President Bola Ahmed Tinubu’s request to the National Assembly for the approval of N500 billion Naira in order to allow the federal government to provide palliatives and to cushion the effects of petrol subsidy removal on Nigerians.
Tinubu’s request was contained in a letter sent to the national assembly. The president said in the letter that the money would be sourced from the 2022 supplementary Appropriation Act of N819.5 billion Naira.
On Thursday, the President appealed for more patience from Nigerians, during a meeting with 18 governors who were his colleagues in the Class of 1999 and promised that government will increase its efforts, and speed up the process to ensure a full-proof social security structure that will not be compromised, especially through the cash-transfer scheme.
The Nigeria Labour Congress and the Trade Union Congress have kicked against the N500 billion Naira subsidy relief request stating that it is grossly inadequate to assuage the hardship confronting workers sequel to the petrol subsidy removal. The NLC is demanding a 300 per cent salary increase to enable workers to cope with the challenges imposed by the deteriorating economic situation that came with the removal of petrol subsidy.
The government of Rivers State, led by Governor Siminalayi Fubara unveiled free buses to on Wednesday to help cushion the effect of fuel subsidy removal. On July 4th Professor Borno State Governor, Babagana Umara Zulum unveiled 80 luxurious buses, and pick-up vans to farmers, to reduce the high cost of living caused by the withdrawal of fuel subsidy.
Following up on the recent saga between Ecobank and the largest share holder of FBN holdings Oba Otudeko, who through his affiliated company Barbican capital, purchased 4.8 billion shares in a cross deal worth N87.8 billion Naira. On July 6th, following the acquisition, Ecobank through its lawyers had written a letter to FBN holdings accusing Oba Otudeko of intentionally diverting his assets so as to frustrate the execution of a Supreme Court judgement, affirming that Otudeko and his affiliated companies had owed the bank 13.5 Billion Naira.
In a rejoinder addressed to FBN Holdings dated July 10th, Honeywell Group and Otudeko, through their lawyers stated that no judgment of monetary award has been delivered by the Supreme Court of Nigeria against Otudeko and three of his affiliated companies as alleged by Ecobank neither were they parties to the suit covered by the Supreme Court judgement as stated in the Ecobank letter.
Lawyers to the Honeywell group in the rejoinder further urged FBN holdings to disregard all the requests made by Ecobank which includes asking FBN Holdings to refrain from ratifying Otudeko’s newly acquired shares worth 13.3 percent.
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