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Tag: fuel subsidy

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 […]

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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  • 27th June 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. […]

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