After Meeting Tinubu, Oil Marketers Declare Support For Fuel Subsidy Removal

Published

3 years ago

June 7, 2023

Editor

The Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) on Wednesday in Abuja pledged its support for the Federal Government’s removal of fuel subsidy.

The association’s chairperson, Dame Winifred Akpani, made the disclosure at the end of a meeting with President Bola Tinubu.

She said the association would also support the government’s palliative measures by providing between 50 and 100 mass transit buses.

Akpani said the buses would be locally manufactured and would use Compressed Natural Gas as fuel.

“We pledge our support for President Tinubu in the bold decision of removing petrol subsidy. It is an idea that was long overdue.

“Removal of subsidy is not about making fuel costly and taking it out of the reach of Nigerians. It is about getting it right on the real issue of petroleum product subsidy.

“Who are those enjoying the subsidy? The subsidy ends up being enjoyed by those it was not meant for.

“We also spoke to the president about substitutes to petrol as well as creating an environment conducive for investments to thrive in the oil sector,’’ she said.

Gov. Dapo Abiodun of Ogun, who led the DAPPMAN delegation, described the subsidy removal as a bold step that portended positive growth for the economy.

He said fuel subsidy withdrawal was a clear indication of Tinubu’s readiness to address the challenges of the oil and gas sector.

“Subsidy has become a N4 trillion per annum issue and its removal will release more funds for economic development.

“Subsidy removal will unleash the potential of Nigeria because it will open up a lot of resources for the development of other sectors of the economy.

“The National Economic Council will soon begin sitting to propose interventions on the subsidy removal.

“The interventions will definitely be a long-lasting solution to the effect of fuel subsidy removal on Nigerians,’’ Abiodun said.

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

5 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

5 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

7 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.