A fuel attendant handles a fuel pump at a Nigerian National Petroleum Company Ltd. gas station in Lagos, Nigeria, Photographer: Benson Ibeabuchi/Bloomberg via Getty Images
Notwithstanding denials from government, The Guardian had reported that Nigeria is paying about N907.5 billion subsidy on PMS, otherwise called petrol, monthly, as oil price and depreciation of the Naira pushed the actual cost of litre of fuel to N1,202.7. Beyond the OPEC+ stand, geopolitical tension, especially the shifts in Russia and Ukraine war, as well as failed Israel-Gaza conflict resolution, is creating more tension for the oil industry.
Nigeria closed this year’s African Diaspora Investment Symposium with the unveiling of its new online charitable platform, i-philanthropy, that invites Nigerians from all over the world to have a stake in the country’s economy. Civil Liberties Organisation has urged the Federal Government to obey a court ruling in Niger State and pay N1.1 trillion judgment debt to Samboro Community in Rafi Local Council, for the destruction of their livelihoods and forceful eviction.
A former member of the House of Representatives, Sam Onuigbo, has called for the review of the revenue sharing formula to enhance good governance in the country.