FG says fuel subsidy hindering debt service, analysts says its high cost of governance

June 15, 2022 Blessing Anaro, Lagos 0

Finance Minister, Zainab Ahmed has resurrected the fuel subsidy issue, saying it is making debt service a herculean task. But analysts quickly disagreed with her, saying the huge cost of governance is grossly responsible for the financial mess the country found its self. Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has said the huge amount being spent Read More

Fuel subsidy a bone in FG’s throat – Experts

April 8, 2022 Blueprint 0

Experts in the oil and gas sub-sector of the country’s economy have declared that the issue of subsidy on premium motor spirit, otherwise called fuel, was a bone in the federal government’s throat. According to them, the issue has become a burden to the federal government as revenues that should have been used for critical infrastructure are spent on subsidies. Read More

Subsidy payment: Postponing the evil day

March 18, 2022 Blueprint 0

The Minister of State for Petroleum, Timipreye Sylva, said Nigeria was not benefiting from the high price of crude at the international market. However, an analysis of the minister’s statement only goes to show that the federal government is caught between the devil and the deep blue sea; BENJAMIN UMUTEME reports. When the federal government announced that it was ending Read More

Fuel importation: Modular refineries to the rescue?

March 16, 2022 Blueprint 0

The announcement on February 13, 2017 by Prof Yemi Osinbajo, as acting president, that the government would use modular refineries to drive rapid development of the oil-rich Niger Delta received applause from stakeholders. However, current developments around the fuel subsidy burden put at N2 trillion annually on public finances in the post Petroleum Industry Act 2021 has made increased domestic Read More

How subsidy suspension throws up new challenges for FG

February 11, 2022 Blueprint 0

The federal government’s plan to put an 3nd to payment of subsidy was bornow out of the fact that it would channel the funds to other critical areas of the economy, but with the suspension of the plan, experts say the government is now faced with new funding challenges; BENJAMIN UMUTEMEwrites.  After years of dilly dallying over the removal of fuel Read More

Breaking: NNPC exposes companies responsible for importing adulterated fuel *See full list

February 10, 2022 Benjamin Umuteme, Abuja 0

The Nigeria National Petroleum Company Limited (NNPC) has disclosed that MRS, Duke Oil, OandO, and Emadeb imported the adulterated fuel that is responsible for the present fuel scarcity being experienced in Nigeria.  In a statement by NNPC spokesman, Mohammed Garba Deen, the GMD of NNPC, Mele Kyari, was quoted as explaining that after investigations, the Company discovered the presence of Read More

NNPC orders emergency 500,000 tonnes of petrol to ease shortages

February 9, 2022 Blessing Anaro 0

The NNPC has asked trading firms for emergency supplies of 500,000 tonnes of petrol to replace cargoes that were rejected because of their poor quality, insider sources have said. Megacity Lagos and the capital Abuja face fuel shortages, and over the weekend, queues built up outside some petrol stations. The emergency supplies equal 1,415, 800,000 litres of petrol, which will Read More

IMF faults Buhari, insists on fuel subsidies’ removal, wants VAT increased

February 8, 2022 Blessing Anaro 0

Weeks after Prwsident Mohammadu Buhari announced suspension on removal of fuel subsidy, the International Monetary Fund (IMF) has again voiced its concerns about the retention of petroleum subsidies, cautioning on the economic risk factors. Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities’ proactive management of the COVID-19 pandemic and its economic impacts. They noted, Read More

Buhari’s masterstroke on petrol subsidy

February 7, 2022 Blueprint 0

President Muhammadu Buhari struck a cord with Nigerians recently when he hearkened to the voice of the people to shelve the proposed hike in the pump price of petrol to about N400 per litre under the guise of subsidy removal, Following the outcry by Nigerians across the divide, Buhahri took the path of honour and finally passed on the controversy Read More

FG urged to focus on reducing leakages associated with subsidy

January 31, 2022 Amaka Ifeakandu 0

The Managing Director, Morgan Capital Securities Limited Mr Rotimi Olubi has expressed the need for the Federal Government to focus​ on reducing the leakages associated with the current subsidy and under recovery regime. Olubi also said that the suspension of oil subsidy removal would dampen the impact of high oil prices in the global market to the Federal government purse. Read More

Fuel subsidy, inflation, electioneering to drive economic policies in 2022 – Analysts

January 25, 2022 Blessing Anaro 0

Analysts at United Capital Research have said, electioneering, possible removal of fuel subsidy and inflation rate will be key divers of implementing economic policies in 2022. “Overall, we expect multiple factors to shape the economy’s direction in 2022. To mention a few, we expect electioneering activities and the potential removal of fuel subsidy to be key drivers of implementing economic Read More

Breaking: FG bows, shelves planned fuel subsidy removal

January 24, 2022 Taiye Odewale, Abuja 0

The federal government Monday halted its proposed plan of subsidy removal from pump price of Premium Motor Spirit (PMS), popularly known as fuel in July 2022. Postponement of the plan as declared by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed and President of the Senate, Ahmad Lawan, at an emergency stakeholders’ meeting held at the National Read More

NANS to FG: Don’t go ahead with fuel subsidies removal plans

January 21, 2022 Bayo Agboola 0

The National Association of Nigerian Students (NANS) on Friday cautioned the federal government against going ahead with its plans to remove subsidies on petrol. NANS made the call in a statement jointly signed by the Zone D Coordinator, Comrade Fiyinfoluwa Tegbe, and Public Relations Officer (PRO), Comrade Emmanuel Esiegbe, in Ibadan. According to the association, the planned removal of subsidies Read More

Muslim group advises FG against fuel price hike in 2022

December 31, 2021 Taiye Odewale 0

Ahead of plans by the federal government to remove fuel subsidy in 2022, the Muslim Media Watch Group of Nigeria ( MMWG), has advised against any such action. The group in a statement signed by its national coordinator, Alhaji Ibrahim Abdullahi, in Abuja Friday, warned that any increase in fuel-price and electricity cost would aggravate the untold hardships on Nigerians Read More

Fuel subsidy strike: Don’t betray Nigerians again, DSM tells NLC

December 21, 2021 Blueprint 0

The Democratic Socialist Movement (DSM), Tuesday cautioned the leadership of the nation’s industrial unions against betraying Nigerians again on their planned January 27 nationwide strike over removal of fuel subsidy by the federal government. DSM in a statement made available to journalists in Ibadan signed by its organising secretary, Comrade Peluola Adewale, said the labour leadership in the country will Read More

Northern groups flay FG over planned fuel subsidy removal

December 8, 2021 Blueprint 0

Rising from its meeting in Gombe Wednesday, the Coalition of Northern Groups (CNG), North-east chapter, has condemned in strong terms, the planned removal of fuel subsidy by the federal government. The groups described the planned action as “unpopular, corrupt and inhuman policy” that would drench Nigerians and the people of the North-east further into poverty. The groups said the planned Read More