The Presidency has affirmed that President Bola Tinubu will not intervene in the ongoing fuel price controversy between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
“The PMS field, the PMS regime, has been deregulated. Dangote is a private company. NNPC should not forget it’s a limited liability company,” said Bayo Onanuga, Special Adviser to the President on Information and Strategy. “Whatever controversy both of them are having is their own problem. They are operating, even if you go by the terms of the Petroleum Industry Act.”
Onanuga emphasized that NNPC operates independently as a limited liability company, despite being owned by the Federal Government, state governments, and local councils.
Instead of intervening, the government plans to promote alternative energy solutions like Compressed Natural Gas (CNG), offering a cheaper option for consumers and subsidizing conversion costs for vehicles.
“In addition, the government is going to encourage many of our states to go into bank transportation so they can help reduce the cost of transportation in many of our cities,” Onanuga stated. “As of now, only Lagos State has an urban transport system. Any modern city should have an urban transport system, a bus system, and so on.”
The Presidency has confirmed that President Tinubu will soon reshuffle his cabinet, constituted in August last year.
“I don’t have any timeline,” Onanuga said. “The President has expressed his desire to reshuffle his cabinet, and he will do it. I don’t know whether he’s going to do it before October 1, but he will surely do it.”
O’tega Ogra, Senior Special Assistant to the President on Digital Media, added, “The President’s decision to reshuffle is based on empirical evidence. He has said it during the retreat for ministers that they would have periodic reviews, and the decisions extracted from these reviews will be used to make that final decision.”
The Education Trust Fund (TETFUND) will allocate 30% of its resources to support the Nigerian Education Loan Fund (NELFUND) for student loans.
“The amendment to the TET-FUND Act is crucial for enhancing student access to education,” Onanuga noted. “The funds previously used for infrastructure will now support student loans, ensuring that all children can attend school, regardless of their parents’ financial status.”
O’tega Ogra recalled President Tinubu’s announcement during the #EndBadGovernance protests that financial recoveries from illegal activities would support NELFUND.
President Tinubu plans to send an executive bill to the National Assembly to amend the National Identity Management Commission (NIMC) Act.
“When passed and signed into law, it will mandate everybody living in Nigeria, including foreigners, to be registered and given the National Identity Number (NIN) so that they can be taxed,” Onanuga said.
The Executive Secretary of TETFUND, Sonny Echono, highlighted that the 2023 Intervention Budget of N320 billion is fully allocated to beneficiary institutions.
“We are committed to ensuring that these funds are judiciously utilized to impact the common man,” Echono stated.
