fuel subsidy removal
Debt Burden: Half of Nigeria’s Revenue Goes to Repay Loans, Says Panel
Nigeria’s economic reforms are beginning to yield significant fiscal relief, as the country now spends less than 50 per cent of its revenue on debt servicing, according to the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee (FPTRC), Mr. Taiwo Oyedele. Speaking at PriceWaterhouseCoopers (PwC)’s Executive Summit on Nigeria’s Tax Reform in Lagos […]
NLC to Tackle Minimum Wage Defaulters
The Nigeria Labour Congress (NLC) has announced plans to launch a targeted enforcement campaign against private sector employers who fail to comply with the newly approved N70,000 national minimum wage law, particularly within the unorganised and informal sectors. The NLC disclosed this initiative in a statement by its Assistant Secretary-General, Onyeka Christopher, who lamented that […]
Peter Obi Slams Tinubu’s ‘Haphazard’ Fuel Subsidy Removal, Naira Float Policy
Labour Party’s 2023 presidential candidate, Peter Obi, has strongly criticized the President Bola Tinubu-led administration over what he described as the “haphazard implementation” of crucial economic reforms, including the removal of fuel subsidy and the floating of the naira. Speaking in an interview on Arise Television on Monday, Obi stressed that while the policies themselves […]
Oyo Rolls Out Relief Packages for Residents Amid Subsidy Removal
The Oyo State government, under the leadership of Governor Seyi Makinde, has expressed satisfaction with the impact of its intervention to support the masses under the Sustainable Action for Economic Recovery (SAfER) project, amidst the ongoing hardship encountered after the fuel subsidy removal. According to Prince Dotun Oyelade, the Commissioner for Information, “unlike other States, […]
Shafa Energy to Launch CNG Station in Abuja
Shafa Energy, a subsidiary of AYM Shafa Holdings Limited, has announced the official launch of its first Compressed Natural Gas (CNG) refuelling station in Abuja. The initiative, branded Shafa CNG, aligns with the Federal Government’s drive to mitigate the impact of fuel subsidy removal while advancing the country’s transition toward sustainable energy. The launch, which […]
IPMAN Accuses NMDPRA of Unpaid Bridging Claims in Petition to DSS
The lingering debt crisis between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has resurfaced, as IPMAN has again petitioned the Department of State Services (DSS) over unpaid bridging claims totaling over N150 billion. This development was disclosed during a courtesy visit by IPMAN National […]
CNG Taxis Slash Fares by 40%
In a bid to provide financial relief to commuters grappling with the impacts of fuel subsidy removal, the Presidential Compressed Natural Gas Initiative (PCNGI) has announced a groundbreaking fare reduction for taxis powered by Compressed Natural Gas (CNG) in Abuja. Michael Oluwagbemi, CEO of PCNGI, revealed that fares for taxis operating at the popular Area […]
Petrol Marketers Justify N899 Per Litre Price, Blame Rising Market Costs
In the wake of widespread public concern and industry backlash, leading petroleum marketing firm, SGR, has justified its decision to peg the pump price of Premium Motor Spirit (PMS) at N899 per litre. The company insists the price hike reflects prevailing market conditions following the full deregulation of Nigeria’s downstream oil sector. SGR’s defense comes […]
Subsidy Removal, Tension Spark Shortages and Price Hikes
Niger Republic has been grappling with an unprecedented fuel scarcity, which has brought economic activities to a halt. The Niger’s fuel crisis has been exacerbated by the removal of fuel subsidies by the Nigerian government, as well as the ongoing diplomatic tensions between the two countries. In this exclusive report, we delve into the root […]