Petrol: Subsidy To Exceed $3.85bn Estimate A bi-monthly update report on the state of Nigeria’s economy prepared by Lagos-based economic research and analyses firm, Financial Derivatives Company (FDC), has disclosed that with the rising prices of crude oil at the international market, petrol subsidy will...

Fuel: Govs Seek To Take Over Subsidy Payments   The governors of the 36 states of the federation are canvassing a novel initiative that will see each state taking responsibility for subsidising petroleum products consumed within its territory. Arising from their discontent over the claim by the...

Senate Orders N216bn Illegal Subsidy Payment Refund By NNPC     The Senate has declared as illegal the current payments by the Nigerian National Petroleum Corporation to augment the differentials between the landing cost of the Premium Motor Spirit (petrol) and the pump price. The legislature asked the...

Reps Begin Probe Of Subsidy Payment   The joint House of Representatives committee on finance and petroleum (downstream) have resolved to go fully and investigate alleged payments of subsidy by relevant government authorities. The joint committee chaired by Babangida Ibrahim (APC, Katsina) and Joseph Akinlaja (PDP, Ondo)...

Petrol: Demand Hits 50 Million Litres Daily, NNPC Incurs N24bn Monthly As Subsidy The Nigerian National Petroleum Corporation on Sunday announced that it was spending N774m daily (about N23.99bn monthly) as subsidy on the 50 million litres of Premium Motor Spirit consumed across the country. Although...