"The continued regulation of the downstream sector has its positive and negative impacts on the economy. But the negative effect is more than the positive.The subsidy policy cannot be sustained any longer.This is because the subsidy payment is not benefiting the poor it is targeting; rather, it is benefiting the rich. The industry needs to move to next level by increasing revenue and curbing oil theft and pipeline vandalism.Without belabouring the point, we are all aware that the government has to deregulate the downstream sector. Continuing regulation, we all are aware, has negative effects. It is basically unsustainable, it discourages investment, and principally, it benefits the rich, not the masses in the society that we intend to reach in the first place" The minister said.Analyst however say if petrol subsidy is removed, Nigerians would have to pay more for both products. Petrol for instance would rise to N144.66 for a litre, which is the landing cost of a refined litre as against the N97 its been sold for now at filling stations while Kerosene would go as high as N154.36 per litre, N138.87 as landing cost and N15.49 for distrubution margin, suming up to N154.36 it would be sold for. source
...about 20 persons have been confirmed dead, and most of them are Boko Haram members.
"We don't know what is going on, everybody is running, it seems there is war in this area", these are the words of a resident of the Aso Drive area in Abuja who got across to OluFamous.Com on the development.
There was heavy gunfire exchanges around the vicinity of Aso Rock presidential Villa and the headquarters of the State State Services, SSS, in the Asokoro District of Abuja in the past one hour, security sources and residents of the area said.
The headquarters of the State Security Service, popularly known as Yellow House, is almost adjacent one of the gates of the presidential villa. Residents of the nearby Aso Drive Area said the gunshots were either coming out of the SSS headquarters or the presidential villa.
"We don’t know what’s going on here. Heavy gunfire has been coming from the direction of the villa. The entire area has been barricaded. SSS operatives are scampering out of their headquarters as the gunshots get louder.
“Soldiers are now heading in the direction of the SSS headquarters with Armoured Personnel Carriers. Those of us living around here have been asked to stay indoors and not venture out.”
A resident of the area told Premium Times in Abuja. Special Adviser to the President on Media and Publicity, Reuben Abati, could not be reached for comments as at the time of filing this report.
Casualty figures are not clear yet but top sources told OluFamous.Com that it is a Boko Haram operations and Military helicopters have now been deployed and now hovering around Aso Rock and the SSS office.