• About Us
  • Home
Sunday, June 4, 2023
Shaka Momodu
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports
No Result
View All Result
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports
No Result
View All Result
Shaka Momodu
Home News

Why $800m World Bank Loan Will Not Ease the Crisis That will Emanate from Subsidy Removal -HEDA

by News Reporters
2 months ago
in News
0 0
0
Why $800m World Bank Loan Will Not Ease the Crisis That will Emanate from Subsidy Removal -HEDA
Share on FacebookShare on Twitter

The $800 million loan purportedly secured by the Nigerian government from the World Bank will not address the country’s fuel subsidy issue, according to the Human Environmental Development Agenda (HEDA).

In a statement, the group’s chairman, Olanrewaju Suraju, alleged that the loan is a ploy by the bank and government officials to further plunge the nation into debt and provide opportunities to divert public funds under the guise of palliatives.

Before eliminating fuel subsidies, he urged President Muhammadu Buhari to clean up the country’s petroleum sector and refineries of corruption.

He voiced concern over the condition of the nation’s petroleum industry and criticised the government’s plan to eliminate fuel subsidies without addressing corruption and rehabilitating the nation’s ageing refineries.

He stated that corruption and poor management have afflicted the Nigerian petroleum industry, resulting in the poor condition of Nigeria’s refineries.

According to him, the government’s failure to modernise the refineries has led to an excessive reliance on imported fuel, which has contributed to the high price of fuel and the need for subsidies.

He advised the government to take concrete measures to revamp the refineries and rid the sector of corruption.

This includes implementing policies that promote transparency and accountability, ensuring a transparent process in the awarding of contracts, appointing officials to oversee the revamp of the refineries, and investigating the utilisation of all previous Turn Around Maintenance allocations to the refineries since 1999.

Previous Post

Why United Kingdom may Stop the Recruitment of Health and Social Care personnel from Nigeria

Next Post

Why Christian Association of Nigeria Plans to Boycott Peak Milk

Next Post
Why Christian Association of Nigeria Plans to Boycott Peak Milk

Why Christian Association of Nigeria Plans to Boycott Peak Milk

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

NEWS AROUND

  • U-20 World Cup: Two Countries Qualify for Semi-Final | METROWATCH

    At least two countries have qualified for the […]

  • Atiku to Tinubu: Your Govt is Temporary, I’ll Reclaim my Mandate | METROWATCH

    The 2023 presidential candidate of the Peoples […]

  • Woman’s Car with Children Inside Catches Fire While She was Shoplifting | METROWATCH

    A Florida woman identified as Alicia Moore, 24, […]

  • Burna Boy Thrills Fans at London Concert | METROWATCH

    Afrobeat star, Burna Boy, thrilled fans at his […]

  • CCB: Buhari Submits Assets Declaration Form, ‘Loses’ Cows, Records Zero Debt | METROWATCH

    By Ogochukwu Isioma Former President Muhammadu […]

  • Return All ‘Stolen’ N2.7bn Govt Vehicles Within 5-Days, Zamfara Gov tells Matawalle | METROWATCH

    The Zamfara State Governor, Dauda Lawal, has […]

  • BREAKING | Israel Eliminate ‘almighty’ Brazil from U-20 World Cup | METROWATCH

    Israel have sent the ‘almighty’ five-time […]

  • JUST IN | Bala Mohammed Emerges PDP Govs’ Forum Chair, Fubara, Deputy | METROWATCH

    By Ogochukwu Isioma The Bauchi State Governor, […]

  • Ill-health: Resign Now — like you once told Yar’Adua, Ondo PDP tells Akeredolu | METROWATCH

    By Ogochukwu Isioma The Ondo State chapter of the […]

  • Tinubu to Appoint Ribadu, ex-EFCC Chair, as National Security Adviser | METROWATCH

    Barring any last-minute change of plan, President […]

  • About Us
  • Home

© 2022 THIS REPUBLIC By Shaka Momodu

No Result
View All Result
  • Right Of Reply
  • News
  • Politics
  • Business
  • OpEds
  • Sports

© 2022 THIS REPUBLIC By Shaka Momodu

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version