Fuel subsidy in Nigeria has ignited topical issues in national discourse, business circles and almost all sectors of the economy. The removal of the subsidy took effect on the inauguration of President Bola Tinubu on 29 May 2023. The government promised to channel money saved from petrol subsidy removal to important sectors, such as education and healthcare and reduce Nigeria’s …

Former spokesman to ex-President Muhammadu Buhari, Femi Adesina, has disclosed that his past principal didn’t remove fuel subsidy because he was a friend of the poor. Adesina disclosed that Buhari was concerned about the implications of fuel subsidy removal on the “ordinary” Nigerians. The former presidential spokesman made this known in a tribute to celebrate Buhari’s 82nd birthday. The tribute …

The Middle Belt Forum (MBF), has urged President Bola Tinubu to rethink his economic policies, saying that the dual policies of removal of petrol subsidy and floating of the Naira have impoverished the masses and placed an enormous burden on Nigerians. The National President of MBF, Dr. Bitrus Pogu who spoke weekend in Makurdi said: “It does not require an …

Ogun State Governor Dapo Abiodun has said Nigeria will save N5.4 trillion from fuel subsidy at the end of this year, following President Bola Ahmed Tinubu’s removal of the funding last year when he assumed office. The governor said it would have been disastrous for Nigeria to pay such a huge amount, if the nation was still operating the fuel …

President Bola Tinubu has said his administration took the decision to remove the subsidy on Premium Motor Spirit (PMS) because it would free up resources for critical investments in the country. He also said the courageous steps to reform Nigeria’s macroeconomic environment is focused on restoring confidence in the nation’s economy. Declaring open the 17th Annual Chartered Institute of Bankers …

In a bid to address the economic challenges currently facing Nigeria, a public affairs analyst, Okanlawon Olanrewaju, has urged the federal government to reassess its policies, particularly those related to petrol and electricity. Olanrewaju made this call during an interview on our correspondent, Oluwasemiloore Ige,  where he emphasized the critical role of petrol and electricity as the major determinants of …

Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s administration, accusing it of covertly continuing the fuel subsidy on Premium Motor Spirit despite previous claims to the contrary. In a statement on Monday via X, Atiku expressed concerns and accused the federal government of lack of transparency, contrasting Tinubu’s public declaration that the subsidy regime had ended with recent …

Former President Olusegun Obasanjo has knocked the administration of President Bola Tinubu over poor implementation of the removal of subsidy from petroleum products as well as the floating naira. Obasanjo said though the policies were necessary, they were wrongly implemented. According to a statement made available to journalists on Sunday by his Special Assistant on Media, Kehinde Akinyemi, Obasanjo also …

The International Monetary Fund (IMF) has explained why it advised Nigeria to remove fuel subsidies, adding that the subsidy regime was robbing the poor for the rich. The Director of the African Department of the Fund, Mr. Abebe Selassie, provided insights into the organisation’s position, at the ongoing Spring Meetings of the IMF and World Bank in Washington DC. According …

The Special Adviser to the President on Energy, Mrs. Olu Veŕheijen has said that the Federal Government reserves the right to pay fuel subsidy intermittently to cushion hardship in the country. Veŕheijen said this while briefing journalists in Abuja on Friday. Earlier, the International Monetary Fund reported that the Nigerian government brought back petroleum subsidies through the back door. The …