Tag: Fuel Subsidy
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N800bn ‘fuel subsidy’ drags down govt’ revenue
The Nigerian National Petroleum Corporation (NNPC) at the moment spends N53 under-recovery in terms of petroleum products pricing for every litre of Premium Motor Spirit (PMS) consumed by Nigerians. TheNewsGuru (TNG) reports Director of Budget in the Ministry of Budget and National Planning, Ben Akabueze made this known while fielding questions from participants at the…
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NNPC denies holding $3.5 billion subsidy fund
The Nigerian National Petroleum Corporation (NNPC) has denied claims that it has in its custody 3.5 billion dollars Subsidy fund. NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, disclosed this in a statement in Abuja on Tuesday. He explained that at the hit of the shortage of products supply at the close…
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Saraki gives reason for fallout with Goodluck Jonathan
Senate President Bukola Saraki has given reason for his fallout with former President Goodluck Jonathan in a spat that climaxed in 2015 leading to the presidential elections of that year. In a statement personally signed by him, Saraki said the fracas between him and former President Jonathan was not unconnected to the fuel subsidy scam.…
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Include fuel subsidy in 2018 supplementary budget, Saraki tells Buhari
Senate President, Bukola Saraki on Wednesday said the Executive must provide for fuel subsidy in the supplementary 2018 budget. He said this in his comment after the passage of 2018 budget. Recall that the Senate last month warned the Nigerian National Petroleum Corporation (NNPC) to halt illegal payment of subsidy without appropriation. In a resolution,…
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Buhari-led govt concealed fraud in N24b monthly oil subsidy claim – PDP
The Federal Government is trying to cover a “huge fraud in the presidency by declaring it spends N24 billion monthly (N774 million per day) to subsidise fuel in the country,” the Peoples Democratic Party (PDP) has alleged. The party described the figure as “fictitious and cleverly fabricated to retire the already exposed stealing of trillions…
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NNPC spends N774m daily on petrol subsidy – Baru
The Nigerian National Petroleum Corporation on Sunday announced that it currently spends N774m daily as subsidy on the 50 million litres of Premium Motor Spirit consumed across the country everyday. Although it described the amount as “under-recovery,” the oil firm stated that the huge fund was due to the proliferation of filling stations in communities…