Recently the federal government announced that it saves more than N1 trillion from subsidy removal monthly. The announcement has raised a lot of questions regarding on which account the money is saved and to what use it has been put. In this report AMAKA IFEAKANDU looks at the subsidy removal earnings and the sectors of the economy the fund is Read More
The Chairman, House Committee on Navy, Rep. Yusuf Gagdi (APC-Plateau), has denied calling for a probe into the fuel subsidy removal under President Bola Tinubu. Gagdi said this in a statement in Abuja on Monday. “The integrity of the media is very important; therefore, it should not be mortgaged or traded for anything. “There is a misleading story in some Read More
Despite the claims by the Nigeria Extractive Industries Transparency Initiative (NEITI) that the defunct Nigeria National Petroleum Corporation (NNPC) did not remit $1.9bn to the federation account in 2021 before transitioning to a commercial venture, the federal government has the biggest indebtedness to the national oil company with about N4.1trn ($9.74bn) for subsidy payment. NEITI had last Monday disclosed in Read More
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that fuel price will continue to rise in Nigeria. In an interview with Journalists, the National President of IPMAN, Chinedu Okoronkwo, said the price of Premium Motor Spirit (PMS, popularly known as fuel would continue to increase as long as the US Dollar rise in the foreign exchange market. He Read More
One of the key reforms that came with the current administration is the removal of fuel subsidy. During his inaugural speech on May 29, 2023, President Bola Ahmed Tinubu announced the cessation of fuel subsidy. Consequently, the price of petrol skyrocketed at filling stations across the country, with some selling as high as N700 per litre. For many years, the Read More
A coalition of civil society groups has demanded for greater transparency and accountability in the management of the Nigerian National Petroleum Corporation (NNPCL) as Nigerians continue to grapple with hardship caused by the removal of fuel subsidy by President Bola Ahmed Tinubu. The coalition led by Empowerment for Unemployed Youth Initiative in a press release jointly signed and made available Read More
One of Europe’s main markets for gasoline has shrunk, threatening to squeeze European refiners, after Nigeria removed fuel subsidies, which destroyed much of the country’s domestic demand and a regional market for smuggled fuel. North America and West Africa (WAF), with Nigeria at the helm, historically have been the top two destinations for petrol exports from Europe, which produces more Read More
President Bola Tinubu Wednesday appealed to the members of the organised labour to give him more time address their grievances and demands. This was disclosed by the Speaker of the House of Representatives Mr Tajudeen Abbas while fielding questions from State House correspondents after he led principal officers of the House of Representatives to brief the President on the outcome Read More
In line with the provisions of the Petroleum Industry Act 2021, the Nigerian National Petroleum Company Limited has commenced the payment of dividend into the federation account. The NNPC Limited on Thursday begun the payment of interim dividend and PSC profit oil as part of the N907bn shared by the Federation Account Allocation Committee to the three tiers of government. Read More
A foremost civil society group, the Network for Transparency and Good Governance (NTGG) has berated the Coalition of United Political Parties (CUPP) for trying to play politics with the emotions of Nigerians and playing to the gutters over the recent fuel subsidy removal which has led to the temporary hike in the pump price of petrol. CUPP, a political opposition Read More
Transportation expert and former commissioner for transportation in Lagos State, Kayode Opeifa, has called on the National Assembly to fully takeover the proposed introduction of annualized N1000 tax on drivers for certificate of proof of ownership on vehicles nationwide Opeifa, who is now an Executive Director, Centre for Sustainable Mobility and Access Development (CenSMAD), described the proposed tax as “unwarranted” Read More
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied the alleged plan by the association to increase the pump price of Premium Motor Spirit (PMS), also known as petrol, to N700 per litre nationwide. The Chairman of IPMAN South-west Zone, Dele Tajudeen, stated this in an interview with the News Agency of Nigeria (NAN) in Ibadan on Friday. The Read More
A foremost civil society organisation, Peoples Alliance for Transparency and Accountability (PATA) has berated Isa Yuguda, a former governor of Bauchi State, Isa Yuguda over his claims on the now halted fuel subsidy scheme by the federal government. Yuguda who is also Nigeria’s former minister of state for Transport, in a recent interview with a national television station had alleged Read More
The Director, National Orientation Agency (NOA) in Akwa Ibom, Mrs Esther Peter, has urged residents of the state to support the removal of petrol subsidy by the federal government. Peter who made the call at a news conference in Uyo on Thursday, described the removal of fuel subsidy by the federal government as a good omen to the nation. She Read More
The popular e-hailing platform, Uber has revealed its decision to raise fares in response to the recent surge in fuel expenses and inflation rates. The announcement, as conveyed by Country Manager for Uber in Nigeria, Tope Akinwumi, on Thursday. He underscored the company’s commitment to assisting drivers in mitigating escalating operational expenditures. According to him, the fare adjustment represents a Read More
The issue of fuel subsidy removal and its effects on the economy as well as the need for youths and political office holders to have the right orientation towards nation building have come to the discussion table. According to the Lagos Chamber of Commerce and Industry (LCCI), the Federal Government should be lauded for the having the courage to remove Read More
The Federal Government of Nigeria, and organised labour are currently convening at the Presidential Villa in Abuja to recommence discussions regarding the mitigation of the adverse effects of fuel subsidy elimination. This meeting serves as a continuation of the previous session, during which certain agreements were reached. Labour, in agreement, had decided to postpone their intended strike until further discussions, Read More
Life has not been the same for small business owners since the removal of fuel subsidy by President Bola Ahmed Tinubuas they struggle to adjust to the new reality; BENJAMIN UMUTEME writes. The removal of fuel subsidy by President Bola Ahmed Tinubu-led administration has continued to shake the fabric of the country. Across various sectors, most people are feeling the Read More
Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) has disclosed that its members now spent as much as N25 million to purchase a 45,000 litres truck of Premium Motor Spirit popularly referred to as petrol. Before the subsidy was withdrawn, a fuel tanker was purchased for N7 million. According to NOGASA, the situation has made it impossible for its Read More
President Bola Ahmed Tinubu Friday June 9, 2023 urged traditional rulers in the country to counsel counsel their subjects interested in elective positions in the 10th National Assembly to manage their ambitions and create harmony within the legislative arm of government. The President made the call at an interactive session with the Royal Fathers under the aegis of National Council Read More
A Benin City-based economist, Mr. Collins Johnbull Odiase, has described the federal government removal of subsidy from petrol as the “best policy for Nigeria” and urged support for the federal government. Odiase, however, urged the government to consider the upward review of workers’ wages to cushion the effects of fuel subsidy removal and aid citizens’ purchasing power. In a statement, Read More
Over the years, Nigerians have been asking whether the federal government really pays subsidies or not considering the non- transparent nature of the process; BENJAMIN UMUTEME writes. On May 29, during his inaugural speech President Bola Tinubu announced the removal of the fuel subsidy. He had said, “We commend the decision of the outgoing administration in phasing out the petrol Read More
… Commends Tinubu for taking bold step The National President of Independent Petroleum Marketers Association of Nigeria (IPMAN), Debo Ahmed, says the forces of demand and supply will bring down the pump price of fuel in no distant time. Ahmed, who stated this Thursday in an interview with journalists in Abuja, said the association will play its part in making Read More
Finally, fuel subsidy has been removed. It is gone, according to President Bola Ahmed Tinubu. This is one such removal in the history of the nation without any contingency plan or measures to cushion the effect. The removal was ill-timed and at the same time additional burden. The ripple effect of even a mention of removing subsidy always take drastic Read More
The popular e-hailing platforms, Uber and Bolt, have announced its intention to launch a nationwide protest on Wednesday, June 7, 2023. As part of the protest, the union has decided to go on strike. The decision to protest comes in the wake of recent increases in the price of Premium Motor Spirit. The drivers had expressed their dissatisfaction with the Read More
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