The Federal Government says N3.36tn has been allocated for fuel subsidy in 2023 as Nigeria’s debt profile hits $102bn. The Minister of Finance, Zainab Ahmed, who made this known on Wednesday in Abuja, also said the 2023 budget proposal has a budget deficit of 10.78 trillion naira. She said...
fuel subsidy
The Major Oil Marketers Association of Nigeria (MOMAN) says ending subsidy on Premium Motor Spirit (PMS) is extremely difficult but the Federal Government has no other option in light of current economic realities. MOMAN also called for massive investment by the government in various sectors such as mass transportation,...
The House of Representatives has summoned the Auditor-General of the Federation (AGF) to appear before it on Aug. 30, for explanation on fuel subsidy payments between 2013 and 2022. The lawmakers want the auditor-general to provide documentary evidences on the audit carried out on the monies spent on fuel...
The Minister of Finance, Zainab Ahmed, has put the projected daily payment for fuel subsidy at N18.39 billion. She stated this during an investigative hearing of the House ad hoc committee which is investigating the petroleum subsidy regime between 2017 to 2021. “The total amount of subsidy per day...
The Federal Government says it has not removed subsidy on the Premuim Motor Spirit (PMS), otherwise known as fuel. Chief Timipre Sylva, Minister of State for Petroleum Resources, disclosed this while speaking with journalists on Monday in Abuja. The minister spoke on the sidelines of the Nigerian Midstream and...
The Nigerian Navy says it has handed over to the Economic and Financial Crime Commission (EFCC), 70 out of 147 vessels arrested over illegal oil bunkering and crude oil theft. Rear Admiral Emmanuel Ogala, Director of Lesson Learnt, said this at the resumed investigative hearing of the House of...
Oando Plc, AA Rano, Sahara Energy Resources, Hyde have all denied involvement in fuel subsidy payments before the House of Representatives ad hoc committee investigating subsidy regime. The oil companies said they only lifted crude oil and we’re not part of subsidy payment by the Nigerian National Petroleum Company...
The Minister of Information and Culture, Lai Mohammed, has said that the Federal Government cannot, at the moment, remove subsidies on the Premium Motor Spirit (PMS), popularly called petrol. Mohammed, who spoke during an exclusive interview to Reuters in London, said many other nations were introducing measures to help...
President Muhamamdu Buhari has defended the federal government’s decision to keep paying fuel subsidies. In a response to Bloomberg, the President said the effects of removing fuel subsidies would have been too harsh on the Nigerian people. He said the government is working on boosting local capacity in order...
The President, Chartered Institute of Bankers of Nigeria (CIBN), Dr Bayo Olugbemi, has urged the Federal Government to totally remove subsidies and fully deregulate the economy in the long run to ensure Nigeria’s prosperity. Olugbemi, who is also Chairman of Council, CIBN, made the call on Thursday at the...
The House of Representatives on Thursday approved N4 trillion for fuel subsidy in the revised 2022 Medium-Term Expenditure Framework (MTEF) sent by President Muhammadu Buhari on April 7. The House also passed the sum of N182 billion as an increment for the Nigeria Police Force (NPF) salary, while it...
President Buhari on Tuesday submitted the 2022 Appropriation amendment proposal to the National Assembly. The amendment proposal is contained in a letter from the President which was read during the plenary. Senate President Ahmad Lawan and Speaker of the House of Representatives Femi Gbajabiamila read the letter in their...
President Muhammadu Buhari had on Jan. 25 approved 18-month suspension of the removal of fuel subsidy, following consultations with stakeholders in line with the current economic realities in the country. The removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, was earlier scheduled to take effect...
he Senate has said the Federal Government will have to justify the fresh demand for N3tn for the extension of the subsidy on petrol before it is approved by the National Assembly. The Chairman of the Senate Committee on Media and Public Affairs, Ajibola Basiru, made this known against...
By EZEKIEL OBI, Abuja – The Peoples Democratic Party (PDP) has accused the ruling All Progressives Congress (APC) led Federal Government of a plot to siphon N3 trillion under the guise of financing fuel subsidy. The National Publicity Secretary, Debo Ologunagba, who stated this in a statement on Thursday,...
The Nigerian National Petroleum Corporation (NNPC) Ltd has requested the sum of three trillion naira (N3,000,000,000,000) as fuel subsidy for 2022. Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, disclosed this to State House correspondents after the Federal Executive Council meeting which was chaired by President Muhammadu...
By IBRAHIM OBANSA, Lokoja – The Organised Labour in Kogi State says it has called off the planned mass protest earlier slated for Thursday 27th January, 2022 against fuel subsidy removal by the Federal government. The state NLC Chairman, Comrade Onuh Edoka announced this shortly after a virtual meeting...
The Federal Government is proposing to extend its suspension on the removal of fuel subsidy by 18 months. The Minister of State for Petroleum Resources, Mr Timipre Sylva, announced this on Tuesday while briefing State House correspondents in Abuja. He disclosed that the government has concluded plans to approach...
President of the Nigerian Bar Association (NBA), Olumide Akpata, says the decision to postpone the removal of fuel subsidy is not far from the forthcoming general elections. He stated this on Monday during his appearance on Channels Television’s Politics Today, hours after the government said it would postpone the...
The Lagos Chamber of Commerce and Industry (LCCI) has recommended a phased removal of petroleum subsidy to mitigate its effect on the masses. Dr Chinyere Almona, Director-General, LCCI, gave the advice in a statement on Tuesday in Lagos in reaction to the plans of the Federal Government to suspend...