Tag
FUEL SUBSIDY
News and analysis about fuel subsidy
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.
Despite significant economic challenges, Nigeria has managed to attract a total of $55.5 billion in foreign capital between Q1 2019 and Q2 2024.
The World Bank has said Nigeria was losing around N10 trillion in foregone revenue to fuel subsidy and multiple exchanges as of 2022 before the implementation of President Tinubu’s reforms.
Story Highlights: Nigerians are struggling to afford transportation to go to work as petrol prices soar. E-hailing drivers...
Nigeria has recorded a reduction in petrol importation following the ‘removal of fuel subsidy’ by President Bola Tinubu in May 2023.
Alhaji Aliko Dangote, President and Chief Executive of Dangote Group, has urged the Nigerian Federal Government to fully remove fuel subsidies.
As fuel prices continue to skyrocket, Lagosians are being forced to adopt new strategies to manage the increasing costs of commuting.
I was away on vacation for just two weeks only to return to meet fuel queues still on the streets of Nigeria with the fuel stations rationing fuel in Lagos and other parts of the country.