fuel subsidy Archives - Vanguard News Nigeria

The self-destructive, unforced error of Fuel Subsidy

On January 28, 20195:37 amIn News, Rational Perspectives by TonyComments

‘THE most important question now is: For how long must misguided government economic policies ruin our nation while we do nothing? This year like others has only twelve months. At least five will be spent with nobody thinking about how to prevent more deterioration. The remaining seven months cannot possibly reverse the accumulated damage – unless a new and radical solution is found”. An excerpt from ‘As Dangote goes, so does Nigerian economy’ by Dele Sobowale, Vanguard Newspaper on Monday, January 21, 2019.

You cannot fight corruption with corruption, N2.4 Billion Spent on Fuel Subsidy, Saraki to FG

On January 23, 20195:48 pmIn News, Politics by Idowu BankoleComments

SENATE President, Dr. Bukola Saraki yesterday raised the alarm that corruption was increasing now in the administration of President Muhammadu Buhari with the government paying higher on fuel subsidy where Nigeria is said to be consuming 50 million litres, with N2.4 billion spent so far by the federal government on fuel subsidy.

Under-recovery: Fuel subsidy drops to N20 per litre — NNPC

On December 24, 20184:21 pmIn News by Emmanuel OkogbaComments

The Nigerian National Petroleum Corporation, NNPC, Monday, disclosed that under-recovery of Premium Motor Spirit, PMS, also known as petrol, has dropped to N20 per litre from over N80 a couple of weeks back, noting, however, that the Federal Government was still committed to bearing the additional cost above the regulated price of N145 per litre.

Until fuel subsidy is removed, fuel crisis remains imminent – Kachikwu

On December 13, 20185:04 pmIn Business, News by adekunleComments

Minister of State for petroleum Resources, Mr. Ibe Kachikwu, Thursday, stated that until the downstream sector of the Nigerian petroleum industry is liberalized and subsidy of petroleum products removed, the country would continue to struggle and face challenges in terms of ensuring stable fuel supply.

How FG fuel subsidy reforms affect Nigeria’s economy

On June 26, 20185:46 amIn Energy by Emmanuel OkogbaComments

THE nation’s fuel subsidy was mainly targeted at supporting poor individuals, households and other stakeholders to meet their fuel needs, thus enabling them to contribute towards the development of Nigeria’s economy.

Fuel subsidy hits N2.4bn daily

On June 19, 20185:57 amIn Business by Emmanuel OkogbaComments

Nigeria may be losing the gains of increases in the international oil prices as the Federal Government subsidy on fuel has risen to N2.4 billion daily in May, from N774 million in March, 2018, also as a result of the high price of crude oil in the international market.

Governors to take decision on fuel subsidy, queries payment of N800bn – Gov. Yari

On May 17, 20189:41 pmIn News by adekunleComments

The Chairman of Governors’ Forum, Gov. Abdulazeez Yari of Zamfara says the National Economic Council (NEC) will soon take decision on whether to allow the continuation of payment of petroleum subsidy by NNPC or not.

Fuel Subsidy: NNPC recorded N144.5bn under-recovery in 2017

On May 1, 20184:32 amIn Sweet Crude by Emmanuel OkogbaComments

The Nigerian National Petroleum Corporation, NNPC, said that it spent N144.53 billion in subsidising premium motor spirit, PMS, also known as petrol in 2017, translating to an average of N366 million per day.

Saraki, fuel subsidy motion and the anti-corruption fight

On March 25, 201810:51 amIn Viewpoint by Nwafor PolycarpComments

In 2011, the then Chairman, Senate Committee on Environment and Ecology and now Senate President, Dr. Abubakar Bukola Saraki single-handedly moved a motion on the floor of the Senate calling for an investigation into how N240 billion budgeted for fuel subsidy for the whole of 2011 had skyrocketed to over N1.2 trillion under ten months.

Return of fuel subsidy

On March 13, 20187:00 amIn Editorial, News by Emmanuel OkogbaComments

One of the reasons that President Muhammadu Buhari gave for making himself the Minister of Petroleum Resources was that he wanted to sanitise the oil industry, especially the NNPC.

NNPC’s N774m fuel subsidy to drop

On March 6, 20184:58 amIn News, Trending by TonyComments

THE N744 million under recovery or fuel subsidy currently incurred by Nigerian National Petroleum Corporation, NNPC, is set to drop as the landing cost has already fallen from N171 per litre to N166 per litre.

Fuel subsidy at N774 million daily, says NNPC boss

On March 4, 20183:42 pmIn News by Emmanuel OkogbaComments

Few days after the NNPC turned down human rights lawyer, Femi Falana’s freedom of information request on how much the government was spending on subsidy, the corporation has revealed that it was subsidising the supply of petrol to the tune of N774 million every day.

Fuel subsidy payment rises to N17bn in one month

On January 30, 20186:51 amIn Energy by Nwafor PolycarpComments

Fuel subsidy payment incurred by the Nigerian National Petroleum Corporation, NNPC, rose by N9.94 billion to N16.785 billion. This was to ensure that the price of Premium Motor Spirit, also known as petrol, did not rise above the official rate of N145 per litre.

NNPC spent N112bn on fuel subsidy payments in 10 months

On January 9, 201810:30 pmIn News, Sweet Crude by adekunleComments

By Michael EBOH THE Nigerian National Petroleum Corporation, NNPC, has spent N112.079 billion on fuel subsidy in the first 10 months of 2017, between January and October 2017, financial documents obtained from the corporation have revealed. Contrary to claims by oil marketers that subsidy re-emerged in October, making it unprofitable for them to continue fuel
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NNPC’s subsidy fraud, a must probe – ADP

On December 30, 201711:37 amIn News by adekunleComments

The Action Democratic Party (ADP) has mandated the National Assembly both the upper and lower chambers to wade into the subsidy controversy and probe it.