The Egyptian government has slashed fuel subsidies in a bid to ease pressure on public finances. The development, which took effect on Friday, is part of its three-year economic overhaul backed by the International Monetary Fund (IMF) to curb government spending. Before the slashing, gasoline, diesel, kerosene and fuel oil were sold at 85-90 percent of their international cost. The development will raise [...]
Tag "Fuel subsidy"
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The mere mention of 'fuel subsidy' in Nigeria raises ears; add 'removal of' as prefix to the two words and there you have chaos. Despite being 5,418 miles away from Lagos, reporting the World Bank/International Monetary Fund meetings for TheCable from Washington DC, I still felt the sting of the brief fuel scarcity episode last week. IMF and subsidy As usual, journalists from [...]
I never knew that it is possible and feasible to become a Senior Advocate of Nigeria (SAN) without being licensed to practice in Nigeria. I will not be able to camp around this issue for so long a time because you know I am not schooled in both the spirit and letter of the law, but I appeal to every [...]
Zainab Ahmed, the minister of finance, says the federal government will implement fuel subsidy removal gradually. Addressing the press on the sidelines of the ongoing spring meetings of the International Monetary Fund and World Bank Group, Ahmed said fuel subsidy cannot be removed at once. In her address on Thursday, Christine Lagarde had advised Nigeria and other countries to remove fuel subsidy [...]
Mahmud Tukur, managing director, Eterna Plc, says the company is expanding its downstream operations despite Nigeria's "challenging operating environment". Tukur was speaking during a press briefing to mark the company’s 30-year anniversary in Lagos on Tuesday. In the last three years, international oil companies (IOCs) and independent operators in Nigeria's oil industry have divested their assets either party or fully, but [...]
The Buhari campaign organisation says the People’s Democratic Party's promise to crash petrol price to N90 is laughable, as no supplier of the product will sell at that price. On Friday, the Peoples Democratic Party (PDP) said Atiku Abubakar, its presidential candidate, will reduce the cost of premium motor spirit (PMS), popularly known as petrol, to N97 per litre. In a statement [...]
The Peoples Democratic Party (PDP) has President Muhammadu Buhari of condoning a corrupt fuel subsidy regime. The party, therefore, asked the president to submit himself for inquest into the handling of the “N1.4 trillion subsidy” under his administration. Kola Ologbondiyan, PDP spokesman, said in a statement on Sunday, that the inquest was necessitated by the “fraud” revealed in the Nigerian National Petroleum [...]
The 36 state governors have threatened to take over the responsibility of subsidising petroleum products in their states based on consumption, following the huge amount of money being spent by the NNPC as fuel subsidy payment annually. [...]
Senate President Bukola Saraki says for the sake of transparency, the executive should send a supplementary budget for fuel subsidy payments. The Nigerian National Petroleum Corporation (NNPC) had said the landing cost of petrol is N171 as against the official retail price of N145. This implies that the corporation pays N40.70 as subsidy on every litre of petrol imported into the country in [...]
Tunde Bakare, pastor of the Latter Rain Assembly, says Nigerians can shut down the government as a result of herdsmen killings in recent times. Bakare spoke on the sidelines of “the real cost of subsidy”, an event organised by Enough is Enough, a coalition of youth advocacy groups. He said the order by the inspector general of police for vigilante groups and weapon-bearing individuals to surrender "illegal [...]
Oil marketers have reached an agreement with the federal government on the payment of an outstanding N650 billion subsidy. [...]
The Peoples Democratic Party (PDP) has dismissed the claim of the Nigerian National Petroleum Corporation (NNPC) that petrol subsidy gulps N774 million every day. On Sunday, the NNPC said though it incurs the subsidy cost daily, the benefit is being enjoyed by only a few due to “continued smuggling” of petrol in the country. But the opposition accused the current administration of fabricating claims [...]
The Peoples Democratic Party (PDP) says there is a massive corruption in the new regime of fuel. The federal government has denied paying subsidy. But speaking at a meeting of its national working committee (NWC) and governors’ forum in Asaba, Delta state, Uche Secondus, the party’s national chairman, and Ayo Fayose, chairman of PDP governors' forum, said the government of President Muhammadu [...]
Senate President Bukola Saraki has reacted to an ongoing investigation into “discrepancies” in fuel subsidy, saying its reintroduction is fraudulent. Saraki made this known in a statement on Wednesday. According to him, ongoing debates in the senate were aimed at enforcing reforms in the oil and gas sector, including bringing an end to the lingering fuel scarcity. “Today, the senate debated the interim report [...]
The house of representatives has summoned Ibe Kachikwu, minister of state for petroleum resources, over the reported payment of fuel subsidy by the Nigerian National Petroleum Commission (NNPC). The lawmakers also summoned Maikanti Baru, NNPC group managing director, over the issue. The summon followed a motion on 'Urgent need to investigate the fuel subsidy payment by the NNPC’ introduced by Karimi Sunday, [...]
Bismarck Rewane, renowned economist, has asked the government to come out clean regarding the ongoing debate on fuel subsidy in the country. He said the government has to be transparent and tell Nigerians how much is being paid for subsidy. Rewane said this while speaking on a Channels TV programme. “What the government has to do is come out clean and say this [...]
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