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Tag: fuel subsidy

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 […]

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 […]

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 […]

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