Ahmed said this on Thursday on the sideline of the International Monetary Fund/World Bank meetings currently taking place in Washington DC, United States of America
Browsing: Fuel subsidy
The International Monetary Fund has advised Nigeria and other countries still subsidising fuel for domestic consumption to stop doing so.
Speaking during the presentation of the 2019 Budget, Buhari explained that subsidies today are much more different from what they used to be in the past, stating that the Nigerian National Petroleum Corporation is the sole importer of oil today.
Dogara said this while welcoming members of the House of Representatives from the Christmas and New Year break.
Though the Senate is on break, the committee was mandated to conduct the public hearing because of the urgency of the matter
Addressing newsmen after the over one and half hours closed-door session, the Minority Leader of the House of Representatives, Leo Ogor, said the All Progressives Congress needed to apologise to former President Goodluck Jonathan for not allowing him to remove subsidy in 2012
The statement noted that a combination of the fuel crisis and the weakened national currency have made life into a living hell for citizens who are being forced to pay higher amounts to black marketers and extortionist petrol stations that openly sell above the subsidized price
Lagarde, who called for an increase in Nigeria’s VAT, also explained that 40 per cent of fuel subsidies in developing countries, Nigeria inclusive, accrued to the richest 20 per cent of households, while only seven per cent of the benefits go to the poorest 20 per cent
The authorities expressed their commitment to subsidy reform and indicated they were considering options, timing, and modalities of implementing these reforms in light of the decline in oil prices. Therefore, when we hear the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, talking about “price modulation” and the All Progressives Congress leadership talking about “thoughtful but decisive subsidy phase-out”, we should know that this policy is just a simple summary of an updated IMF policy
It is particularly disturbing that such call was made by a leader of the APC, a party whose leaders were in the forefront of a protest that shook the nation when former President Goodluck Jonathan increased fuel price to N97 per liter a few years ago
The title of this address, “Towards the Economic Liberation of Nigeria: Bala Usman’s Enduring Relevance”, is patterned on Bala Usman’s 1980 landmark publication ‘For the Liberation of Nigeria’
Kachikwu, who made this known an interface on Medium Term Framework Expenditure with the Joint Committee of the Senate and House of Representatives, said the current pricing does not need subsidy funding
A first year student of refinery economics knows that the “crack spread” is a simple way to determine the profitability of a refinery at the margin
President Muhammadu Buhari said on Monday in Abuja that his administration will handle the issue of subsidies on petroleum products…
A breakdown of the template per litre showed that the off-shore price is N107.13, traders margin N1.47, lightering expenses N4.47, NPA N0.77, financing N1.75, jetty depot through put charge N0.80, and storage charge, N3.00
In a statement released on Tuesday, the publisher of The Sun newspaper said if Jonathan fails to completely halt the fuel subsidy regime, which has cost Nigerians over N6.354 trillion in the last five years, Buhari should implement it immediately he is sworn in on Friday
Saraki explained that the fuel subsidy is the platform for fraud in form of huge racket being used by oil marketers and government officials to rip off the national treasury on yearly basis
Ojugbana told newsmen in Abuja that the union had always opposed the issue of fuel subsidy as the money that would have been used to build more refineries and maintain the old ones was being spent on the importation of fuel, which does not help the economy
The Committee’s recommendation had met a brick wall on Monday when it was raised on the floor of the Conference, with both those who were for and those against stating their positions with vehemence
The motion stated that the Federal Government shall within three years from the date it approved the recommendation build new refineries and repair existing ones to full capacity utilisation