Just another News Updates
The Federal Government has reported savings of approximately ₦1.45 trillion between June and September following the removal of the subsidy on Premium Motor Spirit, commonly known as petrol. FAAC allocation documents from the Nigeria Governors Forum and National Bureau of Statistics indicate a monthly remittance to the Non-Oil Revenue (Savings) account, with June receiving ₦696.93bn, […]
The federal government will pay N5,000 to 10 million households for six months as palliative for removing petrol subsidy after June. Daily Trust reports that the amount is N50 billion per month and reaches N300bn with $800m (N371.6bn at CBN N464/$1 rate) World Bank loan to fund the project. The Minister of Finance, Budget, and […]
The federal government says it has secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans. Zainab Ahmed, minister of finance, budget and national planning, disclosed this to state house journalists, after the federal executive council (FEC) meeting presided over by President Muhammadu Buhari, on Wednesday. Last year, […]
Ahmed Adamu, PhD Lack of refining capacities and Petroleum subsidies have caused Nigeria to lose significant foreign exchange and its ability to fund infrastructural development. The Nigerian government’s share of crude oil averaged around 900k barrels per day in 2021, and at least 70% of that was exchanged for petroleum products, which means only 30% […]