Tag: Fuel subsidy

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

26Sep

By adminNo Comments

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

10Aug

By adminNo Comments

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

3Aug

By adminNo Comments

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 ...

NLC: Government Response Will Determine Duration of Protest

2Aug

By adminNo Comments

Cost of Living, Economy, Human Rights, Labour, News, Nigeria

NLC: Government Response Will Determine Duration of Protest

The Nigeria Labour Congress (NLC) has made it clear that the duration of the ongoing protest will be determined by the response of the government to their demands, and not by the use of force. NLC President, Joe Ajaero, made this disclosure during an interview with Channels TV at Unity Fountain in the Federal Capital Territory (FCT) on Wednesday. The NLC launched its protest on Wednesday morning in various states of the federation, including the FCT, Lagos, Kaduna, Kano, Cross River, Ebonyi, Ogun, Imo, Ondo, and Edo, among others, against what they deem as "anti-people" policies. Ajaero emphasized that the NLC will decide whether the protest continues for today, tomorrow, or longer, based on the response received from the government. He stressed that it is not in the interest of the...

NLC: Tinubu Has Declared War on the Masses with Anti-Poor Policies

6Jul

By adminNo Comments

Labour, News, Nigeria

NLC: Tinubu Has Declared War on the Masses with Anti-Poor Policies

The Nigeria Labour Congress (NLC) has strongly denounced the recent surge in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, along with other policies that it perceives as detrimental to the impoverished population. In a compelling address during the opening ceremony of a four-day program for NLC state council leaders in Lagos, NLC President Joe Ajaero declared that the Nigerian state had effectively declared war on the working class and the masses. Represented by Deputy President of Congress and President-General of Maritime Workers Union of Nigeria (MWUN), Prince Adewale Adeyanju, Ajaero emphasized that trade union leaders must not abandon the Nigerian people and workers in the face of such challenges. The program, which was supported by the American Solidarit...

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

4Jun

By adminNo Comments

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...

31May

By adminNo Comments

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, ...

Without Subsidy Petrol Would Sell for N462/litre – NNPC

5Sep

By Osaretin BalogbanNo Comments

Economy, Nigeria

Without Subsidy Petrol Would Sell for N462/litre – NNPC

The Nigerian National Petroleum Company (NNPC) Limited revealed yesterday that without subsidy petrol would sell for N462 per litre. NNPC said marketing and distribution of petrol cost around N46 per litre, it also revealed that the landing cost determined by the international market was $1,283 per metric tonne in the second quarter of this year. See Also: NNPC Fails To Account For 107 Million Barrels Of Crude, – Auditor General It said the addition of total costs will evaluate a pump price of N463 per litre in the general market based on an average subsidy of N297 per litre with a yearly evaluation of N6.5 trillion on the supposed 60 million litres/day of petrol supply. The petroleum company also noted that the daily fuel supply is around 68 million litres. The Group G...

7Jul

By Kosi UchennaNo Comments

Finance, News, Nigeria

Fuel Subsidy Is A Scam – Peter Obi

Fuel subsidy is a scam. This is the position of the Presidential Aspirant of the Labour Party, LP, Peter Obi who has promised to offer a better alternative if elected. He describes the present structure of fuel subsidy as a scheme that funds incompetence. Obi made the pledge when he appeared on Arise Television on Wednesday, noting that the petrol subsidy was part of the ways government spends recklessly, promising that if elected, his administration will not expend $40 billion of tax payer’s money on subsidy as presently done by the President Muhammadu Buhari’s regime. Statistics show that the country spent N1.27 trillion on petrol subsidy payments in the past five months, amounting to about 31 percent of the N4 trillion budget for the year. It threatened oil gains as Nigerian ...

Buhari Writes Reps, Seeks Increase In Subsidy To N4 Trillion

8Apr

By Obiajulu Joel NwoluNo Comments

Finance, Legislature, News, Nigeria

Buhari Writes Reps, Seeks Increase In Subsidy To N4 Trillion

House of Representatives President Muhammadu Buhari has asked the House of Representatives to adjust the Medium Term Expenditure Framework (MTEF) to accommodate the projected N4 trillion for petroleum subsidy in 2022. The president, in a letter read by the Speaker of the House of Representatives, Femi Gbajabiamila, on Thursday, is seeking an increment of $11 to the oil benchmark to accommodate subsidy consumption and other expenses. According to Mr Buhari, N442.72 billion was earmarked for fuel subsidy in the 2022 budget (January-June), but because of the hike in the price of crude oil, Nigeria is paying more for PMS subsidy, therefore, the country will require an additional N3.557 trillion for subsidy. The current MTEF contains $62 BPD. If this is approved, the benchmark...