Tag: Subsidy Removal

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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Kaduna State: Subsidy Removal and the Conundrum of Palliative Measures

Abdul-Azeez Ahmed Kadir

By; Yusuf Ishaku Goje. The Governor of Kaduna State, Senator Uba Sani, in response to the subsidy removal of premium motor spirit (PMS) towards ameliorating the accompanying hardship, held a meeting on the 5th of June, 2023, with the leadership of the labor unions and set up an Ad-Hoc Committee on Palliatives.  Since then not much has been heard, up until the recent interview the Governor granted to Arise TV on the resolution of the National Economic Council (NEC) chaired by the Vice President, Senator Kashim Shattima.  Some of the…

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Just In! Subsidy Removal: Tinubu approves Infrastructure Fund for States, as FAAC shares N907 billion

Aminu Imam

President Bola Tinubu has approved the establishment of Infrastructure Support Fund (ISF) for the 36 States of the Federation, as part of measures to cushion the effects of the petrol subsidy removal on the people. The approval was disclosed at the monthly meeting of the Federation Account Allocation Committee (FAAC), yesterday, in Abuja. This was disclosed in an issued statement by the Special Adviser to the President on Special Duties, Communications & Strategy, Dele Alake, yesterday. According to the release, the new Infrastructure Fund will enable the States intervene and…

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Nigerian Governors back Tinubu on fuel subsidy removal

Aminu Imam

Nigerian governors have backed President Bola Tinubu’s decision to end fuel subsidy payments in the country. The governors, who spoke during a visit to the Presidential Villa on Wednesday, expressed happiness at the President’s subsidy removal decision, all-inclusive leadership and statesmanship. Led by its Chairman, AbdulRahman AbdulRazaq of Kwara State, the Nigerian Governors’ Forum (NGF) commended President Tinubu for tackling the fuel subsidy behemoth, promising to work with him to ameliorate the short-term impact of the decision. AbdulRazaq was quoted in a statement as saying, “The NGF will follow the tradition of…

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Subsidy Removal: Tinubu directs NEC to work on interventions

Aminu Imam

…As Oil marketers donate buses worth N10bn to FG President Bola Tinubu has directed the National Economic Council (NEC), led by Vice-President Kashim Shettima, to begin the process of working on interventions in order to ameliorate the impact of fuel subsidy removal on Nigerians.  This is as some major oil marketers announced their intention to donate 50 to 100, fifty-seater mass transit buses that will cost N10 billion to the Nigerian government over fuel subsidy removal. Ogun State governor, Dapo Abiodun, stated this after leading some major oil marketers on a…

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‘No functional refineries, no subsidy removal’, NUPENG warns FG

Aminu Imam

The Nigeria Union of Petroleum and Natural Gas Workers, (NUPENG), has given the Federal Government conditions under which it will acquiesce to the latter’s planned removal of the subsidy on petrol. In a communiqué issued by NUPENG leaders at the end of the union’s National Executive Council, NEC, in meeting Lagos the union told the FG to shelve its proposed move to remove subsidy if local refining of petrol is not put in place. It argued that subsidy removal without local refining capacity portends serious socio-economic implications on businesses and…

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‘Without subsidy, petrol will cost N410 per litre’ – NNPCL

Aminu Imam

Without the Federal Government’s subsidy on premium motor spirit (PMS), the pump price of the fuel would have been costing consumers N462 per litre, the Nigerian National Petroleum Company Limited (NNPCL) has said. Recall that marketers are pushing for over N200/l as some stations in Abuja city centre sold for N180/l, while others in outskirts and neighbouring states sell for over N200. The petrol scarcity and queues have continued on Wednesday with fewer vehicles plying the city roads. He stated this yesterday at the Legislative Transparency and Accountability Summit organised…

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President Buhari approves fuel subsidy removal to take effect June 2023

Aminu Imam

…’Nigeria spends N18.69bn daily on subsidy – Finance Minister The Minister of Finance, Mrs. Zainab Ahmed, has disclosed that President Muhammadu Buhari has set June 2023 as the date for the removal of fuel subsidy. Ahmed disclosed on Thursday, while appearing before the House of Representatives ad-hoc committee investigating the fuel subsidy regime from 2013 to 2022.  This clearly means that the burden of the policy, which has been described by many as a major drain and waste of resources, would be shifted to the next administration from May 29,…

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“Electricity subsidy removed, fuel next to follow” – Finance Minister

Aminu Imam

…Says FG delaying fuel subsidy removal because of 2023 election The Minister of Finance, Mrs. Zainab Ahmed, has revealed how the Federal Government quietly removed the subsidy on electricity tariff. Ahmed, who disclosed this at the second day of a virtual meeting of African Finance Ministers and the International Monetary Fund (IMF), on Thursday, said the government had to carefully adjust the prices incrementally at some levels. According to her, the Federal Government stood down the planned removal of fuel subsidy due to pushback from citizens and to avoid consequences…

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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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