Fuel subsidy

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    IMF Urges Nigeria to Phase Out Fuel and Electricity Subsidies

    Abuja, Nigeria, February 9, 2024: The International Monetary Fund (IMF) has advised the Nigerian government to completely eliminate costly fuel and electricity subsidies, stating that they are inefficient in reaching the most vulnerable segments of the population. In a report titled “IMF Executive Board Concludes Post-Financing Assessment with Nigeria,” released on Friday, the IMF commended President Bola Tinubu’s administration for…

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    Fuel subsidy now above N400bn monthly – NNPCL

     The Nigerian National Petroleum Company Ltd. (NNPCL) has disclosed that the amount being spent as subsidy on Premium Motor Spirit (PMS), popularly called petrol, had crossed N400 billion monthly. Malam Mele Kyari, NNPCL’s Group Chief Executive Officer, disclosed this on Friday in Abuja at the ongoing Final Cutover to NNPC Ltd., from being a corporation. Kyari explained that NNPCL was…

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