Tag: Fuel Subsidy
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Nigerians will suffer if we remove fuel subsidy – FG
…dismisses reports of subsidy removal The Minister of Finance, Mrs Zainab Ahmed, on Wednesday refuted media reports that the Federal Government had agreed with the International Monetary Fund’s (IMF) advice on the removal of fuel subsidy. The minister stated this when she fielded questions from State House correspondents after the meeting of the Federal Executive…
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Removing fuel subsidy is a ‘sin’ against Nigerians – PDP tells Buhari
The Peoples Democratic Party (PDP) President Muhammadu Buhari will committing a grievious sin against Nigerians if he agrees to removing the fuel subsidy as advised by the International Monetary Fund (IMF) last week. The PDP Deputy National Publicity Secretary, Mr Diran Odeyemi, told our correspondent in Abuja on Monday that President Muhammadu Buhari’s administration would…
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Disregard IMF’s advice on fuel subsidy removal, NUPENG, PENGASSAN tells FG
Workers in the oil and gas sector on Sunday advised President Muhammadu Buhari to shun any counsel that would destabilise or cause chaos in the economy. The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association (PENGASSAN) gave the advice in a statement in Lagos. The…
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Nigeria reacts as IMF insists on removal of fuel subsidy
The International Monetary Fund (IMF) Thursday repeated its age-long advice to Nigeria – remove fossil fuel subsidy and deploy savings from the scheme to fix social infrastructure. IMF Managing Director Christine Lagarde gave the advice at the opening of the ongoing World Bank/IMF Spring Meetings in Washington DC . She urged Nigeria to establish Social…
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IMF urges Nigeria to remove fuel subsidy
The International Monetary Fund (IMF) yesterday repeated its age-long advice to Nigeria – remove fossil fuel subsidy and deploy savings from the scheme to fix social infrastructure. IMF Managing Director Christine Lagarde gave the advice at the opening of the ongoing World Bank/IMF Spring Meetings in Washington DC . She urged Nigeria to establish Social…
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The Self-Destructive, Unforced Error of Fuel Subsidy, By Henry Boyo
BY HENRY BOYO “The most important question now is: For how long must misguided government economic policies ruin our nation while we do nothing? This year, like others, has only twelve months. At least five will be spent with nobody thinking about how to prevent more deterioration. The remaining seven months cannot possibly reverse the…
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NNPC spends N623.16bn on fuel subsidy in 11 months
Despite claims to the contrary, the Nigerian National Petroleum Corporation (NNPC) has reported to the Federation Account Allocation Committee (FAAC) that it spent N623.16 billion on under recovery otherwise known as subsidy from January to November, 2018. The report to FAAC was made at the last meeting in Abuja where revenue generating agencies gave account…
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The Oppressive Folly of Fuel Subsidy, By Henry Boyo
Petroleum product Marketers and Depot Owners Associations, gave the Government, a 7 day ultimatum last week, to redeem their long overdue balance for over ₦800bn for fuel, already sold at Government regulated price of ₦145/litre. The ₦800bn, was reportedly consolidated from the difference between government’s regulated price and the actual open market price of petrol…
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N800b subsidy debts: Senate gives FG two-week ultimatum
Worried by possible fuel supply crisis in the country, the Nigerian Senate has issued a two-week ultimatum to the federal government to pay off the N800 billion subsidy debts owed oil marketers. TheNewsGuru (TNG) reports Senate issued the ultimatum on Thursday, urging the FG to as a matter of urgency direct relevant agencies to pay…
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Fuel crisis looms as marketers write Senate over N800b subsidy debts
As Nigeria nears the yuletide, the nation may suffer yet another fuel supply crisis as oil marketers have written Senate Committee on Petroleum Downstream over non-payment of subsidy arrears by the federal government. TheNewsGuru (TNG) reports the oil marketers had on Sunday in Lagos gave the FG a seven-day ultimatum to settle outstanding debts totaling…