subsidy
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Featured
Petrol price hike unavoidable, eases subsidy burden – Stakeholders
Some stakeholders in the oil and gas industry, on Tuesday, said that the increase in the petrol pump price was unavoidable. The experts told the News Agency of Nigeria (NAN) in Lagos that the price hike would help alleviate the subsidy burden on both the Federal Government and Nigerian National Petroleum Company Ltd. (NNPCL). Mr Henry Adigun, an oil and…
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Featured
NNPC Ltd is not paying subsidy – Ajiya
The Nigerian National Petroleum Company Limited (NNPC Ltd.), says it has not paid fuel subsidy to anybody in the last nine years. Chief Financial Officer of the company, Alhaji Umar Ajiya made the clarifications on Monday in Abuja. Ajiya said the NNPC Ltd. was only taking care of Premium Motor Spirit (PMS) importation shortfalls between the company and the federation.…
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Defence
CISLAC commends ICPC’s probe of alleged N90bn hajj subsidy fraud
The Civil Society Legislative Advocacy Centre (CISLAC) has commended the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for investigating allegations of misappropriating N90B in Hajj subsidies. The Executive Director of CISLAC, Auwal Musa, gave the commendation in a statement in Lagos on Tuesday. Musa described the alleged widespread looting during the recently concluded hajj exercise as alarming, particularly…
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Featured
NAHCON gives breakdown of N90bn subsidy for 2024 Hajj
The National Hajj Commission of Nigeria (NAHCON) on Monday gave a breakdown of how it spent the N90 billion Federal Government’s subsidy for the 2024 Hajj pilgrims. The Executive Chairman of NAHCON, Malam Jalal Arabi, gave the breakdown at a news breifing in Abuja. Arabi said that each pilgrim was supported with N1,637,369.87 from the N90 billion except for pilgrims…
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Featured
NNPC Ltd disowns report on alleged inflated subsidy claims
The Nigerian National Petroleum Company Limited (NNPC Ltd.) on Monday disowned reports in some sections of the media alleging that it inflated subsidy claims by N3.3trillion. A statement issued by Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd., stated that the company had always conducted its businesses accountably and transparently, with international best practices. Soneye said NNPC Ltd. had at…
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Agriculture
Sen. Yari subsidizes 76 trucks of fertilizer at 50% to Zamfara farmers
Alhaji Abdulaziz Yari, former Zamfara Governor and Senator representing Zamfara West Senatorial District, has provided 76 Trucks of fertilisers to be distributed to farmers at 50 per cent subsidy. Ibrahim Muhammad, Chairman, Publicity Committee of the AA Yari Political Organization made the disclosure in a statement made available to newsmen in Gusau on Tuesday. According to the statement, the Chairman…
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Energy & Environment
Nigeria Grapples with Soaring Fuel Prices and Transport Disruption
Lagos, February 15, 2024 –Â As Nigeria battles soaring fuel prices and disruptions in the transportation sector, the country finds itself embroiled in a subsidy quagmire, with government denials clashing against mounting evidence of financial burdens and industry unrest. Despite official claims to the contrary, Nigeria is reportedly shelling out approximately N907.5 billion monthly in subsidies for premium motor spirit…
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NEWS
Nigeria’s increase in petrol price hailed as ‘good move’
The increase in the pump price of petrol by the Federal Government from N123.50k/litre to a price band of N140.80 to N143.80 on Wednesday is an attempt to get out of the stranglehold of having to pay subsidy all the time. This revelation was made by former Imo State Finance Commissioner, Prof Uche Uwaleke. Uwaleke said exiting the subsidy regime…
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Energy & Environment
NNPC halts payment of subsidies
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, says Nigeria would no longer pay subsidy on petrol with the ongoing global oil price decline. Kyari disclosed this in a statement signed by NNPC spokesman, Dr Kennie Obateru, in Abuja on Monday. The NNPC boss said this while he featured as a guest in a…
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NEWS
We have NNPC audited accounts- Auditor General’s Office
Contrary to claims by the suspended Governor of the Central Bank of Nigeria (CBN) Lamido Sanusi, the ofiice of the Auditor General of the Federation is in possession of NNPC’s audited accounts from 2005 to 2012. The embattled governor had alleged that his suspension was Presidency’s reaction to public outcry about NNPC’s inability to account for missing $20bn accruing from…
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