NewStats: 3,259,229 , 8,169,533 topics. Date: Saturday, 24 May 2025 at 11:39 AM 473t4b

The Federal Government has pledged that it will ensure that fuel subsidy, which was recently removed, does not re-emerge.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, and the Central Bank of Nigeria Governor, Mr Godwin Emefiele, made the pledge in a letter to the Managing Director of the International Monetary Fund, Mrs Kristalina Georgieva.

The sharp drop in crude oil prices on the back of the spread of coronavirus saw the landing cost of petrol hitting a record low, wiping off subsidy on the product.

The pump price of petrol, which is still being regulated by the government, was reduced to N125 per litre from N145 per litre on March 18, 2020.

The Petroleum Products Pricing Regulatory Agency further announced on March 31 a price band of N123.50-N125 per litre.

The IMF, last Tuesday, approved the country’s request for emergency financial assistance of $3.4bn, and published the Federal Government’s letter of intent in a detailed report released late on Wednesday.

“The recent introduction and implementation of an automatic fuel price formula will ensure fuel subsidies, which we have eliminated, do not reemerge,” the Federal Government told the IMF in the letter dated April 21, 2020.

The Chairman, Major Oil Marketers Association of Nigeria, Mr Tunji Oyebanji, said market operators remained uncomfortable with pump prices being fixed by fiat.

Oyebanjo, in the association’s latest newsletter seen by our correspondent, said, “Prices (supply or purchase costs and open market sales prices including pump prices) should not be regulated but monitored against anti-competitive and antitrust abuses by the already established competition commission and subject to its clearly stated rules and regulations.

“All suppliers, transporters, service providers and market players (including the Nigerian National Petroleum Corporation) should be subject to the same rules and regulations, backed by appropriate legislation.”

He said equal access to foreign exchange at competitive rates to all market players must be guaranteed.

Oyebanji said, “Monopolies and dominant market players should be deliberately restructured or their market dominance deliberately curtailed.

“Abuses related to market dominance include cutting prices in order to drive out competitors, determining market share of other market players using their dominance in the supply chain and sometimes selling at a loss (or break-even) to manipulate the market.

“Monopolies create inefficiencies and inequities in the market, government interference and abuse.”

The NNPC has been the sole importer of petrol into the country for more than two years, after private oil marketers stopped importing the commodity due to crude price fluctuations, among other issues.

https://punchng.com/fuel-subsidy-will-not-return-fg-assures-imf/?amp=1&__twitter_impression=true

We pray so

How many time have they said this shitcrap? How have they been paying subsidy/under-recovery all this while without the NASS approval?

Why is the price of petrol still high despite subsidiary & crash in the global market.No truth with these liars because they must always look for a way through the back door to still continue the stealing.

when you run out of money that is when you will now have money saving and making ideas.

But they still have a price 'range' of circa N125.00 so it's not a deregulated market. Fixing fuel prices and the subsidy scheme is too lucrative a scam to be abandoned. It does not help that many Nigerians think low fuel prices is a human right which creates an alliance between the middle class who want cheap fuel and the crooks who benefit from the subsidy regime.

Fuel should be selling for less than N100 now but it is still at N125. If it is to increase price, they won't hesitate. Fucking government.

Buhari has done it again. We haven't had any fuel scarcity in like four years now, something that use to happen every six months during the sixteen miserable years of the useless Poverty Development Party.

Subsidies are gone for good, any marketer that doesn't want to accept the new reality can start selling palm oil.

For the first time since 1993, we are going to completely get rid of the fraudulent subsidy regime and use the money to development our critical infrastructure!!!



I AM DONE TALKING

That doesn't negate he is a failure like other president. He just marginally did beta in infrastructure that n very little in agriculture is all he as to show no more.

He remains a colossal failure in fighting corruption, poor economy, protecting lives, education health

JAMO84:
Buhari has done it again. We haven't had any fuel scarcity in like four years now, something that use to happen every six months during the sixteen miserable years of the useless Poverty Development Party.

Subsidies are gone for good, any marketer that doesn't want to accept the new reality can start selling palm oil.

For the first time since 1993, we are going to completely get rid of the fraudulent subsidy regime and use the money to development our critical infrastructure!!!



I AM DONE TALKING

All I have to say is this, I don't have a car, I don't have motorcycle �, I don't have a generator. I can't travel on on public transportation because I have a bycircle and bendel insurance. What am I saying, this stupid government will tell us before in few months that they are actually paying what they tagged scam when my dear friend and mentor was in charge. May God visits all this wicked people in government with incurable sickness

With the anticipated devaluation of our National currency as requested by IMF before giving us the loan.

Naira should sell for like N500 to a dollar by the end of next month.

Petrol should sell for N250 to N300 per litre by end of the year.

This would also be accompanied by high prices due to anticipated inflated prices of imported goods

Translating to Lower purchasing power from households and lower production


So in spite of a recession due to lost of revenue, Nigeria's economic growth after the pandemic will be extremely low for a few years.

A very bad future for Nigerians.

Something is wrong with Buhari... imagine enemy of the state running CBN for about 6 years now..., Emefiele is corrupt. Always wearing a red neck tie means he is Cult member from Nsukka

Last Last, Hustle and take care of your loved ones.

Forget All this propaganda.



By the way, go and make free money from prolific guys. am glad what i taught people on nl is working.

Nigeria can say anything to lay their hands on the loan. Wait till you hear we have paid 14 trillion for subsidy in the first quarter of 2021

Keep deceiving yourselves. Bunch of thieves.

People should take this with a pinch of salt, buhari and his team are professional liars who always backtrack on their promises

Was there any subsidy before? Very confused set of people!

But it will be on code.

sweetsell:
That doesn't negate he is a failure like other president. He just marginally did beta in infrastructure that n very little in agriculture is all he as to show no more. He remains a colossal failure in fighting corruption, poor economy, protecting lives, education health

Please loud it in his ears. These APC zombies are trading 30k stipend for their country's future.
Buhari is a colossal failure. After his tenure, he should go back to rear his cows in Daura because he can't be treating Nigerians as his cows!

Oil has dropped in price but Nigerians are still buying at 125 Naira. Suffer day Nigeria oh. All those big men are really hungry right now. They have lost billions of dollars this season. The way they will behead Nigerians when this is over will be extra.

Buhari has nepotized empty heads to head all government ministries. They don't know what to do to fix a single problem. A few months ago they were busy bragging to the world that they were prepared for the coronavirus. It turns out that they don't even know how to pronounce the name of the virus. Their stupidity led to the death of their own number 2 guy.

Same fuel subsidy Buhari denied didn't exist?

Has it gone before?

Nemera2020:
The Federal Government has pledged that it will ensure that fuel subsidy, which was recently removed, does not re-emerge.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, and the Central Bank of Nigeria Governor, Mr Godwin Emefiele, made the pledge in a letter to the Managing Director of the International Monetary Fund, Mrs Kristalina Georgieva.

not needed....low low oil pprice

[quote author=JAMO84 post=89093981][/quote]

We can never do well as a nation when we are ruled by party affiliation and sentiments.

Subsidy was not removed by any body, rather the price of fuel is so low that there is no need to pay subsidy for now.

There is nothing to celebrate until there is rise in price and it sells over N150 in Nigeria, it is then we will know if subsidy will be removed or not.

Mind you, our refinaries are still on quarantine despite the billions expanded in their maintenance.

Time will tell where this country is heading to.

I hope so

Good

Nigeria federal government been stupid from time immemorial

[quote author=Racoon post=89092745][/quote]

The reason is because subsidy has been deducted from it that is why we still buy petrol at that rate.

praise010:
We can never do well as a nation when we are ruled by party affiliation and sentiments.Subsidy was not removed by any body, rather the price of fuel is so low that there is no need to pay subsidy for now.

There is nothing to celebrate until there is rise in price and it sells over N150 in Nigeria, it is then we will know if subsidy will be removed or not.Mind you, our refinaries are still on quarantine despite the billions expanded in their maintenance.Time will tell where this country is heading to.

You mean it's not clear to you already?

lol self deceit, As soon as The Buhari istration ends.... IT WILL BE BACK.
no be naija again?

We are tired of hearing, we want to see for ourselves as it reflects in our daily living!!!