The Economic and Financial Crimes Commission, EFCC, recovered approximately N13bn as proceeds from illegal payments made under the subsidy regime between 2017 and 2021. Reports state this in a document recently obtained from the Nigeria Financial Intelligence Unit, NFIU website…
The presidential candidate of All Progressives Congress (APC), Senator Bola Tinubu, On Tuesday before the business community reiterated his desire to totally eliminate fuel subsidy regime if he is elected in the February 2023 election. This is just as the…
…Targets 80 per cent non-oil revenue budget The Federal Government is set to spend N3.3trillion on first half year 2023 while non-oil revenue will account for 80 per cent of the revenue needed to finance the budget. The Minister of…
…Says Govt must increase revenue generation to reduce borrowing By Moses Adeniyi Burden of Nigeria’s public debt stock has been worsened by petrol subsidy as the borrowings of the Federal Government to finance budget deficits were increased by N1trillion to…
Presidential candidate of the Labour Party (LP), Peter Obi, said oil subsidy is organised crime, insisted that government should rather channel resources to private sector led local refining. Obi, who was the guest speaker at the Private Sector Economic Forum…
The World Bank says increasing fuel subsidy puts the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns. The Washington-based lender said this in a new biannual report known as…
…Seeks Senate approval for fiscal expenditure adjustment …Cuts upstream JV fund by N200bn …Reduces oil production by 283,000bpd …Adds N161.40bn to personnel cost …Provides additional N182.45bn fund for Police welfare Uthman Salami The Federal government has raised 2022 budget for…
Mr Tayo Aboyeji, Lagos Zonal Council Chairman, Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), has advised the Federal Government to fix the country’s refineries before removing fuel subsidy. Aboyeji gave the advice while delivering his inaugural speech as…
…As NNPC distributes one billion Litres of fuel …Scarcity persists in Ogun, Lagos, Abuja …PMS now selling at N700 black market in FCT Abimbola Abatta, Uthman Salami, and Ariemu Ogaga The Federal Government on Tuesday sent N2.55trn supplementary budget for fuel…
The Federal Government has stated that part of its plans to ensure life is made easier for Nigerians before full removal of subsidy on fuel, will be to embark on an auto-gas plan, which it says it has already begun…
