Nigeria Times

LAGOS – Tensions are escalating across Nigeria as a planned nationwide protest against economic hardship nears. In Suleja, Niger State, frustrated youths took to the streets on Monday, expressing their discontent with the rising cost of living.

The protesters, armed with placards and chanting anti-government slogans, rallied along Kaduna road, disrupting traffic and causing some local businesses to close early out of caution. While the protest remained peaceful, it underscored the growing anxiety nationwide about the impact of the planned demonstrations.

Niger State authorities and the police are on high alert, with anti-riot units deployed to manage the situation. Police Public Relations Officer SP Wasiu A. Abiodun confirmed efforts to control the unrest and ensure public safety, urging residents to continue their activities without fear.

The Federal Government has also taken measures to mitigate the impact of the protests. President Bola Tinubu, through Minister of Information and National Orientation Mohammed Idris, has addressed some of the protesters’ demands. Idris highlighted recent government initiatives such as student loan policies and food distribution efforts aimed at alleviating the public’s suffering.

In response to the anticipated protests, the Federal Ministry of Education has directed vice-chancellors to ensure the safety of university staff and infrastructure. This precautionary measure aims to prevent potential violence during the nationwide demonstrations scheduled for August 1.

The National Youth Council of Nigeria (NYCN) has presented an eight-point demand to President Tinubu, calling for increased transparency, improved healthcare, education support, agricultural assistance, youth programs, economic relief, and a national youth conference.

Amid these developments, the Inspector General of Police, Kayode Egbetokun, has ordered increased protection for protestors and scheduled a meeting with human rights lawyer Ebun-Olu Adegboruwa to discuss security arrangements.

As the country braces for the nationwide protests, concerns about potential disruptions to businesses and public services remain high. The government and security agencies are working to address these concerns while ensuring that citizens’ rights to peaceful protest are upheld.

The Nigerian Communications Commission (NCC) has ordered telecom service providers to immediately reactivate all lines recently disconnected due to NIN-SIM verification issues.

In a statement signed by Reuben Muoka, Director of Public Affairs at NCC, it was noted that many telecom subscribers were unable to access their phone lines over the weekend. This disruption was due to the failure of numerous consumers to verify their National Identification Numbers (NINs) with their Subscriber Identification Modules (SIMs), leading to the blocking of their numbers by telecom providers in accordance with NIN-SIM linkage policies.

The compulsory linkage of NIN with SIM began in December 2020, following government directives to bar unregistered SIM cards and SIMs not linked to NINs. The NCC has since extended the deadline multiple times, with the most recent extension setting the final deadline to July 31, 2024, to allow consumers additional time for verification.

The Federal Government’s objectives for this exercise include enhancing national security and ensuring the accuracy of the national SIM ownership database. The NIN-SIM linkage policy helps verify and protect users’ identities while supporting the infrastructure needed for a robust digital economy.

Consumers who have yet to verify their SIMs are urged to do so promptly to maintain access to their lines.

The Association of Licensed Telecommunication Operators of Nigeria (ALTON) previously addressed concerns, clarifying that the ongoing subscriber line barring exercise is unrelated to the planned national protests against economic hardship, scheduled to start on August 1. ALTON emphasized that the NIN-SIM registration deadline had been set well in advance for July 31, 2024.

The Coalition of Niger Delta Civil Society Organisations (CSOs) has called on all affiliates and members to abstain from participating in the nationwide protests planned for August 1.

In a joint press conference held yesterday, Comrade Israel Uwejeyan, the group’s coordinator, appealed to members and affiliates to disregard calls for protests that could lead to disruption and chaos, allegedly in the name of representing the Niger Delta and South-South regions’ interests.

“We, the Coalition of Niger Delta Civil Societies, representing various youth and women organizations across the Niger Delta and South-South regions, unequivocally dissociate ourselves from the planned protests being touted by certain factions within our region,” Uwejeyan stated.

He continued, “It has come to our attention that there are calls for protests aimed at causing disruption and chaos under the guise of representing the interests of the Niger Delta and South-South region. We categorically state that we do not endorse or support the protests in any form. Our respective organizations represent the voices of peace, progress, and unity, and we are committed to pursuing our objectives through dialogue, constructive engagement, and lawful means.”

Uwejeyan urged members to recognize the potential harm such actions could bring to their communities, noting, “Protests that are not well-coordinated and do not have a clear, lawful mandate can easily be hijacked by unscrupulous elements seeking to exploit genuine grievances for their selfish ends. We must remain vigilant and not allow our noble causes to be undermined by those who do not have the interests of our people at heart.”

Highlighting the coalition’s commitment to fostering peace, development, and good governance within the Niger Delta and South-South regions, Uwejeyan added, “Resorting to protests that are likely to devolve into chaos and violence is counterproductive and detrimental to the progress we have collectively achieved. We are committed to resisting any attempts by selfish individuals or groups to incite unrest and destabilize our regions.”

The coalition also called on security agencies to remain vigilant and ensure the peace and security of their regions are not compromised by the planned protest. They urged well-meaning citizens of the Niger Delta and South-South to remain calm and not be swayed by provocative rhetoric and unfounded allegations.

“We reiterate our commitment to peace, development, and good governance,” Uwejeyan concluded. “We encourage all our members to continue to engage in constructive activities that promote the well-being of our communities. Together, we can build a prosperous and peaceful future for the Niger Delta and South-South.”

ABUJA – President Bola Tinubu has approved the sale of crude oil to indigenous refineries, including the Dangote Refinery, in naira. This directive aims to alleviate pressure on Nigeria’s foreign exchange reserves and stimulate the local economy.

Zacch Adedeji, the Executive Chairman of the Federal Inland Revenue Service (FIRS) and Special Adviser on Revenue to the President, announced this decision following a Federal Executive Council (FEC) meeting led by President Tinubu.

Adedeji explained that the Nigerian National Petroleum Company (NNPC) Limited has been instructed to implement this change immediately. “The President’s directive is a strategic move to localize solutions for Nigeria’s economic challenges,” Adedeji stated.

Economic Benefits

Adedeji emphasized the significant economic benefits of this policy, highlighting that Nigeria currently spends between 30% and 40% of its foreign exchange on importing Premium Motor Spirit (PMS). “Monthly, we spend roughly $660 million on this, amounting to $7.92 billion annually,” he noted.

With the new policy, this expenditure is expected to decrease dramatically. “This approval will reduce our foreign exchange spending by at least 90%. Transactions will now be conducted in naira, not only with Dangote Refinery but also with other local refineries for domestic consumption, stabilizing pump prices and enhancing economic stability,” Adedeji added.

Implementation Details

The FIRS chairman also outlined the financial mechanics of the new system. “We are reducing our monthly foreign exchange expenditure from $660 million to a maximum of $50 million, saving $7.32 billion annually,” he said. This shift will also lower financing costs associated with opening letters of credit.

Afreximbank will serve as the lead arranger for transactions between NNPC and Dangote Refinery. “This innovative approach is a major step towards solving Nigeria’s economic problems permanently, creating employment, and strengthening our economic infrastructure,” Adedeji remarked.

Strategic Interventions

Further details reveal that the Dangote Refinery is approaching steady-state operations, with NNPC Limited committing to supply four crude oil cargoes monthly. The remainder will be sourced from international traders, a practice currently conducted in USD, placing a strain on Nigeria’s foreign currency liquidity.

To stabilize the naira exchange rate and restore price stability, the government has proposed that local refineries purchase crude oil from NNPCL in naira at a fixed exchange rate for at least six months. Refined products will also be sold to approved local petroleum marketing companies in naira at the same fixed exchange rate.

Adedeji concluded by praising the collaborative efforts that led to this policy shift, including contributions from the African Export-Import Bank (Afreximbank) and its President, Prof. Benedict Oramah. “This is a major innovation in addressing Nigeria’s economic challenges, and we commend all involved parties for their efforts,” he said.