Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Energy

Fuel Subsidy: Removal dependent on Refineries, Palliatives, Auto-gas implementation policies- Sylva

William Ukpe by William Ukpe
January 25, 2022
in Energy
FEC okays N5.4 billion for gas parks, airport security project, Land border closure, daily fuel consumption drops by 8 million litres 
Share on FacebookShare on TwitterShare on Linkedin

The Federal Government announced that the full removal of fuel subsidies is dependent on 3 factors including, the timeline of new refineries coming online, palliatives to cushions the effects of the removal by the Minister of finance and the full implementation of the autogas policy of the FG.

The disclosure was made on Tuesday by the Minister of State for Petroleum Resources, Timipre Sylva, during a special briefing of State House correspondents on fuel subsidy by the Presidential Communications Team at the Presidential Villa, Abuja.

The Minister added that the President wants to ensure that the subsidy removal does not have too much impact on the people.

RelatedPosts

Electricity update: Nigeria’s power generation peaks at 3,629MW

Five sectors in Nigeria that could be impacted by higher energy prices

What the Minister said:

He revealed that President Buhari believes the removal of subsidy will have an impact on vulnerable Nigerians, adding that it should be mitigated and also believes that certain structures should be put in place prior to the removal of subsidy.

“All those structures are not right now in place, one of those is to ensure that refineries are working, and you are all aware that steps are being taken for all refineries to be functional very soon,” he said.

He added that the Dangote refinery is expected to come on stream at the end of this year, including the Port Harcourt refinery, performing at a capacity, not full capacity at the end of this year.

“Also some modular refineries are expected to come on stream later this year,” he said.

He added that there is discussion of introducing an alternative fuel for cars, in the form of autogas.

“A lot has gone on, even today I briefed the president on autogas, we are hoping in March or April, the conversion processes will begin.

“We promised that 1 million cars will be converted initially and a corresponding amount of filling stations, that is in progress and will happen very soon,” he promised.

“That has to be in place before we take out subsidy we are also looking at palliatives, the Minister of Finance is looking at palliatives for Nigerians.”

He added that all these have to converge before the FG announced the complete removal of subsidy because the President especially wants to ensure that Nigeria that the subsidy removal does not have too much impact on the people.

Recall Nairametrics reported last year on November 24th, the Nigerian Government announced it was offering N5,000 monthly each for about 40 million Nigerians. The amount represents a palliative meant to help recipients alleviate the pain that a full subsidy removal could bring.

The cash for subsidy program is likely to cost the federal government about N2.4 trillion annually if it were to implement it next year as planned. Expectedly, the Nigerian Labour Conference has rejected the offer terming it “Penny wise pound foolish”- a saying for bad financial judgement.

 

Related

Tags: Auto-gas implementationChief Timipre SylvaFuel subsidy removalMinister of State for Petroleum ResourcesPalliativesRefineries

Leave a Reply Cancel reply

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

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • African Development Fund approves $2 million to boost electricity reforms in Nigeria and others
    • EY agrees to pay $100m to US Securities and Exchange Commission over exam malpractice
    • CJN: Atiku assures new CJN, Ariowoola of commitment of Separation of Powers

    Follow us on social media:

    Recent News

    afb, african development fund

    African Development Fund approves $2 million to boost electricity reforms in Nigeria and others

    June 28, 2022
    EY

    EY agrees to pay $100m to US Securities and Exchange Commission over exam malpractice

    June 28, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com