Television Nigerian

Just over four weeks have passed since President Bola Tinubu ended the system of oil subsidies. Many Nigerians wouldn’t have felt out of place had Tinubu waited a little longer before plunging them into the pit of expensive petrol per litre given how long his predecessor had toyed with and given up the idea.

It’s a significant increase from 183 to 500 naira per litre. Nigerians had flocked to the streets in their millions when the price was half what it had been in the past. No Nigerian leader dared to rush into the removal of oil subsidies, but Bola Tinubu did so just minutes after taking over the reins of government.

President Muhammadu Buhari put off eliminating oil subsidies at least three times during his final year in office. Nigerians had no doubt that the decision had turned into a booby trap for whoever succeeded Buhari after his previous unsuccessful attempt, which was marked by discordant tunes from the presidency, the leadership of the Ministry of Finance and the Nigerian National Petroleum Corporation, NNPC, on the one hand, and oil marketers on the other. Bola Tinubu was declared the winner of the 2023 presidential election, but the failure to take action was a cunning move that caused many Nigerians to wonder and project in pity what turbulent ride Bola Tinubu was bound to encounter.

Given his struggles and everything he had to endure just before, during, and after the election, the government’s and the president’s inaction on the oil subsidy issue—who were still negotiating loans and signing contracts on Nigeria’s behalf up until their final hours in office—seemed utterly ominous and dangerous. Although President Buhari technically put an end to the oil subsidy regime by not including it in the 2023 budget, he left the execution of it (along with all of its ominous details) to his successor at the end of June, one month after he would have left office.

Nothing could have been more cowardly or exposed the hot potato decision that the departing administration was making than their lack of resolve. Bola Tinubu, however, took a cautious and possibly naive approach to the situation. The entire situation could have collapsed in his face. He spoke in an urgent and very direct manner about ending the oil subsidy. like a decree in some ways. It happened without fanfare and had a nearly immediate impact. Before long, petrol stations had readjusted their gauge and jerked up the metres.

It may have been the right thing to do in retrospect. It did not allow time for the typical arguing and endless consideration of the suffering that would follow such a difficult decision. Additionally, it prevented labour leaders from making a show of it while lining their own pockets while pretending to be fighting for the common man. Nigerians had already endured unspeakable suffering, and they were prepared to face whatever awaited them in the forest of exorbitant oil prices. Although the outcome was shocking, it was significantly less upsetting than what some had envisioned as Armageddon. In just a few days, Nigerians began to weather the storm, as they have been doing for the past month.

The president’s bold move would soon garner praise, and the choice appeared to be the right one, leaving some to wonder why it had not been made sooner. Things were starting to seem just right. The president’s “immediate effect” actions, which include, among others, the decision to unify the exchange rate and the presidential approval of a student loan programme, are winning him more support from Nigerians than their condemnation. These choices now seem so wise and promising that President Bola Tinubu dared to claim credit and accountability for the decision to remove subsidies.

When he declared the end of the subsidy regime in his inaugural speech, Nigerians now know that he disregarded the advice of his advisers to keep quiet about the divisive subject. If the president’s words had been directed at Nigerians differently, we can only speculate as to where he would have stood and how he would have responded. Would he have admitted to using them or would he have said they were “out of context”? He might have argued that a careless speechwriter accidentally added those words without his knowledge, or he might have just admitted he spoke too much.

Nigerians have merely chosen to put off personal gratification while embracing the discomfort of their current situation by opting to support the president for the difficult choices he has had to make on their behalf. They are still unable to see the promised advantages of this string of business choices, which have the immediate effect of throwing their finances into turmoil. Nigerians are now more economically exposed than at any other time in recent memory. For them, the bitter pill that must be swallowed before the process of national economic healing can begin is the result of the Tinubu administration’s recent monetary and fiscal policies, which are pushing the nation even further into the western neo-liberal orbit.

This is not the same as advocating for leaving Nigerians open to the market forces—a.k.a. the bears—of western capitalism. They need and demand protection from government policies that prevent them from becoming targets of strong economic entities acting alone or in concert from within the nation, but especially from abroad. Following the removal of the oil subsidy, it is proposed to seek to increase the price of electricity by as much as 40% starting next month. This will only worsen the already precarious economic situation of Nigerians.

The electricity companies (the GENCOS and DISCOS etc.) that bought the government-owned monopolies of National Electric Power Authority, NEPA, and the Power Holding Company of Nigeria, PHCN, have been largely dependent on government support, read subsidy, for the entire decade of their existence. They only generate less than 40% of the revenue that the old power monopolies did, and have never even reached break-even point. Abuja covers the income shortfall in a similar manner to how it did for gasoline up until a month ago. But Abuja has decided to stop its support because it is worn out.

But this is not the appropriate time for it. While it may seem like President Tinubu got away with his decision to end the oil subsidy and the potential increase in the cost of higher education, he must be careful not to push his luck too far or too quickly. Otherwise, he might be chewing more than he can bear. He could move swiftly.

The Central Bank of Nigeria (CBN) has imposed a daily limit of N50,000 on the use of contactless payments made either through bank accounts or digital wallets.

A maximum of N15,000 could be spent using a contactless payment method at one time, as this was another restriction imposed by the central bank.

The Central Bank of Nigeria (CBN) made this information public yesterday in a circular titled “Transaction Limits on Contactless Payments.”

The circular was signed by the Director of the Payment System Management Department at the Central Bank of Nigeria (CBN), Mr. Musa Jimoh. It stated: “Following the issuance of the Guidelines on Contactless Payments in Nigeria and in cognizance of the risks associated with contactless payments, the Bank hereby defines transaction limits above which verification and authorisation are required.

“The following shall constitute the transaction limits for contactless payments made through accounts or wallets in Nigeria: The maximum amount that can be spent on a single transaction is N15,000, and the daily cumulative limit cannot exceed N50,000.

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“Higher-value contactless payments are transactions that exceed the aforementioned limits and shall require appropriate verification and authorisation. These payments can only be made using a card that is enabled for contactless payments.”

Know Your Customer (KYC) regulations and limits on electronic payment channels will still be enforced for these types of transactions.

“Limits that are above this stipulated daily cumulative limit must be conducted using technology that requires physical contact. Please adjust your behaviour accordingly.

“Contactless technology is a technology that enables an alternative payment method whereby payment instruments are used without making physical contact with devices,” the Central Bank of Nigeria (CBN) stated in its ‘Guidelines for Contactless Payments in Nigeria’ that were also issued yesterday. Users are given options that are easy, convenient, and efficient when it comes to not using cash thanks to the implementation of contactless technology in payment systems.

It went on to say that some examples of contactless payment instruments include pre-paid, debit, and credit cards, stickers, fobs, wearable devices, tokens, and mobile electronic devices. Payment terminals that are enabled for contactless payments communicate with contactless payment devices to make the payment process easier.

Ahmed Audi, the Commandant General of the Nigeria Security and Civil Defence Corps, claims that his organisation has embraced President Bola Tinubu’s policy of “zero tolerance” for oil theft and has instructed oil thieves to leave the nation or face retaliation.

He emphasised that oil thieves would not have it easy with his men, saying that President Bola Tinubu has a tough stance against oil theft.

At Course 10’s passing out parade on Monday in Abuja, Audi gave a speech.

In the ongoing battle against oil theft, he declared that the NSCDC, which he led, would not tolerate any personnel compromise.

The oil thieves must be caught, so Audi told his men to use all available means to do so.

Don’t forget, he urged, that we are the leading organisation in the defence of vital resources. Fuel pipelines are one of the national infrastructure components that must be safeguarded. The President’s position on oil thefts is well known. No concessions should be made.

“You must commit to reducing and, if possible, eliminating oil theft. Oil thieves and those who damage our pipelines must be apprehended; otherwise, we will catch them. We warned those who wanted to continue launching attacks on our pipelines to relocate to other nations, or else we would go after them and arrest them all.

Additionally, Audi warned employees not to discharge accidentally and promised strict punishment for those found at fault.

A standard of operations now governs our service-related activities, according to Audi. You’re going to face a court martial. Thus, the service’s discipline is upheld. Accidental discharge is forbidden by this service.

“You will incur the wrath of the SOP if you commit an error and get trigger-happy, killing a citizen. When using your rifle, kindly use caution. You are taught to use a rifle responsibly and, unless instructed otherwise, avoid killing. So, if someone is trying to kill you on the battlefield, you can only act to stop them.

While this is going on, some officers who joined the NSCDC in 2012 with a Higher National Diploma have complained that they haven’t progressed since they started working there 11 years ago or that they have been stagnated.

In an open letter to the President and the National Assembly, the concerned officers bemoaned the fact that many new officers hired after them received promotions.

We are using this medium to ask President Bola Tinubu, the Senate President, the Speaker of the House of Representatives, the Head of Service, and all well-meaning Nigerians to look into our problem in the Nigeria Security and Civil Defence Corps (2012 HND holders intake).

“The question that needs an answer from whoever it may concern is: Why are the 2012 intakes, who are HND holders in the NSCDC, being treated worse than their counterparts in sister agencies under the same Ministry of Interior?

“We joined the NSCDC in 2012 as NCE holders and recruits with the Inspector of Corps rank (Level 7).

As required by public service regulations, we took the confirmation and promotion examination in 2014, but despite passing the Compro, we were neither promoted nor advanced after passing the exam.

“Fast forward to 2016, there was another replacement exercise, and all officers hired then as Assistant Supretendent of Corps II were all given automatic promotion to the next rank, while all HND holders hired from 2012 still remained inspectors(Level 7). When the NSCDC recently implemented the removal of the HND/BSC dichotomy, the same change that had been made in sister paramilitary organisations under the Ministry of Interior since 2016, HND holders who had been hired since 2012 were still inspectors.

When we were all hired together in 2012, the majority of our B.sc. counterparts are now hanging the rank of Superintendent (Eagle), but up to 95% of us, HND holders, are still on one star as of this year, 2023.