Energy

The World Bank has advised Nigerian policymakers to move away from relying solely on national averages when formulating social protection measures following fuel subsidy removal in the country. In its June 2023 report titled “Detox Development: Repurposing Environmentally Harmful Subsidies,” the World Bank noted that it is crucial to also …

Fuel prices are expected to rise even further due to an increase in depot prices, which have reached N490 per litre.  Consequently, some private downstream companies in Lagos are selling fuel at prices higher than the fixed rate of N488 per litre.  According to reports, the Nigerian National Petroleum Company …

The strike action by the organised labour to protest the removal of fuel subsidy slated to commence tomorrow, June 7, has been aborted .The Unions decided to do so according to them, to give room for more consultations. This was contained in a communiqué signed by TUC President, Comrade Festus …

“There is no provision for subsidy in the budget; subsidy is gone” declared by President Bola Ahmed Tinubu in his Inauguration speech has not gone down well with Nigerians. Moments after the speech, queues appeared at the filling stations and the prices of petrol shut through the roof. Reacting to …

President Bola Tinubu on Tuesday met behind closed doors with the Governor of the Central Bank of Nigeria ( CBN), Godwin Emefiele and the Managing Director of the Nigeria National Petroleum Company Limited ( NNPCL), in an apparent effort to address the fallout of fuel subsidy removal. The meeting was …

Amid confusion surrounding the fuel subsidy removal, the Secretary to the Government of the Federation, Boss Mustapha, said the country spent N13 trillion on subsidies payment from 2005-2021. The Secretary to the Government of the Federation (SGF), Boss Mustapha, stated this on Monday in Abuja during the launch of the …

The Federal Government through the Transmission Company of Nigeria (TCN) will disconnect 13 electricity companies from the national grid. Punch reports that the disconnection plan is because of the failure of the affected companies to make remittances of ancillary services bills. As a result of the planned disconnection, electricity consumers being served …

Vice President Yemi Osinbajo has maintained that while the global call for transition to cleaner fuels may be valid, it would be unreasonable for Nigeria to abandon its fossil fuel deposits at the moment. Osinbajo spoke at the launch of a book in Abuja titled: “Understanding Natural Gas, a Nigerian …

 President Muhammadu Buhari administration has backtracked on the plan to remove petroleum subsidy. The National Economic Council, on Thursday, in Abuja, said it has agreed that petrol subsidy should “not be removed” as earlier planned for June 2023. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, disclosed …

The Abuja Electricity Distribution Plc has explained that the onstream of its three new 33KV feeders would improve electricity supply to its customers in Gwarinpa, Life Camp, Kubwa, and other parts of Abuja, the nation’s capital. The utility explained that the completion of construction on the 33KV feeders and the …