Four reasons why Nigeria must not revisit fuel subsidy
Four reasons why Nigeria must not revisit fuel subsidy
Tag
Subsidy Removal: OPEC quota cut may force Nigerians to pay more than N530/litre for Petrol
For a post-oil subsidy regime in Nigeria, a surge in global oil prices may lead to an increase in pump prices for Nigerians over the coming months.
Scammers Paradise: Nigeria’s Air, Water and Land
Thus while the Nigerian Navy is known around the world to be useful in combating illegal fishing in their country’s territorial waters, they are not known for combating illegal pumping of their country’s crude oil through illegal pipelines to vessels on the ocean.
.webp)
Tinubu may spend N14tn on fuel subsidies in first term
If the Tinubu government then decides to retain it for the first four years of its administration, subsidy payment is estimated to gulp 14.01 trillion.
To fuel or not to fuel subsidy: The $800 million question (2)
This is it: All over the world, the price of petrol, diesel and kerosene are relatively close. Petrol has the highest price, followed by diesel and kerosene. In short, petrol is the costliest and kerosene is the cheapest.
To Fuel or Not to Fuel Subsidy: The $800 million question
Let’s just call the $800 million ‘funding from a lending organisation’, and we arrive at a ‘loan grant’, a safe way to make peace.
Controversy rages over Nigeria’s post-subsidy future
“We can’t be spending those amounts on petrol subsidies when education, infrastructure and security are suffering. It is simply a waste of money,” he noted.
Tinubu has his work cut out for him in Nigeria’s opaque oil industry
By May 2023, Chief Bola Tinubu is expected to be sworn in, having been announced as the president-elect by the Independent National Electoral Commission, after a contentious February 25 election.
NNPC reports N400bn monthly subsidy spending despite falling oil prices, fuel scarcity
...the price per barrel of crude oil dropped from N50,036 in July 2022 to N38,606 in January 2023, representing a 22.84 percent decrease.
Nigeria’s Expenditure on Fuel Subsidy in 17-Years adequate to build Three 450,000BPD Refineries – NEITI
A report by the Nigeria Extractive Industries Transparency Initiative (NEITI) revealed that the amount spent by the country on subsidies between 2005 and 2021, would have constructed three refineries with the capacity to refine 450,000 barrels of crude per day each.
Will Nigeria remove its controversial fuel subsidies in 2023?
In the year 2000, the then Nigerian President, Olusegun Obasanjo, attempted to remove fuel subsidies. His administration argued that it cost the government $2 billion to subsidise the price annually.
NNPC’s Subsidy Burden Cost Them N5.3 trillion in Profit in Five Years
The state-owned oil and gas company, NNPC Limited, spent a whooping N5.3 trillion of its profit to subsidise petrol between 2017 and 2022.
Explainer: What NNPC’s N3 Trillion Subsidy Request may Mean for Nigeria’s 2022 Fiscal Year
The Nigerian National Petroleum Company (NNPC) has requested N3 trillion as fuel subsidy in 2022.
#ChartoftheDay: Nigeria has Spent Over 10 Trillion Naira on Fuel Subsidy in 14 Years
Nigeria has spent over 10.3 trillion naira on fuel subsidy between 2006 to 2019. Fuel subsidy is aimed at lessening the burden of the cost of fuel on Nigerians.
Fuel Subsidy vs. N5000 Grant – Two Sides of Same Coin
The Federal Government announced the monthly grant of N5000 to the most vulnerable Nigerians to cushion the effect of subsidy removal. This will be given to a maximum of 40 million Nigerians who make up the poorest wealth percentile.