Tag: Subsidy
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N650bn unpaid subsidy arrears affecting our operations – Marketers
Depot and Petroleum Products Marketers Association (DAPPMA) on Sunday said the unpaid subsidy arrears of over N650 billion by the Federal Government posed huge financial challenges to the downstream operations. DAPPMA Executive Secretary, Mr Olufemi Adewole, told the News Agency of Nigeria in Lagos that the settlement of the debts owed them would save their…
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Breaking: Senate begins investigation into $3.5bn unappropriated subsidy fund
The Nigerian Senate on Tuesday set in motion investigation into the $3.5 billion unappropriated subsidy recovery fund allegedly being mismanaged by the Nigeria National Petroleum Corporation (NNPC). TheNewsGuru (TNG) reports Senator Biodun Olujimi, citing order 42, brought the issue to bear on the floor of the red chamber, stressing that the amount was too large…
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Senate approves N348bn subsidy payments to Oando, Capital Oil, 72 others
The Senate on Wednesday gave approval for the payment of outstanding subsidy claims to the tune of N348 billion to Oando, Total, Honey Well, Capital Oil, Conoil, A.A. Rano, and 68 other petroleum marketers. The approval is sequel to a letter on Promissory Note Programme and a Bond Issuance to Settle Inherited Local Debts and…
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Governors query payment of N800b fuel subsidy by NNPC, meet in June
The Chairman of Governors’ Forum, Governor Abdulaziz Yari of Zamfara State says the National Economic Council (NEC) will soon take decision on whether to allow the continuation of payment of petroleum subsidy by NNPC or not. Yari, who stated this while responding to questions after the meeting of NEC which was chaired by Vice-President Yemi…
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Kill subsidy before it kills us, By Henry Boyo
By Henry Boyo The Minister of State for Petroleum Resources, Ibe Kachikwu noted, recently that government’s annual expenditure on fuel subsidy has risen to over N1.4 Trillion, primarily because of the proliferation of illegal petrol stations and tank farms in close proximity to Nigeria’s borders with her ECOWAS neighbours. The above title was first published…
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Subsidy on petrol now N1.4tn per year – FG
A total of N1.4tn is now being spent annually by the Nigerian National Petroleum Corporation as subsidy on Premium Motor Spirit, popularly known as petrol, the Federal Government has said. Although it described the amount as under-recovery, the government stated that the national oil firm had been shouldering the huge financial burden, because the NNPC…
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Oil prices rise towards $70 fueling more subsidy fears
Oil markets signalled a new high for oil prices Monday as prices climbed on the back of a drop in the number of United States rigs drilling for more production. This also follows the continuing United States economy creating jobs, which fuels industry hopes for a higher fuel demand. The rise in oil prices has…
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FG no longer paying subsidy to marketers on fuel importation – Adeosun
The Minister of Finance, Kemi Adeosun, says no more payment of fuel subsidy to marketers as the Nigeria National Petroleum Corporation bears the loss of fuel importation “on behalf of all Nigerians”. Adeosun said this while fielding questions from State House correspondents after the Federal Executive Council meeting, which was presided over by President Muhammadu…
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Nigeria owes NNPC N170b in subsidy payments
Nigerian government owes NNPC some N170.6 billion in outstanding subsidy payments withheld for at least nine years, the corporation said Monday. The debts come from subsidies government was meant to have paid NNPC from January 2006 to December 2015, said NNPC group managing director Maikanti Baru. The National Assembly is investigating N5 trillion owed NNPC…
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Fulani herdsmen reject ranching, demand subisidy
The Miyetti Allah Cattle Breeders Association of Nigeria has said that it would embrace ranching if the federal government gave them subsidy. Chairman of the group in the North-East, Alhaji Mafindi Danburam. said this, adding that subsidy will help small herders acquire the necessary tools for their business. The national government is proposing cattle colonies…