Tag: Fuel Subsidy

Petrol Subsidy Removal: Court restrains NLC, TUC nationwide strike

Aminu Imam

The National Industrial Court of Nigeria, Abuja division, has restrained the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) from embarking on strike over the removal of petrol subsidy. The Federal Government had asked the court for an interim injunction preventing the labour unions from proceeding on the strike, scheduled to begin tomorrow, Wednesday. Delivering the ruling yesterday, the presiding judge, Olufunke Anuwe, said the unions should halt the planned strike pending the hearing and determination of the ex-parte motion filed by the federal government. Recall that on…

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Fuel Subsidy Removal: Nigeria electricity workers to embark on nationwide strike

Aminu Imam

The National Union of Electricity Employees (NUEE) yesterday directed its members to withdraw their services nationwide over the sudden removal of fuel subsidy by the Federal Government. The NUEE, in a notice signed by its acting General Secretary, Dominic Igwebike, urged its members to comply with the directive and stop work from the early hours of Wednesday. Recall that President Bola Tinubu, on Monday, in his inaugural address at Eagle Square, Abuja, declared that there would no longer be a petroleum subsidy regime as it was not sustainable. Following the…

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Subsidy: ‘Petrol price will come down’, says NNPC

Aminu Imam

The Group Chief Executive Officer, Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, has allayed the fear of Nigerians on the rising prices of Premium Motor Spirit, otherwise known as petrol, across the country. Speaking in an interview on a television programme yesterday, Kyari said the removal of subsidy would allow new entrants into the market, a move he said, would aid competition and phase out monopoly. This, he claimed, would ensure healthy competition which would ultimately lead to a downward review of pump prices of petroleum across the country.…

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“Remove subsidy on all petroleum products”, H/Reps tell FG

Aminu Imam

The House of Representatives has called on the Federal Government to discontinue subsidies on not just the Premium Motor Spirit, (PMS), popularly known as petrol, but on all petroleum products. This call follows the re-emergence of queues at the various fuel stations across the country, following the recent increase in the pump price of petrol products occasioned by the stoppage of fuel subsidy. These were part of the recommendations by the House Ad-Hoc Committee on the Need to Investigate the Petroleum Products Subsidy Regime in Nigeria, which the lawmakers considered…

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Fuel Subsidy: Tinubu holding ‘gun to head of Nigerians’ – NLC

Aminu Imam

The Nigeria Labour Congress, (NLC), yesterday, described the release of a new pump price for Premium Motor Spirit by the Nigerian National Population Company Limited as “an ambush”. The Congress said through the act, President Bola Tinubu has put a “gun to the head of the Nigerian people.” The NNPCL yesterday afternoon confirmed it adjusted pump prices of Premium Motor Spirit, better known as petrol, across the country. In a statement issued yesterday, signed by its Chief Corporate Communications Officer, Garba Deen Muhammad, the national oil company explained that the…

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Subsidy removal announcement: Fuel queues resurface in Abuja, other cities

Aminu Imam

Some petrol stations in the nation’s capital, Abuja and other cities have started witnessing queues following announcement by President Bola Tinubu that “fuel subsidy is gone”. Tinubu in his inaugural speech on May 29th, 2023, had declared that fuel subsidy which had been a lingering issue in the country, especially between Labour and the Federal Government, was over. Many private petrol stations in many parts of the country were also not selling as at yesterday, as many of them were reportedly under lock and key. In the FCT, one of…

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Reps. back Tinubu on subsidy removal, Seek Nigerians’ patience

Aminu Imam

The House of Representatives yesterday commended the decision of President Bola Tinubu on fuel subsidy removal. This followed a Motion of Urgent Public Importance by a member, Jimoh Olajide. The House further appealed to Nigerians to be patient and prayerful to allow the President deliver on his promises. On Monday during his inaugural speech at Eagle Square in Abuja, Tinubu said the era of subsidy payment on fuel has ended, adding that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.…

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Fuel subsidy: FG owes NNPCL N2.8trillion – Mele Kyari

Aminu Imam

The Chief Executive of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, on Tuesday met with President Bola Tinubu at the Presidential Villa, Abuja, telling correspondents afterwards that the Federal Government is owing the company the sum of N2.8 trillion that it had already paid on petrol subsidy. He affirmed that the subsidy is no longer sustainable as it has made it impossible for the company to have funds to channel into its core businesses. The NNPCL Group CEO said, “Since the provision of the N6 trillion in 2022,…

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Oil: FG spent N13tr on subsidies in 16 yrs; thieves stole N16tr – NEITI

Aminu Imam

Nigeria has spent over N13 trillion or $74 billion on fuel subsidies in 16 years, which is between 2005 and 2021. The Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), Orji Ogbonnaya Orji, who stated this at a policy dialogue on oil swap in Abuja on Thursday, said the removal of fuel subsidy and full deregulation of the petroleum sector will end oil swaps, which have also failed. He added that an estimated N6trn spending on petrol subsidy between 2022 and June 2023 to the N13trn fuel subsidies cost, the…

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FG spends N13tr on fuel subsidy – SGF Boss Mustapha

Aminu Imam

…Surpasses Health, Education, Agric, Defence Cumulative Budgets The Federal Government yesterday admitted that Nigeria has spent more money on fuel subsidy than the entire budget for health, education, agriculture, and defence in the last five years, and almost the capital expenditure for 10 years. The Secretary to the Government of the Federation (SGF), Boss Mustapha, who made the disclosure yesterday, stated that fuel subsidy pay-outs from 2005-2021, representing a 16-year window, have cost the federal government a whopping N13 trillion on a conservative estimate. The Government also acknowledged that the…

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