…commodity in question. It is different from rigid price control or applying a permanent subsidy. Actually, the policy was overdue because attendant inflation from the uncontrolled price had caused a lot of damage to the living standards of the citizens. As a consolation and surrender, we say “better late than never”. T…

…for their everyday needs,” he said. Tinubu acknowledged that the removal of the petrol subsidy had created difficulties for many households, but said the decision also placed a responsibility on his administration to provide practical alternatives to reduce transportation costs. He said the government was working with…

…Democratic Congress (ADC), has criticised President Bola Tinubu’s handling of fuel subsidy removal, citing its impact on Nigerians. Amaechi, a former Minister of Transportation and Rivers governor, spoke on Saturday at a town hall meeting in Calabar. He said the government should have consulted economists, political sc…

…outlook validated reforms implemented under President Bola Tinubu, including fuel subsidy removal, exchange rate unification and tax reforms. He said that its medium-term ambition was to place the country firmly on the path to investment-grade status. It added that the reforms were intended to reduce borrowing costs, a…

…reforms introduced by President Bola Tinubu's administration.The report said fuel subsidy removal and foreign exchange liberalisation initially caused significant economic volatility, although indicators in early 2026 suggested some stabilisation. Security risks, administrative bottlenecks and the social costs of those…

…domestic refining needs, despite President Bola Tinubu’s decision to remove the petrol subsidy in 2023. Oyedele said the country did not have enough freely available crude oil to supply the Dangote Refinery and other local refiners, explaining that production costs, royalties and contractual obligations significantly r…

…on Friday clarified that President Bola Tinubu’s administration is not restoring the subsidy on petroleum products. Recall that Tinubu declared an end to the fuel subsidy regime during his presidential inauguration in Abuja in 2023. The removal led to an increase in the pump price of fuel across the country. On Thursda…

…the former vice president accused the president of copying his proposal for fuel subsidy removal. Addressing journalists in a video, Atiku said: “Wait a minute Bola, you have borrowed the idea but missed the lesson and Amaechi tried to define the lesson while speaking. “Bola, you are like a dull student who copied his…

…government has maintained that the measure does not represent a return to the petrol subsidy removed in 2023.Instead, it is being considered as a temporary measure to reduce price volatility amid elevated global oil prices.If implemented, the arrangement could help limit increases in petrol costs while allowing refiner…

…2027 elections. The Presidency, however, said the initiative was not a return to fuel subsidy, explaining that NNPC Limited would temporarily forgo its retail profit margin and sell petrol at cost, particularly to public transport operators. The government also announced other measures aimed at cushioning the impact of…

…period. The report attributed the improvement partly to exchange-rate reforms, petrol subsidy removal, stronger revenue administration and increased allocations from the federation account.See more Punch stories on Google.Add Punch on Google It said states also benefited from refunds, settlement of longstanding federal…

…in order to realise their full benefits. There has been a raging debate over the fuel subsidy with some presidential candidates promising to reintroduce it, if elected into office in next year’s general elections. Nigeria’s economy grew 4.2% in the first half of 2026, up from 3.9% in 2025, driven mainly by services and…

…in Abuja on Thursday, October 8, addressing fuel pricing and growing public calls for subsidy reinstatement, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, cautioned that returning to subsidies would destabilize fiscal progress."Return subsidy, and the sequence is familiar. Weaker reve…

…on Thursday, October 8, over claims that the federal government had restored the fuel subsidyFinance Minister confirmed NNPC Limited is offering a margin discount on petrol for 30 days, with public transporters given priority nationwidePresidential aide Bayo Onanuga said the government's announcement has been misrepres…

…years of subjecting Nigerians to excruciating pain through the reckless removal of fuel subsidy, the collapse of the naira and suffocating economic policies, the Tinubu administration now thinks it can bribe Nigerians with 30 days of cheaper fuel. Nigerians will reject your one-month bribe,” he said. Ologbondiyan quest…

…allowed. Oyedele described the arrangement as a price-smoothing mechanism rather than a subsidy or price control."The reasoning is simple: ₦1,400 a litre today and ₦1,400 a litre tomorrow is better than ₦1,500 a litre today and ₦1,300 a litre tomorrow," he said. "Why? Because volatility itself adds to uncertainty and…

…the Economy, Taiwo Oyedele, on Thursday during a press briefing on fuel prices and the subsidy question in Abuja. The government said the measures were designed to ease the immediate burden of higher petrol prices without returning to a blanket fuel subsidy. Here are the 10 measures announced by the Federal Government:…

…crude price for Nigerian refineries, with the difference recovered as a production subsidy from refinery ownersThe proposal drew sharp reactions online, with critics questioning its feasibility and comparing it to existing subsidy arrangementsPAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appe…

…and households. Adeloju said the reforms undertaken over the past three years, including subsidy removal, exchange-rate unification, fiscal restructuring and bank recapitalisation, had helped restore macroeconomic stability and improve investor confidence. However, he said stability alone would not transform the econom…

…market prices was unfair, particularly for low-income earners. He described the current subsidy framework as a deception and said local consumption should be priced according to what it costs to produce the fuel, not what it trades for on the global market.PAY ATTENTION: From breaking news to viral moments. Follow Legi…

…Punch on Google Among the most significant measures were the removal of the petrol subsidy, reforms to the foreign exchange market and changes to electricity tariffs. The Federal Government has repeatedly defended the reforms as necessary to address distortions that had weighed on public finances, discouraged investmen…

…of Aviation and Aerospace Development, Festus Keyamo, has said the removal of the fuel subsidy has helped President Bola Tinubu’s administration to increase investment in critical aviation infrastructure, with about $500m raised for the reconstruction of the Lagos airport and other need-specific aviation infrastructure…

…saying the nation was “teetering on the verge of collapse” before the withdrawal of fuel subsidy and unification of exchange rates. The Vice President urged Nigerians to be “generous” to a leader he credits with saving the economy. Speaking after a meeting with Tinubu at the President’s Lagos residence, Shettima said t…

…them. During the interaction, the issue of Atiku’s campaign promise to restore the fuel subsidy was raised. Amaechi told the crowd that an administration led by Atiku would seek to reduce the cost of petrol by lowering production costs. “We will reduce the cost of producing fuel. We will bring down the production cost,…

…Ogun State, Rotimi Babajide, has criticised the impact of the Federal Government’s fuel subsidy removal, saying Nigerians are yet to see tangible benefits from the policy despite the sharp increase in petrol prices. Speaking with newsmen in Abeokuta on Saturday, Babajide said Nigerians were currently buying petrol at b…