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Tag: petrol subsidy

34.3% of employed Nigerians trapped in poverty - Report
Economy

Subsidy removal pushes Nigeria’s poverty rate to 63% — Report

About 63 per cent of Nigerians fell below the poverty line after the removal of petrol subsidy, according to a new study that examined the welfare impact of the country’s recent economic reforms. The PUNCH reported that the research, presented at a stakeholders’ dialogue organised by Agora Policy in Abuja on Thursday, showed that the […]

Opinion

Tinubu’s fuel subsidy removal was a grave economic blunder — Falana

Senior Advocate of Nigeria, Femi Falana, has criticized President Bola Tinubu’s decision to remove fuel subsidy, stating that the policy has worsened hardship and was a grave economic blunder. Falana, who was a key voice during the 2012 Occupy Nigeria protests against subsidy removal, believes that the policy has deepened hardship instead of providing relief. […]

Oil and Gas

Nigeria petrol subsidy nears N1tn

By Melvin Onwubuke Petrol subsidy in Nigeria has reportedly returned and now higher than before President Bola Tinubu stopped the costly practice during his inaugural speech last May. According to BusinessDay analysis, it is revealed that Nigeria now pay N907.5b in subsidizing the Premium Motor Spirit, also known as Petrol monthly, as dollar crises pushed […]

Fuel queues won’t exceed Saturday, says Kyari
News

Fuel queues won’t exceed Saturday, says Kyari

    Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has stated that fuel queues being witnessed across the country would not exceed Saturday. He made this known during an interview on Channels TV on Thursday. “I don’t see it staying beyond another day or two, maximum. It can actually […]

Subsidy: Oil marketers request transition plan against handing over 
News

Subsidy: Oil marketers request transition plan against handing over 

  Oil marketers have requested that the government of Nigeria establish a plan to transition away from fuel subsidy following handing over in May 29th. The Managing Director, CEO of 11 Plc and previous Chairman of the Major Oil Marketers Association of Nigeria, Tunji Oyebanji, made this recommendation while discussing the Nigerian International Energy Summit […]

Group backs sale of NNPC
Policy and Regulations

NNPCL PMS pump price rises above N184/ltr

The Nigerian National Petroleum Company Limited, on Thursday, increased the pump price of Premium Motor Spirit at its filling stations in Abuja to N194 per litre from N179 per litre.   Leadership reported that, in Lagos, NNPC filling stations visited displayed N184 per litre for PMS.   This development is coming after weeks of petrol […]

Oil and Gas

NGF says subsidy’ll affect payment of salaries

The Nigeria Governors’ Forum has said that rising subsidies on petroleum products now place a huge financial burden on the states and will affect the payment of salaries. According to The Punch, the NGF, which is the umbrella body for the 36 governors of the federation across party lines, made this known in a memo […]

Reps pass tax crimes commission bill for second reading
Energy

Reps reject dirty fuel probe report, panel exonerates NNPC

The House of Representatives, on Wednesday, dismissed the report of its Committee on Petroleum Resources (Downstream) which investigated the importation of adulterated Premium Motor Spirit (petrol) into Nigeria, leading to disruption of the supply chain in the country. In the report, the committee failed to hold anybody responsible for the development or recommend sanctions. The […]

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

Reps give NNPC two-week ultimatum to defend N3tn debt

The House of Representatives’ Ad Hoc Committee on Recovery of Outstanding Debts Owed By Oil and Gas Companies has given the Nigerian National Petroleum Corporation, now Nigerian National Petroleum Company Limited, two weeks to defend its indebtedness to the Federal Government to the tune of N3tn. The committee, which approved the NNPC’s request for an […]

Why Nigeria must save oil revenues - IMF
Energy

Fear of corruption hampering subsidy removal in Nigeria -IMF

The International Monetary Fund says the fear of political resistance, widespread corruption and pressure from interested groups is hampering the removal of the fuel subsidy in Nigeria. The IMF said this in its ‘Nigeria: Selected Issues Paper’ report, which was prepared by a staff team of the Fund as background documentation for its periodic consultation […]

FG to end fuel subsidy in 2023 - Minister
Energy

FG’ll tap $2.2bn Eurobond for fuel subsidy funding –Minister

The Federal Government is planning to tap €2bn ($2.2bn) by this month or next of the money it raised in a Eurobond sale last year and targets more local borrowing in 2022 to help fund subsidy on Premium Motor Spirit, popularly called petrol, the Minister of Finance, Budget and National Planning, Ahmed Zainab, has said. […]

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