Borrowing to subsidise electricity is grossly irresponsible – Osinbajo, Ogun announces automatic promotion for students | 5 Things That Should Matter Today

The Federal Government says it is grossly irresponsible to continue borrowing in order to subsidise generation and distribution of electricity in the country; both of which are privately-run.

Vice President Yemi Osinbajo who made the assertion on Monday, during the opening of the first-year ministerial performance assessment retreat in Abuja, noted that “because of the problems of the privatisation exercise,” the government has had to keep supporting the largely privatised electricity industry.

“So far, to keep the industry going, we have spent close to N1.7 trillion especially by way of supplementing tariff shortfalls. “We simply do not have the resources at this time to continue in this way. And it will be grossly irresponsible to borrow to subsidise generation and distribution which are both privatised.

The Ogun Government has announced that all students except those in tertiary institutions have been given an automatic promotion to the next class.

Chief Press Secretary to the Governor, Kunle Somorin, made the announcement in a statement on Monday; also disclosed that reopening of schools in the state for the first term of 2020/2021 session was also scheduled for September 21 while early child care development and education classes – three to five years of age – will not be resuming in public schools until the next phase of schools’ reopening.

“This second phase of the reopening of schools is extended to all classes in primary and secondary schools, Technical and Vocational Colleges, and Tertiary Institutions,” part of the statement read.

FG spends N10.413 trillion on fuel subsidy in 13 years – Lai Mohammed

The federal government says the nation has spent N10. 413 trillion on fuel subsidy over the last 13 years (2006-2019) and defended last week’s cancellation of the subsidy, describing it as unsustainable.

Information and Culture Minister, Lai Mohammed, disclosed this information at a briefing in Abuja, pleading for the understanding and support of Nigerians over the action. He added that the development had become inevitable due to falling demand for oil, Nigeria’s main income source.

“The cost of fuel subsidy is too high and unsustainable. From 2006 to 2019, fuel subsidy gulped N10.413trillion. That is an average of N743.8 billion per annum. Government can no longer afford to subsidise petrol prices, because of its many negative consequences. These include a return to the costly subsidy regime. With 60% less revenues today, we cannot afford the cost,” he added.

Super Eagles midfielder, Etebo, reported to join Galatasaray

Super Eagles midfielder, Oghenekaro Etebo is moving closer to a move from Stoke City to Turkish Super Lig club, Galatasaray in what is expected to be a three-year deal.

Reports revealed that the 24-year-old former Warri Wolves man has already agreed on personal terms with Galatasaray and the club will soon unveil him as their new player.

At a recently concluded season in Europe, Etebo played for the Spanish side, Getafe, on loan from English club, Stoke City, and scored a goal.

NCDC confirms 155 new COVID-19 cases

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