Fuel Subsidy

The Centre for the Promotion of Private Enterprise estimates that restoring universal petrol subsidy could cost the government N19.16tn annually The think tank warns that the potential N52.5bn daily bill could crowd out spending on infrastructure, healthcare CPPE...

The 36 state governors, on Thursday, rejected allegations that state governments have failed to properly account for funds accruing to them following the removal of the petrol subsidy, setting the stage for a fresh confrontation over the management of additional public revenues since the controversial reform.

The latest criticism followed a series of apparently conflicting explanations from Atiku and members of his political camp on whether a government led by him would restore petrol subsidy and, if so, under what conditions.

The disagreement erupted after Paul Ibe, one of Atiku’s media aides, said the former Vice President would temporarily restore petrol subsidy if elected, and subsequently phase it out after giving the economy time to recover. However, another aide, Phrank Shaibu, swiftly rejected that interpretation, describing it as “an unauthorised, imprecise and materially misleading characterisation” of Atiku’s position.

When the federal government announced last week that removal of petrol subsidy had generated an estimated ₦15.8 trillion in savings between June 2023 and December 2025, the figure was presented as further evidence that Nigeria's painful economic reforms were working. It is, unquestionably, a significantly large number.

Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has unveiled a new petroleum subsidy model that would shift government support from imported fuel to crude supplied to qualifying Nigerian refineries. Under the proposed Atiku...

Former Vice President Atiku Abubakar has challenged President Bola Tinubu to account for an estimated ₦30 trillion in Federation revenues, deductions, savings, transfers and related funds, saying a reconciliation of publicly available figures has continued to raise questions...

July 07, (THEWILL) — President Bola Tinubu, on Monday, said the removal of fuel subsidy, though painful, was necessary to free up fiscal space and redirect national resources to sectors that benefit the broader population Speaking at the opening of...

July 02, (THEWILL) — Former presidential spokesperson, Garba Shehu, has said the decision by the Muhammadu Buhari administration to remove fuel subsidies was driven by economic necessity, not political sabotage. Shehu, who served as Senior Special Assistant on Media and...

October 13, (THEWILL) – The recent fuel price hike in Nigeria, announced by the Nigerian National Petroleum Company Limited (NNPCL) on October 9, 2024, has brought the issue of fuel subsidies back into the national spotlight. The increase, which...