• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 3, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Natural Resources

Nigeria has not taken decision yet on fuel subsidy

Subsidy

The Matters Press by The Matters Press
January 21, 2022
Reading Time: 2 mins read
0
Nigeria has not taken decision yet on fuel subsidy


The National Economic Council (NEC) says it has yet to take a decision on the issue of fuel subsidy removal as deliberations are still ongoing.

RELATED POSTS

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Atiku’s hunger revolution, delusional – TMSG

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Gov. Godwin Obaseki of Edo fielded questions from State House correspondents after the NEC meeting presided over by Vice President Yemi Osinbajo on Thursday at the Presidential Villa, Abuja.

According to the governor, NEC has been deliberating on the issue of fuel subsidy for more than a year.

“There was an ad hoc committee set up by NEC and headed by Gov. Nasir El-Rufai that included members of the executive arm of government and worked on recommendations as to what we should do about the cost of Premium Motor Spirit (PMS) locally.

“Because as you realise, as it has been told us, the cost of PMS in Nigeria today is about N162 for a litre whereas every other country surrounding Nigeria is selling the product at more than 100 per cent of the cost in Nigeria.

“The country, as at last year, spent in excess of …; we must have the exact figures — but we must have spent almost N2 trillion subsidising petroleum products.

“That is money that could have gone into building roads; money that could have gone into healthcare and education.

“So, for NEC, the argument has been put out; should we continue this regime of spending money that we do not have to subsidise the living standard of mostly those who have vehicles.’’

He said that when NEC looked at some of the analysis last year, it realised that less than one-third of the states of the country consumed two-third of the subsidy.

According to him, the issue of equity also comes up.

“All of these findings were presented to NEC and NEC has deliberations still ongoing.

“So, NEC has not come up with any decision yet and I think has also been made to the president,’’ he said.

On his part, Gov. Abdullahi Sule of Nasarawa State said Nigerians ought to know about the Petroleum Industry Act (PIA) as the NNPC had become a limited liability company.

According to him, the NNPC will run differently henceforth.

“So, if the Ministry of Finance, Budget and National Planning provides for six months, you probably can understand part of the reason for the provision of six months before NNPC takes off.

“At that moment, that is when decision will be made. But I want to make the correction that it is not governors who are making the recommendations.

“It is actually a NEC committee that is looking at this and no decision has been made; probably a decision will be made; the PIA would have taken charge and it would not require any recommendation from anybody,’’ Sule said.

Tags: Petrol
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Next Post
DMO releases bonds issuance calendar

DMO’s January bond auction receives N300bn over subscription

Leather product policy implementation plan underway

Leather product policy implementation plan underway

Recommended Stories

22 African nations in debt crisis

Non-interest financing, equity, solutions to huge debt crisis – FG

December 7, 2023
Re-capture of Baga excites Buratai

Sponsored protest against military imminent, Presidency warns

February 15, 2020
Experts seek implementation of economic development plans

Support economic reforms, Anglican Primate urges Nigerians

July 10, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎
  • Atiku’s hunger revolution, delusional – TMSG
  • ‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us