The decision by President Bola Tinubu’s government to spend N6.8 trillion on fuel subsidies for the period between August 2023 and December 2024 has sparked an uproar among Nigerians.... CLICK TO READ THE FULL NEWS HERE▶▶
It was on May 29, 2023, that Tinubu announced the end of fuel subsidies, leading to an increase in food prices, fuel price hikes, inflation and scarcity. However, one year later, the presidency released a document showing plans to make payment for a 17-month period for fuel subsidy.
Nigerians have been experiencing discomfort as a result of the economic hardships that began shortly after Tinubu removed subsidies, with many unable to cater to their families’ daily needs.
On Monday, August 19, 2024, President Tinubu approved that the Nigeria National Petroleum Company Limited (NNPCL) use its dividends of N6.8 trillion as payment for subsidy bills.
The NNPC informed the President that they would be unable to pay taxes and royalties into the federation account.
Reports indicate that the N6.8 trillion is the highest figure ever to be spent by any administration on fuel subsidies between 2005 and 2022 when subsidy payment were made by the Nigerian government, on a full year basis.
In 2022, the former President Goodluck Jonathan-led administration paid the sum of N2.1 trillion. In 2022, under former President Muhammadu Buhari, the Nigerian government paid N3.36 trillion and in 2024, President Tinubu has approved the payment of N6.8 trillion.
Meanwhile, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has denied reports claiming it still pays subsidies for petrol.
According to the NNPC’s Chief Financial Officer, Umar Ajiya, the NNPC Ltd. was only handling Premium Motor Spirit (PMS) importation shortfalls between the company and the federation.
He said, “In the last eight to nine months, NNPC Ltd. has not paid anybody a dime as a subsidy; no one has been paid Kobo by NNPC Ltd. in the name of subsidy.
No marketer has received any money from us by way of subsidy. What has been happening is that we have been importing PMS, which has been landing at a specific cost price, and the government tells us to sell it at half price.
So the difference between the landing price and that half price is a shortfall. And the deal is between the Federation and NNPC Ltd., to reconcile, sometimes they give us money, so there is no money exchanging hands with any marketer in the name of subsidy.”
Ajiya’s comment comes after reports claim that President Bola Tinubu had approved the Nigerian National Petroleum Company (NNPC) Limited to use the 2023 final dividends owed to the federation to cover the cost of petrol subsidies.
The recent development has sparked massive reactions from Nigerians, who took to social media to share their thoughts.
officialjozzhy: This man is seriously building Nigeria ….he is building his cabal pocket una never see anything
iamkenegod: Exam malpractice isn’t good,he copied Peter Obi without knowing his strategies to removing fuel subsidy
samzybankz_: Walahi God Don forgot say place like 9ja still day exist gan
omit_da_vinichi: At this point if ur mind never dey to japa that country…u never ready for the future
jaydee_mills: Na only id!its Dey support this govt. I can never see you like a human being if you support APC
stephanieaniobi: He built Lagos and he is building Nigeria
onecubestudios_portraits: But it’s same you that is talking now that was castigating Peter Obi when he talk about the way and manner the subsidy was removed. You are among the people that has been calling him names. Now here you are. Just because it’s better for you doesn’t mean it’s better for orders. Always allow people suffering to choose who to lead them with honesty. Anyway we go dey manage they go. E don be e don be
shemilore_94: Don’t bother yourself, Nigeria is not going to be better soon. Do the best for yourself and lower that expectations for your own good health and peace of mind
king_a_j_snizz_: Tinubu is a clown who knows nothing, I believe those who claimed he built Lagos can now tell us how he’s going to build a working Nigeria where all can see and not propagandas, he knows nothing about governance and this is not about arrogance or giving few people monies then claiming to building up a state, only his loyalists can speak good of that man other than that nothing more, it’s about results not blabbing about what’s not physical
_bankyrichy_: During election every candidate went to town halls to say their manifesto and how they intend to achieve and implement it they also entertained questions from the people , there was presidential debate every candidate attended expect one all this was a big red flag but you all defended him and now acting surprised
