Apparently in reaction to President Bola Ahmed Tinubu’s declaration that “fuel subsidy is gone”, queues surfaced in some stations in Lagos and the federal capital, Abuja today. Fuel subsidy was meant to be stopped at the end of June, which President Tinubu affirmed in his inaugural address. Daily Trust reports that NNPC stations in Ikeja, Alausa was crowded by motorists …

Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has counselled Asiwaju Bola Tinubu, as he takes over the presidency of the country, not to rush in removing subsidy in Premium Motor Spirit (PMS) (commonly known as petrol) because of its socio-economic implications. In a statement by NUPENG’s President and General Secretary, Prince Williams Akporeha and Afolabi Olawale, the union …

The fuel subsidy debate took the front burner of a policy conversation and book presentation attended by eminent personalities in Abuja yesterday. Some of the dignitaries — former Emir of Kano, Lamido Sanusi; Kaduna State Governor Nasir El-Rufai, and World Bank Country Director in Nigeria, Shubham Chaudhuri — said the policy should be stopped because of its negative impact on …

Barring any last-minute change of plans, President Muhammadu Buhari will give his final assent for the payment of the planned increase in civil servants’ pay by the end of this month, which as 12 days away. If the proposal sails through, it means the increase will be coming about two months ahead of the proposed removal of petrol subsidy. Officials of …

The International Monetary Fund (IMF) has expressed disapproval of subsidy policies for certain commodities in Nigeria, Kenya, and other countries in Sub-Saharan Africa, giving reasons why it should be scrapped. At the just concluded World Bank and IMF Spring meetings in Washington DC, United, IMF’s Director of African Department, Mr Abebe Selassie, however, indicated that the institution would not interfere …

The Nigeria Labour Congress (NLC) has warned that those pushing for subsidy removal in Nigeria are out to set the country on fire. This came against the backdrop of an announcement that the outgoing administration of President Muhammadu Buhari had left the decision of petrol subsidy removal to the incoming government. According to NLC, the focus should be on the …

The Ghana National Petroleum Authority (NPA) has said that the country has implemented regulatory measures, including the removal of fuel subsidy, to ensure stability across its downstream sector. The Chief Executive Officer of NPA, Abdul Hamid said this during a presentation at the ongoing Africa Refiners and Distributers week 2023, in Cape Town, South Africa. Hamid said the Ghanaian government, …

The Nigeria Labour Congress (NLC), on Monday, issued a seven-day ultimatum to the Federal Government to address current fuel and naira scarcity in the country. Briefing journalists at the Labour House on the outcome of a meeting convened by the Central Working Committee of the congress, NLC President, Comrade Joe Ajaero said the union would declare a nationwide strike and …

NNPC Limited has announced that the country requires N4.27 trillion to subsidise fuel in order to alleviate the ongoing nationwide shortage. Its Group CEO, Mallam Mele Kyari said, in a recent interview on Channels TV‘s The 2023 Verdict that the NNPC sells fuel to oil marketing companies at N113 per litre with the goal of setting a market price of …

The Federal Government may start a gradual removal of the petrol subsidy from April 2023, about three months ahead of the preliminary schedule to effect a complete stop to the expenditure head. During an interview with Arise TV on the sidelines of the World Economic Forum in Davos, Switzerland, the Minister of Finance, Budget, and National Planning, Mrs Zainab Ahmed …