fuel subsidy price nigeriaOpinions have differed sharply in Nigeria on the continued existence of fuel subsidy. The opponents of Government-planned removal of fuel subsidy argue that the existence of fuel subsidy is a fallacy. On the other hand, the proponents opine that the existence of fuel ...
The Pertinency of Fuel Subsidy in Nigeria’s Economic RecessionThis paper emphatically identified fuel subsidy as a sound policy that will resuscitate Nigeria from the present recession. Nigeria's economy was officially declared to be in recession, following the figures released by the National Burea...
The study focused on Nigeria as a significant oil producing country in Sub Saharan Africa and employs narrative method for its analysis. The study concludes that while fuel subsidy removal policy (in the short term) would have welfare implications, in the long run, the policy would bring about...
Fuel prices have nearly tripled in Nigeria after the country’s new President Bola Tinubu said his administration would no longer subsidize gasoline for citizens of Africa’s largest oil producer. In a seemingly off-the-cuff remark during his inaugural speech Monday, Tinubu dec...
With daily consumption of roughly 40 million litres, that's 1.2 billion naira ($3.15 million) per day, at a time when low oil prices have left Nigeria's budget 5.60 trillion naira in deficit. "The reality of it is that whether it's subsidy, (whatever) you want to call it...
Concerns over subsidy payments earlier this year caused fuel shortages that grounded flights, led to long queues at petrol stations and even brought mobile phone companies and banks to a standstill. Traders and analysts say Nigeria cannot afford to keep the scheme going – particularly given the st...
With daily consumption of roughly 40 million litres, that's 1.2 billion naira ($3.15 MM) per day, at a time when low oil prices have left Nigeria's budget 5.60 trillion naira in deficit. "The reality of it is that whether it's subsidy, (whatever) you want to call it... it's...
Reuters | Nigeria’s outgoing government has recommended that the new administration of president-elect Bola Tinubu give public sector workers pay rises after removing a fuel subsidy in June, Labour Minister Chris Ngige said on Tuesday. President Muhammadu Buhari, who steps down in May, had planned...
In 2010, subsidy payments alone gulped about N1.3 trillion, which represents about 24 percent of the entire budget and in a mono-dependent economy which begs for infrastructural development this can best be described as a misnomer. Previous governments have tried unsuccessfully to bring about the ...
The United States, yesterday, disclosed that Nigeria’s inability to eliminate subsidy on petroleum products and failure to hands off the fixing of electricity tariffs is hampering the provision of critical social infrastructure in the country. ...