Explore articles, news reports, and stories tagged with #fuel subsidy on Sentinel Digest.
Former finance minister and WTO chief Ngozi Okonjo‑Iweala revealed that her mother was abducted in December 2012 after she uncovered a $2.4 billion fuel subsidy scam. The kidnappers demanded her resignation and exile, but the ordeal ended after five days.
Nigeria's Finance Minister Taiwo Oyedele told the World Bank and IMF meetings in Bangkok that both international investors and local markets consider opposition politicians urging a return to the subsidy regime as unserious and have not factored such a move into price forecasts.
Nigeria's federal authorities have reiterated that fuel subsidies and multiple exchange rates will not be reinstated, underscoring the commitment to President Bola Tinubu's economic reforms. The clarification came from Finance Minister Taiwo Oyedele during the World Bank and IMF meetings in Bangkok.
President Bola Ahmed Tinubu ended Nigeria's fuel subsidy on May 29, 2023, causing gasoline prices to soar from N198 to N560 per litre within 48 hours. The hike has triggered widespread debate and placed severe strain on commuters, traders and ordinary households.
Former Nigerian Bar Association president Dr Olisa Agbakoba has outlined a differential petroleum pricing model that could keep domestic pump prices between N400 and N700 per litre and is urging 2027 presidential hopefuls to spell out their fuel‑price policies.
The African Democratic Congress argued that Nigerians are too poor to rely solely on market pricing and said it would subsidise crude‑oil production to make fuel cheaper if it wins the 2027 elections. Spokesperson Bolaji Abdullahi made the remarks on Channels Television’s Politics Today.
Arch. Peter Agada of the Young Progressives Party proposes a targeted, time‑bound fuel subsidy costing ₦3.2 trillion in its first year, aiming to reduce transport costs by up to 45 % and bring headline inflation to about 7.5 % by late 2028.
Olatunbosun Oyintiloye, a senior APC figure, cautioned presidential hopefuls Atiku Abubakar and Peter Obi that promising a return to fuel subsidies ahead of the 2027 election is unrealistic given Nigeria’s current economic climate.
Finance Minister Taiwo Oyedele said the Tinubu administration will not bring back the petroleum subsidy, despite a newly announced 30‑day fuel discount at NNPCL stations, prompting criticism from ADC candidate Atiku Abubakar.
Lawyer Deji Adeyanju asserted that presidential candidate Atiku Abubakar’s condemnation of the 30‑day fuel price discount has frightened President Bola Tinubu, the federal administration and the All Progressives Congress, calling the move a genuine opposition act.
During a press briefing in Abuja, Minister of Information and National Orientation Mohammed Idris said Nigeria’s economy is on a firmer footing three years into President Bola Tinubu’s administration, marking a shift from reform to growth.
Presidential candidate Omoyele Sowore accused President Bola Tinubu, Atiku Abubakar and Peter Obi of copying his fuel‑subsidy ideas after the government announced a 30‑day petrol discount through NNPCL. He warned that merely borrowing his plan would not guarantee electoral success.
Presidential candidate Peter Obi told the BBC African Service that, unlike former President Buhari, he will be in control and will start his anti‑corruption drive with the president’s own household if he wins the 2027 election.