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...

FG’ll Tap $2.2bn Eurobond For Fuel Subsidy Funding, Says Minister   The Federal Government is planning to tap €2bn ($2.2bn) by this month or next of the money it raised in a Eurobond sale last year and targets more local borrowing in 2022 to help fund...

We Are Working On Incremental Fuel Subsidy Removal - FG The minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has hinted that the executive arm of government is proposing an incremental removal of fuel subsidy, as she stated that subsidy is a problem...

Subsidy May Hit N5trn As Oil Hits $140   Oil price yesterday hit S140 per barrel as the Russia-Ukraine war continues. The spike followed the announcement early yesterday by the United States’ President, Joe Biden, of a ban on Russian energy imports, including oil, coal, and LNG,...

Aregbesola Advocates  Gas-Powered Vehicles to Reduce Fuel Subsidy Rauf Aregbesola, minister of interior, has recomended that Nigeria should cease using petroleum-driven vehicles and switch to gas-powered vehicles to reduce yearly fuel subsidy expenditures. According to him, gas-powered vehicles must replace petrol-powered ones on national roads if...