Connect with us


BIG STORY

Subsidy: Nigerians To Spend N6.7tn On Fuel In 2022, Petrol To Sell For N340 From February

Published

on

Nigerians will spend about N6.732tn on the purchase of Premium Motor Spirit, popularly called petrol, within a period of 12 months once the Federal Government stops subsidising the commodity from February next year, investigations have revealed.

This came to the fore on Wednesday as the Nigeria Labour Congress described the government’s plan as a “penny wise pound foolish” gamble.

The Senate and economic experts also faulted the Federal Government’s plan to pay N5,000 each to 40 million Nigerians to cushion the effect of fuel subsidy removal.

The Group Managing Director of the Nigerian National Petroleum Company Limited, Mele Kyari, had on Tuesday announced at a World Bank event in Abuja that petrol would sell for between N320 and N340 per litre from February 2022.

The current pump price of petrol at filling stations is between N162 and N165/litre, although the product is mostly sold at the upper N165/litre rate due to recent challenges in the downstream oil sector.

The N165/litre price is basically because the product is being subsidised by the Federal Government through the NNPC.

Going by the latest revelation of the NNPC boss that subsidy on petrol would end in February and the price jerked up to N340/litre, findings showed that Nigerians would spend about N18.7bn daily for the over 55 million litres of petrol consumed each day across the country.

Users of petrol would spend about N561bn for the average of 30 days in a month, while in the 12-month period, consumers would pay about N6.732tn.

In its most recently published monthly operational and financial report, which was for April 2021, the NNPC put the daily petrol consumption in Nigeria at 55.79 million litres.

“To ensure continuous increased PMS supply and effective distribution across the country, a total of 1.67 billion litres of PMS translating to 55.79 million litres per day were supplied for the month in the downstream sector,” the oil firm stated.

Working with 55 million litres daily consumption figure and the current price of N165/litre, consumers of petrol are estimated to be currently paying N9.075bn daily and about N277.25bn monthly.

By increasing the cost of petrol to N340/litre and matching it against the 55 million daily consumption rate, Nigerians would be paying N18.7bn daily for PMS, while their monthly spending would be N561bn.

This means that the annual fuel consumption bill of Nigerians will be in the region of N6.732tn.

From the foregoing, it implies that Nigerians would pay an additional amount of about N283.75bn every month on petrol when the new N340/litre price for PMS comes into effect.

Therefore within a period of 12 months, Nigerians would spend about N3.4tn extra on the current N3.3tn for the purchase of petrol should the Federal Government halt the subsidy regime.

But the government promised on Tuesday that it had plans to cushion the economic effect of the planned subsidy removal, as it announced plans to replace fuel subsidy with a N5,000 monthly transportation subsidy to the poor.

According to her, a monthly transport subsidy in the form of a cash transfer of N5,000 will be given to between 30 and 40 million Nigerians.

The NNPC, being the sole importer of petrol into Nigeria for the past four years, has been subsidising the commodity and has been incurring humongous costs as subsidies.

This development had severely depleted the oil firm’s remittances to the Federation Accounts Allocation Committee, hence, reducing the monthly allocations to the three tiers of government consistently.

BIG STORY

NDLEA Seizes Lipsticks Stuffed With Drugs At Lagos Airport [VIDEO]

Published

on

Officials of the National Drug Law Enforcement Agency have uncovered another batch of female lipsticks containing illegal drugs at the Murtala Muhammed International Airport in Lagos.

Femi Babafemi, the agency’s Director of Media and Advocacy, revealed this in a post shared on his X (formerly Twitter) page on Sunday.

He also urged Nigerians, particularly women, to be extremely vigilant when purchasing or accepting beauty products, especially from unfamiliar sellers or dubious online platforms.

The statement read, Ladies beware! It does appear like female lipstick is becoming attractive as an instrument for concealment and trafficking now with yet another consignment of factory fitted female lipsticks stuffed with illicit substances intercepted at MMIA barely a week after @ndlea_nigeria officers uncovered a similar cargo at a courier company in Lagos.

Watch Video Here

Continue Reading

BIG STORY

JUST IN: Former President Buhari Dies In London Clinic

Published

on

Former Nigerian leader, Muhammadu Buhari, passed away on Sunday.

His longtime media aide, Garba Shehu, confirmed the news in a brief statement issued on Sunday afternoon, stating that the former president died at a clinic in London.

Shehu’s message, distributed to the media, read:
“INNA LILLAHI WA INNA ILAIHIRRAJIUUN. The family of the former president has announced the passing on of the former president, Muhammadu Buhari, GCFR, this afternoon in a clinic in London. May Allah accept him in Aljannatul Firdaus, Amin.”

The statement concluded with the date: July 13, 2025.

Although the cause of death was not disclosed, Buhari, who held office from 2015 to 2023, had frequently sought medical care in the United Kingdom during and after his time as president.

Buhari, a retired Major General in the Nigerian Army, first led Nigeria as a military head of state from 1983 to 1985. Decades later, he was elected president through a democratic process. He made history as the first opposition candidate to unseat a sitting president in Nigeria.

Funeral plans have not yet been made public.

 

More to come…

Continue Reading

BIG STORY

No Effective Governance Without Full Local Government Autonomy — Femi Gbajabiamila

Published

on

The Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has stated that governance at the local government level cannot be effective without complete autonomy.

He made the remark while addressing journalists after voting in the Lagos State local government elections in Surulere on Saturday.

When asked about the progress of implementing the LG autonomy ruling by the Supreme Court one year after it was delivered, Gbajabiamila described the process as ongoing and said it would be completed with time.

Gbajabiamila said, “The ruling was welcome by everybody. It’s the execution of that ruling and the implementation of that ruling that we are still trying to dot the Is and cross the Ts.

“I believe in a matter of time, we will realise full autonomy. There cannot be effective governance without full autonomy. That’s what we are working toward.”

In July 2024, the Supreme Court granted autonomy to all 774 local government areas across the country following a case filed by the federal government through the Minister of Justice and Attorney General of the Federation. However, the ruling is yet to be fully implemented.

Following the judgement, the Senate urged state and local governments to immediately adhere to the court’s directive, especially regarding local government accounts and direct fund disbursements.

The Senate also moved to amend relevant sections of the Constitution to ensure full local government autonomy nationwide.

The announcement was made by Deputy Senate President Senator Jibrin Barau, after lawmakers emerged from a closed-door session where they discussed alleged efforts by some state governments to bypass the Supreme Court’s ruling on July 11.

Continue Reading



 

Join Us On Facebook

Most Popular