A report by The Cable states that the president has approved a request by NNPC to utilise the 2023 final dividends of N6.8 trillion due to the federation to pay for petrol subsidies. The Nigerian National Petroleum Company (NNPC) Limited claims that the federal government owes it N7.8 trillion for petrol subsidies. This comes one year after President Bola Tinubu consistently said the subsidy had ended......READ THE FULL STORY>>.....READ THE FULL STORY>>
Recall that on May 29, 2023, during his inauguration, President Bola Tinubu, announced the removal of fuel subsidies, which led to an economic crisis, an increase in fuel prices, a rise in food prices, and scarcity.
Many appealed to the federal government to resolve the situation, as hunger and hardship engulfed the entire country.
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However, in a recent report, President Tinubu approved the payment for a 17-month period for fuel subsidies to the tune of N6.8 trillion.
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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has denied reports claiming it still pays subsidies for petrol.
According to the NNPC’s Chief Financial Officer, Umar Ajiya, NNPC Ltd. was only handling Premium Motor Spirit (PMS) importation shortfalls between the company and the federation.
Reports indicate that the N6.8 trillion is the highest figure ever to be spent by any administration on fuel subsidies between 2005 and 2022, when subsidy payment were made by the Nigerian government, on a full-year basis.
In 2022, the former President Goodluck Jonathan-led administration paid the sum of N2.1 trillion. In 2022, under former President Muhammadu Buhari, the Nigerian government paid N3.36 trillion and in 2024, President Tinubu has approved the payment of N6.8 trillion.
Reacting to the recent development, Isaac Fayose, the brother of former governor of Ekiti State, Ayo Fayose took to his social media page to fume over the alleged return, saying there are still queues at filling stations.
He noted that the subsidy has come back with vengeance and annoyance, indicating that the fuel price will not be reduced to N89, or N640, but rather is heading towards N1,200.
Fayose also expressed concerns about the sabotage of the Dangote refinery, which could have been a solution to the country’s fuel crisis.
He said, “Ladies and gentlemen, the subsidy is back with vengeance and annoyance. This new subsidy is going to cost N6.5 trillion. The subsidy that we removed, has come back.
The money paid by Jonathan, Obasanjo, and Buhari, if you add them together, is enraging. Yet, there are still queues at filling stations, the product is not even available, and the price is going up, even though the subsidy is back.
The price cannot go back to N89, N640; the price is now heading towards N1,200, and that is still subsidised by the government. The refinery where they invested $1.5 billion is barely operational and only shows light.
Dangote refinery, the saboteurs did not let him move on time. My question now is, who approved this subsidy?” Fayose quizzed.
Other Nigerians also took to social media to share their thoughts on the situation.
iamcity_man: Me I don tire for Nigeria matter Life goes on!
onecubestudios_portraits: But it’s same you that is talking now that was castigating Peter Obi when he talk about the way and manner the subsidy was removed. You are among the people that has been calling him names. Now here you are. Just because it’s better for you doesn’t mean it’s better for orders. Always allow people suffering to choose who to lead them with honesty. Anyway we go dey manage they go. E don be, e don be
shemilore_94: Don’t bother yourself, Nigeria is not going to be better soon. Do the best for yourself and lower that expectations for your own good health and peace of mind
king_a_j_snizz_: Tinubu is a clown who knows nothing, I believe those who claimed he built Lagos can now tell us how he’s going to build a working Nigeria where all can see and not propagandas, he knows nothing about governance and this is not about arrogance or giving few people monies then claiming to building up a state, only his loyalists can speak good of that man other than that nothing more, it’s about results not blabbing about what’s not physical
_bankyrichy_: During election every candidate went to town halls to say their manifesto and how they intend to achieve and implement it they also entertained questions from the people, there was presidential debate every candidate attended expect one all this was a big red flag but you all defended him and now acting surprised
rubydennis2090: Same him said Tinubu is a strategist.
iamghanaburger: This guy brain has never being stable the other day he said TINUBU is a strategist and now he’s capping dust mtcheeeeeee
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