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August 19, 2022 FG Spends N18.39bn Daily On Petrol Subsidy

FG Spends N18.39bn Daily On Petrol Subsidy

The Minister of Finance, Budget and National Planning, Zainab Ahmed has disclosed that the federal government is spending 18.397 billion Naira per day on fuel subsidy.

This translates to N283 Naira per liter of Premium Motor Spirit popularly called Petrol.

The Minister stated this yesterday before the House of Representatives’ Ad Hoc Committee to Investigate the Petroleum Products Subsidy Regime from 2013 to 2022 that grilled her over payments of subsidy on Petrol by the Federal Government.

While speaking on this on a monitored programme, the Chief Executive Officer of Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yussuf said the government cannot afford to continue paying billions of naira as subsidy on fuel.

Dr Yusuff said though the impact of subsidy removal on average Nigerian will be huge, it can be removed gradually.

 

May 17, 2022 Airline Operators Warn Of Impending Flight Disruptions, Cancellations Over Aviation Fuel Scarcity

Airline Operators Warn Of Impending Flight Disruptions, Cancellations Over Aviation Fuel Scarcity

Nigerian airlines, under the aegis of Airline Operators of Nigeria (AON) have said there will be disruption of scheduled flight operations over the growing scarcity of aviation fuel.

The spokesperson of AON, Obiora Okonkwo said this in a public notice he issued.

The statement said the scarcity of aviation fuel is impacting negatively on the seamless conduct of air transport operations and “would lead to flight rescheduling, and, or, cancellations”.

The statement said the association and its members are working very hard, and in alliance with product marketers, government and relevant stakeholders, to ensure availability and proper pricing of aviation fuel in the country.

Two weeks ago, some airlines had complained about the rising cost of aviation fuel and threatened to shut down operations.

The proposed strike was aborted after Femi Gbajabiamila, Speaker, House of Representatives, convened a meeting of all stakeholders in the industry, including marketers and the Central Bank of Nigeria.

 

 

 

March 17, 2022 Marketers, Airlines Dialogue Over Aviation Fuel Price Hike

Marketers, Airlines Dialogue Over Aviation Fuel Price Hike

The Major Oil Marketers Association of Nigeria (MOMAN), says they are in talks with domestic airlines to find a solution to steady supply of aviation fuel for their operations.

Executive Secretary, MOMAN, Clement Isong, confirmed the development in an interview with newsmen in Lagos.

He said the engagement follows the House of Representatives intervention and the supervision by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

According to him, the situation can also abate if marketers are able to get foreign exchange at decent rates instead of sourcing from the parallel market.

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February 21, 2022 Fuel scarcity: TUC threatens strike, FG pleads with Nigerians

Fuel scarcity: TUC threatens strike, FG pleads with Nigerians

The federal government has asked Nigerians to exercise patience as it finds “lasting solutions” to the scarcity of premium motor spirit otherwise known as petrol in the country

Minister of state for petroleum resources, TIMIPRE SYLVA made the appeal in a statement issued by HORATIUS EGUA, his senior adviser on media and communications.

The minister said the government is aware of the hardship faced by Nigerians as a result of the scarcity.

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