FG SAVING N1.4TRN PER ANNUM FROM SUBSIDY REMOVAL, SAYS KACHIKWU

Following the recent removal of subsidy from the pump price of premium motor spirit, the Federal Government will be saving over N1.4 trillion annually. The Minister of State for Petroleum Resources,

Ibe Kachikwu, who disclosed this when he visited the Nigerian Content Development and Monitoring Board (NCDMB) in Yenagoa, Bayelsa, explained that the deregulation policy has also re-awakened the downstream sector and will help the nation become a net exporter of petroleum products in a few years.


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FG SAVING N1.4 TRILLION PER ANNUM FROM SUBSIDY-KACHIKWU

The Federal Government is saving over N1.4 trillion from recent removal of subsidy from the pump price of premium motor spirit that would have been expended on subsidy claims per annum, Ibe Kachikwu, Minister of State for Petroleum Resources, has said.

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FUEL SUBSIDY, HEAVY YOKE THAT COULDN’T CONTINUE —TINUBU

The National Leader of the All Progressives Congress, Asiwaju Bola Tinubu, has urged Nigerians not to lament the removal of fuel subsidy, which he described as a heavy yoke that the government could not allow to linger.

 

The former Governor of Lagos State said for almost three decades, the country had entertained distortions in the downstream oil sector by operating an opaque system susceptible to manipulations and structured in a way that allowed a few people to gain mightily from the system and feed fat on the misery and frustration of millions of Nigerians.

 

Read more @ Punch Online

FUEL PRICE HIKE PROTEST: REPS DECLARE SUPPORT FOR FG, BEG NLC

The House of Representatives on Wednesday made a formal declaration of support for the decision of the Federal Government to remove the subsidy on Premium Motor Spirit, better known as petrol.

 

A litre of petrol now sells for N145 instead of N86.50k. However, the government claimed that what it did was price increase and not the removal of subsidy or deregulation of the downstream sector of the petroleum industry.

 

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FUEL PRICE HIKE: FG, LABOUR MEETING ENDS IN A DEADLOCK

Iyobosa Uwugiaren, Damilola Oyedele, Chineme Okafor, Paul Obi in Abuja and Ejiofor Alike in Lagos with agency report

 

The meeting held last night between the federal government and organised labour aimed at averting threats of a crippling nationwide strike by the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) to protest the removal of the subsidy on petrol and the consequential hike in the price of the commodity ended in a deadlock, as both sides remained unyielding but have agreed to continue the meeting today at 3 pm

 

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UPROAR IN HOUSE AS KACHIKWU DEFENDS FUEL PRICE INCREASE

The House of Representatives on Monday urged the leadership of the Nigeria Labour Congress to suspend the union’s planned strike to protest the removal of subsidy on petrol by the Federal Government.

 

This was, however, after there was confusion in the House for about 20 minutes as some Peoples Democratic Party lawmakers attempted to stop the appearance of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu.

 

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NEW FUEL PRICE REGIME AS NECESSARY PILL

After months of speculation and lobbying, the federal government took a bold move to liberalise the petrol market by introducing a price band for the product with a price cap of N145/litre and a floor of N135/litre.

This policy represented a marked upward adjustment from a fixed peg of N86.50/litre introduced in January, clearly implying that subsidy would no longer be paid on any price differential between the total retail costs (including distribution margins)

 

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AFTER TRILLIONS SPENT ON CORRUPT FUEL SUBSIDIES, FG FINALLY BITES THE BULLET

After the trillions of naira spent by successive administrations sustaining the corrupt and hugely inefficient fuel subsidy regime, wednesday the Muhammadu Buhari administration finally summoned up the courage to remove the subsidy on petrol, stating that it would now sell for not more than N145 a litre.

However, despite its best efforts to get the buy-in of the major labour unions, which for decades had thwarted the attempts by previous administrations to remove the subsidy on petrol, the Nigeria Labour Congress (NLC) warned that it would resist any attempt to “foist or force the increase on Nigerians”.

 

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FUEL SUBSIDY: IT’S TIME FOR DIFFICULT DECISIONS, SAYS OSINBAJO

Ahead of the federal government’s announcement tomorrow on the removal of subsidy on petrol, Vice-President Yemi Osinbajo has said that the government will have to take tough decisions on the desirability of retaining fuel subsidies, adding that it had become necessary to remove them.

His statement coincided with a remark by the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, who confirmed that the government would in the next few days unveil a new policy to address the subsidy issue in the country.

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GOVERNMENT RULES OUT FUEL PRICE INCREASE, RETURN OF SUBSIDY

Fuel subsidy has not been re-introduced by the Federal Government, according to the Petroleum Products Pricing Regulatory Agency (PPPRA). And the government has not increased the prices of petrol.

It remains at the regulated prices of N86 at Nigerian National Petroleum Corporation (NNPC) filling stations and N86.50 at order outlets.

Read more @ The Guardian

NNPC RAISES FUEL IMPORT, AS KADUNA, P’HARCOURT REFINERIES REMAIN SHUT

To close the gap created by the shutdown of Port Harcourt and Kaduna refineries, the Nigerian National Petroleum Corporation (NNPC) has embarked on a massive importation of Premium Motor Spirit (PMS).
Also, major and independent petroleum marketers have continued to import PMS into the country despite the absence of subsidy in the 2016 budget.

Read more @ The Guardian

KACHIKWU: FG PAID ZERO SUBSIDY IN JANUARY

Following the commencement of the new price regime for Petroleum products, the federal government yesterday disclosed that it did not pay any subsidy on products in January 2016, despite having paid about N1.1 trillion in 2015.

The Minister of State for Petroleum and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe. Kachikwu revealed this when he appeared before the House of Representatives Committee investigating the offshore processing agreements (OPAs) and crude oil swaps between NNPC, its subsidiary, the Petroleum and Pipelines Marketing Company, and oil traders.

 

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IMF PRESSES FOR END TO SUBSIDY

Nigeria may have almost been brought to its knees by the dwindling oil prices and threats to other sources of revenue. For the country to overcome these challenges, the Federal Government may need to heed the advice of the Managing Director of the International Monetary Fund (IMF), Christine Lagarde.

Read more @ Guardian Online

FED GOVT ‘LL NOT REMOVE FUEL SUBSIDY, SAYS KACHIKWU

The Minister of State for Petroleum, Dr. Emmanuel Ibe Kachikwu yesterday said  the Federal Government will not scrap the Petroleum Support Fund (also known as subsidy) but will, instead, embark on price modulation.

He denied saying  the price of petrol will go up in January. Addressing a press conference in Abuja, he said the Nigerian National Petroleum Corporation (NNPC) will alongside the Petroleum Product Pricing Regulatory Agency (PPPRA) sit to determine the new template to arrive at a new price which will be subject to quarterly review in line with the price of crude oil.

 

Read more @ The Nation Online

NUPENG BLAMES FG FOR PROTRACTED FUEL SCARCITY

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has blamed the federal government for the protracted scarcity of petroleum products in the country, describing government explanations as window dressing.

The union also said while it recognised the fraud in the fuel subsidy regime, it would resist any attempt by government to remove subsidy until necessary paliative measures were put in place to reduce the impact on the populace.

 

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REMOVE OIL SUBSIDY NOW, WORLD BANK TELLS BUHARI

Against the backdrop of the current fuel crisis across the country showing no sign of abating, the World Bank, yesterday, told President Muhammadu Buhari that the time to remove petroleum subsidy is now.

While the Buhari administration has given hints of its intention to remove fuel subsidy, many Nigerians, including the organised labour, have rejected the plan.

Read more @ Vanguard News

OIL MARKETERS URGE SENATE TO APPROVE FUEL SUBSIDY APPROPRATION TODAY TO AVERT CRISIS

The Senate is expected to today approve the N413 billion for fuel subsidy sent to it by President Muhammadu Buhari. Approving the money would help cushion the pains associated with the current fuel scarcity that has adversely affected the economy, causing many motorists to sleep at filling stations.

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NNPC RECORDS N304.18B OPERATING REVENUE IN TWO MONTHS

The operating revenue of Nigerian National Petroleum Corporation (NNPC), after subsidy for September and October has hit N304.18 billion, according to its monthly financial report.

Besides, the Pipelines and Product Marketing Company (PPMC) realised N514.04 billion revenue from sale of white products from January to October this year.

Read more @ The Guardian

FUEL CRISIS WORSENS, MORE PAINS FOR COMMUTERS

Three weeks on, there does not seem to be as yet any light at the end of the fuel scarcity tunnel. Queues remain long at filling stations and the hardship continues with a litre of Premium Motor Spirit (PMS) selling at an average of N120 to N150 at filling stations and about N200-N250 at the black market. This is in spite of efforts by the Federal Government and the Nigerian National Petroleum Corporation (NNPC) to ameliorate the hardship just as President Muhammadu Buhari had promised to pay subsidy arrears of N413 billion to marketers.
Read more @ The Guardian Online

AGAIN, SENIOR OIL WORKERS BACK CONDITIONAL SUBSIDY REMOVAL

In a rather sharp contrast to the position of the larger central labour house, the Nigeria Labour Congress (NLC), the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has reiterated its support for the removal of subsidy on petrol by the federal government.
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