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 …

The Nigerian National Petroleum Corporation Plc (NNPC) deducted over N3.3 trillion from January to November, last year to pay for fuel subsidy. The deductions were made from revenue the NNPC was supposed to remit to the Federation Account. This is contained in the Federation Account Allocation Committee (FAAC) Post-Mortem Sub-Committee (PMSC) report presented to FAAC on Tuesday in Abuja. The …

The Department of State Services (DSS) has given the Nigerian National Petroleum Company (NNPC) Limited and oil marketers a 48-hour ultimatum to make Premium Motor Spirit (better known as petrol) available across the country. Briefing journalists at the headquarters of the secret police in Abuja after over three hours closed-door meeting with stakeholders in the petroleum sector on Thursday, DSS …

The Federal Government subsidised petroleum consumption by N2.57 trillion in the first eight months of this year, according to the Nigerian National Petroleum Company Limited (NNPCL). The controversial subsidy bill increased by 17.1 per cent between July and August – from N448.782 billion in July 2022 to N525.71 billion in August – while oil production in August averaged 1.18 million barrels …

Nigeria’s full year estimate for petrol subsidy payment for 2022 will hit nearly US$16 billion or double the total expenditure budget of all the 36 states in 2021, according to leading economist, Mr Bismarck Rewane. Last year, all the 36 states in the country spent the equivalent of $9.8 billion, half what the nation will spend this year to cover …