The House of Representatives on Wednesday directed its Committees on Finance and Petroleum (Upstream and Downstream) to investigate reports from the Revenue Mobilisation Allocation and Fiscal Responsibility Commission alleging that the Nigerian National Petroleum Company Limited (NNPCL) withheld ₦8.48 trillion as claimed subsidies for petrol. EDITOR’S PICKS Japa: Russia Opens Doors to Migrants Amid Workforce … Read more
The Nigerian National Petroleum Company (NNPC) Ltd has clarified that it is currently selling petrol (Premium Motor Spirit, PMS) at half of its actual landing cost, not offering a subsidy. Speaking in Abuja on Monday, NNPC’s Chief Financial Officer, Umar Ajiya, explained that the company is covering what he described as a “shortfall” rather than … Read more
NERC Chairman warns of potential ₦3.2 trillion subsidy burden if electricity tariff hikes are reversed. Financial strains in the power sector highlighted, including issues with gas supply and foreign exchange fluctuations. House Committee on Power acknowledges complexities, emphasizing the need for sustained investment and tariff adjustments. EKO HOT BLOG reports that the Chairman of the Nigeria … Read more
FG states that 85% of Nigerians are still enjoying electricity subsidy. Minister of Information highlights disproportionate subsidy distribution. New Electricity Act strengthens governance structure of NERC, enables severe sanctions on distribution companies. EKO HOT BLOG reports that despite the recent tariff hike announced by the Nigerian Electricity Regulatory Commission (NERC) for Band A customers, the Federal … Read more
Minority Caucus of the House of Representatives urges government intervention to revoke recent electricity tariff hike by NERC. NERC approved a significant tariff increase, sparking outrage and condemnation from lawmakers. Critics argue the hike disregards citizens’ welfare amidst economic challenges, contrasting with subsidy policies in other countries. EKO HOT BLOG reports that the Minority Caucus of … Read more
Eko Hot Blog reports that Nigeria’s President, Bola Ahmed Tinubu, who turns 72 on March 29, 2024, has ordered that no celebration be put together for his birthday due to the mood in the country. The President, in a statement on Sunday by his special adviser on information and strategy, Bayo Onanuga, urged his associates … Read more
Eko Hot Blog reports that the removal of fuel subsidy on Premium Motor Spirit (petrol) by President Bola Tinubu in May 2023 has significantly boosted the statutory revenue allocations from the Federation Account to N10.14 trillion in 2023, according to the latest report by the Nigeria Extractive Industries Transparency Initiative (NEITI). The report, released on … Read more
Eko Hot Blog reports that Nigeria Labour Congress union members in Lagos assembled at Ikeja underbridge, singing, dancing, and urging the government to attentively consider their demands. Editor’s Pick FG Told To Hike Tax On Sugary Drinks From N10 To N130 Per Litre 27 Miscreants Sentenced For Obstructing Lagos Pedestrian Bridges Salaries Of Senators, Reps … Read more
EKO HOT BLOG reports that Governor Babajide Sanwo-Olu of Lagos State will today travel to Beijing, the capital of China, for trade and investment discussions. During his visit, the governor will visit the headquarters of China Civil Engineering Construction Company (CCECC) to meet with top officials of the company. EDITOR’S PICKS Trailer Driver Falls Off Lagos-Ibadan … Read more
EKO HOT BLOG reports that the Lagos State Government has announced an end to the 25% discount on transport fares across the Lagos State Public Transport System. This online media platform gathered that the Lagos Metropolitan Area Transport Authority (LAMATA) made the public notice on Friday, January 26, 2024, via its official X (formerly Twitter) account. … Read more
EKO HOT BLOG reports that the Minister of Solid Minerals Development, Dele Alake, has said over 163,000 passengers benefited from the Federal Government subsidised inter-state trips for the end-of-the-year festive period. Alake, who is the Chairman of the Committee on the Implementation of the End of Year Transportation Subsidy Programme of President Bola Tinubu, disclosed this … Read more
EKO HOT BLOG reports that the Federal Government is ready to support locally produced fabric, Adire with subsidy. The FG also planned to help establish industrial hubs for Adire across the country to further boost revenue for market women selling the local fabric while curbing its importation. EDITOR’S PICKS ‘Supreme Court Has Failed Nigerians’ – … Read more
EKO HOT BLOG reports President Bola Tinubu, on Friday, revealed that the policies and programmes of his administration are aimed at achieving a fairer, better and honest society. The President stated this while speaking during an audience with a delegation of South-West Muslim faithful, led by Alhaji Rasaki Oladejo, at the Presidential Villa, Abuja. EDITOR’S … Read more
EKO HOT BLOG reports that fuel queues have returned to some parts of Lagos State as oil marketers have stopped the importation of Premium Motor Spirit, popularly called petrol. This online media platform understands that seven oil marketers reportedly imported petrol about a month ago but have stopped because of the forex crisis. EDITOR’S PICKS … Read more
Eko Hot Blog reports that fuel marketers have dismissed the rumoured plan to increase the pump price of Premium Motor Spirit (PMS) following the recent increase in crude oil price to $94. According to them, there has been no announcement by the Nigerian National Petroleum Company Limited (NNPCL) in that respect. Marketers had explained that … Read more
EKO HOT BLOG reports that Garba Shehu, media aide to former President, Muhammadu Buhari has said that despite the removal of fuel subsidy which crippled transportation due to the high cost of fuel, his principal still receives a lot of visitors from across the country. Shehu stated this via a statement issued on Thursday to … Read more
EKO HOT BLOG reports that the Nigeria Labour Congress (NLC) has declared a two-day warning strike to protest the effect of petrol subsidy removal on the masses. The strike is scheduled to commence on Tuesday, September 5, 2023. Details Later…. Click to watch our video of the week
Eko Hot Blog reports that President Bola Tinubu has been told to take cues from Kenya concerning the ongoing crisis surrounding the removal of fuel subsidy on Premium Motor Spirit, popularly called petrol. Oil marketers have said the gradual relaxation of the removal of subsidy on the product amidst the forex crisis would be the … Read more
EKO HOT BLOG reports that the organised labour has rejected the Chief of Staff to the President, Femi Gbajabiamila, as the head of the Federal Government’s team that will negotiate with the labour unions on subsidy removal palliatives. The labour leaders made the decision during a meeting with the Senate leadership on Tuesday. EDITOR’S … Read more
EKO HOT BLOG reports that Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Ahmed Tinubu for not disclosing spending details of the approximated N400bn saved from the recent removal of the petrol subsidy. SERAP’s legal action, bearing the suit number FHC/L/CS/1514/2023 and lodged at the Federal High Court in Lagos, … Read more