The Nigeria Employers’ Consultative Association (NECA) has said that increase in pump price of fuel would further accelerate inflation, which would distort and destabilise economic activities. Its Director General, Mr Adewale-Smatt Oyerinde, made the assertion in a statement on Wednesday in Lagos. Oyerinde said also, that the increase would...
fuel subsidy
The Niger Command of the Nigeria Security and Civil Defence Corps (NSCDC), has arrested three suspected ‘black marketers’ for fabricating huge extra tanks in their vehicles. The Public Relations officer of the corps, DSC Nasire Abdullahi, stated this while addressing news on the arrest in Minna on Wednesday. He...
Nigerians have expressed concern over the implementation of subsidy removal in spite of President Bola Tinubu’s assurance that it would not take effect immediately. A cross section of residents of Ibadan, Oyo State, expressed their feelings on Wednesday in separate interviews with the News Agency of Nigeria (NAN) in...
The Nigerian National Petroleum Company Limited (NNPC Ltd) on Wednesday adjusted the pump price of Premium Motor Spirit (PMS) across its retail outlets, in line with the current market realities. The News Agency of Nigeria (NAN) reports that the adjustment by NNPC Ltd. was triggered by the pronouncement of...
The Nigerian National Petroleum Company Limited (NNPC Ltd) has assured Nigerians that fuel queues in filling stations, following the affirmation of the removal of subsidy, will soon vanished. Malam Mele Kyari, the Group Chief Executive Officer (GCEO), briefed State House correspondents after meeting President Bola Tinubu on Tuesday at...
Delta State Governor, Sheriff Oborevwori, on Tuesday cautioned fuel marketers in the state against hoarding of Petroleum products especially Premium Motor Spirit (PMS) also known as petrol. The governor gave the warning in a statement issued by his Chief Press Secretary, Mr Festus Ahon in Asaba. He said that the state...
By EZEKIEL OBI, Abuja – The Nigeria Labour Congress (NLC) has urged President Bola Tinubu to put palliative measures in place before removing fuel subsidy. NLC President, Mr Joe Ajaero, made the call in a statement made available to newsmen on Tuesday in Abuja. Tinubu on Monday had announced...
Gov. Babajide Sanwo-Olu of Lagos State on Tuesday berated fuel marketers for taking undue advantage of Nigerians by hiking fuel prices. Sanwo-Olu expressed his displeasure when he paid a surprise working visit to civil servants at the secretariat in Alausa, Ikeja. The governor was accompanied by the Deputy Gov....
Long queues have again resurfaced in Kogi as petrol sells for N400 in some filling stations in the state. The News Agency of Nigeria (NAN) reports in Lokoja on Tuesday that already some of the filling stations are closing up, refusing to sell to the already panicked motorists jostling...
Fuel pump price is now between N400 and N500 in Edo and Delta, as long queues on Tuesday morning, resurfaced in the few filling stations opened for business. The News Agency of Nigeria (NAN) reports that the sudden hike in fuel pump price and long queues followed President Bola...
The House of Representatives has commended President Bola Tinubu for his courage in removing the fuel subsidy with the intention to serve Nigeria with honesty and integrity. This followed the adoption of an urgent motion of public importance by Rep Abdulraheem Olajide (APC-Lagos) at plenary on Tuesday in Abuja....
The Nigerian National Petroleum Company Limited (NNPC Ltd) says the decision to remove subsidy on Premium Motor Spirit (PMS) known as fuel by President Bola Tinubu is a welcome development. Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd. made this known at the NNPC Ltd. Towers in...
By DAVID IORJA, Abuja – President Bola Ahmed Tinubu has appealed to Nigerians to burry political differences and join him in a new journey of healing, nation-building and economic prosperity. In his inaugural address after taking the oaths of office and allegiance administered by the Chief Justice of Nigeria...
Nigeria’s new President, Bola Tinubu says the era of subsidy payment on fuel has ended. He said the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable. “The fuel subsidy is gone,” Tinubu declared in his inaugural speech at the Eagle...
No policy in Nigeria’s petroleum industry has generated more controversy than subsidy removal. Since the return to democracy in 1999, it has defied ministers and even the entire lifespan of administrations. The argument is that the pump price of Premium Motor Spirit (PMS) commonly known as petrol by is...
By JOY ADARA, Abuja – Socio-Economic Rights and Accountability Project (SERAP), has urged the World Bank President, Mr David Malpass, to use his “good offices to suspend any disbursement of the $800m loan to the Federal Government and to request the incoming administration to provide satisfactory explanations for the...
The Federal Government has suspended the planned removal of subsidy on petroleum products by the end of President Muhammadu Buhari led administration. The Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed disclosed, this while briefing State House correspondents at the end of The National Economic Council (NEC)...
The Nigerian National Petroleum Company Limited (NNPCL) on Thursday said that Nigerians have missed enormous infrastructure development due to the protracted fuel subsidy regime in the country. The NNPCL disclosed that the amount spent on fuel subsidy payment could provide 7,500km of road network at N400 million per kilometre...
Some financial analysts have urged the Federal Government to totally deregulate the petroleum industry and reinvest its subsidy payment to more productive sectors of the economy. They gave the advice in separate interviews with the News Agency of Nigeria, (NAN) in Lagos on Thursday. Dr Austine Nwaeze, a former...
Sen. Bola Tinubu, All Progressives Congress (APC) Presidential candidate, has reiterated his stance on addressing fiscal, monetary, and trade reforms to effectively increase domestic production if elected. Tinubu said this during a dialogue to unfold his economic plan before the organised private sector under the aegis of the Nigerian...