#fuel subsidy

[kazifatagar]

Fuel Subsidy Slash Set to Spark Voter Backlash: Anwar's Reform Risks in 2025

The federal government’s planned removal of the RON95 petrol subsidy in mid-2025 risks fueling discontent among voters, warned BMI, a Fitch Solutions subsidiary. While Prime Minister Anwar Ibrahim’s administration pushes forward with critical economic reforms, the move could exacerbate concerns over the rising cost of living. BMI noted that Anwar’s approval rating, which stood at 54% at the end…

[northnods]

Adesina Reveals Why Buhari Kept the Fuel Subsidy

Buhari Did Not Remove Fuel Subsidy Out of Concern for ‘Ordinary’ Nigerians – Adesina Reveals Femi Adesina, who was the Special Adviser to former President Muhammadu Buhari, explained that the decision to remove fuel subsidy during Buhari’s time in office was not because of economic prosperity but he wanted to protect the well-being of “ordinary” Nigerians. Instead, Adesina’s remarks showed the…

[gurutrends]

EXCLUSIVE: How Dangote Lied To Tinubu Over 500 Million Fuel Storage Claims, Lobbies For Fuel Subsidy, Pressures President To Force NNPC To Buy His Petrol At N990/Litre

Sources privy to the recent discussions between Dangote and President Tinubu disclosed to SaharaReporters that Dangote misled the president during their meeting by claiming he had 500 million litres of fuel in storage. Aliko Dangote, the billionaire industrialist, reportedly misled President Bola Ahmed Tinubu regarding his fuel storage capacity, claiming to have 500 million litres available. It…

[goldmynetv]

FG spent N3.6 trillion on fuel subsidy in 2023, projects N5.4 trillion in 2024 - Wale Edun

The Federal government said fuel subsidy is projected to gulp about N5.4 trillion in 2024 as against the N3.6 trillion budgeted for the same intervention in 2023. This is contained in a draft copy report of the Accelerated Stabilization and Advancement Plan (ASAP) presented to President Tinubu by the finance minister, Wale Edun, on Tuesday. The report showed that the estimated expenditure on…

[benandstevesposts]

Another reason oil companies use to raise prices on gasoline and home heating fuels is when there are no other issues. ‘The weather is too hot!’

[earthsoundreports]

Subsidy Removal: Civil Servants in Taraba State Sell Off Cars

Wole Soyinka Fadeyi NOTHING WILL HAPPEN 25% in the FCT Wole Olanipekun Judiciary Twitter NG Obingos Abia State The Prophet Auba

Car sellers in Jalingo, Taraba state capital are running out of parking space as civil servants who cannot afford to maintain their vehicles since the removal of fuel subsidy are selling their cars. Civil servants in the state are compelled to sell out their vehicles since the removal of the fuel subsidy which forced the price of the commodity to skyrocket over 100 percent.Pump price of fuel in…

[pterosaw]

Fuel subsidy removal will increase unofficial payments collection by ‘agberos’ in Lagos – Funso Doherty

In a recent statement, prominent economist Funso Doherty has expressed concerns that the removal of fuel subsidies in Lagos may lead to a significant increase in unofficial payments collected by “agberos” – the notorious street touts and unofficial revenue collectors in the city. The Nigerian government recently made the decision to remove fuel subsidies as part of ongoing efforts to restructure…

[gkingmusik]

How Is Fuel Subsidy Removal Affecting You Right Now?

The removal of fuel subsidy in Nigeria has had a severe impact on Nigerians, causing significant hardship. How Is Fuel Subsidy Removal Affecting You Right Now? Numerous individuals have expressed their grievances, with some taking to protests, while others openly lament and voice their concerns regarding the consequences of the Fuel Subsidy Removal. Currently, petrol prices in Nigeria have surged…

[kazifatagar]

New: Fuel Misappropriation Soars. RON95 subsidy Reforms May Start This Month

PUTRAJAYA – Fuel subsidy rationalisation for RON 95 petrol might happen as soon as this month, an economist told Bloomberg. Cases of misappropriated subsidized RON95 petrol have increased since the implementation of targeted diesel subsidies, with 46 cases involving 14,011 liters in 20 days. This is higher compared to the 37 cases and 17,064 liters in the 20 days before the diesel subsidy…

[alabs1]

Kyari: FG Owes NNPC N2.8trn Spent On Petrol Subsidy

The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari has said that the federal government still owes the firm the sum of N2.8 trillion spent on petrol subsidy. Addressing journalists after a meeting with President Bola Tinubu in Abuja, on Tuesday, Kyari said the subsidy payment was no longer sustainable as it hinders the company from…

[alabingo]

NNPC says no need for panic buying, backs Tinubu on fuel subsidy removal

Our reporter/ The Nigerian National Petroleum on Monday backed the removal of fuel subsidy by the Tinubu government. Tinubu had in his inaugural address earlier Monday declared an end to the era of subsidy payment, saying the 2023 budget made no provision for fuel subsidy. Reacting to the development in an emergency press conference at the NNPC Towers, Abuja, NNPCL told Nigerians that the move…

[streetreporters]

Nigeria's Federal Government Initiates External Audit of NNPC's N2.7tn Subsidy Claim

The Federal Government has taken a significant step towards verifying the Nigerian National Petroleum Company Limited’s (NNPC) N2.7tn fuel subsidy claim by initiating the selection process for an external auditor. This move aims to determine the authenticity of the claim and ensure transparency in the subsidy payment process. The external auditor will assist the Office of the Auditor-General of…

[goldmynetv]

PENGASSAN Confirms Return Of Fuel Subsidy Under Tinubu

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed the return of fuel subsidy under President Bola Tinubu. President Bola Tinubu had announced the removal of fuel subsidy on his first day in office, leading to increase in fuel price from N197 to between N480 and N570, the pump price was subsequently reviewed upward to N620. However, there were reports…

[allthecanadianpolitics]

Ottawa published its plan for eliminating inefficient fossil fuel subsidies today — making Canada the first country among wealthy, heavy-emitting nations to do so, according to the federal government.

In 2009, the countries that make up the G20 publicly promised to "phase out and rationalize ... inefficient fossil fuel subsidies" over the "medium term."

Such subsidies "encourage wasteful consumption, reduce our energy security, impede investment in clean energy sources and undermine efforts to deal with the threat of climate change," said the G20 communique.

Environment and Climate Change Minister Steven Guilbeault announced the plan in Montreal Monday as Canada continues to grapple with one of the worst wildfire seasons ever recorded and devastating flooding in Nova Scotia.

"We're eliminating subsidies to produce fossil fuels in Canada, unless those subsidies are aimed at de-carbonizing the emissions of the sector," Guilbeault said.

Continue Reading.

Tagging: @politicsofcanada

[rjzimmerman]

Excerpt from this story from Grist:

President-elect Donald Trump has repeatedly promised to upend the federal government, and he has enlisted firebrands Elon Musk and Vivek Ramaswamy to help him do it. The two men are set to lead the Department of Government Efficiency and aim to trim $2 trillion from the U.S. budget.

That’s about one-third of all federal spending, and the pair also believe they can cut the government workforce by 75 percent. In announcing the office, known as DOGE, Trump said that “these wonderful Americans” will “dismantle” bureaucracy, “slash” regulations, cut “wasteful” expenditures, and “restructure” agencies. Ramaswamy took to X to promise, “We will not go gently.”

Overall, that’s likely going to be bad news for U.S. environmental policy and the Biden administration’s landmark climate bill, the Inflation Reduction Act. But there’s a chance that, if DOGE wields its cleaver widely enough, the department may actually please environmentalists by eliminating a few things they have long-loathed, including fossil fuel subsidies. 

“It’s a truth test to all of their messaging,” said Matthew Tejada, a former Environmental Protection Agency official who’s now a senior vice president at the Natural Resources Defense Council. “These handouts to the oil and gas industry, which allows these multinational corporations to earn billions of dollars a year, fly in the face of everything else they talk about.”

The extent of these federal subsidies depends on how they are counted. The Fossil Fuel Subsidy Tracker pegged them at nearly $18 billion in 2023. The International Monetary Fund estimate is $757 billion, including what it calls ‘implicit’ subsidies, such as undervaluing environmental harm. While the exact number is debated, it is clear that ending these industry benefits could reap billions in revenue. 

“The enormous handouts that we continue to make to an industry that extracts tens of billions of dollars out of our country already should certainly be somewhere within their line of sight,” Tejada said. “There are dozens and dozens of different subsidies.”