The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the Federal Government to ensure that the economic gains from fuel subsidy removal translate into tangible improvements in the lives of Nigerians. PENGASSAN President, Bosun Olabiyi-Agoro, said Nigerians, particularly workers and low-income earners, have endured significant hardship since the removal of the petrol…
The pledge by former Vice President Atiku Abubakar, the African Democratic Congress (ADC) presidential Candidate for 2027, to restore the fuel subsidy if elected has reignited one of Nigeria’s most contentious economic debates, with analysts warning that the promise risks becoming a campaign slogan rather than a coherent policy. Speaking on The Conversation during a…
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has unveiled a proposed petroleum subsidy framework he says will reduce energy costs, strengthen local refining and ensure greater transparency in the management of public funds. Under his Atiku Economic Recovery Plan (AERP) 2027, Atiku said an administration led by him would replace the…
The Federal Government incurred a gross tariff subsidy shortfall of ₦1.949 trillion in 2024, according to the Nigerian Electricity Regulatory Commission (NERC). The subsidy arose from the gap between the actual cost of electricity supply and the frozen customer tariffs, maintained at 2022 rates despite rising market costs driven by FX fluctuations and inflation. NERC’s…
According to the newly released report, ‘December 2024 Multi-Year Tariff Order,’ electricity subsidies rose by 2.76 per cent to N199.64 billion this month from N194.26 billion in November. NERC explained that the rise in the exchange rate, which it pegged at N1,687.45 to the dollar, the increase in inflation to 33.9 per cent, and changes…
The Senate has passed the 2024 – 2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government. The passage followed the presentation of a report by the chairman of the Joint Committees on Finance and National Planning & Economic Affairs presented by Sen. Musa, Mohammed Sani (Niger East). The…
