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Tag: fuel subsidy

featured Oil and Gas

Fuel subsidy removal saves Nigeria over N10tr annually — Senator

Nigeria is saving over N10 trillion annually following the removal of fuel subsidy by President Bola Tinubu, according to the Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola. Adeola disclosed this on Saturday while speaking in Ogun State, where he highlighted the fiscal impact of the policy decision taken by the current administration. […]

Oil and Gas

Fuel subsidy removal unlocked digital transformation in downstream sector – MEMAN

The Major Energy Marketers Association of Nigeria says the removal of the fuel subsidy has ushered in deregulation, opening opportunities for innovation and digital transformation in the downstream sector. Chairman of MEMAN, Huub Stokman, said the shift is driving models such as energy-as-a-service, virtual power plants, and peer-to-peer energy trading to boost efficiency and access. […]

News

Fuel subsidy removal was necessary – Tinubu

President Bola Tinubu has defended his decision to end fuel subsidy, describing it as a necessary step to rescue the economy and redirect Nigeria’s wealth to benefit ordinary citizens. In his Independence Day broadcast, Tinubu recalled inheriting a “near-collapsed economy” and said tough choices had to be made. “As a new administration, we faced a […]

Nigeria borrowed money to fight Boko Haram - Oyedele
News

Nigeria borrowed money to fight Boko Haram – Oyedele

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has said the removal of Nigeria’s fuel subsidy has been described as a transformative step in addressing the country’s enduring economic challenges. This perspective was shared by Oyedele during The Platform, an annual event hosted by Covenant Nation in Lagos. Oyedele […]

Oil marketers push for fuel subsidy removal suspension
featured

Oil marketers push for fuel subsidy removal suspension

  Following importers’ difficulty to obtain US dollars and the effects this was having on businesses, oil marketers recommended President Bola Tinubu on Tuesday to gradually soften the withdrawal of subsidies on Premium Motor Spirit, also known as petrol. This occurred as Tinubu ruled against raising the price of fuel and reversing the fuel subsidy. […]

Tinubu considering ‘temporary subsidy’ on petrol - Reports
featured

Tinubu considering ‘temporary subsidy’ on petrol – Reports

  President Bola Tinubu is contemplating the implementation of a “transitory subsidy” on petroleum in response to the escalating crude oil prices and foreign exchange rates. According to The Cable, although no decision has been made as of yet, insiders within the presidency stated that the idea is “firmly on the table” as the country’s […]

Opinion

Fuel price to hit N1000/litre, financial analyst warns

The Federal Government has been urged to intervene in the foreign exchange market to curb the likely free fall of the Naira to the dollar in order to checkmate rising price of petrol, which experts say could hit N1000 per liter.   According to Tribune, Economists advised that the government should be wary of allowing […]

Subsidy: Traders lament low generator sales
Business

Subsidy: Traders lament low generator sales

The sale of petrol generator sets in Nigeria has significantly decreased after President Bola Tinubu’s pronouncement on May 29 putting an end to fuel subsidies. According to Nairametrics, sales for all generator dealers fell significantly over the past month, with the majority of them unable to sell more than half of their regular stock. Market participants […]

Opinion

How to cushion effect of subsidy removal — KPMG

A global audit, tax and advisory services firm, KPMG, has called for the deployment of alternatives to money in cushioning the severe impact of the recent petrol subsidy removal.   This Day reported that in a report it titled: “ Removing Nigeria’s PMS Fuel Subsidy: We Can’t Have Our Cake & Still Eat it”, the […]

NNPCL blames market forces for fuel price hike
Oil and Gas

NNPCL blames market forces for fuel price hike

The group chief executive officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has attributed the rise in the per-liter pump price of fuel from N537 to N617 to market forces. The NNPCL CEO clarified that the hike is not based on a shortage of fuel in an interview with reporters on Tuesday following a meeting with […]

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