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Tag: fuel subsidy

Queues return as IPMAN opposes Tinubu subsidy removal
featured

Queues return as IPMAN opposes Tinubu subsidy removal

  President Bola Tinubu’s plan to execute his predecessor’s decision to withdraw fuel subsidy by the end of June has been met with opposition from the Independent Petroleum Marketers Association of Nigeria. AM Business on Monday reported that Tinubu said in Abuja that his government would end petroleum subsidy payments. He argued that the Federal […]

Petrol queues surface in Lagos, Abuja after Tinubu's subsidy announcement
News

Petrol queues surface in Lagos, Abuja after Tinubu’s subsidy announcement

  Residents of Lagos have started experiencing another rounds of long queues in various petrol stations following the announcement of the fuel subsidy removal by President Bola Tinubu. AM Business reported that Tinubu, in his inaugural speech shortly after his swearing-in in Abuja, declared that “fuel subsidy is gone”. He claimed that the budget he […]

Fuel subsidy is gone, Tinubu tells Nigerians
featured

Fuel subsidy is gone, Tinubu tells Nigerians

Fuel subsidy is gone, says Tinubu President, Bola Tinubu has stated that there will be no more fuel subsidy in Nigeria. He stated this during his official inauguration speech after his swearing in at the Eagle’s Square, Abuja on Monday. “The fuel Subsidy is gone. It is unjustifiable…..we shall rechannel the funds to education and […]

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 […]

The Nigerian Petroleum and Natural Gas Senior Staff Association has written to President Bola Ahmed Tinubu via the Chief of Staff's office to request that the
Oil and Gas

Petrol will cost below N500 after subsidy removal – PENGASSAN

The president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, has predicted that if the fuel subsidy is removed, petrol will be sold for less than N500 per liter. This is in accordance with a statement published following the National Executive Council meeting of his association, which took place on March […]

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 […]

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