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Tag: fuel subsidy

FG, AfDB discuss Coastal, trans-sahara highway projects funding
Economy

Fuel Subsidy: Nigeria’s economy lost $10bn in 2022 – AfDB

The president of the African Development Bank, Akinwumi Adesina has said that Nigeria’s economy lost 10 billion dollars due to fuel subsidies in 2022. According to the News Agency of Nigeria, at a speech in Abuja, Adesina claimed that Nigeria’s fuel subsidies assist the wealthy rather than the poor. The poorest 40% of the population, […]

NACCIMA, EU partner on business innovation
Oil and Gas

FG needs to fix Nigeria’s refineries – NACCIMA

The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, has called on the Federal Government to urgently fix the four refineries which have been in comatose for the past 16 years. The President of the association, John Udeagbala, said this should be done so as to end petroleum products importation into the country. […]

Fuel scarcity eases gradually after five months
Business

FG to pause fuel subsidy removal

The National Economic Council announced in Abuja on Thursday that it has reached an agreement not to remove the petrol subsidy planned in June 2023. According to The Punch, this was disclosed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, to journalists at the State House shortly after the final Council […]

Fuel scarcity eases gradually after five months
Business

Fuel subsidy removal will reduce Nigeria’s debt, corruption – LCCI

The Lagos Chamber of Commerce and Industry believes that eliminating fuel subsidy by the Federal Government is one of the best economic moves that will decrease Nigeria’s debts and address corruption in the oil industry. According to The Punch, the President of LCCI, Dr. Michael Olawale-Cole, made this statement during the chamber’s second-quarter state of […]

NNPCL laments as fuel subsidy hits over N400bn
News

NNPCL laments as fuel subsidy hits over N400bn

  Wilson Adekumola   The Nigerian National Petroleum Company Ltd. has lamented as the fuel subsidy hits over N400bn, adding that it is extremely challenging for them to be funding this from the cash flow of the company without getting refunds from Ministry of Finance. The Group Chief Executive Officer, NNPCL, Mallam Mele Kyari made […]

IMF logo
Business Uncategorized

IMF urges FG to remove fuel subsidy June 2023

The International Monetary Fund has implored the Federal Government to fulfil its plans to remove fuel subsidy by June. The prominent financial agency of the United Nations, IMF stated this on Wednesday in a publication on their website titled ‘IMF Executive Board Concludes 2022 Article IV Consultation with Nigeria.’ The publication highlighted that Nigeria’s economy […]

Jet A1 hike threatens airlines' existence - Ibom Air COO
News

Subsidy: Petrol may hit N800/litre, says marketers

  Oil marketers have revealed that if the Federal Government goes ahead with its plan to remove the subsidy on Premium of Motor Spirit, popularly called petrol, the cost of the commodity would cross N800/litre. It has been widely reported by those working in the oil industry that the high price of gasoline subsidies has […]

Naira scarcity: Hardship vital for economy, says finance minister
News

Subsidy: Buhari regime borrowing to import fuel, says minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has revealed that the Federal Government sometimes borrows funds to buy petrol as the country continues to incur rising fuel subsidy bills. According to The PUNCH, she stated this on Tuesday on the sidelines of the World Economic Forum in Davos, while speaking during an […]