Tag: Petrol Subsidy

‘Petrol subsidy removal pushes 63% of Nigerians below poverty line’ — Report

Aminu Imam
Nigerians below poverty line report

About 63 percent of Nigerians fell below the poverty line following the removal of petrol subsidy, according to a new study presented at a stakeholders’ dialogue organised by the Agora Policy in Abuja. The research, presented by a University of Abuja economist, found that the national poverty rate rose from about 49.8% to roughly 63% after the subsidy removal announced by President Bola Tinubu in May 2023. With the introduction of social protection measures such as cash transfers, the rate later moderated to about 56.2%. The study attributed the surge…

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Reps to investigate petrol subsidy regime from 2017 to 2021

Aminu Imam

…Allege $7bn diversion The House of Representatives has constituted an Ad-hoc Committee to investigate the Petroleum Products Subsidy regime between 2017 and 2021 by the Nigerian National Petroleum Company Ltd., (NNPC). Its Speaker, Femi Gbajabiamila, is scheduled to name members of the ad-hoc committee expected to probe the “petroleum product subsidy regime” from 2017 to 2021, yesterday. The resolution was passed during the plenary session yesterday, following the adoption of a motion sponsored by Sergius Ogun from Ogun State. Speaking on the floor of the house while moving his motion,…

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Why payment of subsidy on petrol was discontinued – Ahmed

Ishaku Yohanna

Says Dangote refinery may not reduce petrol price Minister of Finance, Budget and National Planning, Zainab Ahmed has revealed that Nigeria’s revenue dropped by about 65 percent, which had necessitated the decision of President Muhammadu Buhari to discontinue the payment of petrol subsidy. Ahmed, who spoke on NTA’s ‘Good Morning Nigeria’ programme on Monday which was monitored by our correspondent, noted that if the petrol subsidy returns it would lead to fuel scarcity because the government would not be able to pay marketers. “What we have been doing is not…

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No going back on petrol subsidy removal – Buhari

Ishaku Yohanna

President Muhammadu Buhari has said that there will be negative consequences if the government continues with the business of fixing or subsidising the prices of Premium Motor Spirit (PMS) known as petrol. Buhari, represented by Vice President Yemi Osinbajo, gave this explanation on Monday while declaring open a 2-day First Year Ministerial Performance Review Retreat at the State House Conference Centre, Abuja. The president said that the COVID-19 pandemic has led to a severe downturn in the funds available to finance the nations’ budget and also severely hampered government’s capacity.…

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