• Fuel subsidy gulps $35bn spent in 5 years – former NNPC director

    Fuel subsidy gulps $35bn spent in 5 years – former NNPC director

    A former acting group executive director of the Nigerian National Petroleum Corporation (NNPC), Dr. Tim Okon, has revealed that Nigeria spent an estimated $35bn as subsidy on petroleum products out of the $300bn earned from crude oil from 2010 and 2014.

    This is just as experts from the oil sector have called on the Federal Government to diversify the economy and discontinue its overdependence on oil revenue.

    Okon and some professors, as well as other stakeholders in the oil and gas sector, […]

  • FG must probe diverted N1trn spent as fuel subsidy between 2011 and 2012 – Pastor Bakare

    FG must probe diverted N1trn spent as fuel subsidy between 2011 and 2012 – Pastor Bakare

    Pastor Tunde Bak­are of Latter Rain Ass­sembly, in Ogba, Lagos, has called on President Muhammadu Buhari to probe N1 trillion spent as fuel subsidy between 2011 and 2012.

    He also said Buhari’s anti-corruption war should be extended be­yond misappropriated defence funds, popu­larly referred to now as Dasukigate, to the 2011 fuel subsidy fraud.

    In his message de­livered at the church, entitled: The courage to do the right thing, Bakare, who is also the serving overseer of the church, said 2012 subsi­dy claims […]

  • Fuel subsidy is a heavy yoke, we couldn’t allow it to linger anymore – Tinubu

    Fuel subsidy is a heavy yoke, we couldn’t allow it to linger anymore – Tinubu

    The National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, has once again called on Nigerians to stop lamenting the removal of fuel subsidy.

    Tinubu, said subsidy was a heavy yoke and that the government could no longer allow it to linger. According to the former Governor of Lagos State, for almost 30 years, Nigeria had bore distortions in the downstream oil sector by operating a thick system susceptible to manipulations and structured in a way that allowed a few people […]

  • Guess what Ben Bruce replied when asked about surviving the fuel subsidy removal?

    Guess what Ben Bruce replied when asked about surviving the fuel subsidy removal?

    Senator Murray Bruce who is very active on twitter with his “Commonsense” series and tweets, gave social media users a chance to laugh off their pains for a moment as the news of the fuel subsidy removal made waves around Nigeria. Below is what he tweeted:

    Someone had apparently asked the Senator to give some advice on how to survive the fuel subsidy removal and the man gave a hilarious answer to the inquirer. He then shared the story with his […]

  • Opeyemi Agbaje says fuel subsidy should be removed

    Opeyemi Agbaje says fuel subsidy should be removed

    Chief Executive Officer, RTC Advisory Services Limited, Mr. Opeyemi Agbaje, says the time is ripe for the Federal Government to remove fuel subsidy, which he described as wasteful and prone to corruption.

    He said fuel subsidy removal would release N1tn per annum for investment in people, alleviating poverty, unemployment and inequality, adding that “the timing is auspicious due to low oil prices.”

    Agbaje, who stated this at an investors’ forum in Lagos, said, “The economy is paying the cost of deregulated fuel […]

  • NLC vows to resist removal of fuel subsidy

    NLC vows to resist removal of fuel subsidy

    It was gathered that the Nigeria Labour Congress (NLC) has reinstated its resolve to oppose any attempt by the Federal Government to remove subsidy on petroleum products, tasking the government to ensure that fuel pumps across the country dispense petrol at the approved pump prize.

    In a statement signed by its Acting President, Comrade Kiri Mohammed, NLC said the President Muhammadu Buhari administration must take charge of the situation and declare a state of emergency in the sector.

    The congress lamented that […]