Tag: Subsidy
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BREAKING: NNPC says petrol price remains at N165 despite burden of subsidy
The Nigerian National Petroleum Corporation (NNPC) on Friday said it would sustain its current N162-N165 petrol price until the conclusion of talks with labour and other stakeholders. Dr. Kennie Obateru, the Group General Manager, Group Public Affairs Division, said the Corporation, at the moment, bears the burden of importing refined petroleum products. He said NNPC…
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BREAKING: We’re still paying N120bn monthly to subsidise petrol – NNPC
The Nigerian National Petroleum Corporation (NNPC) says it pays N120 billion every month to subsidise Premium Motor Spirit (PMS), also known as petrol. NNPC Group General Manager (GMD), Mele Kyari, disclosed this at the weekly presidential ministerial media briefing on Thursday at the State House in Abuja, the nation’s capital. He lamented that the burden…
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PDP demands open forensic investigation of subsidy under Buhari
The Peoples Democratic Party (PDP) has called on the National Assembly (NASS) to carry out an open forensic investigation into payment of oil subsidy under the President Muhammadu Buhari administration. TheNewsGuru.com (TNG) reports the party made the call on Tuesday in a statement signed by Kola Ologbondiyan, National Publicity Secretary of the party. According to…
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BREAKING: Finally, FG to stop paying oil subsidy, going forward
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, says Nigeria would no longer pay subsidy on petrol with the ongoing global oil price decline. Kyari disclosed this in a statement signed by NNPC spokesman, Dr Kennie Obateru, in Abuja on Monday. The NNPC boss said this while he featured…
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FG has no plan to remove fuel subsidy – Silva
The Minister of State for Petroleum, Mr Timipre Silva on Thursday assured Nigerians that the Federal Government has no immediate plan to remove fuel subsidy. The minister made this known while fielding questions from legislators at a joint session of National Assembly Committees overseeing the oil sector. “This government is not about to remove subsidy…
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Emir Sanusi attacks FG: Nigeria bankrupt, number of people living with poverty frightening
Emir of Kano, Muhammadu Sanusi 11 has declared the Muhammadu Buhari administration’s economic policies as unfavourable, adding that Nigeria is on the threshold of bankruptcy. He identified the bad economic policies of the Buhari administration to include subsidizing petroleum products, electricity tariffs and using 70 percent of the country’s revenue to service debt. Emir Sanusi,…
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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.…
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Petrol marketers appeal to FG to clear N800b subsidy arrears or…
Oil marketers on Sunday appealed to the federal government to effect quick payment of their outstanding N800 billion subsidy debts. The marketers, under the aegis of Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Products Marketers Association (DAPPMA), made the appeal in a joint interactive session with journalists in Lagos. They urged…
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JUST IN: Senate sets up ad hoc committee to investigate $3.5bn NNPC subsidy
The Senate says it has set up an ad hoc committee to investigate the use to which the sum of $3.5bn alleged subsidy was put. This was contained in a tweet on the verified Twitter handle of The Nigerian Senate, @NGRSenate. “Senator Bassey Akpan cited Orders 43 and 95 and drew the attention of the…
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We’re not aware of NNPC’s $3.5bn subsidy fund – Finance Ministry tells Senate
The Federal Ministry of Finance has denied knowledge of a $3.5 billion fund allegedly kept and utilised by the Nigeria National Petroleum Corporation (NNPC) for fuel subsidy. The Permanent Secretary, Mahmoud Isa-Dutse, gave the ministry’s position when he appeared before the Senate ad hoc committee probing the allegation in Abuja on Thursday. Mr Isa-Dutse’s claim…