Category Archives: fuel subsidy

Fuel subsidy removal saves N647m daily

Nigeria is currently saving N647.2 million daily from the suspension of subsidy on Premium Motor Spirit (PMS), also known as petrol, Vanguard reports. At the current price of N86.50 per litre in petrol stations across the country, the country is making an extra N16.18 per litre. The saving is partly due to the continuous decline in…
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FG did not pay any subsidy in January – Kachikwu

The Minister of State for Petroleum/Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu, yesterday said the Federal Government did not pay any subsidy on petroleum products in January 2016 following the commencement of the new price regime for petroleum products, Vanguard reports. Kachikwu revealed this when he appeared before…
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Nigeria scraps fuel subsidy, cut petrol price to N85 per litre

The Nigerian Government announced on Friday that it has scrapped the Petroleum Support Fund, also known as fuel subsidy. Speaking to journalists at the Port Harcourt refinery where he had spent Christmas inspecting the facility, the Minister of State for Petroleum, Ibe Kachikwu, said the government could no longer pay the subsidy due to the…
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RMAFC urges FG to completely remove fuel subsidy

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has urged the Federal Government to remove fuel subsidy because it has become a burden on the nation’s economy,Daily Independent reports. This was contained in a statement by its Head, Public Relations, Mr Ibrahim Mohammed on Wednesday in Abuja. He said the subsidy had not served the masses…
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