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Tag: fuel subsidy

Nigerians bought petrol N191.65 per litre September- NBS
News

FG to spend N6.7tn on fuel subsidy in 2023

Economic and energy experts have predicted that the economy, States, and Nigerians will face tougher times in the future in light of the Federal Government’s projection that it will spend a staggering N6.7 trillion on fuel subsidies next year and a significant decline in government oil revenue this year. According to The PUNCH, the Minister […]

FG spends N40.1bn daily as fuel subsidy hits N600 per litre – Operators
Oil and Gas

FG spends N40.1bn daily as fuel subsidy hits N600 per litre – Operators

Oil operators on Sunday revealed that the Federal Government spends N40.1bn daily when subsidising every litre of Premium Motor Spirit, popularly called petrol by at least N600. According to data obtained from the Nigerian National Petroleum Company Limited, this also means that the government is spending about N1.243tn on fuel subsidies every month. Also, the […]

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  • June 27, 2022
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How more taxes'll reduce debt load - FG
Economy

Fuel subsidy affecting Nigeria’s debt serving – Minister

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed had expressed worry over the continuous retention of the controversial fule subsidy regime by the federal government, adding that it is affecting Nigeria’s ability to service its debt. She made the remarks at the hybrid launch of the World Bank’s Nigeria Development Update titled: […]

NUPENG threatens strike in Lagos over tanker drivers' safety
Oil and Gas

Motorists slam FG, NNPC as fuel queues hit Abuja again

Fuel queues returned to the Federal Capital Territory on Thursday as motorists spent hours at filling stations waiting to buy the Premium Motor Spirit also known as petrol. This is the third time that Abuja, Nigeria’s political headquarters, will be experiencing gasoline scarcity in 2022. There were long queues in most of the filling stations […]

Nigerians bought petrol N191.65 per litre September- NBS
News

How petrol pump price rose by 91 per cent in six years – Report

The cost of fuel pump increased from N87 per litre as of December 2015 to N165.77 by December 2021, showing an increase of 90.54 per cent. This is according to the Fuel Pump Price Per Litre – Average (PMS) data from the Central Bank of Nigeria. The Nigerian National Petroleum Corporation became the sole importer […]

FG spends N40.1bn daily as fuel subsidy hits N600 per litre – Operators
Oil and Gas

Fuel subsidy records 307% increase amid transport fare hike

The amount spent on fuel subsidy monthly rose from N60.39bn in March 2021 to N245.77bn in March 2022, indicating an increase of 306.97 per cent. Within this one-year period, fuel subsidy gulped N2.08tn, according to data obtained from the Nigerian National Petroleum Company Limited. NNPC described its subsidy spending as an under-recovery of PMS/value shortfall. […]

Nigeria, Morocco commence 5,600km gas pipeline project
News

Subsidy: FAAC meets as NNPC deductions threaten states’ allocations

The planned deduction of N242.53bn fuel subsidy from the Federation Account this month by the Nigerian National Petroleum Company Limited is raising uncertainty among states as the Federation Accounts Allocation Committee is scheduled to meet on Tuesday (today). It was gathered that commissioners for finance from the 36 states would meet today for the usual […]