Connect with us

Opinion

Nigeria’s Student Loan Initiative: Progress, Pitfalls, and Solutions

Published

on

The launch of the Student Loan Programme in Nigeria, coupled with the endorsement of its Amendment bill by the administration under President Bola Tinubu, signifies a promising step towards revitalizing the nation’s education sector.

This initiative holds the potential to revolutionize the educational landscape and empower Nigerian youth, paving the way for a brighter future.

It is gratifying to note that the Federal Government has allocated five billion naira (N5bn) in 2023 supplementary appropriations and fifty billion naira (N50bn) in the 2024 budget.

However, the lack of disbursement of the loans despite the allocation of significant funds raises concerns about the effectiveness of the implementation strategies, particularly the committee-based management approach outlined in the law.

The truth of the matter is that the student loan concept is a noble and much-needed initiative by the current administration to improve access to quality Education for indigent students but may likely fail because of a lack of a well-thought-out implementation structure and operational frameworks.

Overview of Management, and Administration of the Student Loan Fund in accordance with Student Loans Acts 2023

The fund is to be domiciled in the Central Bank of Nigeria (CBN) and managed by an 11-person special committee chaired by the CBN governor, as the law stipulates in Section 5.

The special committee consists of the CBN governor as chairperson and a secretary to be appointed by the chairperson.

Membership of the committee as dictated by the law includes the ministers responsible for Education and finance, or the latter’s representatives, and the Auditor-General of the Federation.

Other members are the Chairman, the National Universities Commission (NUC), a representative of the forum of university Vice Chancellors, a representative of the forum of polytechnic Rectors, and the forum of Provosts of all Colleges of Education in the country.

Also, a representative of the Nigeria Labour Congress (NLC), a representative of the Nigerian Bar Association (NBA), and a representative of the Academic Staff Union of Universities (ASUU) are members.

This committee is saddled with the responsibility of deciding the broad modalities, including the process of application for the loan, qualification criteria to get the loan, and also the repayment plan among other details.

“The Committee shall establish regulations and guidelines for the management, administration, disbursement, and recoupment of students’ loans under this Act, and all stakeholders, including parents, the beneficiaries of the students’ loans, and the deposit banks, shall comply with the regulations and guidelines,” Section 5(5) states.”

Section 5 (2) of the Act also states that the fund “shall be domiciled with, managed, and administered by the Central Bank of Nigeria through the money deposit banks in Nigeria for the purpose set out under Section 6 of this Act.”

Meanwhile, the tenure of each member lasts through the time he/she holds the position. As soon as he/she is replaced or retired, the successor takes his/her position in the special committee, Section 8 states.

A member also ceases to be a part of the committee when he/she becomes bankrupt, convicted of a felony or any offence involving dishonesty or fraud, becomes of unsound mind, or is incapable, for any reason, of discharging his/her duties.

The Flaws of the Committee-Based Implementation Model for Nigeria Student Loans:

The committee structure outlined for managing the student loan programme in Nigeria may encounter several challenges that could hinder its effectiveness.

The federal government should rework the proposed student loan administration and management framework as encapsulated in the Acts. While there is nothing wrong with the caliber of people included in the committee, such a committee should be upgraded to a “Governing Board” to perform oversight and provide strategic leadership and corporate governance for the management of the loan, and not be involved in the day-to-day running the loan disbursement operations under a new agency called “Nigeria Student Loans Management Agency” (NSLMA).

In my view, administering a newly established student loan by a committee headed by the CBN Governor instead of establishing a Nigerian student loan agency or commission like the US Department of Education’s Federal Student Aid (FSA) and the Student Loan Company (SLC) as being practiced in the US and the UK may lead to several potential problems.

Firstly, the committee may lack the necessary expertise and experience in managing student loans, thereby resulting in inefficiencies and unoptimised processes.

Also, without a dedicated agency or commission, there may be a lack of accountability and transparency in the loan administration process.

Additionally, the absence of a specialised student loan entity could lead to delays in loan disbursement, inadequate support services for borrowers, and inconsistencies in loan policies and procedures.

Furthermore, the diverse composition of the committee, including government officials, education stakeholders, and union representatives, could lead to conflicting interests and slow decision-making processes.

Lastly, the lack of a specialised focus on student loan management within the committee may result in inefficient operations and delayed disbursement of loans.

Successful Student Loan Management Model: Comparative Analysis

In countries like the United Kingdom and the United States, successful student loan programmes are managed by dedicated agencies with specific expertise in financial aid disbursement. For instance, the United Kingdom established the Student Loans Company (SLC) who administer student loans efficiently. Similarly, the U.S. Department of Education’s Federal Student Aid (FSA) manages federal student loans effectively through streamlined processes and specialised resources.

Here are the website links for the government student loan management agencies in the US and the UK: United States: U.S. Department of Education’s Federal Student Aid (FSA): https://studentaid.gov/

FSA manages federal student loans in the US, including direct loans, PLUS loans, and federal Perkins loans.

United Kingdom:

Student Loans Company (SLC): https://www.gov.uk/student-finance

SLC handles student loans and grants for students in England, Scotland, Wales, and Northern Ireland.

Advocating for a Dedicated Student Loans Agency to Manage Nigerian Student Loans:

(Appeal for Review and Action: The Way Forward)

1. To ensure the success of the student loan programme in Nigeria, the implementation model needs to shift towards establishing a dedicated agency such as the Nigeria Student Loans Management Agency (NSLMA).

This agency would be solely focused on managing student loans, with a clear mandate and expertise in loan administration. By emulating successful models from countries like the United Kingdom’s Student Loans Company (SLC) and the United States’ U.S. Department of Education’s Federal Student Aid (FSA), as earlier emphasized Nigeria can streamline loan disbursement processes, this will enhance transparency, and improve efficiency in managing student loans.

2 In light of the potential challenges posed by the current committee-based implementation model for the student loan programme, it is crucial for the Nigerian government to reevaluate its approach. A call is made to President Bola Tinubu and the National Assembly to consider amending the existing legislation to establish the Nigeria Student Loans Management Agency (NSLMA) for the effective management of student loans.

3. The Federal Government should set up a panel and committee to visit and study US-FAS and the UK student loan companies to gain insight into their operations.

4. The Federal Government should consider establishing the Nigeria Student Loans Management Agency (NSLMA) to be managed by top-notch professionals in order to guarantee the loan’s scheme effectiveness, proper accountability, easy access to the loans by the students, and overall sustainability of the scheme.

5. To address the shortcomings of the committee-based model in Nigeria, the establishment of the Nigeria Student Loans Management Agency (NSLMA) is hereby proposed. The NSLMA would serve as an independent agency solely dedicated to managing student loans in the country.

Key Functions of NSLMA:

Loan Disbursement: The NSLMA would be responsible for overseeing the disbursement of student loans in a timely and efficient manner.

(a) Loan Administration: Managing the administrative processes related to student loan applications, approvals, and repayments.

(b) Regulatory Oversight: Ensuring compliance with regulations and guidelines related to student loan management.

(c) Stakeholder Engagement: Collaborating with Educational institutions, financial institutions, and student associations to enhance the effectiveness of the student loan programme.

(d) Evaluating loan applications and determining eligibility criteria

(e) Providing financial counseling and support services to loan beneficiaries

(f) Monitoring loan performance and enforcing repayment agreements

Composition and Structure of NSLMA:

1. Governing Board: Comprising individuals with expertise in finance, education, and governance, the Board would provide strategic direction and oversight to the NSLMA. The current management compositions as stipulated in the Loan Acts 2023 can be upgraded or converted to the Governing Board.

2. Executive Leadership: A dedicated team of professionals, including a Chief Executive Officer and key executives, would be responsible for day-to-day operations and decision-making.

3. Specialised Departments: Divisions focusing on loan processing, customer service, compliance, and data management would ensure the efficient functioning of the NSLMA

Parting Words:

The success of Nigeria’s Student Loan Programme hinges on the effectiveness of its implementation strategies. By recognising the limitations of the committee-based model and advocating for the establishment of a dedicated student loan agency, Nigeria can overcome obstacles and pave the way for a more inclusive and sustainable education financing system.

It is time for Nigeria to prioritise the needs of its students and invest in a robust and independent student loan management agency to drive positive change in the Education sector.

 

 

Oroge is the Chief Executive Officer of Debt Doctors Consulting Services International Limited, a firm specializing in credit, debt, and financial advisory services.

He can be contacted via WhatsApp at 08023551457 or by email at saoprofessional@yahoo.com.

 

Comments

Opinion

Almajiri: Why Northern Leaders Must Look Themselves in the Mirror

Published

on

Two incidents happened during the 1994/95 NYSC service year, which I was part of in Birnin-Kebbi, Kebbi State, and they gave me profound culture shocks that I still remember till today. I would equally say that those incidents probably justified the Federal Government’s decision to float the scheme.

 

We were told that part of the reasons General Yakubu Gowon floated the NYSC was to ensure national integration, cohesion and exposure of young Nigerians to cultures of other parts of the country other than where they were born.

First was the shock of seeing a director that I was attached to in the then Government House, who had just taken a new wife, and sat among drivers, gate men and other junior staff to dine. I saw them seated round a huge iron pot of Koko, a local delicacy, exchanging one big spoon made of calabash, as each took turns to use the spoon to eat the delicacy. It was as if I was witnessing a scene where children of a big family were struggling to catch a portion of food or where people were eating Saara, as they say it in Yorubaland.

As I walked past the noisy crowd, I was transfixed seeing the newly-wedded director among the lot. He saw me standing still, as I couldn’t comprehend what he was doing there, and he got the message. ‘Taiyo, (as he used to call me) you won’t understand,’ he said as he waved to me to keep going. When we later saw, he explained that what he just did was a way of assuring the commoners that ‘we are all one,’ as they felicitated him on the new bride. But I could not fathom how the occupant of a ‘huge office’ as that of a director in a Government House , would sit among “commoners” on a tattered mat to share a single spoon and eat in public.
The other incident was quite pathetic. My friend, Tunde Omobuwa, was posted to a school in Yauri, in the southern part of the state, for his primary assignment. But he found the place boring on weekends. So, he arranged to always be with me on weekends.

One such weekend, we decided to take a stroll round the streets near the Government House. We took off from the place of my primary assignment, the Federal Information Centre; bought corn beside the office, and started ‘blowing’ the ‘mouth organ’ as we strolled. We were too engrossed in our gist and the sweetness of the corn to note that some young boys were trailing us, praying that some leftovers of the corn would drop for them to scavenge. Somehow, the two of us dropped the corn cob almost simultaneously. We were more than taken aback by a commotion that erupted at our back. Four eight or nine year-olds had descended on the supposed leftovers and broken the corn cobs into pieces. I was again transfixed as if one was hit by an electric shock. Remember that feeling when you play with electric fish?

I was moved to tears as I had never ever seen a group of children scavenging on nothing as it were. I beckoned to the kids and offered them N20, which was the highest denomination at the time, and with some smattering Hausa words told them to go buy their own corn from the same place we got ours. As they left, heading to the corn seller, I couldn’t erase that ugly sight from my mind. Was it really possible that some people scavenge on nothing this way? I was later to see incidents of children swarming around restaurants and pouncing on near empty plates.

These incidents told me clearly that the North was a different place and that the life of the boy child is not only risky and endangered but sold to stagnation and deprivation, unless you are one of the lucky few.

Having benefited from the free education policy of the Unity Party of Nigeria (UPN) between 1979 and 1983, when the Second Republic was terminated, I knew that there is a lot the government can do in educating the children. In my secondary school days, I was the Library Prefect at one point, and so I saw an excess of books supplied by the government to our school. So, I was an example of the feasibility of free education. It was the same way the Action Group government had handled education in the years preceding Nigeria’s independence and the First Republic.

So why can’t the state governments in the North declare free and compulsory education for the young ones out there? Why should children be made to scavenge on empty corn cobs just to see if they can find pieces of seeds left over?

And why was my director giving drivers and gate men in the Government House false hope that they were all the same, instead of him to challenge them to seek to lift themselves up the social ladder?
I think there was no excuse for the North not to have adopted a free education policy, just as Chief Obafemi Awolowo did in the South-West. And if we say the North needs to look itself in the mirror, you again remember the efforts by President Goodluck Jonathan to educate the multitude of Northern children through the Almajiri Schools. That government built more than 400 of such schools, which were abandoned because it could upset the oligarchy. The oligarchs forgot the truism that the children of the poor they refuse to train today won’t let their children sleep peacefully.

But the governor of Borno State, Prof Babagana Zulum, appears to have got the message. Last week, I was thrilled to see him organise a summit to reform the Almajiri system.

The Almajiri education system is a traditional Islamic method of learning widely obtained across states in northern Nigeria. Through that system, which is tied to Islamic teaching, youths, especially boys are kept out of the formal western education system. I don’t know why the teachings by Islamic scholars cannot go alongside that of Western education as it obtains in Saudi Arabia, Iran, Iraq and other Islamic countries that are doing well economically and in the world of science, technology.
While addressing the summit, Zulum had mentioned the need to address the root causes of insecurity through the provision of education for citizens of Borno, adding that improper teaching of Islamic studies has contributed to the emergence of Boko Haram insurgents in the state.

According to him, to curtail whatever is the adverse effect of Almajiri education; the Borno State Government has established the Arabic and Sangaya Education Board to introduce a unified curriculum for Sangaya and Islamic schools. He said that the reform would include establishing Higher Islamic Colleges to cater for Almajiri children and blending the religious teachings with the secular curricula as well as skills.
He said: “The Sangaya Reform is a great development. It will give Almajiri a better chance in life, particularly the introduction of integrating western education, vocational, numeracy, and literacy skills into the centres, which are also described as Almajiri and Islamic schools.

“Distinguished guests and esteemed educationists, government’s intention was to streamline the informal and formal education systems to quality integrated Sangaya School for admission into colleges and universities.”

One would have thought that governors with radical postures like Nasir el-Rufai and others before him would have proposed this type of reform, but it is better late than never. Zulum should be supported to get something out of this.

Continue Reading

Opinion

Nigeria: Dancing On The Edge Of Destiny

Published

on

Nigeria stands as a paradox, endowed with immense natural wealth yet grappling with staggering poverty levels among its populace. The country is blessed with an abundance of resources, including diverse agricultural products, vast oil reserves, and a burgeoning tourism and entertainment industry, all of which hold immense potential for national prosperity. Despite this richness, many Nigerians endure dire economic conditions, raising questions about the effective management and equitable distribution of wealth generated from these resources.

The agricultural sector in Nigeria is a significant contributor to both the economy and food security. With favourable climatic conditions and arable land, Nigeria has the potential to become an important player in global agriculture. However, inefficiencies in farming techniques, lack of access to modern equipment, inadequate infrastructure, and insecurity impede growth, leaving many farmers in subsistence conditions. By addressing these challenges, Nigeria could harness its agricultural wealth to reduce poverty and strengthen its economy.

Similarly, oil and gas remain at the forefront of Nigeria’s natural resources, providing a substantial share of government revenue. Unfortunately, the oil riches have also been a source of conflict and corruption, leading to environmental degradation and social unrest in oil-producing regions. Although the sector can foster economic growth, the mismanagement of resources has prevented the country from fully benefiting from its wealth. Furthermore, the fluctuating oil prices on the global market create vulnerability, emphasizing the need for economic diversification.

The entertainment industry, particularly Nollywood, represents another facet of Nigeria’s wealth. This sector showcases rich cultural heritage, offers employment opportunities, and generates income. Despite its success, it has not yet been leveraged to bring about far-reaching economic change across the country. Without addressing existing systemic challenges, Nigeria’s abundant resources might continue to dance precariously on the edge of opportunity, further complicating the narrative of its natural wealth.

Leadership Challenges and Political Corruption

Significant leadership issues and pervasive political corruption have plagued Nigeria’s history. Since gaining independence in 1960, the nation has witnessed a succession of leaders, many of whom have failed to prioritize the welfare of their citizens. Ineffective governance has not only hampered Nigeria’s growth but has also led to a persistent cycle of political instability. This crisis of leadership has contributed significantly to the erosion of public trust in governmental institutions, weakening the social fabric of the country.

The impact of political corruption is deeply entrenched in Nigeria’s socio-economic landscape. Corruption permeates various layers of governance, leading to the misallocation of resources intended for public welfare. Essential services such as healthcare, education, and infrastructure development suffer as funds are diverted for personal gain. The consequences of such malfeasance are evident in the rise of poverty rates, inadequate healthcare systems, and a significant lack of access to quality education. Consequently, these socio-economic challenges create a vicious cycle that further exacerbates the leadership crisis.

Historically, Nigeria has experienced a range of leadership styles, from military rule to civilian governments, yet the recurring theme remains the same: a failure to eradicate corrupt practices. Each new leadership regime often promises reform and better governance, but these assurances rarely translate into meaningful change. The lessons from past experiences underscore the importance of accountability and transparency in rebuilding trust between the government and the populace. As the nation grapples with its leadership crisis, the intersection of governance and corruption demands critical attention to chart a new course towards sustainable development and empowerment.

The Hardships Under the Current Administration

The current administration of Nigeria, under President Bola Tinubu, has ushered in an array of policies that have sparked significant public discourse due to their profound impact on the lives of ordinary Nigerians. Notably, the removal of fuel subsidies has been a pivotal move that has reverberated through the economy, leading to steep increases in fuel prices. This sudden change has not only made transportation costs soar but has also led to a ripple effect, dramatically affecting the prices of basic goods and services. Citizens are now grappling with the daily realities of inflated living costs, often on already strained budgets.

Furthermore, the naira floating, aimed at addressing exchange rate discrepancies, has instead resulted in further devaluation. The naira’s instability has posed challenges for local businesses and individual consumers, making it increasingly difficult to afford essential products. This monetary policy highlights the delicate balancing act required in governance, reflecting the complexity of addressing economic issues while ensuring the welfare of the populace. Many Nigerians report feelings of uncertainty and anxiety regarding their financial futures, emphasizing a general sentiment of disillusionment with the direction of government policy under the Tinubu administration.

A Path Forward: Hope or Despair?

Nigeria’s current circumstances present a dichotomy of hope and despair. Despite the numerous challenges confronting the country, including political instability, economic hardships, and social unrest, there is a glimmer of hope that reform is possible through concerted efforts by the populace and leadership. As the country reaches a crossroads, systemic reforms have the potential to catalyze change. These reforms must prioritize institutional strengthening, increase transparency, and promote inclusive and sustainable economic growth.

Public participation is critical in this endeavour. Citizens must reclaim their agency by actively participating in democratic processes, advocating for accountability from their leaders, and demanding that their voices be heard. Civic education should be promoted to ensure that the electorate is informed and empowered to make decisions that affect their future. Furthermore, civil society organizations can play a pivotal role in mobilizing resources and providing platforms for dialogue, where citizens can articulate their needs and aspirations.

Accountability from leadership is another cornerstone for progress in Nigeria. As the people seek a path forward, leaders must prioritize the needs of their constituents over personal interests. Regular assessments of governmental performance, transparency in budgeting and spending, and anti-corruption measures can help to restore public trust. Leaders who demonstrate commitment to these principles may inspire hope and foster collective action aimed at the common good.

Ultimately, the question remains: Who holds the key to Nigeria’s promised future? The answer lies within the collaboration between the government and its citizens, whereby both parties work towards common objectives. The road to prosperity for Nigeria is not easy, but through systemic reforms, public engagement, and accountability, there exists an opportunity to transform hope into reality, steering the nation towards a brighter tomorrow.

 

 

Mimiola, an Award-Winning journalist, sent in this piece.

Continue Reading

Opinion

NNPCL vs. Dangote: Why Tinubu Can’t Play Pontius Pilate

Published

on

The Presidency addressed several issues last Wednesday as the Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, Mr. Bayo Onanuga picked the microphone to give perspectives to certain developments. One of the issues he addressed was the lingering feud between the Nigerian National Petroleum Corporation Limited (NNPCL) and Dangote Refineries Limited.

Onanuga said that President Tinubu would not intervene in the feud because the two entities “operate independently in a deregulated market.”

According to Onanuga, the Premium Motor Spirit (PMS) field has been deregulated, just as Dangote is a private company. The NNPCL is a limited liability company, he said. In the loaded statement, the presidential adviser was hinting Nigerians why the President cannot dabble into the huge but confusing feud between Dangote Refineries and NNPCL, over the pricing of petroleum products in the country.

The presidential adviser and Nigerians are not oblivious to the implications of his statement. First, a lot of hope had been invested in the Dangote Refineries by Nigerians, who had concluded that its coming on stream would yield them cheaper fuel and help end the perennial fuel scarcity that kept the pumps at the filling stations dry for most of the months. But as the refinery was about to fag off its full operations, officials of the refinery, the NNPC and its subsidiaries started singing some music with disparaging tunes. Accusations upon accusations were rampaging in the air, while some name calling and tagging were being spread openly and under the table. It became obvious that elements in the administration of President Tinubu were opposed to the operation of the local refinery. Such insinuations must have prompted the President of Dangote Group, Alhaji Aliko Dangote to speak out in some tones not easily attributable to him hitherto. He alleged that officials of the NNPC were running a blending plant in Malta, where fuel is imported into Nigeria. He equally offered to hand off the Lagos-based refinery if the government would buy him out.

As tension rose, between Dangote and NNPCL, the corporation was having the last laugh, as it chose the same time to unleash some violent strokes of koboko whips on the back of the Nigerian citizen. It galloped fuel prices at will and at the same time locked the products away from their reach. Queues got unwinding at filling stations and the agony was unending. The hunger and thirst for Dangote fuel grew, but the NNPC chose to remain the stumbling block. I guess that the cries of Nigerian citizens at one point got across the Aso Rock Villa, in Abuja and the presidency had to order a temporary ceasefire. NNPCL was directed to create avenues for the supply of crude oil to Dangote in Naira while the refinery too was to agree to a pricing model to be fashioned by the Federal Executive Council. Even at that, the two combatants have continued to throw jabs at each other, especially over what should constitute the exact price of Dangote petrol. While Dangote had claimed that fuel from its refineries would be far cheaper than imported ones, the NNPC had given a conflicting indication. The NNPC/Dangote tango has been a ding-dong and a topsy-turvy affair.

That was the situation as the October 1 date fixed for the start of crude supply to Dangote draws close. And Mr. Onanuga was speaking against that backdrop. If that stands, it would amount to classifying Tinubu in the mould of the biblical Pontius Pilate, as seen in the book of John 18:37-49 and 19:1-19. In that biblical encounter, leading to the final crucifixion of Jesus Christ, the Jews had brought Jesus to Pilate’s court for an indictment that would enable them to crucify him. Pilate asked questions of Jesus and even though Jesus answered in the spirit, the judge was still able to conclude that he found no fault in Jesus. And that was despite the mounting pressure from the multitude of Jews, seeking to crucify Jesus.

As we read in John 19:6; “When the chief priests therefore and officers saw him, they cried out, saying, Crucify him, Crucify him. Pilate saith unto them, Take ye him, and crucify him: for I find no fault in him.”

I believe that President Tinubu should not throw Nigerians at the NNPC, like sheep to wolves. If the declaration of his office is allowed to stand, he would be doing otherwise. To play the Pilate in this needless NNPCL and Dangote feud, he would have endorsed all the punishment his compatriots are suffering at the hands of the NNPCL. He would have said, even though I found no merit in the push to whip the population, I leave you to crucify them’ That would tell us that the President is not only shirking his responsibility as the Minister of Petroleum but also his overriding power as the President and Commander-in-chief.

Much as the officials of the NNPCL and other subsidiaries owned by the Nigerian people want to play the master by believing that they are independent limited liability companies, we will be hiding behind one finger if we believe any inch of that claim. And besides, which limited liability company would not be accountable to its shareholders or the chairman of its board?

If we don’t want to use agidi to light a gas cylinder, we have to agree that the matter of fuel supply in Nigeria is a basic unmistakable assignment President Tinubu must handle for his employers-the Nigerian people. He must be in a position to find answers to the puzzles. Why is fuel supply such a pain in the neck under his administration so far? Why is the locally imported fuel threatening to get more expensive under the watch of the NNPC he supervises? And why is the same NNPC seeking to suffer headaches for another person? When will NNPC’s refineries come alive after the several deadlines?

President Tinubu needs to intervene decisively too, by helping his employers find solutions to the endless hike in fuel prices, and why citizens of other oil-producing countries derive benefits from oil while the Nigerian situation is perpetually in the negative. The Daily Trust on September 23, published a report by Global Petrol Prices, a platform that tracks petrol prices across various countries, which claimed that four countries in Africa sell fuel cheaper than Nigeria. They include Libya which sells at $0.032 (approximately N52/litre), Egypt ($0.279), Algeria($0.342) and Angola, another oil-producing country, at $0.351 per litre.

 

Besides the above, Tribune columnist and renowned writer, Professor Farook Kperogi quoted data by some oil industry experts who claimed that the landing cost of imported petrol in Nigeria should stand at N1,107 per litre and that several cost components are not inclusive of locally imported fuel.

According to him, when such cost components are removed, Dangote’s fuel should not sell higher than N518.35 per litre. Indeed, investigations have revealed that Dangote fuel costs far cheaper than the amount quoted by him and the NNPC. You could see the fire in the eyes of the spokesperson of Dangote when he refuted the claim that NNPC got fuel at N890 per litre from the refinery.

President Tinubu should not play the ostrich, he cannot afford to play the Pontius Pilate in this case, if he wants a reversal of the oil curse in his tenure.

Continue Reading

Trending