Tag: Subsidy

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

3Jun

By adminNo Comments

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 wasn’t Removed by Tinubu – Keyamo

31May

By adminNo Comments

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...

<strong>EFCC Uncovers N13bn Illegal Fuel Subsidy Payments</strong>

4Jan

By Mary UgwuanyiNo Comments

Crime, Finance, News, Nigeria

EFCC Uncovers N13bn Illegal Fuel Subsidy Payments

The Economic and Financial Crimes Commission, EFCC, has recovered an estimated N13bn as proceeds of illegal payments made under the subsidy regime between 2017 and 2021. This was contained in the National inherent risk assessment of money laundering and terrorist financing in the Nigerian extractive sector document obtained by Punch from the website of the Nigeria Financial Intelligence Unit. The report partly read, “The Economic and Financial Crimes Commission, the agency responsible for the investigation and prosecution of fraudulent subsidies in the oil and gas in Nigeria recovered N12,998,963,178.29 as proceeds of illegal payment made under the subsidy regime between 2017 and 2021.” A breakdown of the figures shows that approximately N4.67bn was recovered in 2017, N4.29bn...

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...