Nigeria's state oil firm NNPC Ltd is winding down crude swap contracts with traders and will pay cash for gasoline imports, its chief executive told Reuters, adding that private companies could begin importing petrol as soon as this month.

The move is part of new Nigerian President Bola Tinubu's plans to deregulate the gasoline market and reduce the burden on government finances.

Tinubu has already scrapped a costly fuel subsidy, effective from last Tuesday, a decision which tripled petrol prices, angering labour unions who have called for a strike starting on Wednesday if the decision is not reversed.

NNPC has been importing gasoline from consortiums of foreign and local trading firms and repaying them with crude oil via what are known as Direct Sale Direct Purchase (DSDP) contracts since 2016 because it does not have enough cash to pay for the purchases, data and trading sources said.

"In the last four months we practically terminated all DSDP contracts. And we now have an arm's-length process where we can pay cash for the imports," Kyari told Reuters in an interview late on Saturday.

This is the first time NNPC has said it is terminating crude swap contracts. By importing less gasoline as private companies import the bulk, NNPC will be able to pay for its purchases in cash, Kyari said.

Nigeria is Africa's biggest crude producer but imports most of its refined products after running down its refineries.

A significant drop in oil production last year coupled with high global fuel prices due to the war in Ukraine pushed NNPC's debt to traders higher. It owed the consortiums about $2 billion, a September 2022 NNPC report to the Federation Account Allocation Committee shows.

An industry source with direct knowledge of the matter said NNPC was still allocating crude for fuel swaps for July loading, though less than in previous months. In its report detailing March crude oil loadings, NNPC also allocated crude to the swap contracts held by the consortiums.

Kyari said NNPC's monopoly on gasoline supplies was ending and private firms could start importing as early as this month.

Kyari said Nigeria's total crude and condensate output was at 1.56 million barrels a day (bpd) as of Friday. Nigeria has struggled to meet its OPEC oil quota of 1.742 million bpd due to grand oil theft and illegal refining.

That has raised doubts on whether Nigeria can meet supplies for the 650,000 bpd newly commissioned Dangote Refinery. NNPC has a contract to supply 300,000 bpd to the refinery.

 

Reuters

Oil advanced at the week’s open after Saudi Arabia said it will make an extra 1 million barrel-a-day supply cut in July, taking its production to the lowest level for several years following a slide in prices.

West Texas Intermediate futures jumped almost 5% early in the session before paring gains to trade under $73 a barrel while global benchmark Brent changed hands at about $77. Saudi Energy Minister Abdulaziz bin Salman said he “will do whatever is necessary to bring stability to this market” following a tense OPEC+ meeting over the weekend.

“The voluntary cut, in my view, is notable more for downside protection” rather than to spur a sustained rally, said Vivek Dhar, director of mining and energy commodities research at Commonwealth Bank of Australia. Markets could return to focus on the broader outlook of macroeconomic weakness, he said.

Oil in New York tumbled 11% last month as demand concerns weighed on the outlook, especially in China. Most market watchers including Goldman Sachs Group Inc. had expected OPEC+ to keep output unchanged, and the rest of the 23-nation coalition offered no additional action.

That’s left Saudi Arabia sacrificing further market share to stabilize the market. While others in the group pledged to maintain their existing cuts until the end of 2024, Russia made no commitment to curb output further and the United Arab Emirates secured a higher production quota for next year.

The OPEC+ deal came after a long dispute with African members over how their cuts are measured, which delayed the start of the meeting by several hours. Next month’s additional cut could be extended, but the Saudis will keep the market “in suspense” about whether this will happen, Abdulaziz said.

The minister has repeatedly sought to hurt bearish oil speculators, warning them to “watch out” in the buildup to Sunday’s meeting.

“Saudi Arabia would ideally want prices to be above $80 a barrel, and it is now trading around $77 a barrel,” said Vandana Hari, founder of Vanda Insights, on Bloomberg TV, referring to Brent. If the health of the global economy falters, the short sellers “will be back in no time,” she said.

 

Bloomberg

Bandits have attacked Sakiddar Magaji and Janbako communities of the Maradun Local Government Area in Zamfara State, killing no fewer than 10 persons.

Sources from the Janbako community confirmed the tragic incident to Channels Television on Sunday, saying that several others sustained various injuries.

In reaction to the latest attack, Zamfara State Governor, Dauda Lawal condemned the attack on the two communities in the Maradun local government area of the state.

He described the attack as barbaric and unprovoked aggression against innocent people, adding that his administration will not fold its arms and allow criminal elements to unleash terror without repercussions.

“The unfortunate incident came at a time when his government is working hard toward strategizing on how to bring an end to the protracted security problem in the state,” Lawal said in a statement by his Senior Special Assistant on Media and Publicity, Mustapha Jafaru.

“A directive has been issued to the Heads of security Agencies in the state to as a matter of urgency deploy more security personnel to the affected communities to forestall further destruction of lives and properties in the area.”

While condoling with the families of those that lost their loved ones, the governor sympathized with the people injured in the attack and prayed to God to grant rest to those who lost their lives.

Similarly, the troops of Operation Hadarin Daji have killed five terrorists that perpetrated the attacks on the communities.

A top military source in the state told our correspondent that the troops deployed at Forward Operating Base Bakura while on Patrol received credible information of armed bandits’ attack on Rogoji village in Bakura Local Government Area and Sakiddar Magaji village of Janbako district in Maradun local government area of the state.

“On arrival at the village, bandits fled on sighting troops advance, consequently, troops went on pursuit after the bandits with a heavy volume of fire and in the process, five bandits were neutralised,” the source said.

Troops recovered two AK-47 rifles, ammunition, unconfirmed number rustled of Cattle, goats and donkeys.

 

CTV

WESTERN PERSPECTIVE

Russia says it thwarted major Ukrainian offensive, killed hundreds

Russia said on Monday that its forces had thwarted a major Ukrainian offensive at five points along the front in the southern Ukrainian region of Donetsk and killed hundreds of pro-Kyiv troops.

It was not immediately clear whether or not the reported attack represented the start of a Ukrainian counteroffensive which Kyiv has been promising for months to recapture territory taken by Russian forces after the invasion of February 2022.

Russia's defence ministry said Ukraine had attacked with six mechanised and two tank battalions in southern Donetsk, where Moscow has long suspected Ukraine would seek to drive a wedge through Russian-controlled territory.

"On the morning of June 4, the enemy launched a large-scale offensive in five sectors of the front in the South Donetsk direction," the defence ministry said in a statement posted on Telegram at 1:30 a.m. Moscow time (2230 GMT).

"The enemy's goal was to break through our defences in the most vulnerable, in its opinion, sector of the front," it said. "The enemy did not achieve its tasks, it had no success."

Reuters was unable to immediately verify the Russian statement and the Ukrainian defence ministry and military did not immediately respond to written requests for comment.

Ukrainian Defence Minister Oleksii Reznikov published a cryptic message on Twitter on Sunday, quoting Depeche Mode's track "Enjoy the Silence".

"Words are very unnecessary They can only do harm," his tweet said.

Ukraine last week published a flashy video depicting troops preparing for battle and reciting a rousing blessing, which was later aired as a recruiting clip.

Russia's defence ministry released video of what it said showed several Ukrainian armoured vehicles in a field blowing up after being hit.

Russian forces killed 250 Ukrainian troops as well as destroying 16 tanks, three infantry fighting vehicles and 21 armoured combat vehicles, the ministry said.

Russian Chief of the General Staff Valery Gerasimov, who is in charge of Moscow's military operation in Ukraine, was in the area of the Ukrainian attack, the ministry said.

"(Gerasimov) was at one of the advanced command posts," the ministry said.

COUNTER-OFFENSIVE?

For months, Ukraine has been preparing for a counter-offensive against Russian forces which officials in Kyiv and CIA Director William Burns have said will pierce Russian President Vladimir Putin's hubris.

Ukrainian President Volodymyr Zelenskiy told the Wall Street Journal in an interview published on Saturday that he was ready to launch the counteroffensive but tempered a forecast of success with a warning that it could take some time and come at a heavy cost.

"I don't know how long it will take," he told The Journal. "To be honest, it can go a variety of ways, completely different. But we are going to do it, and we are ready."

After seeking tens of billions of dollars of Western weapons to fight Russian forces, the success or failure of the counter-offensive is likely to influence the shape of future Western diplomatic and military support for Ukraine.

Ukraine has in recent weeks sought to weaken Russian positions but its specific plans have been shrouded in secrecy as it seeks to strike yet another blow against the much larger military of Russia.

Moscow was last month struck by drones which Russia said was a Ukrainian terrorist attack while pro-Ukrainian forces have repeatedly crossed into Russia proper in recent days in the Belgorod region.

After a two-month lull, Russia has launched hundreds of drones and missiles on Ukraine since early May, chiefly on Kyiv, with Ukraine saying the targets were its military and critical infrastructure facilities.

WAR IN UKRAINE

Putin sent troops into Ukraine on February 24 last year in what the Kremlin expected to be swift operation but its forces suffered a series of defeats and had to move back and regroup in swathes of eastern Ukraine.

Russia now controls at least 18% of what is internationally recognised to be Ukrainian territory, and has claimed four regions of Ukraine as Russian territory.

For months, tens of thousands of Russian troops have been digging in along a front line which stretches for around 600 miles (1,000km), bracing for a Ukrainian attack which is expected to try to cut Russia's so-called land bridge to the Crimean peninsula, which Russia annexed in 2014.

Ukraine says it will not rest until it has ejected every last Russian soldier from its territory, and casts the invasion as an imperial-style land grab by Russia, the world's biggest nuclear power.

Russia says the war is escalating and says the West is fighting what amounts to a hybrid war against Russia which is aimed at sowing discord and ultimately carving up Russia's vast natural resources.

The West says it wants Ukraine to defeat Russia but denies that it wants to destroy Russia. U.S. President Joe Biden said last year that a direct confrontation between NATO and Russia would mean World War Three.

 

RUSSIAN PERSPECTIVE

Ukraine launches ‘large-scale offensive’ – Russian MOD

Ukrainian forces have attacked the Russian troops along five sections of the frontline in Donbass during their “large-scale offensive,” the Russian Defense Ministry said in the early hours of Monday.  

According to the MOD, the assault began on Sunday morning. “The enemy’s goal was to breach our defenses in what they assumed was the most vulnerable section of the frontline,” the ministry said in a statement.

“The enemy has failed to reach its goals and was unsuccessful,” the ministry stated.

The MOD said that Ukraine had deployed the 23rd and the 31st mechanized brigade from its “strategic reserves,” which were supported in battle by other units.

“The Ukrainian Armed Forces have lost more than 250 service members, 16 tanks, three infantry vehicles, and 21 armored vehicles,” the MOD said.

The ministry released a video of what it said were strikes on Ukrainian military vehicles.

Ukrainian President Vladimir Zelensky said on Saturday that Kiev was ready to launch its long-planned counteroffensive and that the military could not wait “for months.” The deputy head of his office, Igor Zhovkva, however, said the same day that his country had still not received enough weapons and ammunition to mount a successful campaign.

Kiev has recently stepped up the artillery and drone attacks on Russian cities, including a UAV raid on Moscow last week. The Russian Defense Ministry said on Sunday evening that the troops had repelled an armed incursion into the Belgorod Region, which shares a border with Ukraine.

The Russian Volunteer Corps (RDK) and the ‘Freedom of Russia’ Legion – two pro-Kiev groups made up of fighters with neo-Nazi background – claimed responsibility for that attack and similar forays into Russian territory that took place throughout this spring.

Belgorod Governor Vyacheslav Gudkov wrote on his Telegram channel early Monday morning that a drone strike had started a fire on “an energy infrastructure site.” He added that there were no casualties and no power outages.

 

Reuters/RT

Fighting escalates in Sudan's capital after ceasefire expires

Fighting intensified in several areas of Khartoum on Sunday after a ceasefire deal expired, residents of Sudan's capital reported, and activists said a new outburst of violence in North Darfur state had left at least 40 people dead.

The ceasefire between Sudan's army and the paramilitary Rapid Support Forces (RSF) had started on May 22 and expired on Saturday evening.

Brokered by Saudi Arabia and the United States, it calmed the fighting slightly and allowed limited humanitarian access, but like previous truces was repeatedly violated. Talks to extend the ceasefire broke down on Friday.

The deadly power struggle which erupted in Sudan on April 15 has triggered a major humanitarian crisis in which more than 1.2 million people have been displaced within the country and caused another 400,000 to flee into neighbouring states.

It also threatens to destabilise the region as a whole.

Live footage on Sunday showed black smoke billowing above the capital.

"In southern Khartoum we are living in terror of violent bombardment, the sound of anti-aircraft guns and power cuts," said 34-year-old resident Sara Hassan by phone. "We are in real hell."

Among the other areas where fighting was reported were central and southern Khartoum, and Bahri, across the Blue Nile to the north.

Beyond the capital, deadly fighting has also broken out in Darfur in the far west of Sudan, already grappling with long-running unrest and huge humanitarian challenges.

Witnesses reported that heavy fighting on Friday and Saturday had brought chaos to Kutum, one of the main towns and a commercial hub in North Darfur.

At least 40 people were killed and dozens more wounded, including residents of the Kassab camp which houses people displaced by earlier unrest, said the Darfur Bar Association, which monitors rights in the region.

The army denied claims that the RSF, which developed out of Darfur militias and has its power base in the region, had taken over Kutum.

Witnesses said a military plane had crashed in Omdurman, one of three cities around the confluence of the Nile that make up the greater capital region.

There was no comment from the army, which has been using war planes to target the RSF spread out across the capital.

FIRST RAINS

Separately Sudanese antiquities authorities said RSF fighters had withdrawn from the national museum in central Khartoum. On Saturday, the RSF released a video filmed inside the grounds of the museum, which houses ancient mummies and other precious artefacts, denying they had harmed the collection.

Fighting in the capital has led to widespread damage and looting, a collapse in health services, power and water cuts, and dwindling food supplies.

In recent days the first rains of the year have fallen, heralding the start of a rainy season that runs till around October and brings flooding and a heightened risk of water-borne diseases.

The rains could complicate a relief effort already hampered by bureaucratic delays and logistical challenges. Aid workers have warned that dead bodies have been left in the streets and uncollected rubbish has been piling up.

Saudi Arabia and the United States said they were continuing to engage daily with delegations from the army and the RSF, which had remained in Jeddah even though talks to extend the ceasefire were suspended last week.

"Those discussions are focused on facilitating humanitarian assistance and reaching agreement on near-term steps the parties must take before the Jeddah talks resume," the two countries said in a statement.

RSF leader Mohamed Hamdan Dagalo, known as Hemedti, said in a Facebook post that he had spoken by phone to the Saudi foreign minister to discuss Jeddah mediation efforts. Hemedti's whereabouts are unclear though he appeared in video footage with his troops in central Khartoum earlier in the fighting.

 

Reuters

“So many people are hanging on by the thinnest of threads. Treat people with kindness, you could be that thread.” – John Pavlovitz

The above proverbial expression, which alludes to an occasion between Damocles and King Dionysius, may define the situation between Nigerians and their president. Without a doubt, President Bola Tinubu took the oath of office amidst significant concerns expressed by many Nigerians. Apart from that, the courts are still hearing challenges to his emergence as president. He is also, so far, the only president with a minority of votes in an election in Nigeria. Every president since 1999 has got total votes that surpassed those of all opposition parties put together that contested against them.

Nonetheless, whether one likes it or not, the man has been declared the winner and sworn in, and so he is officially Nigeria’s sixteenth president at the moment and the fifth in the current political dispensation. What he needs now is cooperation and prayers from every one of us. His success will make us smile just as his failure would make us frown. We are surviving witnesses to this truism.

One cardinal thing Tinubu must do is to unite the nation and make Nigerians feel a sense of belonging, as well as foster trust in the system. He must also reform our judicial system so that our courts would truly be sanctuaries of hope for both the high and the low.

Due to the contentious nature of the electoral process through which he emerged, he should borrow a leaf from President Umaru Yar’Adua who acknowledged that the election that brought him into office was fraught with irregularities and began electoral reforms which his deputy, Goodluck Jonathan, continued after his demise. Tinubu must make sure elections are transparent and that the laws are further amended so that all electoral disputes are settled before swearing-in.

It makes no sense for a person whose election is before the judges to be sworn into office. Apart from the distraction such will offer, how many Nigerian judges can rule against the chief executive who can appoint or dismiss them? It is often said that the Nigerian president is the most powerful in the world, so it stands to reason that he can lean on the judges handling his case.

Asiwaju is not a man with an ordinary brain. He is both tactical and street-wise. Where do you place a man who successfully propped up two strong candidates in two different start-up parties to reduce his major opponent’s votes? And none among the three – the two political mannequins and the confident main opposition – was the wiser for it!

The two candidates, one up North and the other down South are believed to have been bankrolled by him using fronts. While the one up North knew he could not win but was content with securing his base, the one down South sincerely believed he would win.

Knowing that their joining forces could pose a problem to him, Tinubu, as their puppeteer, fanned their ego and each looked down on the other.

He also brought in a former president – a big fish the dominant opposition party was venerating and doing everything to court – to work for him, although he claimed he was working for one of Tinubu’s props.

The controversies surrounding Tinubu aside (and there are many), Nigerians are witnesses to his achievements as the governor of Lagos. And if his succession plan in Lagos is anything to go by, Nigeria is in for a long reign by Tinubu and his protégés. Tinubu’s politics could be a course for future students of politics, not only in Nigeria.

However, one can adapt a catchphrase from the last governorship poll in Edo State – ‘Edo no be Lagos’ (Edo is not Lagos – where Tinubu is the overlord and grandmaster) to this scene, ‘Nigeria no be Lagos.’ In the Edo election, he threw his weight behind a candidate who was beaten by the incumbent who himself had defected to the opposition after Tinubu’s party denied him a return ticket. One can also point to the last governorship poll in Osun State, where his nephew, who was the incumbent, was beaten by the dancing senator, Governor Ademola Adeleke.

But I am confident the man would achieve what he set out to achieve. However, first, as we said, he must unite Nigerians and every one of us must be given a sense of belonging. Nigerians must also feel that their government cares. We must feel secure and those of us in bandits’ enclaves must be rescued. Social amenities should also be provided so we can see that our taxes count.

He must look at the cost of governance. It is not wise to sustain two legislative chambers doing the same things, especially since ours are costly. Duplicating the American model is therefore not advisable.

A situation where our government spends billions buying vehicles from foreign lands – thereby encouraging capital flight and keeping foreign companies afloat and their nationals in employment, or where the government feeds the president and state governors with billions of naira, ought to be done away with. What are their salaries and allowances for?

The president is now the father of all: for those who voted for and against him, for those from his part of the country or not; for those who profess the same faith as him or not. He must be fair and just to everyone, and he must ensure that everyone gets his due. He must understand that this nation has been bruised. We have seen hundreds killed “because one of them touched the chest of a General”, according to the former president, while some others who killed and cannibalised another General are still roaming about as free as the breeze.

Othman Danfodio, in his book Bayan Wujub al-Hijrah alal ibad, said, “A kingdom (nation) can endure with unbelief, but it cannot endure with injustice.” Tinubu should mark these words.

When the leader of the Muslims, Imam Ali Ibn Talib, appointed Malik Al Ashtar governor of Egypt in 656 AD, he charged him thus: “Be it known to you, O, Malik, that I am sending you as governor to a country which in the past had experienced both just and unjust rule (as Nigeria). Men will scrutinise your actions with a searching eye, even as you used to scrutinise the actions of those before you, and speak of you even as you spoke of them.”

He also exhorted him to “do good and keep your desires under control… and develop in your heart the feeling of love for your people.” Then he told him to forgive those who commit mistakes “even as you would like God to forgive you.”

In the areas of appointments, sentiment should be kept aside as Imam Ali told Al Ashtar to “choose the best among your people…” and “seek the company of the learned and the wise in search of solving the problems of your region (nation).”

Tinubu is unarguably the most consummate politician to have straddled our political landscape, who thirsted for power and emerged as president of Nigeria. He has no excuse not to perform.

** Hassan Gimba is the Publisher and Editor-in-Chief of Neptune Prime.

 

A game of few chances saw South Korea emerge victorious over Nigeria courtesy of a header from Choi Seok-Hyun five minutes into the first half of extra time.

It was South Korea’s first and only shot on target in the third time Nigeria has lost out in the quarterfinal in extra time—2007, 2011, and 2023.

Coach Ladan Bosso sent out 10 of the 11 players that started against Argentina. Samson Lawal gave way to Victor Eletu.

The Flying Eagles had more than 70% of the ball possession in the first 10 minutes, and their first goal attempt came from Jude Sunday in the fifth minute, a tame overhead kick that was off target.

Nigeria won two successive corner kicks in the sixth minute, and Abel Ogwuche almost scored the opener, inexplicably, in the eighth minute after a corner kick dropped in the box and hit his body. It was goalbound but an easy catch for South Korea goalkeeper Kim Joon-Hong.

Ogwuche and Solomon Agbalaka collided mid-air in the 27th and needed treatment on the pitch. There was a lack of communication between the left-back and the centre-back.

Eletu almost produced the moment of the half in the 29th minute when he wriggled from the attentions of three South Korean players, and his shot needed saving. Salim Fago headed another corner kick wide as the South Koreans grew into the game.

A misplaced pass from Daniel Daga led to the South Korean’s first corner kick, and Kingsley Aniagboso made his first save to end the half. The Nigerians had 47% of ball possession to South Korea’s 32%, though they covered 52km to Nigeria’s 50.

The second half was a replica of the first, with the Nigerians having more of the ball. Captain Daniel Bameyi had a shot on target on 49 minutes. Lee Young-Jun hammered a South Korean chance over the bar on the hour.

Coach Bosso pulled out Salim Lawal and Ibrahim Muhammad in the 62nd minute and sent on Umeh Emmanuel, and Kehinde Ibrahim came on.

The game dragged into extra time, and Seok-Hyun stole ahead of Benjamin Fredrick to score the match’s only goal.

Coach Bosso, in his post-match interview, lamented his team’s missed chances while stating that the Koreans had only one chance from which they scored. He also revealed that the match was about the easiest of the four they played in Argentina.

 

PT

A third of the world's billionaires are concentrated in just 16 cities, according to a new study. 

Wealth-X's annual Billionaire Census tracks where they live, how they make their money, and more.

Here, the 16 cities across the globe with the most billionaires, from Istanbul to Moscow.

About 27 million Americans moved in 2022, according to census data. 

As for billionaires? They tend to stay put.

Almost a third of the world's billionaires are concentrated in just 16 cities, according to a new analysis of the habits and patterns of the richest individuals.

Wealth-X's Billionaire Census found that 29% of the globe's 3,194 wealthiest people, whose collective net worth totals $11.1 trillion, live in the same handful of metropolises in 2022 as they did during the last several years. 

New York City remains home to the most billionaires with 136, said the report, released Wednesday.

Other hot spots for high-net-worth folks are located across Asia, America, and the Middle East. Most of the top cities are consistent in their billionaire populations, gaining or losing one or two each between 2021 and 2022 — except for Singapore, which gained four of the world's wealthiest over the same time period.

The number of billionaires across the globe, however, dropped 3.5% in 2022 thanks to what the study authors called "a new war in Europe, a generational surge in inflation, and deepening US-China tension." People tied to industries including tech, retail, energy, healthcare, and transportation saw their average wealth decline by more than 5% in 2022.

Still, the report added, "the billionaire class wields a significant and still-growing influence over the global economy."

So let's take a tour of the 16 cities the most members of the world's wealthiest population call home.

15. Paris (tie)

Billionaire population in 2022: 32

Number of billionaires lost or gained: Paris lost one billionaire between 2021 and 2022.

15. Chicago (tie)

Billionaire population in 2022: 32

Number of billionaires lost or gained: Chicago lost one billionaire between 2021 and 2022.

13. Sao Paolo (tie)

Billionaire population in 2022: 33

Number of billionaires lost or gained: Sao Paolo lost one billionaire between 2021 and 2022.

13. Istanbul (tie)

Billionaire population in 2022: 33

Number of billionaires lost or gained: Istanbul's number of billionaires stayed the same between 2021 and 2022.

12. Hangzhou, China

Billionaire population in 2022: 34

Number of billionaires lost or gained: Hangzhou lost one billionaire between 2021 and 2022.

11. Dubai, United Arab Emirates

Billionaire population in 2022: 38

Number of billionaires lost or gained: Dubai's number of billionaires stayed the same between 2021 and 2022.

10. Mumbai, India

Billionaire population in 2022: 39

Number of billionaires lost or gained: Mumbai lost one billionaire between 2021 and 2022.

9. Shenzhen, China

Billionaire population in 2022: 42

Number of billionaires lost or gained: Shenzhen lost two billionaires between 2021 and 2022.

8. Singapore

Billionaire population in 2022: 54

Number of billionaires lost or gained: Singapore gained four billionaires between 2021 and 2022.

7. Los Angeles

Billionaire population in 2022: 58

Number of billionaires lost or gained: Los Angeles lost one billionaire between 2021 and 2022.

6. Beijing

Billionaire population in 2022: 61

Number of billionaires lost or gained: Beijing lost two billionaires between 2021 and 2022.

5. London

Billionaire population in 2022: 75

Number of billionaires lost or gained: London lost two billionaires between 2021 and 2022.

4. Moscow

Billionaire population in 2022: 76

Number of billionaires lost or gained: Moscow gained one billionaire between 2021 and 2022.

3. San Francisco

Billionaire population in 2022: 84

Number of billionaires lost or gained: San Francisco lost one billionaire between 2021 and 2022.

2. Hong Kong

Billionaire population in 2022: 112

Number of billionaires lost or gained: Hong Kong lost two billionaires between 2021 and 2022.

1. New York City

Billionaire population in 2022: 136

Number of billionaires lost or gained: New York lost two billionaires between 2021 and 2022.

 

Business Insider

NewsScroll: President Bola Tinubu of Nigeria announced removal of petrol subsidy, resulting in almost three fold price increase. Against the backdrop of widespread poverty in Nigeria, please write an essay on the implications of this action by the president.

 

ChatGPT: Title: The Implications of President Bola Tinubu's Removal of Petrol Subsidy in Nigeria

Introduction:

President Bola Tinubu's decision to remove petrol subsidy in Nigeria has generated significant debate and concern. The subsequent threefold price increase of petrol has far-reaching implications, particularly against the backdrop of widespread poverty in the country. This essay aims to explore the potential consequences of this action on the Nigerian population and shed light on the challenges it poses for the government and its citizens.

1. Economic Impact: The removal of petrol subsidy is likely to have a profound effect on Nigeria's economy. The sudden price hike will increase the cost of transportation, which will subsequently impact the prices of goods and services across various sectors. This inflationary pressure could exacerbate poverty levels and lead to a decline in the standard of living for many Nigerians. The burden will be felt most acutely by low-income individuals and families, who spend a significant portion of their income on transportation and basic necessities.
2. Increased Cost of Living: The rise in petrol prices will have a cascading effect on the cost of living. Transportation costs will soar, making it more challenging for individuals to commute to work or school, access healthcare facilities, and engage in economic activities. Moreover, the increased cost of transportation will lead to higher prices for food, housing, and other essential commodities. This will disproportionately affect the poor and vulnerable segments of society, further widening the gap between the rich and the poor.
3. Social Unrest and Protests: The removal of petrol subsidy could spark widespread social unrest and protests across the country. Nigerians have a long history of expressing their dissatisfaction with government policies that adversely affect their economic well-being. The sudden increase in petrol prices will likely ignite public outrage, leading to protests, strikes, and potential clashes with law enforcement agencies. Such social upheaval can disrupt the functioning of the nation, strain government resources, and impede social and economic progress.
4. Impact on Small Businesses: Small businesses, which are the backbone of Nigeria's economy, will bear the brunt of this policy decision. The higher transportation costs will result in increased operational expenses for these enterprises, making it difficult for them to compete and sustain their operations. Many micro and small business owners may be forced to downsize or shut down their businesses altogether, resulting in job losses and a further weakening of the economy.
5. Political Implications: President Tinubu's decision to remove petrol subsidy carries political ramifications as well. The policy could erode public trust in the government and its ability to address the needs of its citizens effectively. The perception that the government is insensitive to the plight of the poor and prioritizes the interests of the affluent can lead to a loss of credibility and popularity. This could impact the government's ability to implement future policies and initiatives successfully, as public support and cooperation may diminish.

Conclusion:

The removal of petrol subsidy by President Bola Tinubu in Nigeria carries significant implications for the country's economy, social fabric, and political landscape. The subsequent threefold increase in petrol prices is likely to burden the poor, exacerbate poverty levels, and disrupt the livelihoods of many Nigerians. It is crucial for the government to consider the socio-economic impact of such decisions and proactively address the concerns of the population. A comprehensive approach that balances economic considerations with social welfare is essential to mitigate the adverse effects and promote inclusive growth in Nigeria.

Nigeria Union of Journalists (NUJ) says it will embark on a nationwide protest next week Wednesday over the removal of petrol subsidy.

On Friday, the Nigeria Labour Congress (NLC) issued a five-day ultimatum to the federal government to revert to the old price of petrol or face a nationwide protest.

Joe Ajaero, NLC president, said the federal government had until Wednesday to revert to the old price of N185.

Reacting in a statement on Saturday, Shuaibu Leman, NUJ national secretary, said an emergency central working committee (CMC) meeting of the union was convened virtually.

Leman said discussions at the meeting centred on issues surrounding the decision by the federal government to remove fuel subsidy and the position taken by the NLC.

He said members unanimously adopted the position of the NLC.

“CWC reiterates the argument that although the removal of fuel subsidy will free allocations which can be channelled to the provisions of infrastructure and creation of additional jobs, the sudden removal could, however, lead to social unrest and protests as people may perceive Government as being insensitive to their plight,” the statement reads.

“CWC also notes that already there is an astronomical increase in the prices of petroleum products and high inflation which have drastically reduced the purchasing power of citizens.

“Accordingly CWC directs all State Councils of the Union to mobilise members to withdraw their services and commence protests nationwide from Wednesday next week, 7th June 2023, if the Nigerian National Petroleum Company Limited (NNCPL) refuses to reverse the new price regime in the oil sector.”

 

The Cable