Tag: Fuel Subsidy

N16.25tr lost to crude oil theft; $74.386bn spent on fuel subsidy – NEITI

Aminu Imam

Executive Secretary/CEO of Nigeria Extractive Industries Transparency Initiative (NEITI), Ogbonnaya Orji, has said Nigeria lost over N16.25 trillion due to oil theft in the country. Orji, in a report to the Chairman, House Committee on Public Accounts (PAC), Bamidele Salam, during an interactive session in Abuja, also claimed that $74.386 billion was spent on fuel subsidy by successive administrations since 2011. According to him, the Agency has compiled the actual amount paid as subsidy on a yearly basis. Orji claimed that the compilation was based on data collated and signed-off…

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FG still paying subsidy for petrol – PENGASSAN

Aminu Imam

The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), Festus Osifo, has claimed that the Federal Government was still paying subsidy on petroleum products. Osifo, who is also the president of the Trade Union Congress, (TUC), stated this while speaking on a television programme on Friday. He said due to the cost of crude oil in the international market and the dollar to naira rate, the government still pays subsidy for the product. Osifo said, “They [government] are paying subsidy today. In reality today,…

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“Tinubu administration still paying subsidy on petrol” – Oil Marketers

Aminu Imam

The Independent Petroleum Marketers Association of Nigeria, (IPMAN), has said the Federal Government is still clandestinely paying subsidy on petrol to maintain the current pump price. Presently, petrol sells for between N568 and N617 in different parts of the country, and as of Thursday, the ex-depot price of petrol stood at N580 per litre in Lagos. After adding the cost of conveying it to filling stations and the marketers’ profit margin, it ought to sell for between N620 and N630 per litre. It was gathered that the difference however, represents…

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Fuel Subsidy: Zulum releases 80 luxurious buses, pick-up vans to farmers

Aminu Imam

As part of efforts to cushion the removal of fuel subsidy in the country, Borno State Governor, Babagana Zulum, has released 80 buses and pick-up vans to farmers across the State. The eighty means of transport, which will serve as free transportation for farmers from their communities to farmlands, comprises of 50 luxurious buses to be allocated from the fleet of the state-owned transport company, Borno Express Corporation, while the State’s 30 pick-up vans will be hired and provided by the State government. Meanwhile, Zulum, while addressing thousands of farmers,…

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Fuel Subsidy: ‘Publish how N400bn savings was spent’, SERAP urges Tinubu

Aminu Imam

The Socio-Economic Rights and Accountability Project, (SERAP), has urged President Bola Ahmed Tinubu to use his good offices and leadership position to “urgently publish details of spending of about N400billion so far saved as a result of the removal of subsidy on Premium Motor Spirit popularly known as petrol.” He was urged by SERAP to “provide details of the plans on how subsequent savings from the removal of petroleum subsidy would be used, including specific projects on which the funds would be spent, and the mechanisms that have been put…

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“Subsidy palliative may end up as Nigeria’s greatest robbery” – Prof. Jibrin Ibrahim

Aminu Imam

Professor Jibrin Ibrahim, Member, Governing Board of the Center for Democracy and Development (CDD), has said the planned palliative by the federal government could fail to serve its intended purpose just like that of Covid-19. Recall that earlier in April, the Federal Government under former President Muhammadu Buhari had said it had secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans. It had promised to pay N5, 000 to 10 million poor households for six months as palliative for removing petrol subsidy…

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“NNPC Fuel subsidy, a scam that cost Nigeria huge revenue” – Gov. Abiodun

Aminu Imam

Ogun State Governor and former Chairman of the Oil Marketers Association of Nigeria, Dapo Abiodun has described fuel subsidy as a scam, saying its removal by President Bola Tinubu would improve the lot of Nigerians. Abiodun said this yesterday while speaking with newsmen shortly after a two-Raka’at prayer to mark this year’s Eid-el-Kabir at Lantoro praying ground in Abeokuta, Ogun State. The governor, who was represented by his former Chief of Staff, now a Senator, representing Ogun-Central Senatorial district, Shu’aib Afolabi Salis, said with the removal of the subsidy more…

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FG will save N11tr from subsidy removal – World Bank

Aminu Imam

…7.1m poor Nigerians to lose N5, 000 monthly The World Bank says Nigeria’s government will save a total of N11 trillion from the recent petrol subsidy removal policy. However, the financial body said more people would be pushed into poverty in Nigeria if the government does not provide palliatives to alleviate the effect of the recently implemented reforms. In its latest report, Nigeria Development Update (NDU), released on Tuesday, the Bretton Woods institution said over four million people were pushed into poverty between January and May 2023. The bank, in…

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Fuel Subsidy: Buhari’ breaks silence, says he delayed its removal to allow Tinubu, APC win election

Aminu Imam

Former President, Muhammadu Buhari, has finally opened up on why his administration could not implement the petrol subsidy removal before leaving office, despite the glaring signs that he had initiated it, as contained in the Petroleum Industry Act he signed. Buhari, who broke his silence in a statement issued yesterday by his erstwhile spokesperson, Garba Shehu, said he left the policy to be implemented by his successor, Bola Tinubu, saying that had the policy been implemented, the All Progressives Congress (APC) and Tinubu would have lost the last general polls.…

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‘Fuel subsidy threatened Nigeria’s survival, made marketers rich’ – TUC

Aminu Imam

The Deputy Chairman, Lagos State chapter of Trade Union Congress, (TUC), Comrade Idogen Emmanuel, said the realisation that neighbouring countries were benefiting immensely from Nigeria’s subsidised fuel informed the decision to shelve the planned strike of the Congress. Speaking to newsmen in Benin, Edo State at the weekend, Emmanuel said while the removal of the fuel subsidy was painful, the nation cannot continue to subsidise fuel for citizens of Cameroun, Benin Republic, Togo, Ghana, and Senegal. While noting that the fuel subsidy regime threatened the survival of the country, he…

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