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Tag: subsidy

FAAC funds to FG, states hit 7-year high in 2023
Electricity

FG proposes ₦3.6tn FAAC deduction for electricity subsidies 2026-2028

The Federal Government has proposed deducting a total of N3.6 trillion from the Federation Account to fund electricity subsidies over 2026, 2027, and 2028. This initiative aims to distribute the financial burden of electricity subsidies across the federal, state, and local government tiers. The proposal addresses the mounting electricity subsidy debt that has limited liquidity […]

Oil and Gas

FG denies removing CNG subsidy amid price hike

The Federal government through the Presidential Initiative on Compressed Natural Gas has refuted a report of subsidy removal and an increased price of Compressed Natural Gas. This follows a recent news story that suggested the price increased from N230 to N450 per standard cubic metre. The PiCNG in a statement issued to Journalists on Thursday […]

Lagos unveils plan to tax remote workers to generate N200bn
News

Hardship: Lagos restores 25% transport subsidy

The Lagos State Government has announced that a 25% fare reduction will be restored for all state-managed transport services as of tomorrow, Friday, February 22, 2024. According to the Times, a tweet on the Lagos State Government’s official X account indicated that “Governor Babajide Sanwo-Olu made this news on Thursday during a press briefing with […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
featured

Subsidy removal to make space for development spending – IMF

The International Monetary Fund has stated that, while Nigeria and other low-income debtors are yet to request debt relief, high debt servicing costs continue to be a significant concern. The PUNCH reported that the multilateral lender stated that the good news was that no low-income country had made a major request for comprehensive debt relief since […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
Business

IMF expresses concerns over Kenya’s fuel subsidy reintroduction

The International Monetary Fund has raised concern over Kenya’s plan to reintroduce fuel subsidies. Business Insider reported that the global lender expressed reservations about the scheme’s feasibility, stressing that Kenya may not be able to pay oil traders due to financial constraints. The bank also mentioned an unpaid bill in the sector stating that Kenya may […]

Over 160,000 benefited from Tinubu's transport subsidy - Alake
Transportation

Over 160,000 benefited from Tinubu’s transport subsidy – Alake

The Chairman of the Presidential Committee on the Implementation of President Bola Ahmed Tinubu’s End of Year Transportation Subsidy Program, Mr. Dele Alake, has revealed that over 160,000 people had benefited from the program, which expires on January 4, 2024. The Minister of Solid Mineral Development, Mr. Dele Alake, revealed this today in a post on his official […]

featured

Subsidy: FG owes NNPCL N4.207trn, says spokesman

    The Federal government has accumulated a debt of N4.207 trillion to the Nigerian National Petroleum Company Limited, NNPC Ltd, due to months of outstanding petrol subsidy payments. According to Vanguard, this was disclosed by the NNPC’s spokesperson Olufemi Soneye. Soneye, the Chief Corporate Communications Officer of NNPC, issued a statement in Abuja revealing […]

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

Diesel price to hit N1,500 in two weeks – Marketers

The pump price of diesel is projected to reach N1,500 from the current N800 within the next two weeks. The Natural Oil and Gas Suppliers Association made this known on June 14, 2022 during a media briefing in Abuja, Nairametric reports confirmed. According to them, the cost of diesel will hit the roof if nothing […]

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