Russia will extend its voluntary oil production cut of half a million barrels per day until the end of 2024, Russian Deputy Prime Minister Alexander Novak said.
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Nigeria’s Flying Eagles have crashed out of the ongoing FIFA U-20 World Cup in Santiago Del Estero, Argentina after losing to South Korea 0-1.
The debate on the removal of fuel subsidies should go beyond rhetoric on the pages of newspapers and WhatsApp groups. Personally, I’m concerned about the salary review that the President has allegedly proposed as part of the palliatives to the fuel subsidy removal. To be honest, this will only worsen Nigeria’s current precarious fiscal situation. Any wage increase will swallow up any “savings” that may result from the removal of subsidies and even lead to higher inflation and it’s attendant socioeconomic consequences.v
The Socio-Economic Rights and Accountability Project (SERAP) has President Bola Ahmed Tinubu to “set up a presidential panel of enquiry to promptly probe the grim allegations that US$2.1 billion and N3.1 trillion public funds of oil revenues and budgeted as fuel subsidy payments are missing and unaccounted for between 2016 and 2019, as documented by the Auditor-General of the Federation.”
The Independent Petroleum Marketers Association of Nigeria (IPMAN), has commended the Federal Government for approving importation of petroleum products by private firms.
The Presidential candidate of the Peoples Democratic Party (PDP) in the 2023 presidential election, Atiku Abubakar, has chided President Bola Tinubu for removing fuel subsidy without providing palliatives.
Human rights lawyer Femi Falana has argued that the Nigeria National Petroleum Company Limited (NNPCL) has no powers to fix the petroleum pump price.
The Independent Petroleum Marketers Association of Nigeria (IPMAN), has called on the Federal Government to issue licences to more importers and allow them to bring in Premium Motor Spirit (PMS) and other petroleum products into the country.
The Progressive Governors Forum (PGF) have said that the fuel subsidy regime was not a sustainable system to the nation’s economy.
For years, the fuel subsidy system in Nigeria has been plagued by corruption, mismanagement, and inefficiency. The intended purpose of the subsidy, to alleviate the burden on the masses, has been overshadowed by the reality that it often favors the ruling class. This systemic flaw has perpetuated a cycle of inequality, hindering our nation’s progress.