Fuel

Nigerians should expect petrol price increase, says Rewane

The Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, has said fuel subsidies are a huge drain on government’s revenue. Rewane stated this in his presentation at the Lagos Business School Breakfast Session on May 8, a copy of which was obtained by our correspondent on Tuesday . He noted that the World Bank put Nigeria ’s total subsidy bill in 2018 at N 731bn , saying, “A gradual reduction in subsidy payments [ is] anticipated . Only N 305 bn set aside for under-recovery in 2019 budget ; expect an increase in the pump price of fuel . “40 per cent shortfall in provision [Read]

2019 BUDGET: Power Ministry Earmarks N168m For Generators, Fuel [READ MORE]

    As the Federal Ministry of Power, Works and Housing strives to improve the country’s power supply, it is also making budgetary proposals for the purchase, maintenance and fuelling of generators at its headquarters and various agencies. An analysis of the 2019 budget proposal of the FMPWH that was recently submitted by President Muhammadu Buhari to the National Assembly showed that the ministry and its agencies had proposed to spend N167.96m this year on the purchase, maintenance and fuelling of generators/plants. Nigeria currently generates and distributes an average of 4,000 megawatts of electricity and the sector is still suffering from a serious liquidity crisis despite being privatised since November [Read]