Tag: Fuel Subsidy

“Fuel subsidy, FX cabals behind security crisis” – Tinubu

Aminu Imam
Tinubu on security crisis

President Bola Tinubu says beneficiaries of the corruption-laden fuel subsidy and foreign exchange era are behind the escalating insecurity across Nigeria. Tinubu spoke through Olusegun Osoba, former governor of Ogun, on Wednesday at the launch of a book, titled: ‘The NADECO Story’, in Lagos. The President said unpatriotic elements who engaged in forex round-tripping are resisting his administration’s reforms, particularly the removal of fuel subsidy and the unification of the exchange rate markets. He said these vested interests are attempting to destabilise the country as retaliation for the policies that…

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Fuel Subsidy: SERAP sues Govs., Wike over ‘failure to account for ₦14tr savings’

Aminu Imam
SERAP sues2

The Socio-Economic Rights and Accountability Project, (SERAP), sued 36 state governors and the Minister of the Federal Capital Territory, (FCT) Abuja, Nyesom Wike, “over their failure to account for the spending of the ₦14trillion fuel subsidy savings they collected from Federation Account Allocation Committee (FAAC) allocations, including details of projects executed with the money, and the completion reports on the projects”. Disclosing this in a statement yesterday, SERAP said the suit followed reports that the 36 governors and the FCT minister have collected trillions of naira from FAAC allocations as…

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Hardship: “We didnt tell Tinubu to remove fuel subsidy” IMF

Aminu Imam
IMF on subsidies

The International Monetary Fund (IMF) has denied advising the President Bola Tinubu administration to remove fuel subsidy. Speaking at a press conference during the IMF and World Bank Annual Meetings in Washington DC, United States, IMFs African Region Director Abebe Selassie, stated that it does not have a say on the fiscal, monetary and macro-economic policies of any nation.  The global lender said the Tinubu’s administration  independently made the decision to do away with fuel subsidy, describing the move to remove the subsidy as a domestic one. According to him,…

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“Affordable fuel is possible at zero subsidy” – Dr. Tilde tackles Tinubu

Aminu Imam
Dr. Tilde tackles Tinubu

Says “IMF, oil magnates are not your 2027 partners Renowned public commentator, Dr. Aliyu Tilde has issued a strong call to President Bola Tinubu, urging him to ensure that Nigerians benefit from affordable fuel prices without the need for subsidies. In a detailed statement following his participation in a  British Broadcasting Corporation  (BBC) radio panel discussion on Friday, Dr. Tilde expressed concerns over the current pricing regime, which ties domestic petrol costs to global oil market fluctuations and the value of the U.S. dollar. Dr. Tilde challenged the narrative presented…

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After denying fuel subsidy’s return,embattled NNPCL finally confirms payments

Aminu Imam
embattled NNPCL

The Nigerian National Petroleum Company (NNPC) Limited says the Federal Government owes it N7.8 trillion for petrol subsidy. NNPCs disclosure comes after denying the existence of petrol subsidy on Monday. Recall that it had earlier been reported that President Bola Tinubu approved a request by NNPC to utilise the 2023 final dividends due to the federation to pay for the petrol subsidy. However, NNPCs Chief Financial Officer, Umar Ajiya, during a media briefing on the companys 2023 audited financial statements (AFS) in Abuja, said the company was only taking care…

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“We are selling petrol at half the landing cost; but it’s not subsidy” – NNPCL

Aminu Imam
NNPCL clarifies

The Nigerian National Petroleum Company (NNPC) Ltd says it is selling petrol, better known as premium motor spirit (PMS), at only half the land costing. Its Chief Financial Officer (CFO), Umar Ajiya, told newsmen in Abuja on Monday that the national oil company is only bearing what he called the ‘shortfall’ and not subsidy. The official pump price of petrol is about N600/litre, however, the landing cost is around N1,200 and Ajiya confirmed to Bloomberg that it cost the NNPC N7.8 trillion to make up for the shortfall in…

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“Despite Tinubu’s fuel subsidy removal pronouncement,FGto spendN6.8tr on subsidies by 2024

Aminu Imam
Tinubu's subsidy

Highest in 25yrs The President Bola Tinubu-led administration plans to spend N6.8 trillion on fuel subsidies between August 2023 and December 2024, representing a 17-month period, according to reports. This development comes over one year after the statement fuel subsidy is gone by President Tinubu. This is as the President has reportedly approved that the Nigeria National Petroleum Company Limited (NNPCL) uses its dividends to offset subsidy bills. According to the report, the NNPCL  had informed the President that due to the subsidy payments, it was currently unable to pay…

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NNPCL in massive N2tr fuel subsidy scam – Report alleges

Aminu Imam
NNPCL HQ

”Its a lie” – State govts. The controversial fuel subsidy regime purportedly scrapped by President Bola Tinubu at his inaugural speech on May 29, 2023, may have bounced back in full force, with the nation spending trillions of naira monthly on what the Nigerian National Petroleum Corporation Limited (NNPCL) calls ‘under-recovery’, a report has revealed. According to the findings and analysis,  published yesterday, NNPCL, on behalf of the Federal Government, spends N16.48 billion daily and N494.16 billion on the 870 million litres of petrol imported monthly for local consumption. Recall…

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“Tinubu deceiving Nigerians, subsidy back in Nigeria” – Obasanjo

Aminu Imam
Obasanjo on Tinubu

Says cabals undermining ?angote’s $20bn refinery In a dramatic turn of events, former President Olusegun Obasanjo has publicly criticised the current administration of President Bola Tinubu, accusing it of reintroducing the fuel subsidy that was removed in June 2023. In a recent interview with London’s Financial Times, Obasanjo stated that the fuel subsidy removal, which was a key policy decision by the Tinubu government, has effectively been reversed due to the impact of rising inflation on the cost of living. According to him, “There’s a lot of work that needs…

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FG begins N2.7tr subsidy debt probe; enlists Auditor-General

Aminu Imam
FG subsidy probe

The Federal Government has begun the proposed audit of the N2.7trillion fuel subsidy claim by the Nigerian National Petroleum Company Limited, (NNPCL). It was gathered that an audit firm, KPMG had conducted an initial audit reducing the claims from N6tn to N2.7tn. However, in the new audit, the government said it had approved the engagement of the Office of the Auditor-General of the Federation to verify the claims made by the Corporation regarding the amount the Federal Government owes the oil firm. This process was confirmed by the Director, Home…

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