The Nigeria Governors’ Forum has lamented that the subsidy on petroleum products, especially Premium Motor Spirit (petrol), has placed a huge financial burden on the states. The NGF, which is the umbrella body for the 36 governors of the federation across party lines, made this known in a memo forwarded to the House of Representatives. … [Read more…]
THE Presidential Candidate of the Labour Party, LP, Mr. Peter Obi has described the current fuel subsidy regime as a scam, saying he would offer an alternative, if elected. Speaking yesterday during a live interview on Arise TV, the presidential candidate said petrol subsidy is not beneficial to the country’s economy, promising that he would … [Read more…]
Petrol subsidy payments grew by 349.42 per cent from N350 billion in 2019 to N1.573 trillion in 2021, propelled by the rising price of crude oil in the international market and the falling value of the Naira. The cost of subsidizing the product in 2020 was N450 billion. In 2022 alone, the total cost of … [Read more…]
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said yesterday that the Federal Government has suspended removal of fuel subsidy. She said the government had made provisions for subsidy in the 2022 budget from January to June this year, adding that government will forward a request to the National Assembly to make additional … [Read more…]
Decision on removal of subsidy on petroleum would be made in June when the provision for its payment in the 2022 budget expires, the National Economic Council (NEC), has said. Responding to questions while briefing State House Correspondents on the outcome of the meeting, Governor of Nasarawa State, Abdulahi Sule, said it was understandable … [Read more…]
There are indications that price of The average retail price of Automotive Gas Oil (diesel) is on steady rise reaching N343 per litre as at Wednesday, representing 18.5 per cent rise when compared with the National Bureau of Statistics (NBS) average figure of N289.37 per litre as at December 31, 2021. An NBS report also … [Read more…]
THe Pentecostal Fellowship of Nigeria (PFN) has cautioned the Federal Government against further aggravating the suffering of Nigerians through the proposed subsidy removal. Its President, Bishop Wale Oke, noted that the implementation of such a policy could increase the hardship being experienced, especially by the masses. Breaking News, Nigerians can now work in … [Read more…]