Connect with us

Business News

Governor Abdulrazaq to revoke pension payment to Bukola Saraki, Abdulfatah, others

Governor Abdulrazaq to revoke the law awarding pension packages to former governors and deputy governors.



The Governor of Kwara State, Abdulrahman Abdulrazaq, will be sending a bill to the State House of Assembly to revoke the law awarding pension packages to former governors and deputy governors.

Governor Abdulrazaq, with the aim of keeping the costs of governance low and signaling selflessness in public service, has disclosed that he will be sending a bill to the State House of Assembly to revoke the law awarding pension packages to former governors and deputy governors in Kwara State.

This was written by the Governor in a statement via his official Twitter account.

The Governor stated that the bill, which would be sent to the State House of Assembly next week, is in line with his campaign mantra and this was driven by the demands and the yearnings of the people of Kwara.

Governor Abdulrazaq explained that Kwara state had to make efficient use of its funds, as the state needs all the resources it can get to improve human capital development.

He added that the state’s limited resources were better spent on tackling the question of poverty and youth unemployment.

What you should know

This commendable move by Governor Abdulrazaq lags behind Lagos State Governor Sanwo-Olu’s decision to revoke payment of pensions and other entitlements to former Governors and their deputies.

Recall that during the presentation of the Budget of Rekindled Hope by Governor Babajide Sanwo-Olu to the Lagos State House of Assembly on Tuesday 10th 2020, the Governor stated that in light of keeping the costs of governance low, he would be sending a draft executive bill to the House imminently for the repeal of the Public Office Holder (Payment of Pension Law 2007), which provides for payment of pension and other entitlements to former Governors and their Deputies.

However, the succesful passage of the bill will lead to the permanent suspension of the law which awards pension packages to past governors of the state who include Abdulfatah Ahmed, former Senate president Bukola Saraki, and others that served as governors and deputy governors in the state.

Click to comment

Leave a Reply


Russia-Ukraine crisis: Billionaire Elon Musk calls for more investments in oil and gas

Says extraordinary times demand extraordinary measures…



The world’s richest man and founder of electronic car company, Tesla, has called for increased western hydrocarbon investments in oil and gas to make up for reliance on Russian oil and gas exports.

Elon Musk disclosed this in a tweet on Saturday morning.

This comes as several sanctions imposed on Russia have also not been applied towards the sector.

Musk tweeted, “Hate to say it, but we need to increase oil & gas output immediately. Extraordinary times demand extraordinary measures.”

He added that increased investments in oil and gas would obviously negatively affect Tesla, “but sustainable energy solutions simply cannot react instantaneously to make up for Russian oil & gas exports.” 

Since Russia’s invasion of Ukraine, many countries have imposed severe sanctions on Russia. Even though the sanctions targeted banks, oligarchs, and other financial institutions, countries, it has barely affected Russia’s energy sector.

Minutes after the call to increase oil production, Musk tweeted again showing solidarity with the people of Ukraine.

“Hold strong Ukraine,” Musk tweeted. “And also my sympathies to the great people of Russia, who do not want this.”


Continue Reading


Diesel prices rise to N545/litre



The price of Automotive Gas Oil, popularly known as diesel, is currently sold at N545 in some fuel stations across Lagos. This is an increase of over 113% from the N225 which the commodity was for sold in January 2021.

This was confirmed from findings made by Nairametrics on Saturday across fuel stations in some areas in Lagos.

The findings revealed that while some stations along Lagos-Ibadan expressway are selling at N545/litre, others in Abuja sell between N440 and N460/litre.

Some of the fuel stations visited by Nairametrics were Mobil, along the Lagos-Ibadan Expressway (N545), and Northwest Petroleum, along the Oshodi-Apapa road (N550), Heyden filling station, along Third Axial Road, Ogudu.

The price of diesel, which is not regulated by the government, has surged by over 113% in the last 14 months, as the further rise in global crude oil prices and naira depreciation pushed up the cost of importing fuel into the country.

Diesel is mostly used by businesses, especially manufacturers, to power their generators amid a lack of reliable power supply from the national grid. Many vehicles transporting goods and people across the country also use diesel.

What they are saying about surge

The National Operations Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said in a recent media briefing that the recent increase in oil prices had led to further hikes in diesel prices in Nigeria.

He said, “If crude oil prices continue to rise, diesel price will also go up. This is coupled with the depreciation of the naira. Naira is around 570-575 to a dollar at the parallel market.”

The Director-General, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, Ayo Olukanni, explained recently in a media report that the private sector had already raised alarm on the increasing difficulties in obtaining the required foreign exchange for raw materials for industry, adding that the high cost of obtaining forex was reflected in the high cost of goods and inflationary trend.

He said, “Perhaps most embarrassing is the energy crisis, with our low generation and distribution problems; we can only boast of combined install generation capacity for of about 12,000MW, distribution of just 4000MW and abysmal 114kwh per capita for a population of over 200 million and running our industries on generators.”

Continue Reading


Seplat, Sahara Group, others bid to buy Shell’s joint venture assets in Nigeria

Seplat Energy Plc and others have submitted the non-binding offers



Four indigenous oil and gas firms have indicated interest through the submission of bids for the acquisition of Shell Petroleum Development Company (SPDC)’s multibillion-dollar stake in a joint venture that operates oil fields.

This is as Shell is still pushing ahead with its earlier plans to divest from its Nigerian assets especially its shallow water and onshore interests.

According to several sources with knowledge of the negotiations who wished to remain anonymous, Seplat Energy Plc, Sahara Group Ltd., Heirs Oil and Gas Limited and ND Western Limited submitted the non-binding offers in January.

Bloomberg in its report said that its sources revealed that the sales of Shell’s 30% operating interest could generate as much as $4 billion, although it was noted that the oil major is yet to disclose to buyers the scale of potential future costs related to litigation or decommissioning and abandoning oil wells, which could bring down the sale price significantly.

It can be recalled that in August 2021, energy consultant Wood Mackenzie Limited, had valued Shell’s stake in its joint venture at $2.3 billion, assuming a long-term oil price of $50 a barrel. Brent crude, the international benchmark, is currently trading just below $90.

One of the sources said that Shell is currently deliberating and evaluating the non-binding bids to find out which of the oil firms to move to the next round. However, no final agreements have been reached as Shell could still decide to retain the asset.

Continue Reading

Cryptocurrency Market



Follow us on Twitter

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 105 other subscribers