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

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

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

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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World Economic Forum: “Fuel subsidy removal saved Nigeria from going bankrupt” – Tinubu

Asiwaju WEF

President Bola Tinubu has said that despite the economic difficulties a greater number of Nigerians are facing, the removal of fuel subsidy by his government was a necessary action, as it has saved the country from going bankrupt. Tinubu said this yesterday, during a panel session at the on-going World Economic Forum in Riyadh, Saudi Arabia. President Tinubu, who announced the removal of subsidy on Premium Motor Spirit, popularly known as petrol, in his inauguration speech on May 29, 2023, said at the Forum that the fuel subsidy removal had…

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“FG now paying more for fuel subsidy, but many Nigerians unaware”, Says El-Rufa’i

El Rufa'i in subsidy

Former governor of Kaduna State, Nasir Ahmed el-Rufa’i said the federal government is now paying more than before. Fielding question from newsmen in Maiduguri , Borno State capital, yesterday, el-Rufa’i said, “Fuel subsidy is another policy that has been implemented by the President; it’s the right policy. I always supported withdrawing fuel subsidy. “But, in the course of implementation, as you can see the Government has now realised that the subsidy has to be back; because right now, we are paying a lot of money for subsidy, even more than…

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“Old subsidy beneficiaries may resist us”, Tinubu tells APC leaders

President Bola Tinubu says his administration is deploying resources to critical sectors and areas with significant impact on the welfare of Nigerians, emphasising that the nation’s treasury is sacrosanct and must not be abused. Speaking at a meeting with the Forum of State Chairmen of the All Progressives’ Congress (APC), at the State House in Abuja on Friday, the President assured Nigerians that his government is working around the clock to improve their living conditions, and asked leaders at the grassroots level to encourage citizens to get their National Identification…

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“Tell Nigerians if fuel subsidy has been restored” – Falana tells FG

A Senior Advocate of Nigeria (SAN), Femi Falana, has challenged President Bola Tinubu-led government to confirm or deny if petrol subsidy has been restored. Recall that President Tinubu on his inauguration on May 29, 2023, announced the removal of the petrol subsidy. This development has worsened the living conditions of Nigerians, as the disposable income of citizens continues to decline due to inflation. Falana, in a statement issued on Sunday, said the Chief Executive Officer of Pinnacle Oil, Robert Dickerman, claimed at a conference in Abuja that the federal government…

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“Nigeria still pays N1tr monthly for petrol subsidy” – Pinnacle Oil MD

Managing Director of Pinnacle Oil, Robert Dickerman, has revealed that the President Bola Tinubu-led administration still spends about N1trillion on petrol subsidies monthly. Dickerman made the startling revelation while participating in a panel discussion at session six of Nigeria’s Downstream Forum, which took place at the recently-concluded Nigeria International Energy Summit, (NIES), in Abuja. According to him, the subsidy payment was impacting on the Budget and potentially fuelling smuggling due to the country’s low gasoline prices. Despite President Bola Tinubu’s announcement of total deregulation of petroleum products, Nigeria is still shelling out…

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Fuel Subsidy Removal: ‘Tinubu’s govt. has failed to ensure respect for human rights’ – Amnesty Int’l

Amnesty International says President Bola Tinubu’s administration has failed to ensure respect for human rights and the rule of law after six months in office. In a statement issued on Friday, the international rights watchdog said although the 1999 constitution (as amended) contains provisions on human rights, the country has been plagued by decades of human rights violations and abuses, perpetrated by both state and non-state actors. The statement reads: “Nigeria’s President Bola Tinubu’s administration has failed to ensure respect for human rights and the rule of law after six…

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Dispute with Marketers: NNPCL denies petrol price increment to N1, 200

… Says subsidy ‘entirely removed’  The Nigerian National Petroleum Company (NNPC) Limited has debunked reports that it plans to increase the price of petrol to N1, 200 per litre. Reports emerged yesterday that NNPC will announce a new increase in the price of fuel across the country.  However, reacting to the report which has generated mixed reactions, NNPC said there are no plans to hike the price of fuel. The statement, which was signed by the NNPC’s Group Communications, Officer, Olufemi Soneye, read: “NNPC Ltd emphasises that it has not…

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