One of the first things that had been cited as evidence of President Bola Ahmed Tinubu showing courage and wisdom and hitting the ground running as the 16th President of Nigeria, has been his announcement that “fuel subsidy is gone”. In his inaugural speech on 29 May, he did not state how but within 24 hours, […]
One of the first things that had been cited as evidence of President Bola Ahmed Tinubu showing courage and wisdom and hitting the ground running as the 16President of Nigeria, has been his announcement that “fuel subsidy is gone”. In his inaugural speech on 29 May, he did not state how but within 24 hours, his rather speculative declaration was given effect. Oil marketers and managers at fuel stations adjusted their operations, shifting prices per litre of petrol upwards.
In the weekend leading to the Inauguration of the new administration on Monday, 29 May, the National Assembly hurriedly met: Senate first, followed by the House of Representatives to pass amendments extending the 2023 Supplementary Appropriation Act till December 2023, and another Bill amending the Central Bank of Nigeria Act, to give effect to the criminal violation of Section 38 of the Law on the approved threshold for Ways and Means. The Bill as passed moved the threshold from 5% to 15%.
In the Holy Bible , the story is well told of Jonathan’s faith in God. He did not ascend to the throne because of his father, Saul’s sin, and he may have died in battle at Mount Gilboa, but students of the Word will remember his valiant outreach against the Philistines. He told his armor bearer: “it may be that the Lord will work for us…” .
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Fuel subsidy and fuel burdenOrdinarily subsidy is a good word. One can imagine some of the synonyms of the word such as assistance, bonus, endowment and financial aid.
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Five benefits of fuel subsidy removalPresident Bola Tinubu on Monday announced fuel subsidy was gone because there is no budgetary allocation for it after June. What is fuel subsidy? Fuel subsidies are a form of government intervention to reduce the cost of fuel by providing direct financial support to oil companies, and as such, subsidise the product to consumers (Nigerians). Nigeria is one of Africa’s largest producers of crude oil, and it relies heavily on this resource for its economic growth. The 2023 budget proposed N2.557trn supplementary budget for fuel subsidy. Here are five benefits of fuel subsidy removal: 1. Fuel subsidy removal, according to experts, would free up resources for other sectors of the economy. 2. The government spends a significant portion of its budget on fuel subsidies, which could be better spent on education, healthcare, infrastructure development, amongst other key sectors. 3. Establishments of domestic refineries to produce more petroleum products, reducing Nigeria’s…
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Fuel Subsidy: Nigeria electricity workers to embark on nationwide strike'Please note that withdrawal of Services nationwide commences from 0.00 hours of Wednesday, June 7, 2023,' the statement said.
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Fuel subsidy removal: Dialogue with organised labour, others - PDP tells Tinubu govtThe Peoples Democratic Party, PDP, has urged the present administration under President Bola Ahmed Tinubu to engage in genuine dialogue with organised
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Federal Govt, TUC Meet Over Removal Of Fuel SubsidyThe meeting, which kicked off about 5pm, is said to have been at the instance of the federal government and is expected to be discussing fallouts from the
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