Power minister, Babatunde Fashola, has declared that since the FG has privatised the electricity sector, it would no longer be its fault that the citizens in the country do not have electricity. Speaking during the Nextier Power Dialogue in Abuja, Fashola, who admitted that the sector is faced with huge challenges that would be dealt with, asserted that the people who are operating the power sector, generation and distribution are now privately owned companies and they should be held responsible for electricity issues. The FG’s roles are regulatory, oversight and policy, he insisted.
Nigeria will continue to face challenges of fuel supply shortages until the downstream sector of the petroleum industry is liberalised and petroleum products subsidy is removed. Speaking on Thursday, the junior oil minister, Ibe Kachikwu, suggested that in addressing the challenges, the country needed to find a way to satisfy the need to provide products sufficiently for the populace and at the same time to be able to free the sector for growth. He argued that the country would not trade its way out of the fuel crisis by bringing sufficiency, expanding reserves, or by extravagant costs. Kachikwu noted that investment is lacking in the petroleum sector, adding that over the years, refineries’ turnaround maintenance had been fraught with faulty models which had hampered the effectiveness of the refineries.
President Muhammadu Buhari has informed the National Assembly of his intention to formally present the and lay the 2019 Appropriation Bill on Wednesday, December 19, 2018. The Speaker of the House of Representatives, Yakubu Dogara, announced this during the presentation of the president’s letter at the plenary on Thursday. Last Friday, the Federal Executive Council approved the proposals for the 2019 budget.
The Federal Inland Revenue Service, which had a target of ₦5.3 trillion at the end of 2018, has already generated ₦5 trillion by the second week of December same year. This claim was made by FIRS chairman, Babatunde Fowler. The ₦5.3 trillion target would be the highest, after the agency generated ₦5.07 trillion in 2012, at the period oil price was at an average of $100 to $120 per barrel. The ₦5 trillion generated so far was at a time when oil prices oscillated between $50 and $70 per barrel.