• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Politics

Lame duck Government plans to slash fuel subsidy by 90%

Nairametrics by Nairametrics
May 6, 2015
in Politics
Another Reason Why There Is Fuel Scarcity
Share on FacebookShare on TwitterShare on Linkedin

Nigeria will slash petrol subsidies by 90% this year because government revenues have been hit by the slump in oil prices, Reuters reports.

The Federal Government had last year said it would gradually phase out fuel subsidies which are a significant burden on public finances, but cutting subsidies risks aggravating a fuel crisis in the country. This began with a reduction in fuel price to N87 from N97 a move that was mostly influenced by the decline oil price rather than an absolute cut in subsidy prices.

Major cities are experiencing a crippling gasoline shortage as oil importers feel the pinch from unpaid government subsidies, a plummeting local currency and tighter credit lines triggered by lower crude prices, oil traders and local industry sources say.

RelatedStories

Federal Government offers free CNG conversion for vehicles at six Lagos locations

Promise without presence: Why CNG adoption remains elusive in Nigeria 

May 7, 2025
FG, States and LGAs share N1.35 trillion as FAAC allocation in June

Fuel subsidy removal triples FAAC allocation to N3.2 trillion between 2023 and 2024 – Presidency 

January 17, 2025

The National Assembly has recently approved the reduction in subsidies to N100 billion ($505 million) for 2015, Finance Minister Ngozi Okonjo-Iweala said late on Tuesday. The cuts were accounted for in last week’s 4.49 trillion naira budget for 2015, but the breakdown was not announced until Tuesday. Lawmakers also approved 45.5 billion naira for a separate kerosene subsidy.

Nigeria tried to end subsidies in 2012 doubling the price of a litre of petrol overnight to 150 naira ($0.93), from about 65 naira, in efforts to cut government spending and encourage badly needed investment in local refining.

The move angered citizens who see cheap pump prices as the only benefit they derive from living in an oil-rich country and lead to 8 days of nationwide strikes. The government later reinstated part of the subsidy to end the strikes.

Source: Reuters/Nairametrics

 

Tags: Fuel SubsidyOil & Gasoil price
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

Federal Government offers free CNG conversion for vehicles at six Lagos locations
Energy

Promise without presence: Why CNG adoption remains elusive in Nigeria 

May 7, 2025
FG, States and LGAs share N1.35 trillion as FAAC allocation in June
Economy

Fuel subsidy removal triples FAAC allocation to N3.2 trillion between 2023 and 2024 – Presidency 

January 17, 2025
Hope Uzodinma, Imo state
Economy

Fuel subsidy removal ‘a direct blessing’ to states – Gov. Uzodimma 

January 14, 2025
Middle East crisis: Oil prices could hit $140 in 2024 
Energy

Global oil price hits $80 per barrel as traders expect US sanction of Russian oil fleets  

January 10, 2025
No regret removing fuel subsidy, says President Tinubu
Energy

No regret removing fuel subsidy, says President Tinubu

December 23, 2024
Petrol price, NNPCL, PMS
Energy

Subsidy removal: Current petrol price now above market rate – NLC  

November 11, 2024
Next Post
Emefiele Explains Four Reasons Why The CBN Devalued The Naira

CBN says Govt. did not over spend 2014 Budget by N482billion but by N365billion

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Crypto regulations in Nigeria; these businesses may not survive 
  • PIA 2021 attracts $16 billion in investments, boosts oil production — Reps Deputy Speaker 
  • Meta cracks down on Facebook content fraud, deletes 500,000 accounts in half-year 2025 

Follow us on social media:

Recent News

SEC warns Nigerians against investing in Risevest and Stecs  

Crypto regulations in Nigeria; these businesses may not survive 

July 15, 2025
PIA 2021 attracts $16 billion in investments, boosts oil production — Reps Deputy Speaker 

PIA 2021 attracts $16 billion in investments, boosts oil production — Reps Deputy Speaker 

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics