News - fuel subsidy

Relief On The Price Of Petrol Now N18.68/Litre

3 weeks ago /
Nation 

The current open market price for Premium Motor Spirit, popularly known as petrol is N163.68 per litre, the Petroleum Products Pricing Regulatory Agency stated on Monday.

Senate Approves N129.4 Billion Subsidy Payment

6 months ago /

The Nigerian Senate has approved another sum of N129.4 billion payment of fuel subsidy arrears for sixty-seven companies.

FG Not Removing Fuel Subsidy - Minister

8 months ago /
Nation 

The Minister of Finance Zainab Ahmed says the Nigerian government has no intention to remove fuel subsidy for now.

Fuel Subsidy Removal: NLC Warns FG Not To Accept IMF Recommendation

8 months ago /
Nation 

The Nigerian Labour Congress, NLC, has cautioned the Federal Government against implementing the recommendation of the International Monetary Fund, IMF, on the removal of subsidy on petroleum products in the country.

Fuel Subsidy Probe Bribery Scandal: Otedola Testifies Against Faruq Lawan

1 year ago /
Nation 

Founder of Zenon petroleum and gas limited, Femi Otedola has told an FCT High court, Abuja that Farouk Lawan, a former lawmaker, demanded $500,000 bribe from him.

PDP Tasks FG On N24 Billion Monthly Oil Subsidy Figure

1 year ago /
Politics 

The Peoples Democratic Party (PDP) says it is shocking  to hear that  the All Progressives Congress (APC)-controlled Federal Government is covering  huge fraud in the presidency by declaring that it spends a 24 billion Naira monthly (774million Naira per day) to subsidize fuel in Nigeria.

PDP Accuses FG Of ‘Massive Corruption’ In Fuel Subsidy Regime [Full Text]

1 year ago /
Nation 

The Peoples Democratic Party (PDP) has accused the Federal Government of ‘massive corruption’ amid the controversy over the alleged payment of fuel subsidy. The party made the allegation in a communique issued shortly after the meeting of members of its National Working Committee (NWC) on Sunday in Asaba, Delta State capital. As...

Fuel Subsidy: NNPC Draws N4.95 Trillion

1 year ago /
Nation 

Nigeria's state owned Oil Company, Nigerian National Petroleum Corporation {NNPC} has admitted it received a total of n4.95 trillion as fuel subsidy payment between 2006 and 2015.

Reps To Investigate Alleged Revenue Loss Of $7.6trillion By NNPC

1 year ago /
Nation 

The House of Representatives is to investigate the reasons responsible for Nigeria losing about 7.6 trillion Naira crude oil revenue to international oil companies. In a motion sponsored by Rep. Sunday Katung, lawmakers were informed that the loss, which is from 1993, is partly due to government’s failure to implement the...

House Of Reps To Probe Fuel Subsidy Payments

1 year ago /
Nation 

Nigeria’s house of representatives is set to investigate the current fuel subsidy payment by the Nigerian National Petroleum Corporation, NNPC The lawmakers have invited the minister of state for petroleum Resources Ibe Kachikwu and the group Managing Director of NNPC to account for the monies so far expended on the subsidy...

Dogara Decries Killings As House Of Representatives Resumes

1 year ago /
Nation 

Speaker of Nigeria’s House of Representatives, Yakubu Dogara condemned the senseless killings in Rivers, Benue, Taraba, Kaduna, Zamfara, Adamawa, Edo and other states in the country. While calling on president Buhari to apply maximum sanctions on public officers who are negligent in the performance of their duties, Dogara called on security...

Senate Sends Warning To Petroleum Minister

2 years ago /
Nation 

The Nigerian senate has threatened to bring back fuel subsidy through legislation if the Minister of Petroleum fails to immediately provide solution to the recurring increase in pump price. The senate joint committee on gas, petroleum upstream and downstream gave the warning when the petroleum minister of state, Ibe Kachukwu appeared...

Oil Subsidy Fraud: Accused Persons Sentenced To 10 Years In Prison

2 years ago /
Nation 

A Lagos High Court in Ikeja has sentenced Walter Wagbatsoma and Ada Ugo-Ngali   to 10 years in prison for fuel subsidy fraud of 754 million Naira. Justice Lateefa Okunnu, gave the sentence on Thursday, January 26 and added that the 754 million Naira which was defrauded by the company, must be...

Reps Summon Kachikwu Over N145 New Price Regime

3 years ago /
Nation 

The eadership of House of Representatives has summoned Ibe Kachukwu, minister of state for petroleum, over the recent hike in the pump price of premium motor spirit (PMS) from N86.50 to N145 per litre. The interactive session is to be held at a special plenary session on the floor of the...

We’re unaware of fuel subsidy removal, electricity tariff hike – NASS

3 years ago /
Nation 

According to reports, leader of the House of Representatives, Mr. Femi Gbajabiamila has said that the National Assembly is not aware of the fuel subsidy removal and the hike in electricity tariff, saying that the Federal Government is yet to communicate its decision to the Assembly. This he said when he...

NLC set to protest fuel subsidy removal

3 years ago /
Nation  Transport  

The Nigeria Labour Congress (NLC) is set to protest the looming removal of fuel subsidy proposed by the federal government, calling all its state councils and affiliate unions to get ready. This was revealed in a statement by the General Secretary of the NLC, Dr. Peter Ozo-Eson, on Tuesday, where he...

Read full text of President Buhari's 2016 Budget speech

3 years ago /
Nation 

2016 Budget Speech: “The Budget of Change” Delivered By: His Excellency, Muhammadu Buhari President, Federal Republic of Nigeria To A Joint Session of the National Assembly (on December 22, 2016) PROTOCOLS I am honoured and privileged to present the 2016 Budget proposal. This is my first address before this joint session of the National Assembly. I have...

House of Rep adopts MTEF with differences

3 years ago /
Nation 

The House of Representatives at Thursday’s plenary rejected the treasury single account, TSA and payment of 2015 arrears for fuel subsidy. The position of the house was sequel to the discrepancies noticed in the consideration and adoption of the report of its joint committee on finance, appropriation, loans and debt management...

No going back on fuel subsidy removal in 2016 - FG

3 years ago /
Nation  Transport  

The Federal Government has insisted that there is no going back on plans to remove fuel subsidy payment in 2016. Minister of State for Petroleum Resources Ibe Kachikwu who disclosed this to the National Assembly Joint Committees Medium Term Expenditure framework, MTEF, said the removal of the subsidy will return the...

FG proposes N6trn Budget, $38 Oil Benchmark For 2016

4 years ago /
Business and Economy   Nation 

The Federal Government on Monday proposed a budget of N6 trillion for 2016 at an oil bench mark of 38 dollars per barrel. The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, gave the indication while addressing State House Press Corps after an emergency Federal Executive Council meeting presided...


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