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Tag: fuel subsidy

How more taxes'll reduce debt load - FG
featured News

FG to remove fuel subsidy Q2 2023 – Finance minister

Nigeria’s Minister of Finance, Dr. Zainab Ahmed, has stated that it would be prudent for the Major General Muhammadu Buhari (retd.), led administration to begin phasing out fuel subsidies from the start of the second quarter of 2023. Ahmed stated this during an interview on Arise TV, while attending the ongoing in Davos, Switzerland on […]

News

Why FG should keep fuel subsidy- Sowore

  The presidential candidate of the African Action Congress, Omoyele Sowore, has stated that the fuel subsidy should not be removed. According to him, the removal of the fuel subsidy will only add to the sufferings of Nigerians. He stated this during an interview on Arise TV on Thursday. He said the fuel subsidy should […]

New naira: Beware of currency hoarders, EFCC warns BDC operators
Oil and Gas

Fuel subsidy: EFCC recovers N13bn illegal payments

The Economic and Financial Crimes Commission records recovery worth N13bn as proceeds from illegal payments made under the subsidy regime between 2017 and 2021.   This was discovered from the website of the Nigeria Financial Intelligence Unit on the National Inherent risk assessment of money laundering in the Nigerian extractive sector.   The document read, […]

Senate probes Niger Delta oil theft
Oil and Gas

2022: Oil theft, fuel subsidy, other Buhari regime challenges

  Oil Theft, Subsidy, Fuel Scarcity are among some of the challenges which the Federal Government tried to address in the Nigeria’s oil and gas sector in the outgoing year. However despite its efforts, little success has been recorded by the Major General Muhammadu Buhari (retd.), led administration. Despite recent improvements, Nigeria’s crude oil output […]

Tweeps knock FG as fuel scarcity leaves commuters stranded
featured Oil and Gas

NNPCL to sell fuel for N148, Tinubu insists on subsidy removal

The Nigerian National Petroleum Company Limited plans to execute a contract with independent oil marketers that would guarantee that the price of gasoline at the ex-depot is N148 per litre. The new managing director of NNPCL Retail, Hubb Stockman, has vowed to directly provide IPMAN members with goods, according to Mike Osatuyi, the national controller […]

Nigerians bought petrol N191.65 per litre September- NBS
Oil and Gas Uncategorized

Why fuel subsidies should be removed – IEA

The International Energy Agency has cautioned against fuel subsidies, especially in developing nations like Nigeria where the use of energy resources is significant. According to the IEA’s October 2022 World Energy Outlook, wasteful fossil fuel subsidies are a major roadblock to a more sustainable future. Even while it is morally right to protect society’s most […]

FG to end fuel subsidy in 2023 - Minister
Oil and Gas

FG to end fuel subsidy in 2023 – Minister

The Minister of Finance, Budget and National Planning, Zainab Ahmed, has disclosed that the Federal Government will stop paying subsidies on Premium Motor Spirit (petrol) by June 2023. According to The Punch, Ahmed made this disclosure during a meeting with the House of Representatives Ad Hoc Committee investigating the Petroleum Products Subsidy Regime from 2013 […]

How more taxes'll reduce debt load - FG
News

FG spends N18.4bn on fuel subsidy daily – Minister

The Minister of Finance and National Planning, Zainab Ahmed, on Thursday, revealed that Federal Government spends N18.397 billion daily on payments of subsidy on Premium Motor Spirit (petrol). Ahmed disclosed this while appearing before the House of Representatives Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022, on Thursday. While […]

Nigerians bought petrol N191.65 per litre September- NBS
Oil and Gas

FG spent N1.593tn on fuel subsidy in six months – Report

The Federal Government spent a total of N1.593 trillion on subsidy of Premium Motor Spirit, often known as petrol over a six-month period between January and June 2022. This was discovered in recent data on the subject cited by The PUNCH. It was also learned that the Nigerian National Petroleum Company Limited invested N54.66bn in […]

Naira fall'll worsen Nigeria’s food, energy crisis — W’Bank
Economy

Nigeria facing existential threats – World Bank

The World bank on Wednesday alerted the regime of the President, Major General Muhammadu Buhari(retd), that Nigeria might be facing an existential threat due to its dwindling revenue. The international financial institution also cited the continued payment of trillions of naira on fuel subsidies by the government and the attendant economic challenges, as other causes. […]

Nigerians bought petrol N191.65 per litre September- NBS
Oil and Gas

Subsidy cost spikes by 370% amid rising debt

The cost of fuel subsidy is estimated to increase by 369.93 per cent from 2021 to 2023. In 2021, the Nigerian National Petroleum Corporation said fuel subsidy gulped N1.43tn, although there was no record for under-recovery in January. The Minister of Finance, Budget and National Planning, Zainab Ahmed, had said on Thursday at the presentation […]

How more taxes'll reduce debt load - FG
Economy

Nigerians face tougher times as revenue falls by N1.89tn

Economic and energy experts have predicted tougher days ahead for the economy, states and Nigerians as the Federal Government projects N6.7tn on fuel subsidy next year. The Minister of Finance, Zainab Ahmed, on Thursday released the four-month fiscal report of the economy during a public consultation on the 2023-2025 Medium Term Expenditure Framework/FSP. “Crude oil […]