Business
Nigeria’s Fuel Subsidy Payment Exceeds N700bn Monthly – Marketers.

Published
9 months agoon
By
Ekwutos Blog
The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said Nigeria’s fuel subsidy expenditure might cross N700 billion monthly.
The Secretary of IPMAN, Abuja-Suleja, Mohammed Shuaibu disclosed in a statement on Monday.
He was reacting to data released last Wednesday by the Major Energies Marketers Association of Nigeria, noting that the landing cost of petrol as of the preceding day was N1,117/liter.
Speaking to the MEMAN’s data, Shuaibu contended that the Nigerian National Petroleum Company Limited and the Nigerian government may not be telling the truth about the country’s fuel subsidy expenditure.
He warned Nigerians to be prepared for fuel pump price hikes.
“Petrol price is determined by the forces of demand and supply in the international market. When there is a global price increase, we should experience it in Nigeria.
“Therefore the N1,117/litre is not just based on our foreign exchange rate, but also the global PMS cost. The sole importer of this product is NNPC and the company is not telling us the truth.
“But data sourced by our counterparts, the major marketers, showed clearly that the landing cost of petrol is above N1,100/liter. This means that the monthly subsidy has crossed N700bn.
“That also means we should be prepared so that any time the price of petrol jumps, we should not be surprised because they have already told us,” Shuaibu stated.
However, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri on several occasions had insisted that fuel subsidies remain removed in Nigeria.
Further analysis showed that although petrol goes for between N617 per liter and N750 per liter depending on the location, dealers said the ex-depot price of the commodity by NNPC is N585/liter.
This brings the difference between the landing cost of N1,117 and an ex-depot price of N585 to N532.
According to the Federal Ministry of Petroleum Resources, petroleum consumption figures of 44.3 million liters in October 2023, multiplied by the estimated N532 subsidy paid on each liter of petrol, give N23.57 billion as the daily subsidy spending.
The figure of the estimated fuel subsidy thereby amounts to over N700 billion in 30 days.
This comes amid the impasse between Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority over substandard petroleum products.
Meanwhile, the Lokpobiri on Monday, presided over a meeting with the heads of the Nigerian Upstream Petroleum Regulatory Commission and Nigerian National Petroleum Company Limited.
Recall that the former governor of Kaduna State, Mallam Nasir El-Rufai, had claimed that the President Bola Tinubu-led Federal government is paying more on fuel subsidies than before.
Similarly, the President of the Trade Union Congress, Festus Osifo had also hinted at the government is applying a quasi-fuel subsidy on petrol.
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Business
Air Peace set to resume flight operations

Published
10 hours agoon
April 25, 2025By
Ekwutos Blog
Air Peace says it will resume flight operations on Friday following the suspension of strike by the Nigerian Meteorological Agency, NiMeT, workers.
This was contained in a statement by the airline’s Head of Corporate Communications, Ejike Ndiulo, on Thursday night in Lagos.
Ndiulo expressed Air Peace’s gratitude to its customers and the general public for patience, understanding and support throughout the period of the strike.
”Your resilience and trust in our brand mean the world to us.
“We commend the active and decisive intervention of the Minister of Aviation and Aerospace Development, Mr Festus Keyamo (SAN), whose leadership and commitment were pivotal in resolving the impasse and restoring normalcy within the aviation industry,” Ndiulo said.
He noted the minister’s swift engagement with aviation stakeholders, his transparent approach and his dedication to the stability and progress of the aviation sector.
Head of Corporate Communications further stated that Keyamo’s efforts not only facilitated timely resolution of the industrial dispute but also underscored his broader vision for a safer, more efficient and investor-friendly Nigerian aviation industry.
Ndiulo said Air Peace was committed to providing safe, reliable and world-class services.
Ekwutosblog reports that NiMeT workers on Thursday suspended the strike which began on April 22 after the minister’s intervention.
The workers downed tools in protest of alleged poor working conditions, including non-implementation of the 2019 Consequential Adjustment to the National Minimum Wage (affecting at least 30 staff).
They are also demanding a 25/35 per cent salary increase, 40 per cent hardship/peculiar allowance, and annual staff trainings.
The minister had promised to find lasting solutions to the problems.
Business
Aussie boss’s $2,000 mistake after using AI to write a work email

Published
11 hours agoon
April 25, 2025By
Ekwutos Blog
- A cleaning company director introduced an AI tool to help write work emails
- Employees used the tool to try and shorten customer response time
A Melbourne cleaning company director has lost out on thousands of dollars after using artificial intelligence to help write a series of emails.
The business boss had hoped to improve his firm’s productivity, but one mistake alone cost it more than $2000 when he failed to pick up on the blunder.
End of Lease Cleaning Melbourne director Michael had introduced a generative AI tool to speed up the time it would take for his team to respond to customer emails.
Rather than have employees type out individual lists of cleaning services, they would input information such as the type of service required and let the tool do the rest.
The AI-powered tool would then generate an email that included the services, their costs and a job quote for each customer.
But the tool produced several emails with mistakes which were not picked up by the cleaning company’s employees.
‘We lost quite a lot of money,’ Michael told 9news.au.
The AI tool mistakenly listed different services to the ones required without changing the quotes to reflect the higher prices.

A cleaning company director lost out on over $2,000 after an AI tool to write emails (stock)
Michael and his team were forced to provide full wall cleans, priced between $500 to $700 for the price of a spot wall clean which is significantly lower.
The company’s most-costly mistake involved the director using the AI tool to generate a quote for property that required a deep clean worth around $2,000.
Michael read over the generated email but failed to spot several mistakes within the correspondence.
He didn’t spot the errors until a week later, by which time it was too late to correct them as the customer had signed up to a different company.
After the $2,000 mistake, End of Lease Cleaning Melbourne’s employees no longer use AI for business correspondence.
The response time for returning customers’ emails has now returned to five hours, the time it had previously taken prior to introducing the AI tool.
‘If you are using AI, you definitely need to read everything two to three times before you send that email,’ he added.
Almost half of all Australians use generative AI, according to a survey Google conducted with IPSOS in January.

According to a survey, around 65 percent of Australian workers said their employer had introduced AI in the workplace (stock)
Out of that 50 percent, almost 75 percent of those report using it for work.
In a separate survey carried out by HR platform Workday, around 65 percent of Australian workers stated their employer had introduced AI in the workplace.
Business
Resolve trade tensions inimical to global economic growth – IMF tells countries

Published
21 hours agoon
April 25, 2025By
Ekwutos Blog
The Managing Director of the International Monetary Fund, IMF, Kristalina Georgieva, on Thursday urged countries to swiftly resolve trade disputes that threaten global economic growth.
Georgieva said the unpredictability arising from President Donald Trump’s aggressive campaign of taxes on foreign imports was causing companies to delay investments and consumers to hold off on spending.
She made the call while addressing reporters in a briefing during the spring meetings of the IMF and its sister agency, the World Bank.
“Uncertainty is bad for business,’’ she said.
Georgieva’s comments came two days after the IMF downgraded the outlook for world economic growth this year.
The 191-country lending organisations which seek to promote global growth, financial stability and to reduce poverty, also sharply lowered its forecast for the United States.
It said the chances that the world’s biggest economy would fall into recession have risen from 25 per cent, to about 40 per cent.
Georgieva warned that the economic fallout from the trade conflict would fall most heavily on poor countries, which do not have the money to offset the damage.
Trump, since his second return to the White House on January 20, has aggressively imposed tariffs on American trading partners.
Among other things, he slapped 145 per cent import taxes on China and 10 per cent on almost every country in the world, raising U.S. tariffs to levels not seen in more than a century.
He has, however, repeatedly changed US policy, suddenly suspending or altering the tariffs.
This has reportedly left companies bewildered about what he is trying to accomplish and what his endgame might be.
Trump’s tariffs culminated in a sharp reversal of decades of U.S. policy in favour of free trade and the resulting uncertainty around them have caused a week-long rout in financial markets.
But stocks rallied Wednesday, after the Trump administration signaled that it was open to reducing the massive tariffs on China.
“There is an opportunity for a big deal here,” U.S. Treasury Secretary Scott Bessent said Wednesday.

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