The Minister of Information and National Orientation, Mohammed Idris, revealed this on Tuesday after the FEC meeting held at the Council Chambers of the Presidential Villa, Abuja.

“Our visa processes are becoming cumbersome…The ease of doing business is also tied to our visa processes. Going forward, those investors, tourists would find it easy to acquire a visa within the next 48 hours,” Idris said.

The meeting which began on Monday was adjourned till Tuesday to allow for other “far-reaching” decisions, the information minister had told journalists.

During his inaugural speech on May 29, 2023, President Bola Tinubu declared that fuel subsidy was gone. Within 24 hours after that declaration, the Nigerian National Petroleum Company Limited, Nigeria’s sole importer of PMS, withdrew subsidy on petrol.

This led to a jump in the price of the commodity from about N198/litre to over N500/litre, as it later moved up to over N600/litre and currently sells for between N620/litre and N700/litre depending on the area of purchase.

Speaking at the third edition of the ministerial press briefing series in Abuja on Wednesday, where the Coordinating Minister for Health and Social Welfare addressed journalists, Idris stated that subsidy removal had led to the reduction of fuel imports by 50 per cent.

“Petrol importation has been reduced by 50 per cent since the withdrawal of the fuel subsidy,” the information minister stated.

On February 18, 2023, about three months before PMS subsidy was removed by Tinubu, the Group Chief Executive Officer, NNPCL, Mele Kyari, revealed that Nigeria was consuming about 66 million litres of PMS daily.

Kyari also stated that over N400bn was spent monthly to subsidise PMS at the time, stressing that the subsidy was having adverse impacts on the cash flow of NNPCL.

NNPCL is the sole importer of petrol into Nigeria and has continued to play this role for several years running, bearing the huge cost of fuel subsidy.

Other private oil marketers stopped importing petrol into Nigeria due to the difficulty encountered in accessing the dollars required for the imports of PMS.

Kyari had said, “Today, by law and the provisions of the Appropriation Act, there is a subsidy on the supply of petroleum products, particularly PMS imports into our country. In current data terms, three days ago, the landing cost was around N315/litre.

“Our customers are here; we are transferring to each of them at N113/litre. That means there is a difference of close to N202 for every litre of PMS we import into this country. In computation, N202 multiplied by 66.5 million litres, multiplied by 30 will give you over N400bn of subsidy every month.”

Going by the latest position of the information minister that petrol importation has dropped by 50 per cent, it implies that the volume of imports into Nigeria has reduced by about 33 million litres daily, based on NNPCL’s figures in February.

This means that PMS importation has dropped by about 990 million litres in one month.

Oil marketers told one of our correspondents that the ex-depot price of petrol, that is the cost of the commodity from NNPCL, was around N585/litre.

A reduction of 33 million litres means the country is currently saving about N19.3bn daily and N579.1bn monthly as a result of the removal of subsidy on PMS by the President.

The revelation by the information minister might not be far from the truth because oil marketers have stated several times that the purchase of petrol has reduced drastically.

The National President, Natural Oil and Gas Suppliers Association of Nigeria, Bennet Korie, said, “The consumption of petrol has dropped to the lowest level ever. Filling stations are shutting down because there is no business anymore.

“The business is now very tough and marketers are struggling to survive. People don’t buy petrol again like before. So most filling stations are locking up because they cannot continue running at a loss.”

Korie also stated that the over 200 members of NOGASA could be forced to withdraw their services, because it was becoming increasingly difficult for oil marketers to fund their operations, a development that led to the shutdown of 70 per cent downstream oil sector businesses.

“Another issue is that of high bank interest rates. Today if you want to buy one truck of PMS, you will spend N30m. And if you go to a bank to get N30m at over 30 per cent interest rate, you know how much you will pay to the bank, all in the name of inflation.

“So if care is not taken, we will also withdraw our service because there is no way out. 70 per cent of oil traders are out of business, so it is better that the government looks into this issue before it gets out of hand. Many of them (operators) cannot talk but they come to us to complain,” he stated.

This came as the African Export-Import Bank, on Wednesday, disclosed that it had become the largest financier of oil and gas projects in Africa.

The bank disclosed investing $30bn in industry projects, with Nigeria receiving 60 per cent ($18bn) despite reduced global funding for hydrocarbon ventures in Africa

President, Afreximbank, Prof. Benedict Oramah, says Africa has to find innovative solutions to its huge energy deficit.

Oramah spoke at the National Oil Companies Forum at the ongoing Nigeria International Energy Summit in Abuja.

He was represented by the Executive Vice President, Global Trade Bank, Afriexim, Haytham ElMaayergi.,

Oramah lamented that it was incomprehensible that in a continent with abundant oil, gas, solar hydro resources, the bulk of the population still lacked access to reliable and affordable energy.

He explained the continent lacked extensive traditional energy infrastructure, but stressed that this had presented an opportunity for leapfrogging in a more efficient way to renewable technology.

Our aspiration in the area of energy security and energy transition will remain aspiration unless we have access to adequate funding resources that we control. With a lot of international banks withdrawing funding out of the oil and gas sector, the investment in the industry has become severely limited with the corresponding impact on exploration and production.

This was disclosed by the Minister of Information and National Orientation, Mohammed Idris, in a statement issued on Tuesday in commemoration of World Radio Day.

World Radio Day is celebrated annually every February 13.

The theme for this year’s celebration titled, ‘Radio: A century informing, entertaining and educating,’ “reflects the remarkable achievement of radio as a means of communication and information for over 100 years, despite the advent of social media,” Idris stated.

The minister noted that radio plays a “vital role in shaping public opinion and promoting cultural unity in our diverse nation,” adding that it also provides a “platform for people of all backgrounds to speak out, be represented, and be heard, regardless of their ethnicity, religion, or political affiliation.”

Idris stated that owing to the radio’s wide-reaching information dissemination, “the government has initiated necessary reforms in the process of establishing community radio stations.”

While Nigeria has 89 licensed community radio stations, the minister stressed that the President Bola Tinubu-led administration is ready to provide a more conducive environment for other radio stations to emerge, and at the same time, strengthen the already-established ones.

The statement read, “Today, I join the global radio audience to celebrate the 2024 World Radio Day as proclaimed and adopted as an International Day by member states of UNESCO.

“The theme for 2024 is ‘Radio: A Century of Informing, Entertaining and Educating.’ This theme reflects the remarkable achievement of radio as a means of communication and information for over 100 years, despite the advent of social media. It also highlights the promise of a dynamic future for radio as a platform that has stood the test of time.”

Idris stated that the radio has been an “essential medium of communication in Nigeria since 1933. Its unique ability to reach a wide audience makes it an ideal tool for disseminating government plans and programs to all levels of society, including the grassroots.

“Radio has played a vital role in shaping public opinion and promoting cultural unity in our diverse nation. It provides a platform for people of all backgrounds to speak out, be represented, and be heard, regardless of their ethnicity, religion, or political affiliation. In recent times, radio has also become a valuable means of conflict resolution and a source of hope for the oppressed.”

The minister noted that the “government recognises the diversity of the Nigerian population and acknowledges the power of radio to reach people in their local languages. To make community radio more reliable, efficient, and affordable, the government has initiated necessary reforms in the process of establishing community radio stations.

“Currently, only 89 such stations have been granted broadcast licenses in Nigeria. However, the government intends to change this trend by providing a more favourable environment for other radio stations to emerge and for the existing ones to strengthen their capacity and thrive.”

Idris called for investments in community radio stations, adding that “such an investment will undoubtedly strengthen democracy, promote social cohesion, and provide those living in rural areas with access to credible information, in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda.”

Idris added that the FG “will collaborate with UNESCO to drive these reforms and develop the required capacity in the sector to strengthen radio’s ability to disseminate credible and reliable information to the people.

“As Nigeria celebrates with the rest of the world, I urge all radio stations, whether traditional or online, to be more responsible in their operations by adhering to the principles and ethics of broadcasting.

“Editorial functions, such as fact-checking, objectivity, and balance, must be ensured before news is released. We must uphold the credibility and trust associated with radio, which most Nigerians value highly.”

“Finally, I congratulate radio listeners and urge them to use radio to learn, grow, and make their voices heard. I congratulate UNESCO for reminding us of the value radio adds to our lives. Happy World Radio Day!,” the minister concluded.

Idris, who lamented that most of the information outposts in the country are unmanned, said the move is necessary to restore consciousness of nationhood, which, he said, is waning.

“The national orientation agency has offices in the 774 LGAs…not all the people that will man these local government offices are there, but we are rebuilding that. We are going to put officers of the NOA around all the 774 LGAs,” Idris told State House Correspondents shortly after he briefed President Bola Tinubu at the Aso Rock Villa, Abuja.

Idris observed that “the belief in the concept of nationhood and patriotism has broken down in this country. We’re trying to rebuild that, to reconstruct that.”

“Mr. President has given me a marching order to see that Nigerians believe in this country once again. We’re coming up with a national discourse on orientation or reorientation. So that Nigerians can believe in their country.

“People don’t even believe in leaders that they themselves have elected. Flags are not flying anymore. You go to government offices, you don’t even see the symbol of our collective existence, flying even in public buildings.

“We’re bringing back this concept of discipline that Nigerians should have. Patriotism. Belief in the nationhood that our founding fathers have given us. National orientation is going to be at the center of it,” the minister explained.

He said the FG will not deny Nigerians their freedom of expression despite the proliferation of fake news on social media.

However, the FG is “looking at suggestions by the Nigerian Press Council to set up a registration scheme for journalists but is wary of concerns about “gagging the media,” Idris noted.

While lamenting the use of unpatriotic language by Nigerians online, he argued that freedom of speech comes with great responsibility.

“That is a very delicate line to toe. While the government, Mr. President and all of us in that sector are committed to ensuring press freedom. That freedom comes with responsibility…there is no attempt by the government to gag the press,” Idris told journalists.

Addressing the plans by the Nigerian Press Council to register journalists as a way to sanitize the profession, the Minister said, “Well, that is being looked at; you know that Mr. President believes in press freedom. He believes in the freedom of expression, and he’s not going to gag the press in any way, shape or form.

“He’s going to work assiduously to ensure that the Nigerian press that has been free is even freer. But this freedom also comes with enormous responsibility.

“You can’t just say what is not right because you’re enjoying press freedom. There will be freedom, responsible freedom.”

On welfare for members of the Nigerian press in Nigeria, Idris said, “It is in the works. I have discussed that with Mr. President. He wants to see me come up with a roadmap for that.

“We are going to work on that and you will get definite answers in due course. I want this to be underscored: There is no attempt by the government to gag the press. We’re going to do whatever it takes that is responsible and accountable. Responsible journalism is the way to go.”

Idris assumed office on August 21, 2023. A day earlier, he concluded his maiden visit to the Nigerian Press Council where he said Nigerian journalists will “breathe and flourish” under the new administration.