Government to spend N417b on subsidy in 2020
Though the nation’s subsidy on petrol may be around N417 billion in 2020, according to current data obtained yesterday from the Petroleum Products Pricing Regulatory Agency (PPPRA)
‘Nigeria losing N1,085t daily to fuel smuggling’
Daily, an estimated seven million litres of Premium Motor Spirit (PMS), better known as petrol, valued at N1, 085t is smuggled from Nigeria to neighbouring West African countries. With daily consumption of about 52 million litres of petrol per day according to the Department of Petroleum Resources (DPR)
Government, oil marketers disagree over subsidy arrears
The Federal Government has disagreed with Independent Oil Marketers over N1 trillion arrears of subsidy payment claimed by the oil dealers. The government said the unpaid debt was N386 billion. But the Senate, in its resolution, had directed the Ministry of Finance to hold a meeting with the oil marketers and other stakeholders to agree…
Oil marketers claim subsidy debt of N131
The Major Oil Marketers Association of Nigeria (MOMAN) yesterday claimed that its members were owed N130.7 billion in subsidy by the Federal Government as at August 2018. At a media briefing in Lagos, the association’s chairman, Andrew Gbodume, alleged that subsidy payments on imported petroleum products were yet to be made months after the National…
Experts raise concern over Nigeria’s N1.4tr subsidy under-recovery
Energy experts, yesterday in Abuja, raised concern over Nigeria’s growing under-recovery of subsidy on Premium Motor Spirit (PMS), which currently stands at N1.4tr, saying it deprives the nation of the gains of increasing oil price. The experts, including the President of Nigerian Association for Energy Economics (NAEE), Prof. Wumi Iledare and Professor of Energy Economics, Adeola Adenikinju,…
Kachikwu clarifies statement on N1.4tr subsidy
Minister of State for Petroleum Resources, Ibe Kachikwu, yesterday said the Nigerian National Petroleum Corporation (NNPC) was in the best position to give appropriate figures on import of Premium Motor Spirit (PMS) otherwise called petrol. Reacting to report, in which he (Kachikwu) was quoted as saying that the country currently incurs over N1.4 trillion…
NCC meets with MainOne, IHS on broadband subsidy
Subsidy agreements that will ensure the smooth take-off of the already licensed Infrastructure Companies (InfraCos), MainOne, and IHS are currently being finalised by the Nigerian Communications Commission (NCC). This was made known by the Director of Spectrum Administration at NCC, Austine Nwaulune, in Lagos, at the West Africa Convergence Conference (WACC 2017), organised by…
Government to save N1.4tr from subsidy yearly, says Kachikwu
Kachikwu explained that the deregulation policy had also re-awakened the downstream sector and would help the nation become a net exporter of petroleum products in a few years.
‘Passage of PIB will cushion effects of new pump price regime’
For the general wellbeing of the economy, price increment is ideal. At this point, mark my words, the most important thing to talk about is the survival of the country.
Is Nigeria as ‘fantastically corrupt’, legally provable?
Well, I believe it is a perception. The former governor of Adamawa State, Murtala Nyako is a member of APC. And he was among the first people to be arraigned.