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Fuel subsidy News

Fuel Crisis: A Complex Challenge For Nigeria’s Energy Sector As Nigerians Demand Transparency

September 13, 2024

Fuel Crisis Sparks Frustration Across Nigeria The current fuel crisis in Nigeria, which began in July 2024, is causing severe disruptions across the country. Long queues at petrol stations, lost productivity, and

NNPC Seeks New $2 Billion Oil-Backed Loan To Boost Finances

Business News·News·Oil & Gas

NNPC: Nigerian Govt Plans Fresh Audit On N2.7tn Fuel Subsidy Claims

May 9, 2024

The Nigerian National Petroleum Company Limited (NNPCL) is under scrutiny once again as the Federal Government gears up for an audit of the N2.8 trillion fuel subsidy claims. This move comes in

Buhari, Jonathan, Shettima Others Celebrate Tinubu At 73

Business News·News·Oil & Gas

How Fuel Subsidy Removal Saved Nigeria From Bankruptcy- Tinubu

April 29, 2024

President Bola Tinubu has defended his administration’s decision to discontinue fuel subsidy payments, stating that it was a necessary action to prevent Nigeria from going bankrupt. Speaking at the Special World Economic

Business News·News

Nigerian Govt, NNPC Refute Marketers, El-Rufai’s Claim of Fuel Subsidy Payment

April 18, 2024

The Nigerian government, through the Ministry of Petroleum Resources and the Nigerian National Petroleum Company Limited, has denied the resurgence of fuel subsidy, challenging those making such claims to provide evidence. This

Competition Sets In As NNPCL, Like Dangote Refinery, Slashes Petrol Price

Business News·News·Oil & Gas

Nigerians Ask NNPCL To Make Petrol, Diesel Cheaper As Dollar Rate Drops

March 28, 2024

Nigerians have called on the Nigeria National Petroleum Company Limited (NNPCL), to reduce the pump price of petroleum products such as Premium Motor Spirit (PMS) also known as petrol and diesel.

NLC Stands Firm On Nationwide Strike Amidst FG's Independence Day Plea

News

We’ll Embark On Two-day Protest If FG Fails To Comply – NLC

February 16, 2024

The Nigeria Labour Congress says it has finalised plans to embark on a two-day nationwide protest slated for February 27 and February 28, 2024.

How Strong Competitive Market Will Stabilise Fuel Price In Nigeria

Business News·Oil & Gas

NNPC, Marketers Bicker On Fuel Subsidy Payment As Naira Depreciation Deepens

January 3, 2024

Further depreciation of naira while the pump price of Premium Motor Spirit (PMS) popularly called petrol sells between N617 and N650 have resurrected contentious debates between independent petroleum marketers and the Nigerian

News·Politics

PDP Condemns President Tinubu’s New Year Address As A “Deceitful Charade”

January 1, 2024

The Peoples Democratic Party (PDP) has criticized President Bola Tinubu’s New Year speech, labeling it a “harvest of deceit, false claims, and empty promises.” In a scathing response, the PDP‘s National Publicity

Business News·News·Oil & Gas

Fuel Subsidy: SERAP Sues NNPCL Over Nigeria’s Oil Revenue Secrecy

December 24, 2023

SERAP has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over the alleged failure to disclose crucial financial details since the removal of petrol subsidy in May 2023.

Agro-Economy·Business News·News

Beef Stew Costs Surge By 17% , Escalating Financial Strain On Nigerian Households

November 24, 2023

In a disconcerting revelation from the latest stew index report by PricePally, the expense of preparing a pot of beef stew surged by 17 percent in 2023, painting a worrisome picture of

News·Politics

Edo Govt Reinstates Five-Day Workweek For Civil, Public Servants Amidst Fuel Subsidy Removal

October 1, 2023

The Edo State Government has announced the reversal of its earlier directive, which reduced the working days for civil and public servants from five days to three days a week. The initial

News·Transport

Fuel Subsidy: Obaseki Offers Free Transport Across Edo State

September 5, 2023

In response to the recent fuel subsidy removal by the federal government, Edo State Governor, Mr. Godwin Obaseki has announced a groundbreaking initiative to provide free buses for residents in the State.

IMF Sympathises With Victims Of Kenya Anti-tax Protest

Business News·Oil & Gas

IMF Backs Fuel Subsidy Removal, As Gov’ts Spend $7trn To Lower Prices

August 25, 2023

About $7 trillion was spent globally on explicit and implicit fossil-fuel subsidies in 2022, the International Monetary Fund (IMF) revealed in a new report. With the cost of subsidies rising by $2

Business News

N8,000 Is Significant Amount For Nigeria’s Poor Households, World Bank Defends Tinubu

July 28, 2023

The World Bank has backed the N8,000 monthly intervention fund President Bola Tinubu initially proposed as a palliative to cushion the hardship caused by the removal of subsidy on Premium Motor Spirit

CBN Issues Guideline On How To Avoid Getting Duped By Illegal Financial Operators

Business News

CBN Says Subsidy Removal, Naira Devaluation Will Fuel Inflation Rate

July 26, 2023

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) said the removal of subsidy on Premium Motor Spirit (PMS) and the naira devaluation will fuel the inflation rate. Members

Tinubu Set To Attend COP 28 Summit In Dubai

News

Subsidy: Tinubu Promises To Give 12 Million Households N8,000 For 6 Months

July 13, 2023

By Chidera Abaratu, Journalism Mentee President Bola Ahmed Tinubu has promised that 12 million people will get N8,000 for six months as palliatives to cushion the effect of the removal of subsidy

Business News·Oil & Gas

NNPC, Oil Marketers Disagree Over Fuel Subsidy Regime Contract

July 11, 2023

The Nigerian National Petroleum Company (NNPC) Limited has informed members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) to take delivery of petrol they paid for during the subsidy regime at

Fresh Petrol Price Hike Stokes Fears Of Further Inflation Spike In Nigeria

Business News·Oil & Gas

FG Using Oil Companies’ Fines To Increase Revenue – Major Oil Marketers

July 7, 2023

The Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Olu Adeosun, said the fuel subsidy removal will increase the Federal Government’s revenue from the oil industry. Adeosun stated that the

Business News

World Bank: Fuel Subsidy Removal To Reduce Money Supply In Nigeria, Raise Inflation Rate

July 3, 2023

The World Bank has disclosed that the money supply in Nigeria will drop due to President Bola Tinubu’s decision to remove fuel subsidy. This was disclosed in the international financial institution’s June

Business News

APC’s Mustapha Audu Reveals How Ending Fuel Subsidy Can Create Billionaires

June 29, 2023

A Chieftain in the All-Progressive Congress (APC), Mustapha Audu, has stated that the removal of subsidy on fuel could create billionaires in the electric vehicle market in Nigeria. Audu said the removal

Business News

Garba Shehu Says Buhari Helped Tinubu Win Election By Not Removing Fuel Subsidy

June 27, 2023

Garba Shehu, a former spokesperson to ex-President Muhammadu Buhari, has disclosed that the fuel subsidy was not removed to enable the current President, Bola Tinubu, to win the election in February 2023.

Tinubu Seeks Governors’ Support, Lists Priority Areas

Politics

Democracy Day: President Tinubu Promises Subsidy Relief, Honors MKO Abiola

June 12, 2023

President Bola Tinubu delivered a heartfelt address on Democracy Day, paying tribute to Chief MKO Abiola, the winner of the historic June 12, 1993 presidential election, whom he hailed as the embodiment

Yusuf, has called on the Nigerian government to prioritise the need to address core issues currently affecting the citizens as a result of the removal of subsidy on Premium Motor Spirit (PMS) also known as petrol.

Business News·Oil & Gas

Petrol Crisis: Why States Should Manage Refineries – Ex-labour Leader

June 5, 2023

As the challenge of local production and distribution of petroleum products continues to rock Nigeria, a former deputy president of the Nigeria Labour Congress (NLC), Amechi Asugwuni, has advised the Federal Government

NLC To Embark On Warning Strike On Tuesday

News

NLC Declares Nationwide Strike Starting June 7 Over Fuel Subsidy Removal

June 2, 2023

The Nigeria Labour Congress (NLC), has declared a nationwide strike starting from Wednesday next week. The union disclosed this during its National Executive Council (NEC), meeting held in Abuja on Friday. READ: President

Five Important Policies To Expect From Tinubu After Fuel Subsidy Removal

Business News·Opinion

President Tinubu’s Fuel Subsidy Pill – The Questions

June 2, 2023

Unknown to many in Nigeria, fuel subsidy has been around since the mid-1970s, when the price of a litre of petrol was 5 kobo, and did not exceed four naira until 1991.

NNPC Doesn’t Have Fuel To Sell – Oil Marketers’ Depot Chairman Says

Business News·Oil & Gas

Full Deregulation Of Downstream Oil Sector’ll End Petrol Crisis -IPMAN

June 1, 2023

With the incessant scarcity and hike in prices of petroleum products in Nigeria, the only antidote is full deregulation of the downstream oil and gas subsector to encourage more private sector participation

NNPC Denies Plans To Increase Fuel Price

Business News·News·Oil & Gas

NNPC Fuel Price Hike: Borno, Yobe Residents To Pay More

June 1, 2023

As the Nigeria National Petroleum Company (NNPC), announces an increase in pump price of Premium Motor Spirit (PMS), in its retail outlets across the country, Borno and Yobe States residents are to

Oil & Gas

Fuel Subsidy Removal: Tinubu Responds To Long Queues, Rising Fuel Prices

May 31, 2023

Less than 24 hours after President Bola Tinubu declared an end to fuel subsidy, the pump price of Premium Motor Spirit (PMS), commonly known as petrol, skyrocketed to N600 per litre from

Business News·Oil & Gas

Buhari’s Gov’t Failed To Pay Subsidy Fees, Owes NNPC N2.8 trillion

May 30, 2023

The Federal Government owes the Nigerian National Petroleum Company (NNPC) Limited N2.8 trillion, the Group Chief Executive Officer of the firm, Mele Kyari, has revealed. After meeting with President Bola Tinubu on

Tinubu Tables Request After State Governors Back Fuel Subsidy Removal

Business News·Oil & Gas

Updated: Fuel Subsidy Is Gone – Tinubu Says, Set For NLC Showdown

May 29, 2023

President Bola Tinubu has announced that the fuel subsidy is gone, stating that there will be no provision for it in his government’s budget. Tinubu said this during his inauguration speech on

Politics

Bongo Adi Urges Rationalization Of Budget Systems, Calls For Fuel Subsidy Removal

Renowned Professor of Economics at Lagos Business School, and Newstide Publications board chairman, Bongo Adi, has called on the incoming administration to adopt a data-driven approach and rationalize the budget systems During an interview on Arise News, Adi highlighted the absence of a

May 26, 2023

NNPC Refutes Viral Claims That Its Fuel Does Not Last

Opinion

Fuel Subsidy: Another Look – Alabi Williams

By Alabi Williams It was Edo State Governor, Godwin Obaseki, who raised the alarm recently, that the Federal Government may not be able to pay salaries beyond June unless fuel subsidy is removed. The alternative, he warned, during the May Day rally

May 25, 2023

Business News

El-Rufai Moves Against Postponement Of Fuel Subsidy Removal

The Governor of Kaduna State, Nasir El-Rufai, has revealed why he is in support of the removal of fuel subsidy, stating that the country spends more on subsidising petrol than building infrastructure. El-Rufai said in 2021, the Federal Government budgeted N200 billion

May 10, 2023

Dangote Cement GMD Defends Company's Prices After Criticism

Business News·Oil & Gas

Nigeria’s Fuel Landing Cost To Drop By N20.7bn After Dangote Refinery Launch – Buhari

President Muhammadu Buhari will commission Dangote Refinery on 22 May 2023 before the end of his administration and the removal of the fuel subsidy in June. This was disclosed by Bashir Ahmad, the Special Assistant on Digital Communications to President Buhari, in

May 8, 2023

FG Reopens Six Land Borders, To Probe Reasons Buhari Closed Borders

Business News·Oil & Gas

Plan By Buhari, Tinubu To Remove Fuel Subsidy Faces NUPENG Setback

The plan of the Federal Government to remove subsidy on fuel might suffer a setback as the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) revealed they won’t be supporting the move. NUPENG said FG hasn’t met the condition set by

April 13, 2023

Business News

FG To Share $800 million Among 50 million Nigerians After Removal Of Fuel Subsidy

The World Bank has handed Nigeria $800 million to disburse to vulnerable households after the removal of subsidy on the premium motor spirit (PMS). Nigerian government already slated June as the last month for fuel subsidy payment after postponing the removal in

April 6, 2023

Business News

Failure To Scrap Fuel Subsidy, Cash Shortage Major Fiscal Risk To Nigeria’s Economy – FocusEconomics

The delay in subsidy removal and the scarcity of Naira pose fiscal risk to the Nigerian economy, Spain-based macroeconomic intelligence provider, FocusEconomics, has revealed. In its April 2023 Consensus Forecast report, the firm said the cash shortage will have a negative impact

April 4, 2023

Business News·Oil & Gas

Oil Firm Boss, Tunji Oyebanji, Warns FG Against Fuel Subsidy Removal

The Federal Government has been warned by the Managing Director of 11 Plc, formerly Mobil Oil Nigeria Plc, Tunji Oyebanji, of the impact fuel subsidy removal will have on Nigerians. Oyebanji said before the government goes ahead to remove the subsidy, there’s

April 3, 2023

Nigeria’s Crude Oil Production Surges To 1.3mbpd

Business News·Insights

Saudi Arabia, OPEC+ Members Cut Oil Output, To Affect Nigeria’s Fuel Landing Cost

The cost of subsidy on Premium Motor Spirit (PMS), also known as fuel, in Nigeria will rise in May should the country not remove it, as Saudi Arabia and some members of the Organisation of the Petroleum Exporting Countries plus (OPEC+) cut

April 3, 2023

Pan-Nigerian Aggregation, Not Peter Obi, Defeated Tinubu In Lagos

Business News·FEATURES·Insights·Oil & Gas·Top Stories

How Peter Obi, Atiku Or Tinubu Presidential Win Will Affect Fuel Price

With the 2023 Presidential election just three days away, Nigerians should brace up for a significant hike in Premium Motor Spirit (PMS), also known as fuel, if Peter Obi, Bola Tinubu or Atiku Abubakar emerged as the winner. Fuel price as a

February 22, 2023

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