The Nigeria Labour Congress (NLC) has criticized President Bola Tinubu’s justification for removing the fuel subsidy, stating that the move has worsened the country’s economic challenges. This was in response to Tinubu’s remarks during a media chat on Monday, where he defended the subsidy removal as a necessary step to prevent national financial collapse. EDITOR’S … Read more
The Federal Government and opposition parties clashed on Tuesday following criticism of the economic policies of President Bola Tinubu’s administration by Delta State Governor, Sheriff Oborevwori. The PDP and NNPP sided with the governor’s view that Nigerians are struggling under the weight of Tinubu’s economic reforms. However, Minister of Information Mohammed Idris defended the reforms, … Read more
A new per-litre price of Premium Motor Spirit (PMS), commonly known as petrol, has been introduced across Nigerian National Petroleum Company Limited (NNPCL) retail outlets in the Federal Capital Territory (FCT), Abuja. EKO HOT BLOG reports that Journalists observed that the price of petrol had dropped from ₦1,060 to ₦1,040 per litre, reflecting a ₦20 … Read more
Tinubu may consider dropping the price of Premium Motor Spirit (PMS) to N300 per litre during the upcoming Yuletide season, following advice from former Deputy National Chairman of the Peoples Democratic Party (PDP), Chief Bode George. George believes this reduction would enable Nigerians to celebrate a joyful and prosperous Christmas season. EDITOR’S PICKS PDP Declares … Read more
The Senate has approved the 2024–2026 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for implementation by the Federal Government. EKO HOT BLOG reports that the approval followed the presentation of a report by the Chairman of the Joint Committees on Finance, and National Planning & Economic Affairs, Senator Mohammed Sani Musa (Niger East). … Read more
In Abuja on Monday, hundreds of Nigerians staged a major protest against skyrocketing fuel prices, persistent shortages, and worsening economic conditions. Led by Abdullahi Bilal of the Two Million Man March Against Oil Scam Cabal, alongside Barrister Napoleon Otache and Olayemi Isaac from the Citizens and Economic Freedom Rights Activists in Nigeria (CEFRAN), demonstrators demanded … Read more
Nigerians are bracing for a steep increase in petrol prices following the Nigerian National Petroleum Company Limited’s (NNPC Ltd) decision to end its exclusive purchase agreement with Dangote Refinery, according to a report by Premium Times. The shift is expected to drive the cost of petrol to a minimum of ₦991.21 per litre from the … Read more
The Nigerian National Petroleum Company Limited (NNPC) is set to implement a new pricing regime for petrol after lifting approximately 103 million litres from Dangote Refinery between September 15 and 30, 2024, Premium Times reports. EDITOR’S PICKS Health, Planning Ministries Partner with AfDB on Sustainable System Project Shamim Ahmed: Student Ally of Bangladesh’s Ex-Prime Minister … Read more
The Ekiti State Police Command has issued a warning to residents, particularly the youth, against participating in the #FearlessOctober1 protest planned for Nigeria’s Independence Day on October 1. EDITOR’S PICKS Health, Planning Ministries Partner with AfDB on Sustainable System Project Shamim Ahmed: Student Ally of Bangladesh’s Ex-Prime Minister Loses Life Match Words With Actions -Lawyers … Read more
The All Progressives Congress (APC) has said Nigerians should hold themselves accountable for the removal of the fuel subsidy by President Bola Tinubu. According to APC National Publicity Secretary Felix Morka, the president was simply implementing the provisions of the Petroleum Industry Act (PIA), which was passed by the National Assembly and abolished the subsidy. … Read more
Tinubu asks for patience and admits delays in addressing fuel subsidy impacts. President begs Nigerians to have faith in his ability President Bola Tinubu has urged Nigerians to exercise patience with his administration, assuring them that the country is on the brink of a new era. EKO HOT BLOG reports that President Bola Tinubu appealed to … Read more
A small group of #EndBadGovernance protesters gathered at Gani Fawehinmi Park, expressing dissatisfaction with President Tinubu’s address, as police restricted their movement and urged dialogue. EKO HOT BLOG reports that a small group of #EndBadGovernance protesters gathered at Gani Fawehinmi Park on Sunday morning, singing solidarity songs shortly after President Bola Tinubu addressed the nation. The … Read more
President Bola Tinubu has confirmed that the fuel subsidy will not be reinstated, amid the ongoing #EndBadGovernance protests. EKO HOT BLOG reports that in a nationwide address on Sunday morning, the President acknowledged that the removal of the fuel subsidy was a difficult decision but deemed it essential. He explained that the subsidy had become … Read more
Presidency Denounces New York Times’ Report, Says Tinubu Inherited Dead Economy. The government defends recent policy measures, such as ending the fuel subsidy and unifying exchange rates, as necessary steps to stabilize the economy and restore confidence. The Presidency highlights positive developments like trade surplus, foreign investment, and efforts to control inflation, particularly food prices, … Read more
KPMG conducts forensic audit revealing ₦3.3 trillion inconsistency in fuel subsidy claims by NNPC. NNPCL initially reported ₦6 trillion in subsidy spending, with the government owing ₦2.8 trillion, as per CEO Mele Kyari. Nigerian Government plans fresh audit of NNPC’s ₦2.8 trillion fuel subsidy claim spanning 2015 to 2021 to authenticate claims. EKO HOT BLOG reports … Read more
Federal government vows to reduce cost of living and doing business in Nigeria ahead of its first year in office. Minister Mohammed Idris assures commitment to lowering expenses by increasing citizens’ income. Reforms under Tinubu administration, including fuel subsidy removal, have caused a surge in living. EKO HOT BLOG reports that as it gears up for … Read more
Minister Bagudu defends President Tinubu’s policies, saying they are essential for Nigeria’s progress. He praises Tinubu for bold decisions like fuel subsidy removal and forex market deregulation. Bagudu emphasizes the necessity of tough measures for Nigeria’s growth and investor confidence. EKO HOT BLOG reports that The Minister of Budget and Economic Planning, Atiku Bagudu, supports President … Read more
Federal Government Speaks On Return Of Fuel Subsidy. Minister of State for Petroleum Resources emphasizes government’s stance on subsidy cessation. Challenges raised for those alleging ongoing subsidy payments, calling for evidence and facts to support claims. EKO HOT BLOG reports that the Federal Government, through the Ministry of Petroleum Resources and the Nigerian National Petroleum Company … Read more
Experts foresee mid-year price drop, offering hope amid high living costs. Calls for CBN to lower dollar rate and consumer protection efforts aim to ease financial burdens. Optimism rises with planting season and government initiatives, hinting at lower commodity prices. EKO HOT BLOG reports that as the Nigerian economy navigates through various challenges, experts foresee a … Read more
President Tinubu ordered an end to the fuel subsidy regime on his first day in office. The gains from the subsidies have led to an increase in federal government allocation to states. Onibon disagrees with this model and has suggested a different one. Eko Hot Blog reports that a former Deputy Vice Chancellor of the … Read more