Nigeria slashes 2015 fuel subsidy by 90 % following oil price slide

Nigeria will slash petrol subsidies by 90 per cent this year because government revenues have been hit by the slump in oil prices, Reuters reports. The government had said it would gradually phase out fuel subsidies which are a significant burden on public finances, but cutting subsidies risks aggravating a fuel crisis in the country. Major […]

NEC raises alarm over dwindling excess crude oil money

The National Economic Council (NEC) on Thursday raised alarm over the dwindling Excess Crude Account (ECA) occasioned by the drop in oil price. Addressing State House correspondents after the monthly NEC meeting in Abuja, the Deputy Governor of Lagos State, Mrs Adejoke Adefulure, said the Minister of State for Finance, Alhaji Bashir Yuguda, briefed the council […]