shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » NEITI Hails Fuel Subsidy Removal, Offers 8 Strategic Considerations

NEITI Hails Fuel Subsidy Removal, Offers 8 Strategic Considerations

by Joshua
June 1, 2023
in Featured, News

The Nigeria Extractive Industries Transparency Initiative (NEITI) has lauded the political will and sincerity of purpose demonstrated by President Bola Tinubu in removing fuel subsidy.

A statement from NEITI House, Abuja on Tuesday, described the move as a positive one by the administration to decisively implement the findings and recommendations contained in the NEITI reports.

The statement, signed by Mrs Obiageli Onuorah, the Deputy Director/Head Communications and Stakeholders Management, said bold step was required to block leakages, grow revenues and advance the ongoing reforms in the oil, gas and mining industries.

President Bola Tinubu, had in his inaugural speech on Monday, said the fuel subsidy regime had ended with the commencement of his administration.

 

Onuorah recalled that its recommendations for the removal of fuel subsidies have remained a persistent request since 2006 given the agency’s concerns about the huge financial burden that the subsidy regime imposed on the growth of the Nigerian economy over the years.

 

She explained that from the NEITI reports, between 2005 and 2021, the country spent $74.39 billion which translated to N13.69 trillion on subsidy.

 

According to the NEITI report, a breakdown of these figures showed that in 2005, the government paid $2.6 billion dollars (N351 billion) as subsidy. In 2006 and 2007, it paid $1.99 billion and $2.18 billion (N257 billion and N272 billion) respectively.

 

The report further pointed out that subsidy payments more than doubled in 2008 and 2010 and witnessed the highest increase ever in 2011 to $13.52 billion (N2.11 trillion).

 

She said a sharp decline was witnessed in the years 2012, 2013, 2014 and 2015 when it dropped to $3.34 billion (N654 billion) in 2012.

 

Onuorah said the decline in subsidy expenditure continued in 2016 and 2017 to as low as $473 million dollars (N154 billion) in 2017.

 

“The reduction was short-lived as the payments skyrocketed to over $3.88 billion (N1.19 trillion) in 2018 and 2021 to $3.58 billion (N1.43 trillion).

 

“By these figures, Nigeria expended an average of N805.7 billion annually, N67.1 billion monthly or N2.2 billion daily,” she said.

 

She said the NEITI data also showed that the amount expended on subsidies from 2005 to 2021 was equivalent to the entire budget for health, education, agriculture and defence in the last five years.

 

Onuorah added the sum equals the capital expenditure for 10 years between 2011 to 2020.

 

The deputy director explained that it was during this time (2011) that fuel subsidies dwarfed allocations to all critical areas of the economy.

 

“NEITI‘s persistent calls for the removal of petroleum subsidies were informed by the fact that the ways of funding the expenditure over these years relied more on federation accounts funds, the Federal Government and sometimes from external borrowing with negative consequences on government overall revenue profiles.

 

“NEITI was also concerned that the consequences of funding subsidies have resulted in poor development of the downstream sector, declining GDP growth, rise in product theft, pipeline vandalism, environmental pollution and undue pressure on foreign exchange.

 

“Other challenges imposed on the economy were naira depreciation, low employment generation, the declining balance of payments and worsening national debt,” she said.

 

Onuorah said in a policy advisory released by NEITI in late 2022 to drive home the urgency to remove subsidy and resubmitted earlier in the year 2023, NEITI recommended eight steps to manage subsidy removal.

 

She listed the steps to include the urgency to strengthen the implementation of the Petroleum Industry Act (PIA) as a whole and not in parts.

 

NEITI also underlined the importance of unveiling the implementation of people-oriented welfare programmes to provide relief for the poor and vulnerable and advised on priority attention to be paid to the rehabilitation of the nation’s four refineries currently ongoing.

 

On other policy considerations, she said government should commission a special report on actual PMS consumption in Nigeria, enforce stringent sanctions for criminal activities in the sector and conduct appropriate stakeholders’ consultations, engagements and enlightenment.

 

“While the details of the implementation of the policy are being awaited, NEITI is set to commission a special research on the actual consumption of PMS in Nigeria.

 

“The study is to establish precisely what the nation is consuming. NEITI’s view remains that the data on the country’s actual consumption is unknown resulting in huge revenue losses to the nation through subsidy payments based on estimates.

 

“NEITI particularly welcomed President Bola Tinubu’s position that the revenues saved from subsidy should be channeled to education, health, roads and other critical infrastructure,” she said.

 

Follow us on Facebook/ twitter


Related Posts

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

July 5, 2025
NRC Resumes Train Services On Kano-Minna Route Before Dec. – MD

NRC Resumes Train Services On Kano-Minna Route Before Dec. – MD

July 5, 2025
Seme Customs Engages Media, Opinion Leader, to Strengthen National Security

Seme Customs Engages Media, Opinion Leader, to Strengthen National Security

July 5, 2025
Oyetola Pushes Maritime Revolution at TAAM 7.0, Unveils Innovation-Driven Reform Plan

Oyetola Pushes Maritime Revolution at TAAM 7.0, Unveils Innovation-Driven Reform Plan

July 4, 2025

Latest News

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

NPA Berths First Wholly Nigerian-Owned Container Vessel, MV Ocean Dragon

July 5, 2025

NRC Resumes Train Services On Kano-Minna Route Before Dec. – MD

Seme Customs Engages Media, Opinion Leader, to Strengthen National Security

Oyetola Pushes Maritime Revolution at TAAM 7.0, Unveils Innovation-Driven Reform Plan

Nigeria Maintains Zero Piracy In 3 Years-Oyetola

Tin Can Customs Rakes In ₦747bn In 6 Months

Customs Intercepts 2,693 Parcels Of Hemp In Ogun

NRC To Restore Offa Train Service Before End Of 2025 – Opeifa

Customs CG Honoured by Officers as Chairperson of the WCO Council

Customs CG Donates 13 Vehicles To Customs Idiroko Command

Apapa Customs Seals Three Bonded Terminals, Seizes 27 Containers in Anti-Smuggling Crackdown

Clarion Shipping Unveils Nigeria’s First Indigenous Container Vessel, Targets West African, China-Nigeria Trade Routes

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver The liver is a vital organ located in the right upper abdomen, playing a crucial role in metabolism, detoxification, and digestion. It’s the largest solid organ in the body and is responsible for filtering blood, maintaining blood sugar levels, regulating clotting, and synthesizing essential proteins. The liver also stores energy, removes toxins, and produces bile, which aids in digestion Liver functions: · Metabolism and Detoxification: The liver processes nutrients from the blood, breaks down and balances them, and creates essential substances for the body. It detoxifies harmful substances like drugs and alcohol, converting them into less toxic forms for excretion. The liver plays a role in the metabolism of proteins, carbohydrates, and fats. It stores glycogen (a form of glucose) and vitamins, releasing them when the body needs them. · Digestion: The liver produces bile, which is stored in the gallbladder and released into the small intestine to help digest fats. Bile also helps in the absorption of fat-soluble vitamins. · Blood Regulation: The liver regulates blood sugar levels by storing and releasing glucose. It synthesizes clotting factors, which are essential for blood clotting. It removes old red blood cells and processes bilirubin, a byproduct of red blood cell breakdown. · Other Functions: The liver plays a role in immunity, helping to fight off infections. It produces proteins that are involved in the immune response. The liver also stores iron and other essential minerals. Frequently Asked Questions About The Liver · What are the first signs of a bad liver? The initial signs of liver problems can be vague and subtle, often including fatigue, nausea, and loss of appetite. As the liver’s condition worsens, more specific symptoms may emerge, such as jaundice (yellowing of the skin and eyes), itchy skin, dark urine, and light-colored stools. Abdominal pain, especially in the upper right quadrant, can also indicate liver issues. · Where do you feel liver pain? Liver pain is typically felt in the upper right abdomen, just beneath the rib cage. It can manifest as a dull, throbbing pain, a stabbing sensation, or a general feeling of discomfort in that area. In some cases, liver pain might be felt as an ache in the right shoulder or back. · What does liver pain feel like? How liver pain feels can vary from person to person, depending on the cause. However, most people often develop one or more of the following symptoms: Dull, persistent aches in the upper abdomen A feeling of fullness or bloating Sharp, stabbing pains that come and go Tenderness when the upper abdomen is touched · What is the best way to cleanse your liver? If you haven’t been working out, start indulging in a regular exercise regime to allow the toxins to come out of your body. Yoga, going running, hitting the gym, or a simple sauna session can also prove effective. If you want a natural liver cleanse, sweating is the way to go. · How to know if the liver is swollen? What are the symptoms of an enlarged liver? You likely won’t notice an enlarged liver on your own. In some severe cases, you might notice a feeling of bloating or fullness in your belly or an ache in your upper right abdomen. · What is the best drink to flush your liver? Many citrus fruits, including lemon, can be added to water to help stimulate and flush out the liver. Lemons are high in nutrients like vitamin C and antioxidants

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition