The removal of fuel subsidies has been hailed as a pivotal decision to confront long-standing economic challenges. This is according to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms. Speaking at The Platform, an annual event organized by Covenant Nation in Lagos, Oyedele outlined how previous subsidy regimes perpetuated economic…
President Bola Tinubu has reiterated that he has no regrets about removing the fuel subsidy, emphasising that the decision was necessary to secure Nigeria’s financial future. Speaking on Monday during a live presidential media chat broadcast nationwide, Tinubu explained that the subsidy was draining the country’s resources and jeopardizing future investments. He said, “We are…
President Bola Tinubu has said Nigerians were living a good life that was fake and capable of leading the country into a total economic collapse before his administration came on board to remove the fuel subsidy. Tinubu had on May 29, 2023, on the day of his inauguration into office, announced the removal of the…
The federal government has officially ended fuel and foreign exchange subsidies, Minister of Finance and Coordinating Minister of the Economy Wale Edun revealed on Thursday. The minister made the announcement during the presentation of the Nigeria Development Update by the World Bank in Abuja. The subsidies, the government said drained the country’s economy to the…
President Bola Tinubu says Nigeria’s daily consumption of premium motor spirit (PMS), also known as petrol, reduced to about 30 million litres after subsidy removal. Tinubu spoke on Friday during a meeting with a group of former lawmakers at the State House in Abuja. He said although Nigerians are complaining about the current “petroleum crisis”,…
President Bola Tinubu says the removal of subsidy on premium motor spirit (PMS), also known as petrol, is designed to free up budgetary resources for critical investments. Tinubu spoke on Tuesday during the 17th annual Chartered Institute of Bankers of Nigeria (CIBN) banking and finance conference in Abuja. He was represented by Vice-President Kashim Shettima….
The Nigeria Labour Congress, NLC, has branded President Bola Tinubu a betrayer following the recent significant hike in fuel prices. In a statement signed by its President, Joe Ajaero, and made available to our correspondent in Abuja on Tuesday, the Labour Centre expressed shock and dismay at the clandestine increase in the pump price of…
GISTSMATE MEDIA reports that the Nigerian National Petroleum Company Limited (NNPC Ltd.), on Monday, August 19, said it has not paid fuel subsidy to any entity since the past nine years. Umar Ajiya, the Chief Financial Officer of NNPC Limited while speaking said the company was only taking care of Premium Motor Spirit (PMS) importation…
President Bola Tinubu has approved the request of the Nigerian National Petroleum Company Limited (NNPCL) to use the 2023 dividends due to the federation to pay for petrol subsidy, according to TheCable. The president also approved the suspension of the payment of 2024 interim dividends to the federation in order to augment the oil firm’s…