Tag: Fuel Subsidy
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Past govts lacked courage to remove fuel subsidy – Presidency
The Presidency on Sunday defended President Muhammadu Buhari over the removal of fuel subsidy, pointing out that though it had long been seen as the right thing to do, previous administrations lacked the courage to take the action. A statement issued by Garba Shehu, Senior Special Assistant to the President (Media & Publicity) in Abuja,…
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FG says it lacks money to continue to pay fuel subsidy
Minister of State for Petroleum Resources, Timipre Sylva, disclosed this on Thursday in Abuja in a briefing to mark his one year in office. Sylva said the Federal Government has also resolved to step aside from fixing fuel prices, thus it has decided to merge the Petroleum Products Pricing Regulatory Agency (PPPRA), and the Petroleum…
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Petrol subsidy gulped N101.6bn in three months – NNPC
Petrol subsidy consumed over N101bn in the first three months of this year. Latest figures released by the Nigerian National Petroleum Corporation have shown that petrol subsidy gulped N101.65bn in the first three months of the year. In its just-released Monthly Financial and Operations March 2020 report, the national oil firm, however, described the subsidy…
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Stoppage of fuel subsidy: Atiku hails Buhari-govt for following his advice
Former Vice President Atiku Abubakar has described the stoppage of fuel subsidy and price-fixing for petrol as a right move by the All Progressives Congress administration led by President Muhammadu Buhari. Abubakar was also the leading opposition Peoples Democratic Party presidential candidate in the 2019 general elections. On his verified Twitter handle on Friday, he…
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Fuel subsidy: FG urged to channel revenue to health sector
An expert in the oil and gas industry has urged the federal government to use the opportunity presented by the Coronavirus disease (COVID-19) crisis to remove fuel subsidy in real terms and channel the revenue to the health sector of the Nigerian economy. Faith Nwadishi, Director of Women in Extractives, who made the call during…
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Fuel subsidy gulped N43.09bn in one month – PPPRA
The Petroleum Products Pricing Regulatory Agency (PPPRA) has disclosed that the federal government paid a total of N43.09 billion as fuel subsidy on Premium Motor Spirit (PMS) or petrol in the month of January 2020. This means that in January, the government paid an average N26.27 on every litre of the commodity to enable Nigerians…
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Fuel subsidy to gulp N450bn in 2020 – FG
Fuel subsidy will gulp N450 billion in 2020, Finance, Budget and National Planning Minister Zainab Ahmed, said on Monday, as she gave a breakdown of the budget, now under consideration by the National Assembly. Ahmed avoided the lexical trap of subsidy, but instead called the cost ‘under-recovery’. Both the IMF and the World Bank and…
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Buhari is right; fuel subsidy is a fraud- Owei Lakemfa
By Owei Lakemfa. President Muhammadu Buhari was Petroleum Minister from 1976-78 and Governor of North Eastern State, comprising today’s Bauchi, Gombe, Borno, Yobe, Taraba and Adamawa States. He was also Head of State for 20 months from December 31, 1983. So when as a presidential candidate he told the country in 2011 that the much…
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FG clears air on mounting debt profile, says no plan to remove fuel subsidy
The Minister of Finance, Mrs Zainab Shamshuna Ahmed, has disclosed that Nigeria’s borrowing still remains at 19 per cent to the Gross Domestic Product (GDP), and is low compared to Ghana, Brazil, South Africa, Egypt and Angola. The Minister made the statement while clearing the true position of reports surrounding the removal of fuel subsidy,…
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Remove Subsidy and Die or Keep Subsidy and Die!!, By Henry Boyo
BY HENRY BOYO The IMF Managing Director, Christine Lagarde, recommended, at the latest IMF/World Bank, Annual Spring meeting in Washington, that the removal of subsidy from petrol price would restrain Nigeria’s rapid debt accretion, so that erstwhile trillions of Naira, subsidy allocations could be deployed, annually, to improve the quality of health, education and infrastructure.…