SENATE REJECTS MOVE TO REMOVE OIL SUBSIDY, SET TO INVESTIGATE 43 REFINERY LICENCES

The Senate yesterday rejected move to remove oil subsidy insisting that it will make the prices of the products to go up. The red chamber also said it will investigate the 43 refineries licences granted to Nigerians who are yet to commence operation. The lawmakers urged companies who were granted licences to immediately commence building and operation just like the Dangote refinery.  Lawmakers urged its Petroleum Committee  on  downstream and Upstream to invite the Ministry of Petroleum and the Nigerian  National Petroleum Corporation (NNPC,)to brief it on the status of existing refineries including…

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PROVE TO NIGERIANS NOW THAT SUBSIDY IS FRAUD, PDP CHALLENGES BUHARI

Success Nwogu, Abuja The Peoples Democratic Party has urged President Muhammadu Buhari to revalidate his position that fuel subsidy is a fraud. The PDP National Publicity Secretary, Mr. Kola Ologbondiyan in an interview with our correspondent on Wednesday said Buhari had said before his election in 2015 that fuel subsidy was a fraud. He stated that the amount of money the Federal Government claimed to be spending on fuel subsidy was very high, adding that nobody or party should support a fraud. According to him, it was doubtful if the…

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FUEL SUBSIDY REMOVAL: SEE THOSE SUPPORTING EMIR SANUSI’S CALL

Samuel Awoyinfa, Nike Popoola, Ifeanyi Onuba and Anna Okon Against the backdrop of the statement by the Emir of Kano, Mallam Muhammad Sanusi II, that the country was on the brink of bankruptcy, the Nigeria Employers’ Consultative Association and other stakeholders have asked the Federal Government to scrap fuel subsidy. Sanusi, a former governor of the Central Bank of Nigeria, said on Tuesday that fuel and electricity subsidies as well as debt servicing had continued to eat into government revenue and urged President Muhammadu Buhari to stop the subsidy regime,…

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NIGERIAN FULE SUBSIDY NOT HELPING THE COUNTRY’S POOR- WORLD BANK

The Vice President for Sustainable Development, World Bank, Laura Tuck, who spoke at the ongoing World Circular Economic Forum in Helsinki, Finland , stated that Nigeria’s fuel subsidy is not helping the poor.  Tuck who spoke on the theme ‘Scale it up! The Next Era of the Circular Economy’, revealed that the the continuous payment of huge sums of money as subsidies on fossil fuels has worsened resources consumption and increased greenhouse emission and pollution. “Strong evidence shows that a lot of countries put subsidy on fossil fuels, and these…

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NIGERIA WOULD STILL NEED 20MIL LITRES PER DAY DESPITE DANGOTE REFINERY IN 2020- NNPC

Despite the current 445,000 barrels per day (bpd) capacity of the country’s refineries and Dangote’s 650,000 bpd refinery expected by 2020, Nigeria will still have a shortfall of 427,000 bpd, equivalent of 20 million litres of Premium Motor Spirit (PMS), per day. Dr. Maikanti Baru, Group Managing Director of Nigeria National Petroleum Corporation (NNPC), who disclosed this yesterday in Abuja, said the country would need a refining capacity of 1.52 million bpd in order to meet its PMS requirement by 2025. Delivering a state of the industry address at this…

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PETROL LANDING COSTS NOW 180 NAIRA PER LITRE- KACHIKWU

‘Attempt to remove subsidy must be well-managed’ ’Femi Asu The landing cost of Premium Motor Spirit, also known as petrol, is N35 higher than the pump price of N145 per litre, the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, said on TuesdaY Kachikwu said the rise in global crude oil prices after the 2016 hike in petrol price brought back subsidy. Recalling the experience of 2016, when the government increased petrol price from N86.5 to N145 after months of severe scarcity, he described fuel subsidy as an emotive…

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FINANCE MINISTER BACKTRACKS, SAYS NO PLAN TO REMOVE PETROL SUBSIDY

Dayo Oketola, Washington DC The Federal Government has given the assurance that there are no plans to remove fuel subsidy now just as queues emerged in filling stations in some parts of the country. The Minister of Finance, Ms Zainab Ahmed, said this during a ministerial press briefing at the 2019 International Monetary Fund and World Bank Spring Meetings in Washington DC. The Minister of Budget and National Planning, Senator  Udo Udoma and the Governor, Central Bank of Nigeria, Mr Godwin Emefiele, were also in attendance. Recall that the Managing Director,…

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QUEUES RESURFACE IN ABUJA, NNPC BLAMES PANIC BUYING

Chineme Okafor in Abuja and Kemi Olaitan in Ibadan Nigerians are again mulling the hardship they may encounter if the emerging fuel queues in Lagos, Abuja, Ibadan, and Port Harcourt extend to other cities. In Lagos, fuel queues resurfaced Thursday night and built up fast yesterday in some stations along Ikorodu Road and Awolowo Road in Ikoyi, causing traffic problems in the neighbourhoods. In Abuja, some petrol service stations, especially within Wuse 2, Central Business District (CBD) and Wuse Zone 4 were seen by THISDAY to have long queues of vehicles for petrol.…

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SUBSIDY IS FRAUD, NIGERIA PAYING FOR INEFFICIENCY SAYS NLC

THE  Nigeria Labour Congress (NLC) on Saturday described fuel subsidy as a huge fraud, saying that the government is merely paying for inefficiency if it claims to be paying the subsidy. Addressing a press conference at the Labour House, Abuja yesterday, NLC President, Comrade Ayuba Wabba, warned the government to be weary of the International Monetary Fund (IMF) and its advices; nothing that many media houses have been trying to amplify the IMF recommendation that subsidy should be removed. Comrade Wabba was addressing the media on the public declaration of…

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FG FINALLY SPEAKS ON READINESS TO REMOVE FUEL SUBSIDY GRADUALLY

Finance Minister, Zainab Ahmed The Minister of Finance, Mrs Zainab Ahmed says the Federal Government will look into gradual removal of fuel subsidy as part of strategies to boost revenue. Ahmed said this on Thursday on the sideline of the IMF/World Bank meetings currently taking place in Washington DC, United States of America. Ahmed made the disclosure while reacting to the IMF’s advice to Nigeria and other countries who still subsidise fossil fuel to stop doing so. According to the IMF, fuel subsidy removal would help boost revenue and improve…

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