FG Spends N1.243trn Monthly As Fuel Subsidy Hits N600/litre   The amount spent as subsidy by the Federal Government on every litre of Premium Motor Spirit, popularly called petrol, consumed in Nigeria is currently above N600, oil sector operators stated on Sunday. Also, the latest PMS evacuation...

Subsidy Overtakes Nigeria's Health, Education, Welfare Budgets   The World Bank says the cost of fuel subsidy in Nigeria has exceeded the government’s spending on health, education and social protection for Nigerians. It therefore said that removing fuel subsidy would help the government towards its poverty reduction...

FG Spent N1.5trn On Petrol Imports In Q1, 2022   The National Bureau of Statistics (NBS) has disclosed that Nigeria spent N1.51tn on the imports of premium motor spirit, also known as petrol, in the first quarter of 2022. This was 25.54 per cent of the total...

IMF Warns Nigeria, Fuel Subsidy May Hit N6trn In 2022 The International Monetary Fund (IMF) has warned that the total expenditure on subsidy might hit a record N6 trillion by the end of the year with Nigeria’s fuel subsidy payout averaging N500 billion per month. According...

CIBN Urges Government to Remove Fuel Subsidies, Deregulate Economy The Chartered Institute of Bankers of Nigeria (CIBN) has urged the Federal Government to remove subsidies, deregulate the economy fully and ensure there are modular refineries. This was disclosed by the President of the CIBN, Dr Bayo...

Increasing Fuel Subsidy Puts Nigerian Economy At High Risk – World Bank   The World Bank says increasing fuel subsidy puts the Nigerian economy at a high risk as subsidy payments could significantly impact public finance and pose debt sustainability concerns. The Washington-based lender said this in...