Fuel Scarcity
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Reps caucus berates NNPC, Dangote over fuel price
By Olamilekan Adigun The House of Representatives Minority caucus has bemoaned the N980 per litre of pump price, describing it as outrageous and exploitative. Kingsley Chinda, chairman of the caucus, said the development was a burden added to the already struggling Nigerians. The lawmaker in a statement he signed, expressed his outrage over the pump […]
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Nigeria and the endless questions on fuel subsidy
By Olajide Adeniyi If the disclosure of Umar Ajiya, the Nigeria National Petroleum Corporation (NNPC) Financial Officer, is anything to go by, Nigeria would have expended a princely sum of N7.8 trillion or $4.9 billion to make fuel price sell at a lower rate than it should ordinarily trade. That will amount to 23.15 percent […]
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Fuel Subsidy Timeline and Lifetime
By Olalekan Badmus In 1977, the Olusegun Obasanjo military government introduced a Price Control Act with an establishment of a Price Control Board at the federal level and a Price Control Committee in each states of the federation. Specifically, Section 6 of the Price Control Act prohibits “any person to sell, agree to sell or […]
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Fuel Scarcity: NNPC admits to $6bn debt
By Olamilekan Adigun The Nigerian National Petroleum Company Limited has finally admitted that it was facing challenges due to a $6bn debt. This, the medium gathered may worsen the current scarcity of premium motor spirit, popularly known as petrol. After weeks of denial, the NNPC admitted on Sunday that it owed its petrol suppliers the […]