Tag: Fuel Subsidy

Hardship: “We didn’t 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, IMF’s 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. NNPC’s 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, NNPC’s Chief Financial Officer, Umar Ajiya, during a media briefing on the company’s 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, FG to spend N6.8tr 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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Fuel Subsidy: Petrol price surges by 176%, as inflation bites Nigerians harder

Aminu Imam
Poverty & Hunger

The average price of Premium Motor Spirit, (PMS), popularly known as petrol, surged by 176.02 percent in April on a year-on-year basis as soaring inflation hit Nigerians. The National Bureau of Statistics, (NBS),  which disclosed this in its ‘Petrol Price Watch’ for April, stated that Nigerians bought Petrol in April 2024 at an average price of N701.24 per litre, when compared to N255.06 in the same month last year. According to the report,  the monthly petrol price increased by 0.64 per cent compared to N696.79 per litre when the product…

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IMF worries over FG’s re-introduction of fuel subsidy

Aminu Imam
IMF Tinubu

The International Monetary Fund, (IMF) has said the silent re-introduction of fuel subsidy by the President Bola Tinubu administration is expected to gulp almost half of its projected oil revenue this year. According to the IMF, which made this recommendation in the latest IMF Staff Country Report for Nigeria, the implicit subsidy will cost Africa’s largest crude producer an estimated N8.43trillion ($5.9bn) of its projected N17.7trillion of oil revenue. The Bank of America had projected that it could cost Nigeria between $7bn and $10bn this year if it imported between…

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