• About
  • Advertise
  • Contact
Saturday, August 23, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

FG suspends plan to remove fuel subsidy

Senate asks labour to halt protest

Vital News by Vital News
January 24, 2022
in Economy
0
Share on FacebookShare on Twitter

Abuja – The Minister of Finance, Budget and Economic Planning, Hajia Zainab Ahmed, said the Federal Government has postponed the planned removal of subsidy on petroleum products till further notice.

Ahmed stated this in Abuja on Monday during a meeting held at the National Assembly.

The meeting was convened at the instance of the President of the Senate, Ahmad Lawan.

In attendance at the meeting are the Minister of State for Petroleum Resources, Timipre Sylva and the Group Managing Director of the NNPC Limited, Mele Kyari, among others.

The Finance Minister co firmed that the Federal Government intention was to remove the subsidy from July this year but said it had been out on hold.

RelatedStories

FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs

Ahead TICAD9 Summit, President Tinubu Arrives Japan

146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant

Capital Inflows Into Nigeria Up By 67.12% In Q1 2025

According to her, that is the reason adequate provision was made in the 2022 national budget for subsidy payment till June.

“Provision was made in the 2022 budget for subsidy payment from January till June. That suggested that from July, there would be no subsidy.

”The provision was made sequel to the passage of the Petroleum Industry Act which indicated that all petroleum products would be deregulated.

“Sequel to the passage of the PIA, we went back to amend the fiscal framework to incorporate the subsidy removal.

“However, after the budget was passed, we had consultations with a number of stakeholders and it became clear that the timing was problematic.

“We discovered that practically, there is still heightened inflation and that the removal of subsidy would further worsen the situation and impose more difficulties on the citizenry.

“Mr. President (Muhammadu Buhari), does not want to do that. What we are now doing is to continue with the ongoing discussions and consultations in terms of putting in place a number of measures.

“One of these include the roll out of the refining capacities of the existing refineries and the new ones which would reduce amount of products that would be imported into the country.

“We therefore need to return to the National Assembly to now amend the budget and make additional provision for subsidy from July 22 to whatever period that we agreed was suitable for the commencement of the total removal.’’

The Senate President, Ahmad Lawan urged the organised labour unions in the country to reciprocate by shelving their proposed nationwide protests

He said it was no longer necessary as the Federal Government has suspended the removal of subsidy on petroleum products.

The meeting later dissolved to a closed session to discuss other issues.

Tags: Fuelpetroleumsubsidysuspended
Previous Post

Bandits kill 16 children, abduct 1, 440 others in Nigeria in 2021 – UNICEF

Next Post

Corruption : Court issues warrant of arrest against Diezani

Vital News

Vital News

RelatedStories

FAAC Disburses N1.678trn February Revenue To FG, States, LGs
Economy

FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs

August 22, 2025
Yelewata Masacre : President Tinubu To Visit Benue State June 18
Economy

Ahead TICAD9 Summit, President Tinubu Arrives Japan

August 18, 2025
146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant
Business

146 Nigerian Women Entrepreneurs To Access $50mln WTO Trade Grant

August 15, 2025
Capital Inflows Into Nigeria Up By 67.12% In Q1 2025
Economy

Capital Inflows Into Nigeria Up By 67.12% In Q1 2025

August 11, 2025
AfDB Lauds Gov. Ododo Over Commitment To Agriculture, Food Security, Includes Kogi Among SAPZ Beneficiaries
Agriculture/ Water/ Mineral

AfDB Lauds Gov. Ododo Over Commitment To Agriculture, Food Security, Includes Kogi Among SAPZ Beneficiaries

August 6, 2025
Next Post

Corruption : Court issues warrant of arrest against Diezani

Hanifa Abubakar murder : Kano suspends operation of private schools indefinitely

Hoodlums kill traditional ruler, three aides in Ogun community

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

School Sewing Championship : LMF Takes Sensitisation To FCT Area Councils

School Sewing Championship : LMF Takes Sensitisation To FCT Area Councils

3 years ago
NOC, NAPHAED Partner To Organise Seminar For Sports Administrators

Safe Sport : NOC Creates Safeguard Commission 

7 months ago
Insecurity : Police Seek Support Of Kogi Traditional Rulers To Combat Crime

Insecurity : Police Seek Support Of Kogi Traditional Rulers To Combat Crime

6 months ago
APC, PDP Fight Over Billboards In Kwara

In Ebonyi, Security Agents Get Order To Shoot Gunmen On Sight

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba, N1.07bln Salary Arrears

First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

KB Klub Holds Largest Blood Donation Drive, Raises 500pints Of Blood In Lagos

Don’t Stay Away From Home, President Tinubu Tell Nigerians In Japan, Says Nigeria On The Rise Again

Abia Secures $750mln World Bank Support For Renewable Energy

Woman Mistaken For Kidnapper Killed By Irate Mob In Ilorin

Trending

Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency
News

Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency

by Vital News
August 22, 2025
0

The management of Dangote Cement Plc (DCP) has restated its commitment to training and constant retraining of...

Japan Designates Kisarazu City As Hometown For Nigerians

Japan Designates Kisarazu City As Hometown For Nigerians

August 22, 2025
FAAC Disburses N1.678trn February Revenue To FG, States, LGs

FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs

August 22, 2025
Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba,  N1.07bln Salary Arrears

Appeal Court Orders Kogi To Pay Ex-Deputy Governor, Simon Achuba, N1.07bln Salary Arrears

August 22, 2025
First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

First Lady’s Delegation Pays Condolence Visit to Governor Ododo Over Father’s Passing

August 22, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Dangote Cement Re-trains 900 Truck Drivers To Boost Operational Efficiency August 22, 2025
  • Japan Designates Kisarazu City As Hometown For Nigerians August 22, 2025
  • FAAC Shares N2.001 July 2025 Revenue To FG, States, LGs August 22, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In