Tag: Fuel subsidy - Page 2 - African News Today

Subsidy: It’s Impossible For Nigeria To Consume Up To 70 Million Litres A Day – Saraki

14Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

Subsidy: It’s Impossible For Nigeria To Consume Up To 70 Million Litres A Day – Saraki

Former Senate President, Bukola Saraki has challenged the Federal Government’s plans to spend on Petrol subsidy based on 70 million litres a day consumption, stating that Nigeria’s fuel consumption cannot be more than 35 million litres a day, and hinted that Nigeria could be subsidizing fuel for neighboring West African states. The former Senate President disclosed this in an interview with Channels TV on Sunday evening. This comes as President Muhammadu Buhari transmitted the 2022 Appropriation Act (Amendment) bill to the National Assembly last month, where the FG earmarked the sum of N2.557 trillion for fuel subsidy following the suspension of the implementation of the policy by the federal government. He stated that he has seen the fuel queues situation in Nigeria and...

Subsidy May Jump By 100% As FG’s Benchmark Oil Price Doubles

6Mar

By Obiajulu Joel NwoluNo Comments

Finance, News, Petroleum, Uncategorized

Subsidy May Jump By 100% As FG’s Benchmark Oil Price Doubles

The projected oil price of the Federal Government of $62/barrel as contained in the 2022 Appropriation Bill has almost doubled going by the current global oil prices, which have been on the increase since the invasion of Ukraine by Russia on February 24, 2022. Industry figures showed that Brent, the crude against which Nigeria’s oil is priced, leapt to a high of $118.11/barrel at 3pm on Saturday, moving up by $7.65 or 6.23 per cent when compared to its value the previous day. Oil sector operators stated that the rise in crude prices might raise the amount currently spent on petrol subsidy by the Federal Government by about 100 per cent when benchmarked against the projected price in the budget. In December 2021, the House of Representatives passed the 2022 budget of N17.126tn...

No Petrol Price Hike Until FG, Labour Conclude Negotiation – PPPRA

23Aug

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

No Petrol Price Hike Until FG, Labour Conclude Negotiation – PPPRA

The Petroleum Products Pricing Regulatory Agency, PPPRA, has restated that the Petroleum Industry Act had marked the full deregulation of the downstream oil sector. It added that the negotiations between the Federal Government and labour would cushion the effect of subsidy removal upon full deregulation of the sector. The Executive Secretary, PPPRA, Abdulkadir Saidu, who said this in a statement issued in Abuja, stated that the petrol price would be adjusted in a way that it would not cause hardship on consumers. He said, “There is no gainsaying that the PIA signals the implementation of full deregulation of the downstream sector. “However, it remains worthy of note that the PIA does not automatically translate to any immediate increase in the price of PMS. Read Also: Naira ...

We will Implement Agreement Diligently – NNPC Assures Labour After Strike Suspension

28Sep

By Obiajulu Joel NwoluNo Comments

Cost of Living, Economy, Labour, News, Nigeria, Petroleum

We will Implement Agreement Diligently – NNPC Assures Labour After Strike Suspension

Mele Kyari, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has pledged commitment to implement agreements reached with organised labour which led to the suspension of planned strike and protest over the increase of electricity tariff and petrol pump price. Kyari said NNPC would diligently implement the agreement reached on Sunday between labour leaders and Federal Government. Recall that the Nigeria Labour Congress (NLC) and the Trade Union Government (TUC) had planned to commence strike action today over the Federal Government’s refusal to reverse the hike in electricity and fuel pump price. Government had removed subsidy of electricity and petrol leading to an increase in electricity tariff from about N30.23 to about N62.33 per kwh, while the pric...

Nigeria: Subsidy on Petrol Hits N1.4tn per Year, Says FG

6Apr

By adminNo Comments

Corruption, Economy, Nigeria

Nigeria: Subsidy on Petrol Hits N1.4tn per Year, Says 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 is the country’s supplier of last resort when it comes to the provision of petroleum products. The Minister of State for Petroleum Resources, Ibe Kachikwu, who disclosed this while speaking at a Liquefied Petroleum Gas workshop organised by the Federal Ministry of Petroleum Resources in Abuja on Thursday, also stated that the ministry planned to unveil an infrastructure rebirth map for the oil and gas sector in two months. On March ...