Mr. Joe Ajaero, President of the Nigeria Labour Congress (NLC), revealed the agreement reached between organized labour and President Bola Tinubu before accepting the N70,000 minimum wage during the national wage discussions held at the Presidential Villa in Abuja. During an interview on Arise Television’s Morning Show, Ajaero explained that while negotiating for a new … Read more
Former Minister of Health, Onyebuchi Chukwu, has expressed concern over the ruling All Progressives Congress (APC)’s failure to address the economic hardships faced by Nigerians. He criticized the Federal Government for not implementing adequate short- and medium-term solutions to alleviate the economic strain 15 months after the sudden removal of the petrol subsidy. EDITOR’S PICKS … Read more
Eko Hot Blog reports that the Nigerian National Petroleum Company Limited (NNPCL) has crashed the depot price of Premium Motor Spirit (PMS), popularly known as petrol, from N640 per litre to N630 per litre. The NNPCL has also disclosed plans to sell directly to independent marketers instead of first taking it to private depots so … Read more
EKO HOT BLOG reports that residents of Minna, the capital of Niger State on Monday morning blocked main roads in the city to protest the high cost of living. Women and young people were among the demonstrators heard shouting protest songs while police officers and other security personnel observed the situation. EDITOR’S PICKS [JUST IN] Rerun: … Read more
EKO HOT BLOG reports that Chairman, House of Representatives Committee on Petroleum Resources (Downstream), Ikeagwuonu Ugochinyere, has vowed on behalf of the committee to conduct a comprehensive audit of the petrol subsidy regime. Speaking at the inaugural meeting of the committee in Abuja on Friday, Ugochinyere said the implementation of the Petroleum Industry Act would … Read more
EKO HOT BLOG reports that following the recent indefinite strike suspension regarding the removal of petrol subsidy and other palliative disagreements, the Nigeria Labour Congress (NLC) President, Comrade Joe Ajaero, clarifies Labour’s position and demands in a revealing interview with Vanguard Newspaper. 90% of Demands Met, Claims NLC President Ajaero defended the strike suspension, stating … Read more
Eko Hot Blog reports that the Independent Petroleum Marketers Association of Nigeria (IPMAN) claimed that the federal government was secretly paying subsidy on petrol to maintain the current pump price. Presently, petrol sells for between N568 and N617 in different parts of the country, and the ex-depot price of petrol stood at N580 per litre … Read more
Eko Hot Blog reports that President Bola Tinubu is considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates continue to soar. According to TheCable, there is yet no final decision, but the proposal is “firmly on the table” as Nigerians continue to groan under harsh economic realities following the removal … Read more
The Nigerian government has removed the subsidy on petrol, leading to a sharp hike in pump prices and commercial transport fares. Petrol stations have closed, causing long queues across the country. Some stakeholders believe that the subsidy removal is a welcome development, while others think it could punish already impoverished Nigerians. EKO HOT BLOG reports … Read more
President Muhammadu Buhari on Friday advocated for the elimination of fuel subsidies in 2023, claiming that the current economic climate makes the policy unworkable. Eko Hot Blog reports that while presenting the National Assembly with a N19.76 trillion budget proposal for 2023, he stated his position. EDITOR’S PICK JUST IN: Ethiopian Embassy Bans Visa On … Read more
Petrol Subsidy Will Remain Till June 2023 – FG EKO HOT BLOG reports that the Federal Government on Monday reiterated that petrol subsidy will remain in place until mid-2023. According to the Minister of Finance, Zainab Ahmed, the government is proposing to spend only N3.36 trillion for petrol subsidy in 2023. EDITOR’S … Read more
Petrol Subsidy Is Criminal, Must End – Peter Obi EKO HOT BLOG reports that the presidential candidate of the Labour Party in the 2023 elections, Peter Obi, on Thursday said Nigeria must end petrol subsidy. “Going forward, we must look for ways to move Nigeria beyond oil,” Mr Obi said in a series … Read more
The Nigerian National Petroleum Corporation (NNPC) spent a total of N905.27bn on petrol subsidy in eight months amid rising global oil prices, the latest data obtained from the corporation show. With the international oil benchmark, Brent crude, nearing $80 per barrel on Monday (up 2.07 per cent at $79.71 per barrel as of 7:00pm Nigerian … Read more
The federal government on Thursday said it had approved the total removal of subsidy on Premium Motor Spirit better known as petrol. Minister of State for Petroleum Resources, Timipre Sylva, who made the disclosure in a statement, said the move was in tandem with the deregulation of the downstream oil sector. Sylva noted that the … Read more
Against the backdrop of the bad state of Nigeria’s refineries, the country may have spent about N10 trillion in the provision of pump price subsidy on imported petroleum products from 2006 to 2018. A research report by BudgIT, a public finance focused Non-Governmental Organisation, NGO, said this amount came from the price shocks in … Read more