Fuel Subsidy
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News
How FG funds petrol subsidy through crude oil sales proceeds
There are indications that the Federal Government through the Nigerian National Petroleum Company Limited (NNPC Ltd) is now spending N17.72 billion daily to fund subsidies on petrol. Though still shrouded in secrecy, the funding strategy, Vanguard learnt, is consummated by way of crude sales and direct cost recovery by NNPC.…
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IMF Confirms Return Of Petrol Subsidy Under Tinubu
The International Monetary Fund (IMF) has said the Nigerian government has, through the backdoor, resumed the payment of subsidies on the premium motor spirit (PMS), otherwise known as petrol. Recall that on May 29, 2023, during his swearing-in speech, President Bola Tinubu announced an end to petrol subsidy, triggering a…
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News
PENGASSAN Confirms Return Of Fuel Subsidy Under Tinubu
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed the return of fuel subsidy under President Bola Tinubu. President Bola Tinubu had announced the removal of fuel subsidy on his first day in office, leading to increase in fuel price from N197 to between N480 and…
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Presidency says fuel in Nigeria cheapest, most affordable in West Africa
The Presidency has revealed that Nigeria is currently the only country in West Africa enjoying the cheapest and most affordable price of fuel by some distance. The information is coming amidst the hike in the cost of living brought about by the removal of petrol subsidy which has led to…
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News
Petrol subsidy removal not immediate — Presidency Source
The removal of petrol subsidy will no longer be immediate, Vanguard gathered authoritatively last night.Recall that President Bola Ahmed Tinubu had said in his inauguration speech Monday that the subsidy was gone, as it was not provided for in the 2023 budget. But sources told Vanguard yesterday that implementation of…
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News
FG Increases Fuel Price To N185 Per Litre
The Federal Government has officially increased the price of petrol by 8.8 per cent to N185 per litre, from N170 per litre. The ex-depot price also moved up from N148 per litre to N167. The government disclosed this in a notice to fuel marketers, yesterday, directing that the new price…
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Featured
Fuel subsidy: Keyamo just asked NLC a Peter Obi question Labour may be unable to answer
The presidential campaign council of the All Progressives Congress (APC) has asked the Nigeria Labour Congress to state its position on petrol subsidy.
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Business
Buhari government now pays more for petrol subsidy than Nigeria makes from selling oil, gas — report
Subsidy or under-recovery is the shortfall for the underpriced sales of premium motor spirit (PMS), better known as petrol. The cost is deducted from the federation account because Nigeria regulates petrol price and sells it at a cheaper rate for its citizens.
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Business
N4 trillion bill: How petrol subsidy grew by 349.42% in 3 years
Federal legislators approved the sum of N4 trillion to be spent on petrol subsidies in 2022.
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Business
Buhari requests N4 trillion to settle fuel subsidy in 2022 alone
According to Buhari, the decision to suspend the removal of petrol subsidy at a time when high crude oil prices have elevated the subsidy cost has significantly eroded government revenues.