February 26, 2017

Deregulation will be a gradual process – NNPC

Abuja – Deregulation of the downstream sector will be a gradual process in line with the Federal Government’s transformation agenda, an official of the NNPC has said. The official who pleaded anonymity, on Thursday in Abuja daid that the Federal Government was still meeting with stakeholders in the sector. According to the official, this is to ensure the best way to go about the deregulation process in order to benefit the generality of Nigerians. “The Federal Government is still consulting with stakeholders on the deregulation of the downstream sector. “You will recall that the Federal Government has said the deregulation ...

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Subsidy payments for 2011 exceed N2 trillion – Premium Times

At the last count, federal payouts on petrol subsidy for 2011 will exceed N2 trillion, according to lawmakers and multiple testimonies at the ongoing House of Representatives hearing on subsidy management. Separate from the N1.73 trillion the Central Bank of Nigeria on Tuesday admitted it cleared as of December 31, several oil importers’ claims are still not cleared, and the sum may aggregate to N500 billion, the House committee chairman, Farouk Lawan, said. “Some are owed N10 billion, some N9 billion; by the time all these are added, it may be up to N500 billion and the total figure will ...

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Video! Ever wonder who designed the iconic “Occupy Nigeria” logo?

A fist of green and black, proud and prominent against a stark white background. The image became synonymous with Nigeria’s largest movement against fuel subsidy removal and corrupt government and now this video by Sahara Reporters reveals the man behind the iconic image. We meet Zakari Ahmadu, the Nigerian teacher who designed the logo for the #OccupyNigeria movement. Ahmadu, a newly wed, was one of the millions of Nigerians who took to the streets to protest the fuel subsidy removal, which was announced on 1 January 2012. Like many Nigerians, the news shocked and angered him, and he alongside his ...

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NAN – Armed policemen in Kaduna to clamp down on fuel price protest

Kaduna – Armed policemen on Saturday in Kaduna took over the Freedom Square, venue of an anticipated protest by a pressure group, Occupy Nigeria, against the recent increase in the pump price of petrol The area which is around the Luggard roundabout, was condoned off by the policemen. Two former governors of Kaduna State, Alhaji Balarabe Musa and Col. Hamid Ali (rtd), would lead a fresh protest against the new N97 per litre of petrol in Kaduna today. A top government official who did not want to be identified said that “the measure taken by the state government is in ...

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NNPC deducts from the federal accounts without approval from finance ministry

The fourth day of public hearings of the House of Representatives’ ad-hoc committee’s investigation into the subsidy management has produced even more shocking revelations. Speaking before the House of Representatives, Finance Minister Dr. Ngozi Okonjo-Iweala revealed that the Nigeria National Petroleum Corporation, NNPC, was able to deduct subsidy funds without the approval of the finance ministry. When further queried on this, the minister of finance said she had no explanation for it, adding that it was “just a practice”. “I cannot give you answers,” she said. Honourable Farouk Lawan, chairman of the committe insisted that the answer still lies witht ...

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Nigeria govt. wastes N667bn yearly subsidizing petrol not used by Nigerians

The Nigerian government paid a whopping N667 billion subsidizing millions of litres of petroleum that wasn’t used by Nigerians, Premium Times have revealed. According to the Times, Executive Secretary of the Petroleum Product Pricing Regulatory Agency, Mr. Reginald Stanley had on Wednesday told the House of Representatives Ad-hoc committee investigating the subsidy regime that the country pays to subsidize 59 million litres of petroleum daily, when it only needs 35 million litres. The top official said the government had been subsidizing this 24 million litres for years, enriching corrupt NNPC officials and oil marketers, who then smuggled most of the ...

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Nigeria has planted the “Never Again” tree – Save Nigeria Group

The following is the press statement from the Save Nigeria group released on Tuesday, 17 January, a day after labour unions called off the nationwide strike accepting the federal government’s compromise to keep fuel prices at N97 per litre. The SNG denounced labour’s capitulation, but commends Nigerians for joining the struggle, saying “never again” will the voice of the people be taken for granted. Save Nigeria Group Press Release The general strike and citizens action which followed the January 1, 2012 on 117 percent increase in the pump price of Petroleum Motor Spirit (PMS) has proved a defining moment in ...

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Nigeria’s Federal Government to pay partial subsidy on petroleum

Nigeria’s labour unions have called off the nationwide strike that had brought activities in the populous nation to a grinding halt after President Goodluck Jonathan partially reinstated the contentious subsidy payment for petroleum. In a televised broadcast on Monday morning, what would have been the day six of the strike action, Jonathan announced that the Federal Government, having considered the “hardships suffered by many Nigerians”, had approved the reduction of the pump price of petrol to N97 per litre. The Petroleum Product Pricing Regulatory Agency had announced on 1 January 2012 the official removal of the subsidy, which hiked fuel ...

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Photo News: Heavy military presence in Lagos streets as soldiers monitor protests.

For the first time since the nationwide protests agains fuel subsidy removal and fuel price hikes, soldiers were deployed to monitor the demonstrations. They formed barricades at key protest grounds in major cities, including the Gani Fawehinmi park at Ojota and Ikorodu road in Lagos, which has seen a number of procession marches in the past week. The deployment of troops occured after President Jonathan announced the new pump price of petrol, now N97 per litre and demanded that labour call of the strike and return to work. Many Nigerians who went out to protest today condemned the excessive use ...

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Labour backs down, calls off nationwide strike

Labour leaders today called off its nationwide strike in protest of the January 1 subsidy removal that led to an increase in fuel prices, taking it from N65 to N141. The strike was called off today by the NLC and TUC presidents in a joint press conference in Abuja, after a meeting with the president last night. The meeting, which was the second between labour leaders and the federal government over the weekend. At the meeting, President Jonathan put forth the Federal Government’s new approved pump price of petrol, N97 – the new price was decided on after a meeting ...

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