Tag: Subsidy Removal

“Why are we still borrowing if we”re not paying subsidy?” – Sanusi challenges FG

Aminu Imam
Sanusi challenges FG

…As Akpabio defends debt strategy A growing debate over Nigeria’s fiscal direction has intensified, with the Emir of Kano, Sanusi LamiÉ—o Sanusi, questioning the Federal Government’s continued reliance on borrowing despite the removal of petrol subsidy, while Senate President Godswill Akpabio insists the country’s debt remains within sustainable limits. Sanusi, a former governor of the Central Bank of Nigeria (CBN), raised concerns about what he described as inconsistencies in Nigeria’s fiscal management, asking why borrowing persists even after the elimination of a major expenditure burden. Speaking in an interview, he…

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“W’Bank, IMF insisted FG must remove all subsidies’ – Falana

Aminu Imam
Falana on W'Bank, IMF

A Senior Advocate of Nigeria, Femi Falana, has accused the World Bank and the International Monetary Fund (IMF) of pushing the federal government to remove fuel subsidy. Falana, while speaking during an interview on a television programme on Sunday, stated that no country in the world has completely abolished subsidies. The human rights activist further criticised President Bola Tinubu’s administration over the decision to remove the fuel subsidy. He said, “There’s no way you can remove subsidy completely. No country in the entire world has abolished subsidies completely. Even leading…

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Petrol may hit N2,000/litre over ?angote’s subsidy scrapping call – Stakeholders

Aminu Imam

?angote Petroleum Refinery, sole producer of petrol being off-taken and distributed for Nigerians, has declared that the Government should end subsidy, a move that would cause imminent surge in the prices of the product to as high as N1,800 litre to N2,000/ litre. The founder of the 650,000 barrels per day capacity refinery, who threw his full weight behind subsidy removal just nine days after his facility started production of petrol, said in an interview with Bloomberg that this is the right time for the federal government to stop petrol subsidy. The…

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Economic hardship: ‘Fuel subsidy removal achieved nothing but untold hardship’ – NANS tells Tinubu

Aminu Imam
NANS tells Tinubu

…Says Nigerians are suffering The National Association of Nigerian Students, (NANS), has lamented that the President Tinubu administration has done nothing to alleviate the nation’s petroleum problem, but instead made it worse. The student body stated that rather than increasing fuel availability, the subsidy removal has caused scarcity and immense sufferings for Nigerians. Recall tgat there had been earlier reports on the hike in petrol pump price in Ogun, Lagos States, including Abuja and other parts of the country. It was gathered that while major marketers sold petrol below N650,…

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Subsidy removal pushes transport industry into recession

Aminu Imam

Nigeria’s transport and storage industry shrank for the second time in the third quarter of 2023, entering a recession for the first time in 30 months, largely on the back of petrol subsidy removal, according to a published analysis. The latest Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS) showed that the sector in real terms contracted by 35.9% in Q3, when compared to a negative growth of 50.6% in the previous quarter. A breakdown of the NBS report revealed that four of the six sub-activities…

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Hasty Subsidy Removal: FG plans austerity measures to avert fiscal crisis

Aminu Imam

After the euphoria of a controversial victory at the last presidential election and the hasty removal of the subsidy on oil that has triggered a quantum leap in mass suffering of Nigerians, the reality of macro-economic picture has finally dawned on the administration. The economy is virtually bleeding, and the new wage award granted to federal workers by President Bola Tinubu in his October 1 broadcast, will rise 2023 budget deficit to over N10 trillion. Some commentators have said the Tinubu’s administration action has so far not matched his word…

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“Fuel Subsidy removal has increased poverty in Nigeria” – Muslim leaders

Aminu Imam

Muslim leaders, under the aegis of the Supreme Council for Shari’ah in Nigeria (SCSN) and Jama’atu Izalatil Bid’ah Wa’iqamatus Sunnah (JIBWIS), have raised the alarm that Nigerians are really suffering, just as they have called on the Federal Government and the National Assembly to, as a matter of urgency, nip in the bud the growing hardship in the country. The Muslim leaders expressed concerns over the country’s economy and security challenges. Speaking yesterday, when the leadership of SCSN and JIBWIS – Kano State chapter separately at the National Assembly visited…

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Subsidy Removal: “Nigerians under strain from ‘trilemma’ of high petrol, diesel, gas prices” – Stakeholders

Aminu Imam

Stakeholders have lamented that Nigerians are facing the brutal consequences of government policies that lack adequate planning and the result of bold decisions that lack the benefit of detailed consequence management. Recall that President Bola Tinubu, on Wednesday, while ringing the NASDAQ closing bell, touted his reforms in removing subsidies and unifying different official rates to make a case for investing in Nigeria. However, these decisions have thrown millions into poverty following a poorly managed intervention programme and lack of concrete plans to increase the dollar supply. In the wake…

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Fuel Subsidy Removal: “Do something, Nigerians are suffering”, CAN urges Tinubu, Govs.

Aminu Imam

The Christian Association of Nigeria, (CAN) in the 19 Northern states and the FCT, yesterday, lamented the harsh economic situation in the country following the removal of fuel subsidy by President Bola Tinubu on May 29, 2023. The organisation declared that Nigerians are suffering due to the action subsidy, noting that life in the country today, “is becoming a living hell as prices of food, transportation and other essential commodities have gone up beyond the reach of the poor masses.” Specifically, the Northern CAN called on President Bola Tinubu and…

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Subsidy Removal: FG announces N5bn palliative for each State to address impact

Aminu Imam

The Federal Government has announced a N5 billion palliative for each State of the Federation, including the Federal Capital Territory (FCT), to cushion the impact of the removal of the petrol subsidy. Governor of Borno State, Babagana Zulum, made the announcement in Abuja yesterday, when he spoke to State House correspondents at the end of a National Economic Council (NEC) meeting. Vice-President Kashim Shettima presided over the meeting. The Council is made up of governors of the 36 States, the governor of the Central Bank of Nigeria (CBN) and other co-opted…

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