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Petrol Subsidy

30 Aug
Ahead of the 2023 budget presentation, the Federal Government, yesterday, insisted that petroleum subsidy would remain in place until mid-2023. In addition, the government will borrow over N11 trillion and sell national assets to finance budget deficit next year.
18 Aug
The authorities of the Federal Inland Revenue Service (FIRS) have distanced the agency from alleged scams in petrol subsidies running into trillions of naira in the country. FIRS Executive Chairman, Mr Mohammed Nami who appeared before the Ibrahim Al-Mustapha Aliyu-led Adhoc Committee probing into the petroleum subsidy regime explained that the role of his outfit…
13 Jul
For political reasons, especially to keep the current government in power, the decision to stop the payment of subsidies has remained elusive and the rise of the cost of the scheme, believed to be in favour of the masses is now the leading cause of their adversity.
20 Apr
If the government can budget N4 trillion (about $9 billion) for petrol subsidy, it should be able to afford incentives to improve energy access and promote the development
House of Reps
14 Apr
The House of Representatives has approved ₦4 trillion for subsidy on Premium Motor Spirit (PMS) known as petrol. President Muhammadu Buhari had requested for revision of the 2021 fiscal framework from the House. Buhari requested the lawmakers to approve an additional ₦3.557 trillion in addition to the ₦442.72 billion provided in the 2022 budget for…
6 Mar
Prevaling economic realities, especially the rising price of crude oil at the international market, and the cost of petrol subsidy, which is threatening the 36 states could worsen...
2 Feb
The suspension of the removal of government subsidy on fuel did not come as a great surprise to many. The issue has remained contentious over the years as President Muhammadu Buhari even before he came into power in 2015 had said fuel subsidy is a fraud.
4 Jan
The year 2022 is loaded with a lot of expectations, especially the Federal Government’s planned removal of petrol subsidy. With the Petroleum Industry Act (PIA) becoming law...
8 Dec 2021
Many years after, fuel subsidy removal remains Nigeria’s longest challenge, especially at a time when the trust deficit between the governed and the government widens.
26 Nov 2021
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has backed the Federal Government’s plan to remove subsidy on Premium Motor Spirit (PMS), also known as petrol by 2021.
25 Nov 2021
The Nigeria Labour Congress (NLC) has rejected the proposed N5,000 for 40 million poor Nigerians when the subsidy on Petroleum Motor Spirit (PMS) is removed.
NNPC
17 May 2021
As the Central Bank of Nigeria (CBN) signals a subtle harmonisation of exchange rates with the removal of N379/$1 official rate from its website, all is set for labour unions to lock horns with the Federal Government on petrol subsidy removal.

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