Tag: Petrol Subsidy

<strong>FG Orders NNPC To Reduce Petrol Pump Price</strong>

10Jan

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

FG Orders NNPC To Reduce Petrol Pump Price

Timipre Sylva, the Minister of State for Petroleum Resources, on Monday said the Nigerian National Petroleum Company Limited, NNPC, is selling petrol at a loss due to its mandate from the Federal Government as regards petrol subsidy. The minister’s remarks came on the heels of oil marketers' claim that the supply hitches currently being experienced in the petroleum sector that has resulted in fuel scarcity could linger till June, based on the government’s plan to end petrol subsidy in that month. Sylva stated this in Abuja at the resumption of the scorecard series (2015-2023) of the President Muhammadu Buhari administration. Recall that Zainab Ahmed, the Minister of Finance, Budget and National Planning had last week stated the Federal Government had budgeted about N3.6tn f...

<strong>Why Buhari Didn’t Remove Petrol Subsidy – Femi Adesina</strong>

5Jan

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

Why Buhari Didn’t Remove Petrol Subsidy – Femi Adesina

Femi Adesina, media aide to President Muhammadu Buhari has explained why the president failed to remove petrol subsidy. Adesina during an interview with Channels Television on Wednesday said the government needs to carefully consider its options before arriving at a decision. Recall that former President Goodluck Jonathan had in January 2012 faced stiff opposition when he attempted to remove subsidy on petrol. Consequently, he reversed the decision. However, Buhari had in 2015 stated that there was no justifiable reason to end the fuel subsidy regime. He said that its removal would compound the economic woes of the people. See Also: Full Text Of President Buhari’s New Year Message To Nigerians But the federal government recently disclosed that it will cease the payment ...

<strong>Increase VAT to 15%, Remove Fuel Subsidy, IMF Urges FG</strong>

19Nov

By Mary UgwuanyiNo Comments

News, Nigeria, Petroleum

Increase VAT to 15%, Remove Fuel Subsidy, IMF Urges FG

The International Monetary Fund, IMF, has advised the federal government to raise the Value Added Tax, VAT, from its present 7.5 percent to 15 percent. The organisation disclosed this in a statement issued at the end of its Article IV Staff mission held in Washington on Friday. It also suggested that Nigeria totally abolished fuel subsidies, which it argued favours mostly the rich at the detriment of the poor Nigerians and holistically tackle oil theft. Missions are usually held as part of regular consultations under Article IV of the IMF’s Articles Agreement, in the context of a request to use IMF resources (borrowed from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments, Vanguard reports. The IMF r...

NLC Set to Meet Today Over Govs’ N380/Litre Petrol Proposal

21May

By Obiajulu Joel NwoluNo Comments

Labour, News, Nigeria, Petroleum

NLC Set to Meet Today Over Govs’ N380/Litre Petrol Proposal

The leadership of the Nigeria Labour Congress is set to meet today (Friday) to deliberate and reach a stance on the proposal by governors for the price of petrol to be hiked from N162/litre to N408.5/litre. On Wednesday, a committee working on the mandate of the Nigeria Governor’s Forum advocated for the full removal of petrol subsidy. It sought for the price of petrol to be fixed between N380/litre and N408.5/litre. In its reaction on Thursday, the Abuja Chamber of Commerce and Industry and the Lagos Chamber of Commerce and Industry urged the Federal Government to remove petrol subsidy gradually, considering its effect on the masses. Meanwhile, the officials of the Nigerian National Petroleum Corporation told Punch that the oil firm was awaiting the Federal Government’s position ...