…addressing longstanding structural challenges. Yilwatda cited the removal of the petrol subsidy, foreign exchange reforms, efforts to improve domestic revenue mobilisation, and monetary and fiscal measures as some of the steps taken by the administration. He acknowledged that the reforms had created significant short-t…

By Omeiza Ajayi ABUJA: The Federal Government has ruled out a return to the petrol subsidy regime, insisting that the reforms of President Bola Tinubu were necessary to save Nigeria from imminent collapse. Secretary to the Government of the Federation SGF, Senator George Akume, made the declaration on Wednesday in Abuj…

…year. ‘‘Just to put that into perspective, the World Bank estimated that the implicit subsidy created by this exchange rate setup cost us about 3% of our GDP in 2022. “The pressure extended to our external reserves. The gross figure did not tell the whole story. After accounting for identified short-term obligations, t…

…the continued borrowing despite increased revenues following the removal of petrol subsidy, arguing that the policy had instead coincided with a weaker naira, declining purchasing power and pressure on the productive sector. According to the APM, Nigerians had endured rising taxes and the cost of food, electricity, tra…

…volume reduction. Following the market regulation, as you know, with the removal of subsidy,” he said.See more Punch stories on Google.Add Punch on Google He added that operational improvements and financial discipline helped the national oil company increase its profit despite the challenging conditions. “Yet, profit…

…the pandemic, inflation, natural disasters and conflict, while noting that fuel subsidy removal and exchange-rate reforms worsened living costs in the short term. The third proposed $500m facility is for the Nigeria Early Childhood Development programme, with an estimated approval date of March 15, 2027, a day before t…

…the wage floor from his first day in office and outlined plans for a targeted production subsidy on locally refined petrolPAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!Legit.ng journalist Ridwan Adeola Yusuf has over nine years of experience covering politics…

…ADC Presidential Campaign Council, Atiku said Tinubu’s reckless removal of the petrol subsidy sent prices soaring before any credible protection was in place for working families. He said: “The government pulled away the floor, offered workers a flimsy umbrella and now applauds itself while the rain beats down on them.…

Dangote Refinery raised its gantry price from N1,265 to N1,350 per litre, triggering pump price increases across major Nigerian citiesNNPCL outlets in Lagos now sell petrol at N1,380 per litre, while Abeokuta records a lower price of N1,307 at NNPCL stationsEconomists and labour leaders are warning that the latest petr…

…Promotion of Private Enterprise pushed back against calls to restore the universal fuel subsidy regimeCPPE CEO Dr Muda Yusuf urged the government to channel subsidy savings into transport, energy, food security and MSMEsPAY ATTENTION: Find it fast with our new search feature at Legit.ng! Motorists across Nigeria are no…

…has condemned President Bola Tinubu’s handling of proceeds from the removal of fuel subsidy, accusing the administration of failing to account for the funds even as the Academic Staff Union of Universities ASUU threatens a fresh nationwide strike over unpaid entitlements and unresolved agreements. In a statement issued…

…the administration of Governor Alex Otti low on the utilisation of funds accruing from subsidy removal, saying that the state government was concentrating its efforts on road infrastructure without adequately addressing other direct needs of the citizens. He regretted that the level of unemployment in Abia State was fo…

…Says subsidy removal necessary to save Nigeria’s economy By Dapo Akinrefon LAGOS — Governor Babajide Sanwo-Olu of Lagos State on Thursday cautioned politicians against heating up the polity ahead of the 2027 general elections, saying no political office is worth the life of any Nigerian. Sanwo-Olu spoke at the 7th Ann…

The World Bank Group has said it will support reforms to Nigeria’s electricity tariff and subsidy frameworks as part of efforts to restore financial sustainability in the power sector. The World Bank disclosed this in its Country Partnership Framework for the Federal Republic of Nigeria for the period FY26-FY32. Accord…

…macroeconomic and fiscal reform programme, including the removal of the fuel subsidy, foreign exchange reforms and changes to the tax system. According to him, the measures were strengthening the economy through improvements in external reserves, a more resilient external position, moderating inflation and stronger mon…

…intervention in the downstream petroleum sector should not be seen as a fuel subsidy. “We are appealing to the Federal Government to broker a deal with Dangote Refinery to reduce fuel prices. “The government should intervene with Nigerian refiners, and this will lead to a reduction in fuel prices. It is different from…

…Board of Trustees for the APC Professionals Forum, warned that returning to the former subsidy framework would risk reviving systemic financial leakages and undermine the fiscal foundation currently funding national student loans, border security, and regional transport infrastructure.

…response to rising transportation and living costs following the removal of the petrol subsidy.He noted that increasing adoption among commercial transport operators, private motorists and fleet managers had resulted in significant fuel savings and improved profitability.According to him, commuters using CNG-powered bu…

…Delta region. He argued that local refining capacity – rather than debates over fuel subsidy – remains the key to ending Nigeria’s energy crisis. Speaking during an exclusive interview with our correspondent on Monday, Ndu condemned the persistent destruction of local modular setups tagged as illegal oil bunkering site…

…particularly youths, not to support calls by some politicians to return to the fuel subsidy regime. The students’ body said the focus should be on ensuring accountability in the use of savings from fuel subsidy removal rather than advocating a return to the subsidy regime. The National President of NANS, Babatunde Akin…

…and his ruling All Progressives Congress APC have restated that the removal of fuel subsidy by his administration was a difficult but necessary decision that redirected national resources into productive sectors, even as the party pushed back against a proposal by former Vice President Atiku Abubakar to restore the sub…

The controversy over petrol subsidy removal has intensified ahead of the 2027 elections, with the All Progressives Congress attacking former Vice-President Atiku Abubakar’s plan to restore the subsidy, while the African Democratic Congress challenged the Federal Government to account for the N15.8tn in additional reven…

…to explain what Nigerians have gained from the N15.8 trillion generated by fuel subsidy removal before dismissing promises of relief as a “lie.” Reacting on Sunday through its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC said Yari’s position was significant because he is now charged with persuading Ni…

…step down for one another.Still last week, Obi disagreed with Atiku on removal of fuel subsidy. While Atiku said he would remove fuel subsidy, if elected, Obi disagreed, saying poor implementation and mismanagement of subsidy savings were not enough to discard the policy.Agreeing on policies to pursue and how to implem…

…fading effects of price adjustments that followed exchange rate liberalisation and fuel subsidy removal, as well as the Central Bank of Nigeria’s restrictive monetary policy stance. The affirmation of the B3 ratings, however, underscores persistent fiscal pressures stemming from still-limited revenue-generation capacit…