Petroleum

APC Denies Reintroduction of Fuel Subsidy, Labels Claims “Fake News”
Cost of Living, Economy, News, Nigeria, Petroleum

APC Denies Reintroduction of Fuel Subsidy, Labels Claims “Fake News”

The All Progressives Congress (APC) has dismissed claims that the administration of President Bola Tinubu has reintroduced fuel subsidy, asserting that government interventions were aimed at ensuring price stability and predictability. Reports had circulated alleging that the government spent a staggering N169.4 billion in August to maintain the fuel pump price at N620 per liter. These reports were seized upon by the opposition as evidence of the administration's purported return to fuel subsidy. In a statement released on Monday night, the APC vehemently denied the accusations, categorically stating that such payments did not constitute a revival of the fuel subsidy scheme that had been criticized for its economic implications in the past. The ruling party also took issue with P...
Cooking Gas to Increase in Price Next Week – Marketers
Cost of Living, Economy, News, Nigeria, Petroleum

Cooking Gas to Increase in Price Next Week – Marketers

Gas users in Nigeria are facing the grim prospect of higher prices in the coming weeks, as marketers have hinted at an impending price hike. The President of the Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, revealed that a confluence of factors, including rising international prices, high tax rates, vessel prices, forex scarcity, and naira devaluation, is pushing gas prices higher. Olatunbosun Oladapo, in a recent statement, cautioned gas users to brace themselves for the impact of price increases, which he stated would take effect as early as next week. He pointed out that international gas prices have surged, resulting in higher costs for importation. The increased prices of vessels, coupled with the scarcity of foreign exchange and the devaluation ...
NLC Suspends Nationwide Protests Against Removal of Fuel Subsidy
Cost of Living, Labour, News, Nigeria, Petroleum

NLC Suspends Nationwide Protests Against Removal of Fuel Subsidy

The Organised Labour has suspended its proposed nationwide strike and protests against the removal of fuel subsidy, not up to 24 hours after it had embarked on the mass action. The decision was announced by the President of the Trade Union Congress (TUC), Festus Osifo, during an interview with Arise News on Thursday morning. The Labour leaders, who had previously met with President Bola Tinubu, stated that they extracted commitments from the government to address some of the issues raised during the meeting, and these commitments were to be implemented immediately. Based on this development, the TUC and the Nigeria Labour Congress (NLC) decided to suspend the strike action. The initial plan for nationwide protests and the strike action came after the Nigeria Labour Congress had met ...
Subsidy Removal: Organized Labour to Proceed with Planned Protest
Cost of Living, Labour, News, Nigeria, Petroleum

Subsidy Removal: Organized Labour to Proceed with Planned Protest

The organized labour has reiterated its decision to go ahead with a planned protest against the removal of petroleum subsidy, expressing doubts about President Bola Tinubu's ability to control inflation and gasoline prices due to the unification of the exchange rate. The announcement came after another round of discussions between the Steering Committee on palliatives and the presidential villa in Abuja. Joe Ajaero, the President of the Nigeria Labour Congress (NLC), told reporters that despite fears of the peaceful protest being hijacked by hoodlums, the workers are determined to proceed with their planned protest, which is scheduled to begin on Wednesday. Ajaero dismissed concerns about security, stating that in the history of workers' protests, such occurrences have never happened, ...
Oil Marketers Want Further Price Review as Petrol Prices Soar
Cost of Living, Economy, News, Nigeria, Petroleum

Oil Marketers Want Further Price Review as Petrol Prices Soar

Nigeria's oil marketers have asserted that the current petrol prices in the country do not accurately reflect the market reality and are projecting yet another price review this month. This comes less than two months after the price of petrol was increased from N189 per litre to N500. The situation has sparked outrage from the public, leading to criticism from various quarters. Recently, some filling stations operated by the Nigerian National Petroleum Corporation (NNPC) increased their pump prices of petrol from N537 per litre to N617 per litre across the country. This development has further exacerbated the already strained situation for consumers and businesses. Tunji Oyebanji, a former Chairman of the Major Oil Marketers Association of Nigeria and CEO of 11 Plc, expressed his co...
Nigerian Government’s Subsidy Removal Continues to Raise Questions
Cost of Living, Economy, News, Nigeria, Petroleum

Nigerian Government’s Subsidy Removal Continues to Raise Questions

A closer look at the contradictory reports on subsidy removal and its impact on Nigeria's economy The Nigerian government has found itself once again embroiled in a debate over the subsidy removal, leaving citizens confused about the true status of the subsidy and its implications. Reports from 2016 and 2023 present conflicting narratives, raising questions about the government's stance on this critical issue. Back in August 2016, Vice President Yemi Osinbajo claimed that the federal government had saved a significant amount of N1.4 trillion by eliminating the oil subsidy. Addressing the public during a meeting in Kano, Osinbajo highlighted the benefits of deregulating the downstream petroleum sector, leading to increased petrol availability across the country. He also mentioned a...
Nigerian Electricity Workers to Go on Nationwide Strike Over Fuel Subsidy Removal
Economy, Labour, News, Nigeria, Petroleum, Power

Nigerian Electricity Workers to Go on Nationwide Strike Over Fuel Subsidy Removal

In response to the sudden elimination of fuel subsidy by the Nigerian government, the National Union of Electricity Employees (NUEE) has instructed its members to go on a nationwide strike. The NUEE has called upon its members to comply with the directive and halt their work starting from early Wednesday morning. The decision comes after President Bola Tinubu declared the discontinuation of the petroleum subsidy regime, citing its lack of sustainability. Following this announcement, the Nigerian National Petroleum Company Limited (NNPCL) directed its outlets across the country to sell fuel at prices ranging from N480 to N570 per litre, a nearly 200 percent increase from the previous price below N200. In reaction to these developments, the Nigeria Labour Congress (NLC) has declared i...
Tinubu Gets the Backing of Ibori, Wike, Makinde on Subsidy Removal
Economy, News, Nigeria, Petroleum

Tinubu Gets the Backing of Ibori, Wike, Makinde on Subsidy Removal

In a surprising move, three members of the Peoples Democratic Party (PDP) have thrown their support behind President Bola Tinubu on the removal of petroleum subsidy. The Oyo State governor, Seyi Makinde, immediate past governor of Rivers State, Nyesom Wike, and former governor of Delta State, James Ibori, made this known during their visit to the Presidential Villa, Abuja on Friday. During the visit, Makinde stated that they were there to let the president know that he has the support of the generality of the people. On the subsidy issue, Makinde said, “We discussed it. It’s something that is on top of public discussion right now. We know it’s a tough decision for the people and he needs the support of everybody to see this through.” The PDP chieftain, Ibori, and Tinubu served as go...
Subsidy: NNPC Effects New Fuel Prices
Economy, News, Nigeria, Petroleum

Subsidy: NNPC Effects New Fuel Prices

The Nigerian National Petroleum Corporation (NNPC) has finally announced the long-awaited price for petrol following the removal of the controversial subsidy, which cost almost $10bn annually. The move was made on Wednesday morning to provide clarity around prices after the subsidy was removed. According to BusinessDay, NNPC now retail fuel at N488 a litre at its station on Kingsway Ikoyi in Lagos, while the NNPC Mega Station at Lagos Bus Stop in Port Harcourt sells for N511 per litre. NNPC is the sole supplier of petrol in Nigeria, and it is expected that other marketers will take a cue from NNPC's prices and adjust their own pump prices accordingly. NNPC Fuel Prices from May 31 2023 Analysts have noted that since NNPC has implemented different pump prices for different cities, ...
Subsidy wasn’t Removed by Tinubu – Keyamo
Economy, News, Nigeria, Petroleum

Subsidy wasn’t Removed by Tinubu – Keyamo

Festus Keyamo, the Chief Spokesman for the All Progressives Congress Presidential Campaign, has clarified that President Bola Tinubu did not remove fuel subsidy. Keyamo stated that a section of the media is twisting the narrative to read that Tinubu's government has removed subsidy, despite the president proclaiming that subsidy was gone while giving his inaugural speech on May 29. The former Minister of State for Labour explained that Tinubu's administration only inherited a regime where there was no provision for subsidy in the 2023 Appropriation Act beginning June 2023, and the Petroleum Industry Act, which is now extant, has no provision for subsidy. In a series of tweets on his official handle, @fkeyamo, he said, "President Tinubu merely acknowledged this state of affairs in hi...