The Federal government, leaders of the Nigerian Labor Congress NLC and Trade Union allies will be meeting today May 16th to discuss on the planned strike action by the Labor congress. The labor leaders on Saturday May 14th gave FG till midnight of Tuesday May 17th to revert to the old pump price of petrol of N86.50 or face a total strike that may begin on Wednesday May 18th. (more…)
Finally the Federal government of Nigeria has removed the subsidy on fuel. This was announced in a press release signed by the Minister of State, Petroleum Resources, Ibe Kachikwu. Read the press release below: (more…)
I can't imagine the laughter some non oil producing countries will have for Nigeria right now. This picture also indirectly shows the high rate of unemployment and note this is just one filling station, while there are thousands around the country and if this continues like these, even the rich will not be safe.... BBC reporter Ishaq Khalid took these photos in Bauchi state.
Article written by former Minister of Finance, Ngozi Okonjo-Iweala for Financial Times. The prop on petrol prices was hurting the national budget. Globally, government support for fossil-fuel subsidies will amount to almost $650bn this year. The cost of these subsidies far outweighs the benefits and burdens the middle classes. Reforming the system can make energy infrastructure more efficient, shore up public finances and allow more targeted spending on public services. The idea is not a new one. In 2009, the G20 countries and the Asia-Pacific Economic Cooperation for
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