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Where’s the Money? World Bank Presses FG on Missing Fuel Savings

The World Bank has called on the Nigerian government to fully transfer all revenue gains from fuel subsidy removal to the Federation Account, citing concerns over incomplete remittances by the Nigerian National Petroleum Company Limited (NNPCL). In its latest Nigeria Development Update (NDU), launched in Abuja, the Bank noted that despite the official removal of […]

No Regrets: Tinubu Justifies Subsidy Cut Despite Economic Woes

President Bola Tinubu has reaffirmed that he has no regrets about the removal of the petrol subsidy in May 2023, stressing that Nigeria could no longer act as a “Father Christmas” to neighbouring countries. “I have absolutely no regrets about removing the petrol subsidy. We were squandering our future and deceiving ourselves. That reform was […]

Fuel Price Jumps to N1,030 as NNPC Removes Subsidy

The Nigerian National Petroleum Company Limited (NNPC) has raised the pump price of Premium Motor Spirit (PMS) to N1,030 per litre at its outlets in Abuja, effective from Wednesday. This latest increase follows the NNPC’s decision to end its exclusive purchase agreement with Dangote Refinery. On Monday, the company announced the termination of the arrangement, […]

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