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Petrol to cost N340/litre after subsidy removal in 2022 – NNPC boss

Petrol may cost N340 per liter in 2022 as the subsidy regime for petroleum products will come to an end in February 2022. This was revealed by NNPC boss, Mele Kyari. Kyari made this known at the presentation of the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual” on Tuesday, November 23. “There will be no provision for it legally in our system, but I am also sure you will appreciate that government has a bigger social responsibility to cater for the ordinary and therefore…

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Fuel Price Hike Looms As FG Announces Deregulation Of Petrol Subsidy

Plans by the federal government to stop petrol subsidy might make petrol price of petrol in Nigeria to jump from the current price to as high as N300 per litre. Recall that the Federal Government of Nigeria had announced that petrol subsidy will be stopped starting from the second half of next year. The Minister of Finance, Budget and National Planning, Zainab Ahmed, revealed this in a statement made available to the public on Monday. According to Ahmed, the Federal Government only made provision for petrol subsidy till the end of…

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$3m Subsidy Probe Bribe: Farouk Lawan Gets 7 Years Jail

Farouk Lawan, the ex-chairman of the House of Representatives investigative commission on the oil subsidy system, has been sentenced to seven years in prison for accepting a $3 million bribe from oil magnate Femi Otedola. The former legislator was found guilty on all three counts brought against him by the ICPC by Justice Angela Otaluka of the FCT High Court in Apo. The judge ordered him to pay the federal government $500.000 in restitution. Rep. Lawan, according to GreenWhiteGreen GWG, was the chairman of the House of Representatives investigative commission…

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