“We need N3.4trillion to subsidise daily fuel consumption – NNPC

The Nigerian National Petroleum Company (NNPC) Limited says the sum of N3.4 trillion is needed to subsidise the 66.7 million litres of Premium Motor Spirit (PMS), otherwise known as petrol, for daily consumption, and not the N4 trillion approved in this year’s budget. The Chief Executive Officer of NNPC, Mele Kyari, disclosed this at the resumed hearing of the House of Representatives ad-hoc committee investigating subsidy regime from 2013 to 2021 in Abuja, on Monday. Kyari, who was represented by the NNPC’s Chief Financial Officer, Umar Ajia, said there is…

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Fuel Subsidy MDA’s conflicting figures: NMDPRA gives new figure of 66.8m litres daily petrol consumption in Nigeria 

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has given a new figure of what it says is the amount of petrol distributed across the country daily. The agency said Nigeria consumes 66.8 million litres of petrol daily, not 62.9 million it earlier quoted. However, both the previous figure and the new one contradict the quantity announced by the State-owned oil company, Nigerian National Petroleum Company (NNPC) Limited, as the volume consumed in the country. Recall that the NNPC had last Sunday insisted that the country consumes 68 million…

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Nigeria’s $16bn subsidy bill surges; to double total spending of all 36 States – Rewane

Full year estimate for petrol subsidy payment for 2022 will hit nearly sixteen (16) billion dollars (roughly N6.8trillion), representing double the total expenditure budget of all the thirty-six States in 2021, according to leading economist, Bismarck Rewane. The renowned economist, who spoke at the breakfast meeting of the Lagos Business School, said according to a World Bank report last year, all the 36 States spent the equivalent of $9.8bn (about N4.2 trillion), or half what the nation will spend this year to cover the controversial petrol subsidy payments, which goes…

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Fuel Subsidy Posers: “We’re ready for petrol supply forensic audit – NNPC Spokesman replies Customs Boss

The Nigerian National Petroleum Company Limited (NNPC) says it is ready for a forensic audit of its petrol supply and subsidy management framework. Its Group General Manager, Public Affairs Division, Garba Deen Muhammad, stated this in an issued press statement at the weekend. Recall that the Nigerian Customs Service (NCS) had refuted claims by the NNPC that citizens consume about 60 million litres of petrol daily. It further alleged that the oil company was supplying an excess of 38 million litres of petrol daily since “98 million litres” were lifted…

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“NNPC N6trillion fuel subsidy is a fraud” – Customs Boss, Hameed Ali 

…Says over 38m litres of petrol leave Nigeria daily The Comptroller-General of Nigerian Customs Service (NCS), Hameed Ali, yesterday faulted the over N6 trillion allegedly being paid as fuel subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, in 2022 fiscal year by the Nigerian National Petroleum Company (NNPC) Limited. The Customs Boss, who disclosed this while defending the NCS presentation on the 2023-2025 Medium-Term Expenditure Framework (MTEF) and Fiscal Policy Paper (FSP), held at the instance of the House Committee on Finance, chaired by Hon. Abiodun James Faleke,…

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Petrol subsidy to remain till mid-2023 – FG

Ahead of the 2023 budget presentation, the Federal Government yesterday reiterated that petrol subsidy will remain in place until mid-2023. According to the Minister of Finance, Zainab Ahmed, the Government is proposing to spend only N3.36 trillion for petrol subsidy in 2023. The Minister made the comment while meeting with the House of Representatives Committee on Finance in Abuja on the details of the 2023-2025 Medium-Term Expenditure Framework and Fiscal Strategy Paper, (MTEF). She added that the Federal Government is proposing an aggregate expenditure of N19.76 trillion for the 2023…

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OPC wants fuel subsidy sustained

…Says no to removal without functional local refineries The Oodua People’s Congress, (OPC), has condemned the expensive cost of fuel and gas, and demanded that pending when the nation’s four refineries would begin local production, the President Muhammadu Buhari must halt any plan to remove fuel subsidy. The group made the call in an issued statement on Wednesday by its President, Wasiu Afolabi, popularly called Askari. Askari is the leader of the Frederick Fasehun faction of the OPC. He warned that scrapping fuel subsidies without locally-produced fuel would further escalate…

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President Buhari approves fuel subsidy removal to take effect June 2023

…’Nigeria spends N18.69bn daily on subsidy – Finance Minister The Minister of Finance, Mrs. Zainab Ahmed, has disclosed that President Muhammadu Buhari has set June 2023 as the date for the removal of fuel subsidy. Ahmed disclosed on Thursday, while appearing before the House of Representatives ad-hoc committee investigating the fuel subsidy regime from 2013 to 2022.  This clearly means that the burden of the policy, which has been described by many as a major drain and waste of resources, would be shifted to the next administration from May 29,…

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Reps fault N18.37bn daily subsidy payment, N448 per litre as PMS landing cost in 2022, 2023

…Differ on computation of N6.79tr fuel subsidy The Federal Government, yesterday, disclosed that it is currently paying N283 as a subsidy on every litre of premium motor spirit (PMS) imported into the country by Nigerian National Petroleum Company (NNPC) Limited. The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, who disclosed this at the resumed investigative hearing into the Ad-hoc Committee investigating the payment of the controversial fuel subsidy payment between 2013 and 2022, chaired by Hon. Ibrahim Aliyu, who picked holes in the Minister’s presentation on the…

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Fuel subsidy hits N1.593tr, refinery rehabilitation gulps N54.66bn – Report

The latest data on the amount spent on subsidising Premium Motor Spirit (PMS), popularly called petrol, released on Monday showed that the Government subsidised the commodity with N1.593tn between January and June 2022. Figures obtained from the Nigerian National Petroleum Company Ltd. (NNPCL)’s presentation to the Federation Accounts Allocation Committee (FAAC) meeting for July 2022 showed that subsidies on petrol were implemented in June. Recall that the company transited from a public oil firm to a commercial entity last month. It was also gathered that the NNPCL pumped N54.66bn into…

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