1.      The following are some of the reasons that informed the removal of subsidy on petroleum products in Nigeria by the Federal Government:

  • Last year alone, Government spent 1.3 trillion Naira (over $8bn) on fuel subsidy, which is about the amount for the Federal Capital Budget of 1.3 trillion Naira;
  • On the face of this, Government borrowed to fund last year’s capital budget;
  • Last year’s fuel subsidy is more than the aggregate sectorial allocation for Education N400.15bn  ($2.6bn); Health N282.77bn ($1.8bn); Power N161.42bn ($1bn); Agric & Rural development N78.98bn ($50million) and Water Resources n39bn ($251million), in the 2012 budget;
  • The subsidy is no longer economically sustainable as it is increasing in leaps and bounds, being fuelled by corruption. In 1999, it was about n600bn ($3.8bn); n800bn ($5.2bn) in 2010 and N1.3trillion ($8bn) in 2011. This means that it would reach a stage when nearly the entire Federal budget would be diverted to fuel subsidy alone;
  • Fuel subsidy, in actual sense, benefits mainly the fat cat oil cartel of not more than 100 odd companies owned by some of the richest Nigerians, who dwell in obscene opulence  – flying in private jets, dwelling in Mansions, cruising in yachts, etc;
  • Removal of the subsidy would mean right-pricing of fuel in Nigeria and this would attract foreign investment in the down- stream sector  of the oil and gas industry;
  • In particular, it will attract foreign investments for the establishment of private sector refineries, petro-chemical plants and enable companies issued licenses to execute their projects, thereby creating more job opportunities to our teaming youths and ensuring technological transfer. In fact, the estimate is that, in a few years, not less than 750,000 direct and related jobs would be created on account of this;
  • With fuel subsidy removed, three Green Refineries already in the pipeline with a total production capacity of 300,000 barrels per day to be speedily established;
  • There would be more money to effect Turn-Around Maintenance of the existing four refineries in Kaduna, Warri and Port Harcourt, to ensure maximum production;
  • Removal would erase the internationally embarrassing absurdity of Nigeria being an exporter of crude oil since 1958, without the ability to refine enough products for internal consumption;
  • On the monetary side, subsidy removal would help strengthen the Naira, (under pressure of devaluation), reduce import bill as more petrol products are refined locally and enhance Nigeria’s financial credibility on the international scene;
  • To this end, government has setup a broad-based Committee of eminent Nigerians whose membership include the Organized Labour and the Mass Media headed by Ambassador (Dr) Christopher Kolade, with unassailable credibility, to manage the savings;
  • Removing the oil subsidy would as well enable Government to plough the savings into social safety nets and infrastructure such as Roads, Highways, Power, Bridges, Railways, Water ways, Dams, Irrigation, etc, projects, in line with the Transformational Agenda of the Government;
  • Some of the savings to be made from the removal of the subsidy would be ploughed into the productive sectors of the economy such as agriculture, with a view to diversifying Nigeria’s mono economy;
  • Without the removal of the subsidy, the implementation of the 4.7 trillion Naira ($30bn)  Federal Government  budget of this year would be greatly hampered and jeopardized because it is not  provided for therein; and
  • It will also help for better fiscal management, structural development, leading to re-industrialization and development.

2.    As a demonstration of good faith and to identify further with the Nigerian people, President Goodluck Jonathan has announced the following measures:

  • Reduction by 25% of the basic salaries of the President, Vice-President and all members of the Executive branch of Government including Ministers, Directors-General of Parastatals, etc,
  • Cut in overseas travel for political office holders, including the President,
  • Reduction in the size of delegation on overseas trips,
  • Review and reduction of the member of committees, commissions and parastatals with overlapping responsibilities,
  • Ministries, Departments and Agencies to reduce overheads cost across the board,,
  • Launching of Mass Transit Intervention programme of 1,600 buses on January 8, 2012 with states, lgas and banks at o% rate of interest,
  • Duty waiver on spare parts for locally made mass transit vehicles,
  • Mobilization of contractors for rehabilitation of the Port-Harcourt –Maiduguri railway line and completion of Lagos-Kano line, expected to create over 300,000 new jobs,
  • Employment of 10, 000 youths in all states and FCT.

3.    Negotiations with Organized Labour on the matter is not foreclosed as President Jonathan had also appointed Hon.  Justice Alpha Belgore to negotiate with them.

  1. This to inform that the federal Government has concluded all necessary arrangements for the issuance of the Nigerian Diaspora Bond In the International Capital Market. For more details Click Here
  2. The General Public is hereby notified that LYNXSYS: An IT Firm/Consultant with a web site domain name NIGERIANPASSPORTNOW.COM who purportedly acts and renders Consular, Visa, Payment Confirmation and Express Delivery services on behalf of the Consultant is a Hoax and should be avoided. 
  3. The Consulate wishes to categorically state, that it has nothing to do with the aforementioned business concern as it cannot guarantee its Authenticity. In this light, therefore whoever conducts business with it does as his own risk.
  4. OPENING OF A NIGERIA VISA SORTING AND CLEARANCE CENTER OPERATED BY OIS SERVICES ON BEHALF OF THE CONSULATE OF THE FEDERAL REPUBLIC OF NIGERIA. This is to inform the General Public that a visa collection and sorting center has been opened and is operated by OIS Services on behalf of the Consulate General of Nigeria.
  5. The office is located at: OIS SERVICES Suite 204, 918 Holcomb Bridge Road, Roswell, GA 30076 Tel. No.: +1 678 514 3263 Website:www.oisservices.com
  6. By this development, all submissions of visa applications and payments will henceforth be handled by aforementioned office, starting from Monday, May 16, 2016. Please note that, from the above stated date (May 16, 2016) the Consulate will cease to collect any visa applications and payments.