The President and Chief Executive of Dangote Group, Alhaji Aliko Dangote, has called on the Federal Government to end fuel subsidies completely. He said the removal would help determine the actual petrol consumption in the country, as he confirmed ownership of two oil blocks in the upstream sector with an expected production date of next month. Dangote also stated that …

The Chairman pf the House of Representatives Committee on Petroleum Resources (Downstream), Hon. Ikeagwuonu Ugochinyere has vowed on behalf of the Committee to conduct a comprehensive audit of the petrol subsidy regime. At the inaugural meeting of the Committee in Abuja on Friday, Ugochinyere said the implementation of the Petroleum Industry Act would also be reviewed comprehensively. According to him, …

The Senate has set in motion moves to probe oil subsidy under the recovery regime operated by the federal government till 29 May 2023, when the subsidy was eventually removed. It also took a swipe at the N9.3 trillion expended on the subsidy regime by the Federal Government from January 2021 to June 2023, just as it sought living wage …

The World Bank has projected that the removal of subsidy on Premium Motor Spirit (PMS, better known as fuel or petrol) could push as many as 7.1 million Nigerians into poverty unless adequate palliatives are extended to poor and most vulnerable individuals. Even with the implementation of cash transfers to 10 million most vulnerable Nigerians, the bank said that the …

The planned removal of petrol subsidy, scheduled for June, this year, has been suspended by the Federal Government. This was one of the highlights of the National Economic Council (NEC) meeting in Abuja on Thursday. The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed told State House correspondents shortly after the valedictory NEC meeting presided over by the …

The president candidate of the Labour Party (LP), Mr Peter Obi has described the petrol subsidy regime in Nigeria as “organised crime”. Nigeria spent N6.210 trillion on petrol subsidy, otherwise known as “under-recovery shortfall”, between 2013 to 2021. The Federal Government announced late last year that it will stop spending on subsidy from June 2023. At a townhall meeting on …