Tag: Petroleum Subsidy

Abdulsalami, Workers Warn FG As NEC Decides Subsidy Removal June

21Jan

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria, Petroleum

Abdulsalami, Workers Warn FG As NEC Decides Subsidy Removal June

The National Economic Council has said it will take a decision on petroleum subsidy removal in June when the six-month period for subsidy payment in the 2022 budget elapses. NEC comprising Vice-President Yemi Osinbajo and state governors among others, stated this at its first meeting for the year at the Presidential Villa, Abuja, on Thursday. The council stated this as a former Head of State, General Abdulsalami Abubakar (retd.), and the Senior Staff Association of Nigeria Universities strongly warned the Federal Government against removing the subsidy, saying it would worsen poverty in the country. The warning came amid conflicting reports on whether the Federal Government would fully deregulate the downstream sector by removing fuel subsidy in February or not. Although the ...

Subsidy: FG May Deduct N2.4tn Palliative From Federation Account, Plans Talks

26Nov

By Obiajulu Joel NwoluNo Comments

Finance, News, Nigeria

Subsidy: FG May Deduct N2.4tn Palliative From Federation Account, Plans Talks

The Federal Government may deduct at least N2.4tn from the Federation Account to fund the N5, 000 cash palliative that will be handed over to 40 million poor Nigerians after the fuel subsidy has been removed next year. Reports on Thursday suggest that the list of poor Nigerians on the Federal Government’s National Social Register had surpassed 42 million and may hit 43 million by December, Punch reports. This implies that the figure to be spent on the subsidy palliative may hit N2.58tn in one year. When contacted on the telephone on Thursday on how funds for the N5,000 palliative would be sourced, Yunusa Abdullahi, the Media Adviser to the Minister of Finance, Budget and National Planning, Zainab Ahmed, referred The PUNCH to a statement by his principal after the Federal Executive Co...

Buhari Justifies Increase in Petrol Price, Says It Makes No Sense for Oil to be Cheaper in Nigeria than Saudi Arabia

1Oct

By Obiajulu Joel NwoluNo Comments

News, Nigeria, Petroleum

Buhari Justifies Increase in Petrol Price, Says It Makes No Sense for Oil to be Cheaper in Nigeria than Saudi Arabia

President Muhammadu Buhari has said it makes no sense for Nigeria to sell petroleum products at cheaper prices than its neighbouring countries. He disclosed this on Thursday while presenting a speech to mark the occasion of Nigeria’s 60th Independence Anniversary at the Presidential Villa, Abuja. He said, “We have suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities, leading to a 60 per cent drop in government revenue. “Our government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources. “In this regard, sustaining the level of petroleum prices is no longer possible. The government, since coming into office has recogn...

Nigerian Police Vows to Vehemently Resist Students Planning Protest Against Fuel, Electricity Tariff Hike

13Sep

By Obiajulu Joel Nwolu1 Comment

Armed Forces, News, Nigeria, Petroleum, Youths

Nigerian Police Vows to Vehemently Resist Students Planning Protest Against Fuel, Electricity Tariff Hike

The Nigerian Police force has vowed to “vehemently resist” students planning a massive protest in Ogun State over the recent spike in petrol price and electricity tariffs. This was made known by spokesperson for the Ogun State Police Command, Abimbola Oyeyemi in a communique on Saturday. This comes as the five days ultimatum issued to the federal government by members of the National Association of Nigerian Students, South-West Zone D, to reverse the hike of petrol and electricity tariff is set to expire on Sunday. The students promised to take to the streets across South-West states if government retained the increment. In his reaction, Oyeyemi cautioned the students to shun such action, noting the force would not tolerate any group to hold the entire good people of Ogun state...

Deconstructing The Buhari Administration’s Lies on Subsidy by Reno Omokri

13Sep

By adminNo Comments

Corruption, Economy, Finance, News, Nigeria, Petroleum

Deconstructing The Buhari Administration’s Lies on Subsidy by Reno Omokri

There is no more unmistakable evidence for the dishonesty, dubiousness and downright gangsterism of the Buhari administration than the fuel subsidy heist that they have pulled in Nigeria. The Buhari administration is so dishonest and corrupt in their handling of the downstream sector of the oil and gas industry. And this is fact, not opinion. Let us now consider some facts. The government said they removed subsidy in June 2020 (although some officials say it was in March). In June 2020, the Naira traded officially at ₦360 to $1 before it was devalued to ₦380 on August 6, 2020. This is a 6% devaluation. There have not been any significant changes in the price of crude oil between June and today. The price differential per barrel is $4. As of June 2020,...