{"id":2485,"date":"2022-02-03T16:56:16","date_gmt":"2022-02-03T16:56:16","guid":{"rendered":"https:\/\/placng.org\/Legist\/?p=2485"},"modified":"2022-02-03T16:56:20","modified_gmt":"2022-02-03T16:56:20","slug":"nass-set-to-receive-executive-proposal-of-n3-trillion-fuel-subsidy-payment","status":"publish","type":"post","link":"https:\/\/placng.org\/Legist\/nass-set-to-receive-executive-proposal-of-n3-trillion-fuel-subsidy-payment\/","title":{"rendered":"NASS Set To Receive Executive Proposal of N3 Trillion Fuel Subsidy Payment"},"content":{"rendered":"\n<p>The Federal Executive Council (FEC) on Wednesday, 26<sup>th<\/sup> January, approved the submission to the National Assembly of an incredibly high N3 trillion as fuel subsidy payment in Nigeria for 2022. According to FEC, the N3 trillion subsidy payment follows its acceptance of budget estimates presented to it by the Nigerian National Petroleum Corporation (NNPC). In the existing 2022 National Budget, the government had indicated that the half year subsidy payment for petroleum products would be N443 billion. Nigerians expected that even if the government was to pay subsidy for the balance of the six months of 2022, the subsidy sum would only be a doubling of the previous six months budget estimate of N443 billion. It is therefore confounding for all that this planned supplementary budget to the National Assembly would jack up subsidy payments by 400%. With this development, the Federal Government is to spend an additional N2.557 trillion. The government\u2019s proposal to pay full subsidy for 2022 comes from pressure put on it by the leading labour movement in the country, the Nigerian Labour congress (NLC), which threatened nationwide strike and shutdown. The government apparently to stave off the planned protest balked and returned to full subsidy with the N3 trillion astronomical figure. <\/p>\n\n\n\n<p>Nigerians are worried about\ngovernment claims to payment of subsidy. In spite of a much-touted\nliberalisation of the petroleum sector, especially downstream, the government\nhas refused to hands-off its deep and opaque involvement in the petroleum\nsector. President Muhammadu Buhari himself is the substantive Petroleum\nMinister. Addressing a press conference a few days ago,&nbsp; Minister of State for Petroleum, Timipre\nSylva stated that the quoted estimate of &nbsp;Nigeria\u2019s daily petrol consumption (at 65.7\nmillion litres per day) is inflated. His statement confirms fears among many\nNigerians and industry watchers about the opaqueness of Nigeria\u2019s petroleum\nsector. The suspicion about Nigeria\u2019s subsidy regime is worsened by the fact\nthat petrol importation into the country is conducted solely by NNPC. Indeed,\nwith the 2023 elections fast approaching, the suspicions are deepened with\nobservers wondering whether there is a connection between the forthcoming\nelections and the monumental rise in planned subsidy payments by the NNPC and\nthe government. The situation is made more worrying by the fact that only a few\nmonths ago, President Muhammadu Buhari assented to the long-delayed Petroleum\nIndustry Act (PIA), which was intended to fully divest government interest from\nthe sector. <\/p>\n\n\n\n<p>It will be recalled that on\n31<sup>st<\/sup> December 2022, President Muhammadu Buhari signed the\nAppropriations Bill of N17.126 trillion into law. This amount is expected to\nincrease with the added subsidy amount of N2.557 trillion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Executive Council (FEC) on Wednesday, 26th January, approved the submission to the National Assembly of an incredibly high N3 trillion as fuel subsidy payment in Nigeria for 2022. According to FEC, the N3 trillion subsidy payment follows its acceptance of budget estimates presented to it by the Nigerian National Petroleum Corporation (NNPC). In [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":2492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-2485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/2485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/comments?post=2485"}],"version-history":[{"count":1,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/2485\/revisions"}],"predecessor-version":[{"id":2493,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/posts\/2485\/revisions\/2493"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media\/2492"}],"wp:attachment":[{"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/media?parent=2485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/categories?post=2485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/placng.org\/Legist\/wp-json\/wp\/v2\/tags?post=2485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}