AGS NEWS – The Federal Government’s electricity subsidy obligation soared from N252.76 billion to N633.30 billion in the first quarter of 2024, according to a report by the Nigerian Electricity Regulatory Commission (NERC). NERC revealed that the subsidy increased to … Continue reading Monthly power subsidy soars by 151% to N211bn
AGS NEWS – Vice-President Kashim Shettima has disclosed that President Bola Tinubu has sanctioned N90 billion to subsidize the expenses of the 2024 hajj pilgrimage. Addressing attendees at the 2024 inaugural hajj airlift in Birnin Kebbi on Wednesday, May 15, … Continue reading Tinubu allocates N90 billion for 2024 Hajj subsidy – Shettima
AGS NEWS – Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has disclosed that the fuel subsidy is imposing a monthly cost of N400 billion on the Federal Government. Speaking in an interview on Channels Television, … Continue reading Nigeria’s finance minister reveals government’s monthly loss of N400bn to fuel subsidy
The International Monetary Fund (IMF) has reported that the Nigerian government has resumed the provision of subsidies on premium motor spirit (PMS), commonly known as petrol. This move comes after President Bola Tinubu’s announcement on May 29, 2023, during his … Continue reading IMF confirms reinstatement of petrol subsidy under Tinubu administration
The Federal Government has announced its imminent commencement of fund disbursement through the Presidential Palliative Programme, aimed at mitigating the effects of the fuel subsidy removal. In a statement released on Sunday by the Minister for Industry, Trade, and Investment, … Continue reading FG set to disburse grants to SMEs in response to subsidy removal
Government records obtained from the Nigeria Governors Forum and National Bureau of Statistics websites reveal that the federal government has managed to save approximately N1.45 trillion from the removal of the subsidy on Premium Motor Spirit, commonly known as petrol, … Continue reading Federal government achieves N1.45 trillion savings through subsidy removal
The Nigeria Labour Congress (NLC) has issued a declaration of a two-day warning strike set to begin on Tuesday, September 5, 2023. The announcement was made by NLC President, Joe Ajaero, during a press conference held at the Labour House … Continue reading NLC announces two day warning strike over fuel subsidy
Capital Luxury Transit in Akwa Ibom State has recently declared a significant 25% reduction in transportation fares for all routes across the nation. The group’s chairman, Mr. Edidiong Udoidiong, released a statement on Sunday in Uyo, unveiling this fare cut … Continue reading Akwa Ibom transport company cuts fares by 25% due to subsidy removal
The Senior Special Assistant to the President on Media and Publicity, Tope Ajayi, dismissed rumors on Tuesday of any intentions by President Bola Tinubu’s administration to reintroduce fuel subsidies. Ajayi took to the social media platform X (formerly known as … Continue reading Presidential spokesperson confirms no plans to reintroduce fuel subsidy amidst fuel hike concerns
The cessation of Nigeria’s fuel subsidy by President Bola Tinubu in May has led to a significant decline in petrol imports from Europe, causing a 48% decrease in demand for Premium Motor Spirit (petrol), according to data from S&P Global … Continue reading Nigeria’s petrol imports from Europe plunge by 48% following subsidy removal
In the first quarter of 2023, the Nigerian Electricity Regulation Commission (NERC) unveiled its quarterly report disclosing that the federal government allocated N36 billion to subsidize electricity consumption. This amount equated to a monthly payment of N12 billion, channeled to … Continue reading FG spends N36 billion on electricity subsidy in three months
Just a day after reaching an agreement with President Bola Tinubu to call off their protests, the relationship between the organized labor and the Federal Government in Nigeria has soured once again. The Nigeria Labour Congress (NLC) has announced its … Continue reading #SubsidyProtests: FG-Labour talks leads no where, NLC begins strike from August 14
Anambra State Governor, Chukwuma Soludo, emphasized the need for Nigeria to embrace disruptive changes, including the removal of subsidy on petrol and the floating of the naira. During the commissioning of the Solution Innovation District in Awka, he urged the … Continue reading Subsidy removal is a necessary challenge for Nigerians to face – Soludo
The Federation Account Allocation Committee (FAAC) announced that it disbursed N907.05bn among the three tiers of government in June 2023. This amount marked a marginal increase of N120.89bn compared to the previous month and is the highest allocation of the … Continue reading FAAC allocates N907 billion, Tinubu approves infrastructure fund to cushion subsidy removal
According to the Advisory Council of President Bola Tinubu’s Energy and Natural Resources subcommittees, Nigeria suffered a staggering loss of $46.16bn due to crude oil theft between 2009 and 2020, along with an annual loss of $10.7bn due to petrol … Continue reading Presidency reveals loss of over $56 billion to oil theft and subsidy
The Peoples Democratic Party (PDP) has raised concerns about the federal government’s lack of sufficient consultation regarding the removal of petrol subsidy. The party expressed its position in a communique issued after a retreat organized for the PDP’s federal lawmakers-elect … Continue reading PDP accuses FG of insufficient consultation on petrol subsidy removal
In a recent development, the House of Representatives has made a call to the Federal Government to discontinue subsidies on all petroleum products, not just the Premium Motor Spirit (PMS) commonly known as petrol. This call comes as a response … Continue reading Reps urge FG to end subsidy on all petroleum products
Festus Keyamo, the Chief Spokesman for the All Progressives Congress Presidential Campaign, has clarified that President Bola Tinubu did not remove fuel subsidy, contrary to the media’s portrayal. Keyamo stated that certain media outlets are deliberately distorting the narrative to … Continue reading Keyamo: Tinubu did not remove subsidy
Lagos State Governor, Babajide Sanwo-Olu, has recognized the imperative of ending fuel subsidy, which costs the nation trillions of naira, highlighting that it primarily benefits the affluent individuals. Speaking at the Nigeria Governors Forum (NGF) induction event in Abuja, he … Continue reading Sanwo-Olu calls for an end to fuel subsidy
In a letter addressed to the National Assembly, President Muhammadu Buhari has requested approval for a new loan of $800 million from the World Bank. Senate President Ahmad Lawan read the President’s request to lawmakers during a session in the … Continue reading Buhari requests approval for $800m subsidy palliative loan
The planned removal of petroleum subsidy by the end of President Muhammadu Buhari’s tenure has been put on hold by the National Economic Council (NEC), as announced by the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed. The … Continue reading Just In: NEC puts on hold the removal of fuel subsidy
Oil marketers have written to the Federal Government proposing to build 30,000 gas stations to cushion the impact of the proposed subsidy removal on petrol. With the projected June 2023 date for subsidy removal looming, Nigerians are concerned about potential … Continue reading Oil marketers propose building 30,000 gas stations and seeking CBN loans to cushion subsidy removal impact
The Ghana National Petroleum Authority (NPA) has made a recent announcement on fuel subsidies in the country. This is in stark contrast to its neighboring country, Nigeria, which is still spending heavily on fuel subsidies. The removal of the subsidy … Continue reading Ghana removes fuel subsidy while Nigeria still spends heavily on it
AGS NEWS 