Tag: Fuel subsidy

N150bn Gas Contract Racket Rocks Nigeria’s Palliative Scheme

ADEOLA YUSUF

What we know; LPG dealers petition Senate Panel, give details of secret contract allegedly awarded to Rungas Group of companies   The Nigeria’s fuel subsidy removal palliative scheme has been rocked by N150 billion contract racket, Platforms Africa reports. Liquefied Petroleum Gas (LPG) dealers, who confirmed this, have already petitioned the Senate Committee on Gas Resources over the alleged secret award of N150 billion contract to Rungas Group Group of companies. READ ALSO: Why ExxonMobil’s $1.6 Bn Asset Sale To Seplat Hit The Rock – NUPRC Wuraola Esan: 1st Female…

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We Need N2.557trn For Fuel Subsidy in 6 Months, Buhari writes Senate

Aliyu Aliyu

President Muhammadu Buhari has written the Senate, seeking approval of a supplementary budget of N2.557trn to cover subsidy on petroleum products from June to December 2022. Platforms Africa reports that President Buhari’s letter was read on Tuesday during plenary by the President of the Senate, Senator Ahmad Lawan. The amount approved for subsidy on Petroleum products from January to June was N443 billion and with the present request, the total amount stands at N3 trillion. Indications that the President would submit the supplementary budget emerged on Tuesday, January 25, when…

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Nigeria’s N10.4trn fuel subsidy spending can build, equip 38 units World Class 500-bed hospitals – Checks

Damilola Olonade

The Nigerian Government has spent a whooping N10.413 trillion on fuel subsidy between 2006 and 2019, a period of 14 years, an amount less than what it required to construct and fully equip 38 units of 500-bed World Class Hospitals, checks by Platforms Africa has revealed. The country’s Minister of Information and Culture, Alhaji Lai Mohammed, who said this at a media briefing in Abuja, country’s administrative capital, maintained that the quantum of fund spent subsidising petroleum products during that period translated to an average of N743.8 billion per annum.…

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