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Newspaper Headlines: Petrol subsidy rises to N5.58bn daily

Ayodeji.oluwafemi@thecable.ng'byAyodele Oluwafemi
June 28, 2021 7:59 am
Newspaper headlines Newspaper headlines

The reaction of President Muhammadu Buhari to the threat issued by Niger Delta Avengers to resume bombing of oil facilities dominated the headlines of Nigerian newspapers.

The Punch says the landing cost of petrol has risen to N231 per litre from N143.60 in December and with subsidy rising to N5.58 billion daily. The newspaper reports that the Independent National Electoral Commission (INEC) has projected N20 million new voters as the continuous voter registration exercise commences today.
Daily Independent says the country’s debt servicing has been stalled by naira depreciation and high interest rate. Leaders of the southern and middle-belt regions have asked the World Bank and the International Monetary Fund to stop giving loans to Nigeria, the newspaper reports.
The Nation says Femi Gbajabiamila, speaker of the house of representatives, has advocated urgent power devolution. Timipre Sylva, minister of state for petroleum, said sustained subsidy on petrol killed the country’s oil refineries.
The Guardian reports that some manufacturing companies in Nigeria are contemplating moving their production hub to other African countries owing to the new gas prices and currency devaluation. The newspaper says the battle for Anambra governorship has begun as three major political parties have elected their standardbearers.
The Nigerian Tribune says the World Bank reported that epileptic power supply costs Nigeria’s economy N10 trillion loss annually and that most medium and small scale enterprises rely on power generating sets.
Daily Sun reports that President Muhammadu Buhari has reacted to the threat of the Niger Delta Avengers to resume bombing of oil facilities. Vice-President Yemi Osinbajo says the federal government will tax the revenue generated by tech giants.

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