Minister of Finance, Zainab Ahmed, reveals when fuel subsidy will end

Published

2 years ago

November 16, 2022 6:16 pm

BodexNG

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, says the Federal Government will do away with petroleum subsidy by June 2023.

Ahmed said this on Tuesday in Abuja, during a press conference to mark the end of the 28th National Economic Summit (NES).

The News Agency of Nigeria (NAN) reports that fuel subsidy gulped N2.565 trillion between January and August 2022.

Also, in the Medium-Term Expenditure Framework, the Federal Government proposed to spend N3.3 trillion on fuel subsidy between January and June 2023.

According to Ahmed, removal of fuel subsidy is part of the Federal Government’s medium-term plan in the budget.

She, however, said that the challenge is how to go about removing the subsidy.

“First, we have to engage. We have already engaged with the states and the public before it was approved as part of the medium-term plan.

“We have to do it by systematically informing the citizens about the size and the quantum of the fuel subsidy.

“We also have to educate them about the opportunity cost of what we are unable to do because of the fuel subsidy,” she said.

According to the minister, the fuel subsidy, in addition to budget deficit, is putting enormous pressure on the “fiscals”.

“It is not money that we have; it is money that we have to borrow to maintain the fuel subsidy.

“Some countries introduced subsidy during COVID-19, and because of the Russia-Ukraine conflict, but they are using their money to fund such subsidy.

“In our case, we are borrowing to pay the subsidy; that is double jeopardy. It is something that has to stop

“We are glad that majority of people in decision-making positions, including the political parties, have agreed that subsidy is not sustainable.

”The plan is, by June 2023, we must have completely exited subsidy, and it has to be a gradual process,” she said.

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

23 hours ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers

Published

1 day ago

November 25, 2024 11:01 am

BodexNG

The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.

This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.

The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.

Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.

“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.

“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.

“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”

Business

Allegation of missing fund untrue, says Access Bank

Published

1 day ago

November 25, 2024 9:16 am

BodexNG

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others