subsidy

Tinubu's Sham of A Palliative A Looting Spree in Disguise

Tinubu’s Sham of A Palliative: A Looting Spree in Disguise

In an era defined by global economic turmoil and the constant struggle against societal inequality, governments worldwide have a profound responsibility to shield their citizens from the biting impacts of these hardships. Unfortunately, in the case of Nigeria under President Bola Tinubu’s administration, this commitment to public welfare appears to be subverted by misguided attempts at populist governance.

President Tinubu recently proposed to dispense N8,000 to 12 million households for six months, a move that his administration parades as an effort to alleviate the burden of the populace. This initiative is not only bewilderingly shortsighted but also representative of a …

Subsidy When Will Tinubu Cut Nigeria's Cost

Subsidy: When Will Tinubu Cut Nigeria’s Cost Of Governance?

Successive Nigerian governments have for many years continued to hold on to the selfish narrative that citizens must make sacrifices if they ever want to experience a difference in their lives or anything with the semblance of development. However, these same citizens who have had to endure years of bad governance have continuously watched their leaders do the exact opposite of what they preach.

Once again, ordinary Nigerians have been called upon to make fresh sacrifices. This time, for the removal of fuel subsidy. But the apparent reality is that these citizens would have been more willing to cooperate if …

$800m Palliatives Buhari's Last Looting Package

$800m Palliatives: Buhari’s Last Looting Package

With barely 40 days to the end of his constitutionally allowed eight-year stay in office, President Muhammadu Buhari and his criminally-minded gang of looters are obviously not done ransacking Nigeria’s resources. His actions and inactions since he took over the reins of power eight years ago have clearly shown how much he hates the country he desperately sought to lead.

Most of the people who ignorantly imposed Buhari on Nigerians in 2015 did so for many reasons, prominent amongst them being the result of his perceived anti-corruption stance. He projected himself as an anti-corruption champion who will stamp out corruption …

Subsidy I Pity The Next President Of Nigeria – Sanusi

Subsidy: I Pity The Next President Of Nigeria – Sanusi

A former Emir of Kano, Lamido Sanusi has expressed his compassion for the next president that will succeed President Muhammadu Buhari, due to the perceived depleted state of the economy.

Sanusi, who is also the current Khalifah, Tijaniyat Movement of Nigeria, made this known in Kaduna on Saturday while addressing notable politicians at a Kaduna Investment programme titled, “Building a resilient economy”.

The 14th Emir said Nigeria’s economy has been tied to the oil and gas sector and subsidy removal is fast mitigating the economy’s growth.

‘Nigeria has continued to be a rentier state. It does not exist for

2023 Corruption Is Ruining Nigeria, I Will End It – Obi

2023: Corruption Is Ruining Nigeria, I Will End It – Obi

The presidential candidate of the Labour Party, Mr. Peter Obi, has asserted that fiscal recklessness, inability to tackle insecurity and corruption have been primarily responsible for Nigeria’s failing economy.

Obi also said that domestic problems, caused by leadership failure, have damaged the unity and cohesiveness of the country.

The former Anambra State governor, made this known while speaking at the Private Sector Economic Forum organised by the Lagos Chamber of Commerce and Industry on Monday, said the government that would succeed the Major Gen. Muhammadu Buhari regime in 2023 would be confronted by an array of daunting challenges, both …

₦6trn Subsidy Claim A Fraud, Customs Lambasts NNPC

₦6trn Subsidy Claim A Fraud, Customs Lambasts NNPC

Comptroller-general of Nigerian Customs Service (NCS), Hameed Alli has faulted the claim that at least ₦6 trillion will be paid out as fuel subsidy on Premium Motor Spirit (PMS) in the 2022 fiscal year by Nigerian National Petroleum Corporation (NNPC) Limited.

While defending the NCS presentation on the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP) yesterday, Alli alleged that the 98 million litres of PMS daily consumption rate allegedly being mentioned could not be substantiated scientifically, adding that over 38 million litres of PMS released daily in excess of actual consumption into the Nigerian market finds …

Stop Comparing Nigeria To South Africa — Minister Warns

Stop Comparing Nigeria To South Africa — Finance Minister

Nigeria’s Minister of Finance and National Planning, Zainab Ahmed, has warned Nigerians to stop comparing Nigeria with South Africa.

She pointed out that South Africa is a tax-based economy, while Nigeria on the other hand is competing with Sudan in the area of taxation.

The minister disclosed this on Monday while defending the government’s Medium Term Expenditure Framework and Fiscal Strategy Paper.

According to the minister, most high earners in Nigeria are not paying taxes, particularly at the state level.

‘The comparison between Nigeria and South Africa cannot be done. The federal government national budget and South African national budget

Subsidy On Fuel May Hit N6trn in 2022, IMF Warns Nigeria

Subsidy On Fuel May Hit ₦6trn in 2022, IMF Warns Nigeria

The International Monetary Fund (IMF) has warned that with Nigeria’s fuel subsidy payout averaging ₦500 billion monthly, total expenditure on subsidy could hit a record ₦6 trillion mark before the end of the year.

The multilateral lender also disclosed that a macro-fiscal stress test it conducted on the country showed that interest payments on debts in the country could amount to Nigeria using 100 per cent of its revenue to service debts by 2026 if not closely monitored.

IMF’s Resident Representative for Nigeria, Mr. Ari Aisen made this known while presenting the latest Sub-Saharan Africa Regional Economic Outlook, in Abuja …

We’ll Deduct N242bn Fuel Subsidy From FAAC This Month –NNPC

We’ll Deduct ₦242bn Fuel Subsidy From FAAC This Month –NNPC

The Nigerian National Petroleum Company Limited is to deduct ₦242.53bn as subsidy on Premium Motor Spirit (PMS), popularly called petrol, from the Federation Account this month.

Although it described the proposed subsidy deduction as a value shortfall, the oil firm stated that the fund would be recovered from February 2022 proceeds due for sharing in the March 2022 Federation Account Allocation Committee meeting.

The NNPC disclosed this in its latest presentation to the FAAC meeting, which was obtained by our correspondent in Abuja on Friday.

It said, ‘The December 2021 value shortfall recovery on the importation of PMS amounted

NERC Confirms Removal Of Electricity Subsidy

NERC Confirms Removal Of Electricity Subsidy

The Nigerian Electricity Regulatory Commission (NERC) on Friday has confirmed the removal of electricity subsidies by the Federal Government indicating that the citizens would now bear the full cost going forward.

While addressing a news conference in Abuja on Friday morning, the Chairman of the Commission, Mr Sanusi Garba, revealed that the review was conducted in line with multi-year tariff order that mandates that electricity tariff be reviewed every six months.

Africa Daily News, New York reports that the NERC’s confirmation is coming at a time the nation continues to confront an energy crisis amid petrol queues, rising diesel costs …

How We Quietly Removed Electricity Subsidy – FG

How We Quietly Removed Electricity Subsidy – FG

Nigeria’s Minister of Finance, Mrs Zainab Ahmed, has provided insight as to how the Federal Government managed to quietly remove the subsidy on electricity tariff.

According to her, the government had to carefully adjust the prices incrementally at some levels while also pointing out that the same measures would be applied to PMS in the nearest future.

She made this comments while speaking a virtual meeting of African Finance Ministers and the International Monetary Fund yesterday.

Ahmed pointed out that the amendment of the budget was ongoing to accommodate the incremental removal of fuel subsidy. The theme of the meeting …

Ignore Protests, Remove PMS Subsidy, IMF Advises FG

Ignore Protests, Remove PMS Subsidy, IMF Advises FG

In the wake of the controversies surrounding the removal of fuel subsidy, International Monetary Fund (IMF) has insisted that the removal of fuel subsidy remains the panacea to Nigeria’s economic recovery.

In its World Economic Outlook report, IMF executive directors urged the government to  devise means ofcompensating the poor, stressing that the saved resources should be transparently utilised.

Directors highlighted the urgency of fiscal consolidation to create policy space and reduce debt sustainability risks.

In this regard, they called for significant domestic revenue mobilisation, including by further increasing the value-added tax rate, improving tax compliance, and rationalising tax