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El-Rufai, Soludo, Sanusi Insist On Fuel Subsidy Removal

Published

2 years ago

May 10, 2023

The Kaduna State Governor Malam Nasir El-Rufai and his Anambra counterpart, Prof. Charles Soludo, have urged the Federal Government to end the fuel subsidy regime which has negatively affected Nigeria’s economy.

The governors made the call on Tuesday in Abuja during a panel session at the policy conversation on “How Nigeria Can Build a Post-Oil Economic Future”.

The News Agency of Nigeria (NAN) reports that the symposium was jointly hosted by Agora Policy, a Nigerian Think Tank and the Carnegie Endowment for International Peace.

It also featured the presentation of a recently published book titled “Economic Diversification in Nigeria: The Politics of Building a Post-Oil Economy”– selected as one of the Best Books of 2022 by the Financial Times.

The book was authored by Dr Zainab Usman, a senior fellow and Director of the Africa Programme at the Carnegie Endowment for International Peace in Washington, D.C.

Speaking, El-Rufai emphasised on the need to end the subsidy on Premium Motor Spirit (PMS) known as fuel and to be pragmatic about solution to the problems instead of delay.

He recalled that in 2021, the National Economic Council (NEC) gave a committee he chaired an assignment to work out a framework on what to do with the resources if subsidy was removed including how much to be raised.

He listed the components of its recommendation to include framework on investments in security, social protection, infrastructure on health and education among others.

“We worked with experts and World Bank and came out with a report on what to do with the resources which would be transperently explained to Nigerians.

“In 2021 the Federal Government ‘s budget for road was N200 billion and in 2021 we were projecting to spend N1.2 trillion on subsidy and we saw the danger and I called for its removal.

“We have a framework and the economic council agreed for it to be withdrawn because we had a clear plan on where the money should go which include federal, state and local government for interventions.

“Still it is on and currently we are looking at N6 trillion on subsidy but go and check the national budget on infrastructure on health and education, it is not up to that and does not make any sense, so we need to end the subsidy,” he advised

Soludo on his part also called for a transformational leadership and agenda adding that the new dispensation had a chance for a fresh start.

“It has to start by getting the team assembled and getting to work immediately with institutional reforms and competitive system.”

According to him, it will be necessary if we begin to mainstream case studies and utilise lessons from those case studies that worked before by replicating them.

The governor said that productive policies to achieve speed and sustainability prosperity for institutional reforms and change were the key.

Also speaking, former Central Bank of Nigeria’s Governor, Sanusi Lamido Sanusi, who was a special guest, underscored the need to prepare the minds of Nigerians on bad decisions that have bankrupted the country and close that hole.

Sanusi said in order to get it right, the incoming government should place competent officials in suitable positions.

“We are going to have a government sworn in May 29 and I think we have to start stating what is expected of that government.

“What do we, as Nigerians, classify as a milestone that shows we are heading to the right direction.

“We also need a government that understands the depth of the crises that we are. We all have a responsibility of conveying the implications of the policies that we recommend.

“We need to go back to that situation where politicians respect the independence, integrity and autonomy of these institutions and where these institutions are held accountable by the law setting them up to perform duties,” he said.

Speaking, Aigboje Aig-Imoukhuede, Co-Founder, the Aig-Imoukhuede Foundation and Chairman, Coronation Capital, explained that the fuel subsidy was not grounded on thinking rather it was purely political.

According to him, refining crude oil and producing refined petroleum products in Nigeria would actually drop the prices of petroleum.

He further explained that fiscal consideration, debt restructuring and massive private structure investment should be considered by the incoming government for economic growth.

The participants, who lamented on fuel subsidy removal, called for effective utilisation of resources after its removal in new dispensation. (NAN)

Related Topics:El-Rufai Sanusi Lamido Soludo subsidy

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Business

NNPCL Raises Fuel Price

Published

1 day ago

October 13, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has increased the pump price of petrol from ₦865 to ₦992 per litre, marking a fresh hike that has sparked widespread concern among motorists and consumers .

As of the time of filing this report, the company has not released any official statement explaining the reason for the sudden adjustment.

During visits to several NNPC retail outlets, The Nation observed fuel attendants recalibrating their pumps to reflect the new price.

At NNPC filling station on Ogunusi road, Ojodu Berger, petrol attendants at the station said they were instructed to change the price to reflect the new rate N992 per litre.

However, checks at Ibafo along the Lagos /Ibadan expressway showed that NNPC outlets still displayed the old price of N875 per litre, although they were not selling to commuters.

Most of the NNPC stations were not dispensing fuel.

Business

CBN Directs Banks To Refund Failed ATM Transactions Within 48hrs

Published

3 days ago

October 11, 2025

Editor

The Central Bank of Nigeria has directed Deposit Money Banks and other financial institutions to refund customers for failed Automated Teller Machine transactions within 48 hours, in a sweeping reform aimed at protecting consumers and restoring confidence in the banking system.

The directive is contained in a draft guideline released by the apex bank on Saturday, titled “Exposure of the Draft Guidelines on the Operations of Automated Teller Machines in Nigeria.”

The document, signed by Musa I. Jimoh, Director of Payments System Policy Department, was circulated to banks, payment service providers, card schemes, and independent ATM deployers, with a call for stakeholder feedback by October 31, 2025.

Under the draft, failed “on-us” transactions, where customers use their own bank’s ATM, must be reversed instantly. If technical glitches prevent immediate reversal, the bank is required to manually refund the customer within 24 hours.

For “not-on-us” transactions, involving other banks’ ATMs, refunds must be processed within 48 hours.

“Customers must not be made to suffer for failed transactions caused by system errors or network failures,” the circular stressed.

In a significant shift, the CBN mandated banks and ATM acquirers to deploy technology that automatically reverses failed or partial transactions, removing the need for customers to lodge complaints.

Institutions holding customer funds due to failed disbursements must reconcile and return balances immediately.

According to the apex bank, these measures respond to widespread frustration over delayed refunds and poor customer service and form part of a broader effort to enhance consumer protection, improve reliability, and modernise Nigeria’s payment infrastructure in line with global standards.

The guidelines will also overhaul ATM operations nationwide. Banks and card issuers are now required to deploy at least one ATM for every 5,000 active cards, with phased targets of 30% compliance in 2026, 60% in 2027, and full compliance by 2028. Any future deployment, relocation, or decommissioning of ATMs must receive prior approval from the CBN.

To ensure safety, ATMs must be fitted with anti-skimming devices, CCTV cameras, and placed in enclosed or well-lit areas.

Machines are expected to comply with Payment Card Industry Data Security Standards, maintain audit logs, and display functional helpdesk contacts. At least 2% of all ATMs must feature tactile symbols for visually impaired customers.

ATMs are also required to dispense cash before returning cards, allow free PIN changes, issue receipts for all transactions except balance inquiries, display clear transaction fees, dispense only clean banknotes, and provide backup power to reduce downtime.

Downtime must not exceed 72 consecutive hours, after which operators must inform the public of the cause and expected restoration time.

The CBN will enforce compliance through regular audits, on-site inspections, and monthly reports from ATM operators detailing deployments and locations. Defaulting institutions risk sanctions, though fines were not specified.

The apex bank explained that the overhaul was necessary due to rising complaints about failed transactions, cyber fraud, and declining service quality, noting that “the goal is to build a payments system that works seamlessly for everyone, urban and rural users alike.”

Nigeria’s electronic payments landscape has grown rapidly in recent years, with 200 million cardholders and rising reliance on digital banking, but network failures, poor infrastructure, and delayed reversals have continued to undermine confidence.

The fresh guidelines, coming eight months after a revision of ATM fees, are expected to streamline service delivery, enhance transaction security, and hold banks accountable. Stakeholders are invited to submit feedback ahead of the final policy adoption, which could take effect before the end of the year.

Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

4 days ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.