Sanusi Lists Benefits of Petrol Subsidy Removal, Canvasses Structural Reforms Government should attract investments to productive sectors Dike Onwuamaeze and Nume Ekeghe Former Governor of the Central Bank of Nigeria (CBN) and ex-Emir of Kano, Muhammad Sanusi
yesterday listed the benefits of removing subsidy on petrol and further advised the federal government to implement structural reforms that would remove every vestige of subsidy in the system in
order to attract productive investments. Sanusi gave this advice during an interview on ARISE TV that dwelt on the Nigerian economy and his activities in helping less privileged
children and women to have access to better education and healthcare in furtherance of the attainment of the Sustainable Development Goals (SDGs). He stated that the subsidies on petroleum products made
Nigeria the only oil exporting country that does not enjoy the benefits of increase in the price of crude oil in the international market. “First of all, we fix the price for petroleum products
even though we do not refine petroleum products. How can you fix the price of a product that you do not produce? We produce crude oil but the price Continued on page 5
Nigeria, Russia Sign MoU on COVID-19 Vaccine… Page 5 Saturday 5 September, 2020 Vol 25. No 9279
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Ghanaian President to Review $1m Capital Obligation for Nigerian Traders Udora Orizu in Abuja The President of Ghana, Prof. Nana Akufo-Addo has assured the Speaker of the House of Representatives, Femi Gbajabiamila that the Ghanaian government would
consider amending their law that makes it compulsory for foreigners (including Nigerian traders) to have $1million as capital base to enable them operate retail businesses in the country. Several foreign businesses,
many Nigerian-owned, in Ghana have been facing challenges with the nation’s demand for $1 million capital base, as enshrined in the Ghana Investment Promotion Center (GIPC) Act (2013). The need to review this law
was one of the resolutions reached at the “Legislative Diplomacy Bilateral Meeting” between Nigeria and Ghana’s senior legislators to resolve the trade dispute between the two countries. The House of
Representatives, in a statement issued yesterday by its Spokesman, Benjamin Kalu, said Akufo-Addo gave the assurance to amend the law when the Speaker of Ghana’s parliament, Prof. Mike Oquaye, upon completion of the two-
day extensive dialogue, led Gbajabiamila on a courtesy visit to the President at the Jubilee House, Accra, Ghana on Thursday. The legislative diplomacy Continued on page 5
Buhari Deals Fatal Blow to P&ID, Court Says Case of Fraud Proven President: Ruling will protect national assets from criminally-minded group Substantive application to set aside award now to be heard Omololu Ogunmade and Alex Enumah in Abuja A court in the United Kingdom has delivered an unprecedented judgment, permitting Nigeria to proceed with its challenge of an arbitral award (now over $10 billion) made against it over three years ago, and also agreed that the country had established a prima facie case of fraud against the benefiting firm, Process and Industrial Development (P&ID). The arbitration decision was over a failed Gas Supply and Processing Agreement (GSPA) between P&ID, an Irish firm, and the federal government of Nigeria. In a swift reaction, President Muhammadu Buhari said the judgment had given Nigeria the lead to protect its national Continued on page 5
ENDORSED FOR 2ND TERM... L-R: Governor Babajide Sanwu-Olu of Lagos State; Interim National Chairman of the All Progressives Congress/Governor of Yobe State, Mai-Mala Buni; President Muhammadu Buhari and Governor Rotimi Akeredolu of Ondo State, during the presentation of the party’s flag to Akeredolu at the Presidential Villa, Abuja …yesterday godwin omoigui
Resident Doctors to Begin Indefinite Strike Monday… Page 6