Tag
FUEL SUBSIDY
News and analysis about fuel subsidy
The Federal Government has said the petrol discount at NNPC Retail Limited stations is funded entirely by the retailer’s margins, not the federal budget or the Federation Account.
Former Vice President Atiku Abubakar has rejected the Federal Government’s proposed 30-day fuel discount at NNPC stations, saying the temporary intervention will not provide lasting relief from high fuel, transport and food costs.
The Federal Government says it is offering a discount on petrol sold by the Nigerian National Petroleum Company Limited (NNPCL) for the next 30 days.
The Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (PI-CNG&EV), Ismael Ahmed, has proposed making the transition from petrol and diesel to CNG mandatory for commercial vehicles.
Global oil markets remained under pressure in September as the conflict in the Middle East kept crude prices above $100 per barrel, while...
The Minister of Aviation and Aerospace Management, Festus Keyamo, has said the removal of fuel and foreign exchange subsidies helped the administration of President Bola Tinubu raise about $500 million to reconstruct the Lagos airport and other aviation infrastructure within two years without borrowing.
Global fossil-fuel subsidies could exceed $1 trillion in 2026 as governments spend more to protect households and businesses from rising energy costs triggered by the crisis in the Middle East.
Despite the Federal Government’s growing push to transition Nigeria’s public transport sector to Compressed Natural Gas (CNG) as a cleaner and more cost-effective alternative to petrol and diesel, actual adoption in the Federal Capital Territory, Abuja, remains disappointingly low.
The removal of the fuel subsidy by President Bola Tinubu's administration has significantly increased the revenue shared among the federal, state, and local governments, rising from N760 billion in 2023 to N3.2 trillion in 2024.
Hope Uzodimma, the governor of Imo State, has described the Federal Government's removal of fuel subsidies as a "direct blessing" to subnational governments, emphasising the beneficial fiscal impacts on states.
President Bola Ahmed Tinubu has reaffirmed his administration’s stance on the removal of fuel subsidies, describing the decision as a necessary and forward-looking policy to safeguard Nigeria’s economic future.
The Nigerian Labour Congress (NLC) has raised concerns over the rising price of petrol in the country, alleging that the current pump price is significantly higher than the actual market value.