• 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 Economy Budget

Buhari says there is no provision for fuel subsidy in revised 2020 budget

William Ukpe by William Ukpe
September 7, 2020
in Budget, Energy, Politics
NASENI, Public holidays, President Buhari to scrap NNPC, PPPRA as he submits new PIB to National Assembly, Buhari says there is no provision for fuel subsidy in revised 2020 budget, President Muhammadu Buhari to address Nigerians on Monday, receives update and recommendations from PTF, President Buhari earmarks N420 billion for N-Power, GEEP and others under NSIP in 2021, Buhari approves the appointment of Dr Orji as the new boss of NEITI

President Muhammadu Buhari

Share on FacebookShare on TwitterShare on Linkedin

The Federal Government says there is no provision for fuel subsidy in the revised 2020 budget, as Nigeria cannot afford the cost.

This was disclosed by President Muhammadu Buhari in the First Year Ministerial Performance Review Retreat, at the State House on Monday.

Nairametrics reported in July, that the  Nigerian National Petroleum Corporation (NNPC) spent over N535.9 billion on subsidy and Federation Account Allocation Committee in the first quarter of 2020.

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

READ: Nigeria’s excess crude account falls to $72 million

The Minister of State for Petroleum Resources said in July said that it was unrealistic for the government to still continue with the subsidy regime, especially with the Premium Motor Spirit (PMS) otherwise known as petrol, as it was of no economic value to continue doing so.

He asked Nigerians to ignore the misinformation and misguided comments that have been in the public space on the issue.

According to the Minster, ‘’It has become expedient for the Ministry of Petroleum to explain misconceptions around the issue of Petroleum Products Deregulation. After a thorough examination of the economics of subsidizing PMS for domestic consumption, the government concluded that it was unrealistic to continue with the burden of subsidizing PMS to the tune of trillions of Naira every year.’’

READ: Nigeria generates N327.2 billion VAT in Q2, as revenue plunges across critical sectors

In today’s meeting, President Buhari said there are several negative consequences if the Government should even attempt to go back to the business of fixing or subsidizing PMS prices.

“First of all, it would mean a return to the costly subsidy regime. Today we have  60% less revenues, we just cannot afford the cost. The second danger is the potential return of fuel queues – which has, thankfully, become a thing of the past under this administration”

READ: Buhari presented with gold bars mined in Zamfara as Nigerian prepares to launch PAGMI scheme.

“ Nigerians no longer have to endure long queues just to buy petrol, often at highly inflated prices. Also, as I hinted earlier, there is no provision for fuel subsidy in the revised 2020 budget, simply because we are not able to afford it, if reasonable provisions must be made for health, education and other social services. We now simply have no choice,” President Buhari said.


Follow us for Breaking News and Market Intelligence.
Tags: First Year Ministerial Performance Review RetreatFuel Subsidy
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

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
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
World Investment Report: Global foreign direct investment decrease to $1.3 trillion in 2023, Africa’s share just $53 billion
Economy

Nigeria attracts $55.5 billion in foreign investment since 2019: See the top 5 countries where it came from 

October 16, 2024
Next Post
Only customers with minimum of 12 hours electricity can have tariff increase - FG

Only customers with minimum of 12 hours electricity can have tariff increase - FG

Comments 1

  1. Ologbon Doriejamu says:
    September 7, 2020 at 7:04 pm

    This is a very unfortunate decision by the government. Let the elected politicians reduce their emoluments to subsidize petrol. After all, these politicians earn far more than Professors in the universities, whereas most of them don’t have a first degree! As the Hausas will say “Allah ya yi sah”.

    Reply

Leave a Reply Cancel reply

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

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Six Nigerian Banks face risk of lower profits, dividends over end to CBN forbearance  
  • Labubu doll maker Wang Ning becomes China’s youngest top 10 billionaire with $22.7 billion 
  • E-call-up dispute: IPMAN transporters to boycott Lekki-Epe corridor over N12,500 levy 

Follow us on social media:

Recent News

President Tinubu reacts to Port Harcourt Refinery revival, orders reactivation of Warri, Kaduna Plants 

Six Nigerian Banks face risk of lower profits, dividends over end to CBN forbearance  

June 16, 2025
Labubu doll maker Wang Ning becomes China’s youngest top 10 billionaire with $22.7 billion 

Labubu doll maker Wang Ning becomes China’s youngest top 10 billionaire with $22.7 billion 

June 16, 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