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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.
Under Nigeria’s current minimum wage law, persons working in Micro enterprises would not be eligible for any minimum wage increase, because Micro Enterprises employ less than 10 persons, according to the National Bureau of Statistics (NBS) classifications.
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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.
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As of the time of writing this report, Nigerians are paying high prices for petroleum amid scarcity and long queues.
For many weeks, Nigerians have been battling with petrol scarcity.
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.
Earlier, Buhari’s administration revealed a ten-year plan to lift 100 million Nigerians from poverty. But NNPC’s transactions with OML 119 revenue may delay this plan by 12 years because of subsidy repayment.
The ensuing dialogue that followed FG’s announcement of oil and gas deregulation has brought with it many revelations. One of which is how this pseudo regulation is void as long as they do not repeal two laws. Israel Aye, Senior Partner- Energy & Commercial Contracts nudged our attention to Sections 6(1) of the Petroleum Act and 4(1) of the Price Control Act.
How much did Nigeria spend on fuel subsidies since 2006
Earlier this week, news of a fall in oil price below $0 per barrel made wave across the world. However, against the wide misconception on its meaning and implications particularly to the distressed Nigerian economy is the truth that the slump in the US crude oil futures below $0 per barrel does not reflect the reality in the global oil market but is a mere drop in US crude oil price by the New York Mercantile Exchange (NYMEX).
