Petrol Subsidy Ends After Buhari Signs PIB, Says Sylva     The assent of the Petroleum Industry Bill by President Muhammadu Buhari will put an end to petrol subsidy in Nigeria, the Minister of State for Petroleum Resources, Chief Timipre Sylva, announced on Monday. Sylva announced this while...

Oil Now $77 As Daily Petrol Subsidy Rises To N6.07bn       The further rise in global crude oil prices has pushed the daily subsidy on Premium Motor Spirit, also known as petrol, to N6.07bn. Petrol subsidy, which was removed in March 2020, re-emerged earlier this year as...

Naira Devaluation'll Push Petrol Subsidy To N7.1bn     The devaluation of the naira from N379/$ to N411/$ will push the daily subsidy on petrol to N7.1 billion as it will raise the product’s landing cost. According to an economic report released at the weekend, Managing Director, Financial...

Petrol Landing Cost Now N232 As Subsidy Rises To N5.58bn Daily     The landing cost of Premium Motor Spirit being imported into Nigeria surged by more than 60 per cent between December 2020 and mid-June this year, although the pump price of the product remained unchanged. From...

Petrol Could Reach N256/Litre Without N140bn Monthly Subsidy – NNPC       Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has said the federal government is injecting between N140 billion to N150bn monthly to keep petrol price at N162 per litre, from its...

Tough Times Beckon As NNPC Says No FAAC Remittance For May       The three tiers of government, federal, states and local governments, are in for tough times next month as they may get less from the Federation Account, no thanks to the huge payment the Nigerian...