#fuel subsidy

[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…

[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…

[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…

[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…

[kazifatagar]

Anwar pledges no new taxes but fairer subsidy system

Prime Minister Anwar Ibrahim announced that the government will not introduce new taxation but will implement a targeted subsidy system to benefit low-income groups. The new diesel subsidy will exempt fishermen, smallholders, and taxi drivers, addressing significant leakage where the wealthy and large industries currently benefit. Read More LM News Netizens Now UPSET Terengganu Won’t BAN Child…

[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…

[accuratenewsng]

World Bank reveals how subsidies benefit elite, reiterates removal

World Bank reveals how subsidies benefit elite, reiterates removal

The World Bank has said that a large share of Nigeria’s resources have financed inefficient and regressive subsidies which benefit primarily wealthy households in the country. It added that Nigeria needed to fix its public finances to promote inclusive and sustainable development. Specifically, this is contained in the World Bank Nigeria Public Finance Review Report released on Monday, November…

[rjzimmerman]

Excerpt from this EcoWatch story:

The five biggest countries in the European Union spend 42 billion euros each year on subsidizing fossil-fuel-powered company cars, a new study commissioned by Transport & Environment (T&E) says.

The report by Environmental Resources Management (ERM), “Company car fossil fuel subsidies in Europe,” called for increased subsidies for electric vehicles (EVs).

“This is completely illogical and completely unacceptable, that we’re still pouring billions of taxpayer money into a technology that’s completely contradictory to the European Commission’s green transition agenda,” Stef Cornelis, T&E’s fleet director, told Reuters.

About 60 percent of new cars sold in Europe are company cars.

“Company cars are seen as perks provided to employees as a part of their salary. While they are partially intended for work travel, they are also used privately – such as for commuting – to the benefit of the driver,” a press release from T&E said. “This is the first study of its kind that calculates these subsidies for every car model registered in Europe’s six biggest car markets, rather than relying on archetypal averages or example models.”

According to the study, Italy gives 16 billion euros annually in fossil fuel company vehicle subsidies, followed by Germany’s 13.7 billion euros.

France provides 6.4 billion euros in dirty fuel company car subsidies each year, with Poland close behind with 6.1 billion.

“Very high fossil fuel subsidies are found in Italy, Germany, France and Poland. This is mainly due to significant benefit-in-kind (BiK) tax breaks for petrol and diesel company car drivers. This tax break overwhelmingly benefits the most affluent consumers, with company car drivers earning nearly double as much as the average European consumer,” T&E said in the press release.