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Fuel Subsidy

All articles tagged with #fuel subsidy

politics2 years ago

Nigeria's President Implements Wage Increase to Prevent National Strike

Nigeria's President Bola Tinubu has announced a six-month increase to the minimum wage as workers are set to start an indefinite strike. Unions want the monthly wage to be raised to $255 to help deal with the sharp rise in the cost of living since Tinubu took office. However, the president's $32 increase only brings a monthly minimum salary to $70. Tinubu also pledged to speed up the rollout of cheap gas-powered buses to help with the recent tripling of fuel prices, which was prompted by the removal of a fuel subsidy. The main labour unions have insisted on proceeding with the planned strike, stating that the government has failed to address the suffering caused by the removal of the fuel subsidy.

via BBC|
#fuel-subsidy#minimum-wage#national-strike
economy2 years ago

Tinubu's Fuel Subsidy Removal: Saving Billions and Fighting Economic Inequality

Nigeria's President Bola Tinubu announced that the country has saved over $1.32 billion in just over two months by scrapping the fuel subsidy and unifying its exchange rates. Tinubu defended the decision, stating that the subsidy only benefited a few elites and that the reforms would help boost the economy. However, labor unions are pressuring Tinubu to offer relief to households and small businesses, as prices soar following the reforms. The government has announced measures such as releasing grains to families, providing cheap loans, and setting up a fund from the subsidy savings to build infrastructure.

via Reuters|
#economy#fuel-subsidy#nigeria
energy2 years ago

Nigeria's Petrol Prices Skyrocket After Subsidy Removal

Nigerian petrol prices have reached a record high of 617 naira ($0.78) per litre after the removal of a popular but costly fuel subsidy by President Bola Tinubu in May. The subsidy, which had kept fuel prices cheap for decades, cost the government $10 billion last year. Since the removal, 56 private firms have been licensed to import petrol, with 10 of them set to start deliveries in the third quarter. Nigeria imports almost all its refined fuel due to inadequate refining capacity and neglect of existing refineries.

via Al Jazeera English|
#energy#fuel-subsidy#import
energy-and-environment2 years ago

Nigeria's Fuel Subsidy Removal Spurs Solar Shift, But Climate Plan Needed.

The removal of Nigeria's fuel subsidy has increased interest in solar energy, which could accelerate progress toward mitigating climate change in Africa's largest economy. However, experts say the government needs a clear plan to make the most of this new opportunity to advance Nigeria's climate goals, which include eliminating fossil fuel-run generators widely used to keep the lights on in homes and businesses. Solar adoption has largely been hampered by relatively high upfront costs, but incentives such as tax credits and low-interest financing for people who use solar and businesses that provide solar installations could help expand access to off-grid solar energy for homes and businesses.

via The Associated Press|
#climate-change#energy-and-environment#fuel-subsidy
politics2 years ago

Nigeria's Fuel Subsidy: President Tinubu Calls for an End to 'Father Christmas' Mentality.

President Bola Tinubu has reaffirmed his justification for the fuel subsidy removal, stating that Nigeria cannot continue feeding smugglers and acting as Father Christmas to neighbouring countries. He also pledged to remove any challenges stampeding the progress of the country and its people, and urged traditional leaders to counsel their subjects interested in elective positions on the need to manage their ambitions and create harmony within the legislative chambers. Tinubu also reiterated his pledge to prioritise security and tackle youth unemployment.

via SaharaReporters.com|
#bola-tinubu#fuel-subsidy#national-assembly
politics2 years ago

Nigeria's President Shocks Nation with Fuel Subsidy Removal

Nigeria's new president, Bola Tinubu, caused chaos with an off-the-cuff remark during his inaugural speech, stating that the fuel subsidy is gone. The decades-long subsidy has kept down the price of petroleum products, but the government can no longer afford it due to dwindling revenue. The announcement triggered panic buying, with many filling stations stopping sales or unilaterally increasing prices by more than 200%. The subsidy will not be scrapped until the end of June, but the situation has already led to transport fare increases, stranded commuters, and potential confrontation with the powerful labour union.

via BBC|
#bola-tinubu#corruption#fuel-subsidy
politics2 years ago

Tinubu Removes Fuel Subsidy in Nigeria Amid Challenges

Nigeria's new president, Bola Tinubu, announced the removal of the decades-long fuel subsidy on petroleum products in his inaugural address, citing the need to ease pressure on government finances. The subsidy, which has been a huge drain on public finances, will lead to a rise in petrol prices and could have a knock-on effect on other prices. Tinubu acknowledged the tough economic and security challenges facing the country and promised to release his economic roadmap in the coming weeks. His victory in the disputed elections is being challenged in court by his opponents.

via BBC|
#bola-tinubu#economic-challenges#fuel-subsidy
politics2 years ago

"The Tough Road Ahead for Nigeria's President Tinubu"

Bola Tinubu faces five major challenges as he takes over as Nigeria's president, including ending the fuel subsidy, lack of popular support, fixing the economy, kidnapping and insecurity, and staying fit and avoiding potential controversies. Tinubu, a two-time governor of Lagos, has experience in revitalizing Nigeria's commercial hub and is known for his capacity to listen and consult widely before making tough decisions. He has promised to end the fuel subsidy, but removing it will lead to an increase in prices and may face opposition from Nigerians. Tinubu's administration will also have to confront armed criminals, countrywide kidnapping, and a violent secessionist group.

via BBC|
#bola-tinubu#economy#fuel-subsidy