiomole was feeling too good about himself, so much so he went to stand where he wasn’t supposed to be. And so he was “removed”.

app

Although this happened in a matter of minutes, Nigerians observed it. You cannot blame them for making fun of it; it was hilarious.

Patricia

Meanwhile, President Muhammadu Buhari was carrying a strange turquoise bag and everybody wants to know why. What was in the bag and why was he carrying it himself? Could that be where his next level agenda is? Oh well, we still have the next four years to find out.

Oh, by the way, let’s not forget the man in the black suit who was just eyeballing the Vice President’s pretty wife. Like someone already asked, what is his problem?

app

Meanwhile, on to the important stuff; Nigerians expect better leadership. After all, they deserve it. Therefore, President Buhari must do everything within his power to ensure that he makes a positive impact this time around. Otherwise, posterity will judge him on our behalf.

 

Now, just in case you didn’t see it, Nairametrics recommended 4 ways President Buhari can¬†uplift the capital market during his second term. These include:

  1.  Appoint a board for the Securities and Exchange Commission.
  2. Fast forwarding the privatization programme.
  3.  Listing FG’s share of Joint Venture Oil Assets.
  4. Articulating a clear macro environment.

1 Comment

1 Comment

  1. Anodebenze

    May 30, 2019 at 3:43 pm

    You may be right and it can happen.The economic team lies at the office of the vice-president,to be fair to govt,they did acted to handle the recession,now we have a lift-off in 2018,which grew about 2 % in 2018,meaning business confidence is being restored.The vice-president economic team did and aimed for human development with the problem of lifting the human spirit.
    This is the problem in Nigeria,we take a leap forward for the country be great,we takes 2 steps backward in build the country.THOSE IN CHARGE IN AUTHORITY AND POWER HAVE NO MORAL COURAGE,PRINCIPLE,MENTAL CAPACITY TO UP-LIFT OUR NIGERIA,OUR AFRICANESS,OUR BLACKNESS,OUR SOUL,OUR PRIDE.
    As for the board of sec not appointed,it may not the problem for Mr Buhari but the minister for finance,she should forward the director general and the rest of the board on recommendation to mr Buhari and confirmation by the senate,the lady in charge of sec is still in acting position.
    The problem of Nigerian oil joint venture may have solved the problem. it’self.This business arrangement of Nigerian govt sharing the production of oil with foreign oil coy,will be unstainable by the next election Why ? with the population being over 200 million Nigerians by next election,secondly we do have car manufacturing coy about 13 companies,if the economy grows a minimum of 3 %,up to the next election.THE PRESENT GOVT MAY HAVE UN-REST,FUEL SHORTAGE E.T.C MAJOR PROBLEM TO SOLVE THIS NEW PROBLEM THEY WILL FACES.
    As for an articulate macro economic plan, if they can formulate an economic plan and carries out the
    economic plan.i doubt this,they did and had a plan before, and it did not happen.The only macro economic plan that can happen in Nigeria is for the govt to implements Professor Solodu economic plan secondly the govt act as a state,uses national security controls certain economic keys.inceases manufacturing in defence industry e.t.c, e.t.c

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Economy & Politics

NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel

The Nigerian National Petroleum Corporation (NNPC) has announced that it is building up business portfolios in the housing, power, and medical sectors.  

Published

on

NNPC, Domestic Crude Allocation, Why NNPC’s Duke Oil is quitting London operations for Dubai , NNPC divests stake in four oil wells to NPDC , How NNPC discovered oil, gas deposits in the North , Nigeria to leverage on condensate refineries to be petrol net exporter, How NNPC saved $3 billion from arbitration , NNPC, IPPG donate medical supplies to South West state governments, NNPC discloses bases for employment and managerial progression in the oil firm, NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel

To cushion against the volatility in the global crude market and strengthen profitability, the Nigerian National Petroleum Corporation (NNPC) has announced that it is building up business portfolios in the housing, power, and medical sectors.

This is one of several measures the corporation is taking to sustain revenue generation for Nigeria, and cope with the boom and bust cycles which are gradually becoming a feature of the global crude oil market.

UBA ADS

NAN reports that this was contained in a statement from the Corporation Chief Operating Officer, Ventures and Business Development, Mr. Roland Ewubare, and signed by NNPC Spokesman, Kennie Obateru.

According to Ewubare, the NNPC will establish Independent Power Plants using the Ajaokuta-Kaduna-Kano (AKK) pipeline network, and consolidate its presence in the power sector.

(READ MORE: COVID-19: Nigerians react as CBN partners NNPC to feed, accommodate Nigerian returnees)

GTBank 728 x 90

The statement reads in part; “NNPC is creating an energy company that would have portfolios in renewable energy; we have initiatives on solar that is ongoing.

“We have got biofuels agreements with some state governments that would soon be activated. We do have a lot of non-core businesses that are aggregated under the Ventures and Business Development Autonomous Business Unit of the NNPC. 

‚ÄúThis would be expanded through effective collaboration and partnership with the private sectors,‚Ä̬†

NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel

Lower costs, more profits

As part of moves to improve profitability, the NNPC also announced plans to drive crude oil production cost down to 10 dollar per barrel by Q4 2021,

app

This according to the statement would be done by systematically and gradually beating down logistics costs.

Patricia

The Corporation’s revenue took a major hit in 2020 due to the slump in global oil prices, and this in turn affected the Nigerian budget given that oil proceeds account for a significant fraction of her income.

‚ÄúWhen you have a low commodity price regime, as the case now, the only way we are able to squeeze out some reasonable cash and financial gain to the nation is by curtailing and constraining our costs in line with the GMD‚Äôs aspiration to push for a 10 dollar per barrel cost of production,‚Ä̬†Ebuware¬†said.

(READ MORE: NNPC pipeline vandalism up by 50% in January, may suspend crude oil production)

There is also an ongoing collaboration with selected partners to commercialise flared gas in order to preserve the flora and fauna of the country.

This would be done by converting it to Compressed Natural Gas (CNG) and Liquefied Natural Gas, for sale to consumers.

app

The NNPC is partnering with private developers to reduce the housing deficit in the country and also partnering with medical centres to provide innovative healthcare for Nigeria.

 

Continue Reading

Business News

The conundrum in the retail pricing of PMS

Considering the landing cost of petrol is largely influenced by the prices of crude oil in the international market, we think prospects of continued recovery in crude oil prices is likely to put upward pressure on the cost of importing petrol.

Published

on

PPPRA, NNPC, Reduce funding oil subsidy - IMF to Nigeria , Oil marketers, PENGASSAN call for subsidy removal 

The decision of the Petroleum Products Pricing Regulatory Agency (PPPRA) to reduce the pump price of Premium Motor Spirit (PMS), also known as petrol, to N121.50 per litre from N123.50 per litre has been met with stiff resistance from oil marketing companies (OMCs). The Independent Petroleum Marketers Association of Nigeria (IPMAN) have also stated that it impossible for its members to sell petrol at the new price floor of N121.5 per litre.

We recall that on 18 March 2020, the Federal Government (FG) reduced the retail price of Premium Motor Spirit (PMS) by c.14% to N125/litre from N145/litre, following the global pandemic which led to an unprecedented decline in oil prices and by extension a reduction in the landing cost of petrol. Subsequently, the FG announced a further reduction to N123.50 which took effect on April 1, 2020. Earlier this month, the FG directed a reduction in the pump price of Premium Motor Spirit (PMS) for the third time to N121.50 per litre. We note that the adjustments in the retail price is in line with the directive from PPPRA on a monthly review of the pump price, depending on prevailing market realities.

UBA ADS

READ MORE: The good, bad and ugly of low oil prices for Nigeria

In our view, considering the landing cost of petrol is largely influenced by the prices of crude oil in the international market, we think prospects of continued recovery in crude oil prices is likely to put upward pressure on the cost of importing petrol. With the gradual relaxation of lockdown measures by countries who are starting to reopen their economies alongside the historic production cuts of OPEC+ which took effect last month (a 9.7mb/d oil production cut for May and June), we think the risks to oil prices are tilted to the upside in the near term.

Since hitting a two-decade low of US$19.33 on 21 April when the retail price of petrol was pegged at N123.50, brent crude prices have gained c.105% to close at US$39.54 on 3 June. Against this backdrop, we expect that the retail price of petrol should rather be adjusted upwards to reflect current market realities. The current situation appears no different from historical trends where the FG becomes reluctant to effect an upward adjustment in the retail price of petrol during periods of rising crude prices. This has often resulted in the renewed payments of the age-long fuel subsidy. We also think oil marketing companies (OMCs) who have only recently begun to import petrol alongside the Nigerian National Petroleum Corporation (NNPC) due to more favourable pricing could halt importation once again if domestic retail prices become unfavourable.

GTBank 728 x 90

Explore Advanced Financial Calculators on Nairametrics


CSL Stockbrokers Limited, Lagos (CSLS) is a wholly-owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.

Continue Reading

Economy & Politics

NLC hastens House of Reps to criminalise casualization of workers

NLC has appealed with Speaker of the House of Representatives to hasten the labour act amendment and put an end to the casualization of workers.  

Published

on

Reps move to probe why FG’s N3.4 billion solar power project failed,CEOs of MTN, Airtel, others risk arrest as Reps investigate foreign exchange frauds, Amid Coronavirus spread in Nigeria, lawmakers take delivery of exotic cars, NLC hastens House of reps to criminalise casualization of workers

The Nigerian Labour Congress (NLC)  has appealed to Femi Gbajabiamila, Speaker of the House of Representatives to hasten the labour act amendment and put an end to casualization of workers.

He added that when amending the Labour Act, labour unions should be made more independent and every Nigerian worker should be allowed to join the union of his choice.

UBA ADS

According to the¬†NLC Chairman, Mr¬†Ayuba¬†Wabba, the prevalent practice of¬†casualising¬†workers has become a form of ‚Äėmodern day slavery‚Äô and should be ended through legislation,¬†NAN¬†reports.

Wabba, who visited the Speaker, alongside other members of the NLC leadership urged the green chambers leader to strengthen the union through its legislations, as can be seen in other countries.

(READ MORE: Nigerians are enraged as lawmakers reject Innoson cars for latest Toyota Camry)

GTBank 728 x 90

Gbajabiamila¬†assured the congress leaders that the house of representatives is willing to work with the union, in line with its motto¬†‚ÄúNation Building, a Joint Task‚ÄĚ.

Minimum wage, NLC, Looting by former governors blocks excuses for new minimum wage , NLC hastens House of reps to criminalise casualization of workers

He noted that the House of Representatives already has plans to amend the Labour Act, and urged the union leaders to speedily bring in their input as time is of essence.

‚ÄúYou should do that on time because time is of the essence so¬†that¬† we¬†pass it very quickly,‚Ä̬†Gbajabiamila¬†said.

He assured them that strengthening the NLC, which happens to be an umbrella body of unions in the formal and informal sector, is key as it would encourage a stronger democracy in the country protecting the interest of Nigerians.

app

READ ALSO: FG exempts tuition fees, basic food items, others from 7.5% VAT  

Patricia

What you should know

Casualisation is the practice of employing temporary staff for short periods and is often aimed at saving costs.

The Labour Act (Amendment) Bill 2019 awaiting second reading by the House proposes criminalising employing of workers on casual contracts beyond six months. It also proposes that any casual workers sacked by an employer after six months will be entitled to the benefits of full-time workers for six months, and prohibits outsourcing to third parties.

 

Continue Reading