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May 31, 2023

May 31, 2023 IFMNEWS

FG Owes NNPCL N2.8tn, Says Kyari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has said that the Federal Government still owes the company 2.8 trillion naira that it had spent on petrol subsidy.

He stated this while speaking with State House Correspondents after meeting President Bola Tinubuat the Presidential Villa, in Abuja.

Affirming the President’s stance on subsidy removal, Kyari argued that the subsidy payment is no longer tenable as it makes it difficult for the company to fund its core businesses.

The NNPCL boss said that since the provision of the 6trillion naira in 2022, and 3.7trillion naira in 2023, the company has not received any payment whatsoever from the Federation.

Kyari added that this can be a huge challenge for the company, noting that it has severally highlighted this to government that they must pay the NNPC back the money it has spent on the subsidy.

May 30, 2023

May 30, 2023 IFMNEWS

Tinubu Gets Right To Work, Removes Fuel Subsidy

President Bola Tinubu declared on Wednesday that the age of gasoline subsidies was over, saying that it was unsustainable.

He also vowed to evaluate the previous administration’s naira redesign strategy and unify the country’s exchange rate windows.

The President also stated that the February 25 presidential election that brought him to power was the most difficult to win since the First Republic, as well as the best so far.

He stated that his triumph does not make him more Nigerian than others, and that the opposition’s wisdom will not be ignored.

President Tinubu, in his inaugural speech at Eagle Square in Abuja, said Nigerians had faced hardships that would have caused other societies to crumble, and vowed that the mandate bestowed upon him was not wasted, and that he would govern rather than rule.

November 22, 2021

November 22, 2021 IFMNEWS

IMF Tells Nigerian Government To Remove Fuel, Electricity Subsidies Early 2022

The International Monetary Fund has advised the federal government to completely remove fuel and electricity subsidies in early 2022.

The Washington-based Organisation noted that the removal of “retrogressive” fuel and electricity subsidies should be considered a priority as part of the government’s fiscal policy.

In its preliminary findings at the end of its official staff visit to the country under the Article IV Mission, IMF also called for reforms in the fiscal, exchange rate, trade and governance aspects of Nigeria.

The IMF noted that Nigeria’s past experiences with fuel subsidy removal, which have all been short-lived and reversed, underscore the importance of building a consensus and improving public trust regarding the protection of the poor and efficient and transparent use of the saved resources.

Senior Advocate of Nigeria, Femi Falana, reacting to the development, said the IMF has no right to tell Nigeria how to run its affairs.

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Tag: fuel subsidy

FG Owes NNPCL N2.8tn, Says Kyari

Tinubu Gets Right To Work, Removes Fuel Subsidy

IMF Tells Nigerian Government To Remove Fuel, Electricity Subsidies Early 2022

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