Angola says it has decided to reduce its spending on petrol subsidy, according to a report by Bloomberg.

After the cabinet meeting on Thursday in Luanda, the country’s capital, Manuel Junior, minister of state for economic coordination, said the subsidy reduction will take effect from Friday.

He said this would lead to an increase in the price of petrol from the current 160 kwanzas (about $0.27) per litre, to 300 kwanzas (about $0.51) per litre.

The change in price represents an 87.5 percent rise, starting from 1.00 am, on Friday.


Subsidies on other petroleum products, such as diesel, cooking oil, and gasoil (a type of diesel), will remain unchanged, he said.

The minister said the removal of petrol subsidy is “a necessary measure to promote solid economic growth capable of addressing the serious problems facing the country”.

Junior said Angola’s expenditures on fuel subsidies amounted to $3.8 billion in 2022.

On her part, Vera Daves, Angola’s minister of finance, said removing the petrol subsidy was a sovereign decision of the Angolan state and was not influenced by external pressure from the International Monetary Fund (IMF).

According to a government report obtained by Xinhua, Angola’s ministry of finance had put forth a proposal for a phased reduction of petrol subsidy beginning in the second quarter of 2023.

The report also recommended a gradual and progressive removal of the subsidy on diesel and illuminating oil prices, with the process projected to last until 2025.

Angola has the fourth-lowest petrol prices in the world ($0.28) after Libya, Iran, and Venezuela, according to data compiled by Globalpetrolprices.com.


According to a report released on May 11 by the Organisation of the Petroleum Exporting Countries (OPEC), Angola is Africa’s top crude oil producer, with production averaging 1.06 million barrels per day in April.

POST-SUBSIDY EFFECTS PERCOLATE NIGERIA

The country’s petrol subsidy cutback comes at a time when Nigeria, Africa’s major oil-producing country, is experiencing post-subsidy realities.

President Bola Tinubu, in his inaugural speech on May 29, made a pronouncement that the petrol subsidy payments had stopped.

However, the president’s media team later clarified that the implementation of the policy would commence this month.

But the Nigerian National Petroleum Company (NNPC) Limited said it adjusted the price of petrol, across its retail outlets — a situation typical of a subsidy-free regime.

The national oil firm said the adjusted pump price was in tandem with market realities.

Explaining the rationale behind NNPC’s move, Mele Kyari, the national oil company’s group chief executive officer (GCEO), said the removal of the petrol subsidy would promote competition and regulate consumption.

“The prices we are seeing today at our station are the current market price of the commodity. So, what this means is that prices in the market can go down at any time and of course, the market will adjust itself,” he had said.


https://www.thecable.ng/like-nigeria-angola-cuts-petrol-subsidy-to-promote-solid-economic-growth/amp

Angola is engaging in a gradual process of subsidy removal, outlining the entire process, with a tincture of human face. They also have Subsidies on other petroleum products, such as diesel, cooking oil, and gasoil (a type of diesel),

while a certain president of Nigeria who was just sworn in announced its own with a thoughtless pronouncement "subsidy is gone" right at the inauguration ground which has thrown the entire masses into a serious hardship

Already subsidies have been removed from kerosene, diesel and cooking gas


We now ask, as an Oil producer, what is the masses benefiting from our government and crude Oil

The world will soon come and learn economy management from Tinubu if Nigeria will be patient with him. NLC should present their requests that will alleviate the effect of subsidy removal and not be asking for reversal of the policy

D hike in price is not the main issue,will d money not b looted.i no trust African leaders

Jagaban always setting the pace for others to follow.

The subsidy in their own place has a tincture of human face in it. If not,why is it not in their cooking oil which is likely to be kerosene and others.

But here in Nigeria,it was all round,without considering the masses.

Nigeria own happens so sudden

muykem:
The world will soon come and learn economy management from Tinubu if Nigeria will be patient with him. NLC should present their requests that will alleviate the effect of subsidy removal and not be asking for reversal of the policy

Sincerely!

Asiwaju now has a learning board where other African countries can learn from!

I am not surprised by his economic moves, The Great Asiwaju Bola Ahmed Tinubu (GCFR) has done before, and guaranteed he will do again.

Escobar's minions have already invaded this thread, hailing him as usual. Even if that man defecates, these guys who spend 24 hours online defending that ex-druglord would say his faeces smell like delicious Nigerian jollof rice. Nobody should take them seriously.

LeoDeKing:
Jagaban always setting the pace for others to follow.

I swear, dollar will fall against Naira in coming months. Nigeria government is about to become rich.

HacheNoire:


Sincerely!

Asiwaju now has a learning board where other African countries can learn from!

I am not surprised by his economic moves, The Great Asiwaju Bola Ahmed Tinubu (GCFR) has done before, and guaranteed he will do again.

Keep disgracing yourself. Same Tinubu that fought subsidy removal with Ojota 2012

sonature1:
Escobar's minions have already invaded this thread, hailing him as usual. Even if that man defecates, these guys who spend 24 hours online defending that ex-druglord would say his faeces smell like delicious Nigerian jollof rice. Nobody should take them seriously.

I'm telling you. Anybody supporting a corrupt personality like Tinubu is a Terrible living thing

when will nigerians realise what is playing out is the NEW WORLD ORDER agenda?

Bobloco:
Angola is engaging in a gradual process of subsidy removal, outlining the entire process, with a tincture of human face. They also have Subsidies on other petroleum products, such as diesel, cooking oil, and gasoil (a type of diesel),

while a certain president of Nigeria who was just sworn in announced its own with a thoughtless pronouncement "subsidy is gone" right at the inauguration ground which has thrown the entire masses into a serious hardship

Already subsidies have been removed from kerosene, diesel and cooking gas


We now ask, as an Oil producer, what is the masses benefiting from our government and crude Oil

SUBSIDY IS GONE!!!

Forget all your epistle. It is gone and gone.

The president will announce the intended program to soften the pain on the masses soon.

LeoDeKing:
Jagaban always setting the pace for others to follow.

But he stole the idea from Peter Obi. Fact#

LegendHero:


SUBSIDY IS GONE!!!

Forget all your epistle. The president will announce the intended program to soften the pain on the masses soon.

Really,

You see how daft you and Tinubu can be

Is he not supposed to roll out the so called intended programmes that will soften the pain of the masses before removing the subsidy

Bobloco:


Really,

You see how daft you and Tinubu can be

Is he not supposed to roll out the so called intended programmes that will soften the pain of the masses before removing the subsidy

Bro SUBSIDY IS GONE!

The FG is broke and they need to raise money before they can even roll out the necessary shock absorber programs. That’s why Buhari government wanted to borrow $800million for palliative which shouldn’t be the right way to handle this.

So Tinubu first removing subsidy to roll out the program for the masses is a good strategy. It is not the populist strategy but trust me, it is the best he can think of.

Democracy is a game of ideas. Your own idea to you might be better and your opposition idea might be different from yours. Ideologies are always different. He is the elected president and this is how his party are going about their ideology.

If Peter Obi had won too, he would probably use his own method and APC patty just have to critique outside but he will still have his way as the president. Same thing happens in USA, Republican don’t want some democrat policies but it still went ahead either way.

Today, Tinubu mentioned about minimum wage review. I’m pretty sure he is not a wicked man coz he is from the grassroot and understand the pain. But he is bold enough to take the rough part compared to lying to Nigerians about reducing subsidy and continuing to borrow to pay the said subsidy and ground the economy further.

LegendHero:


Bro SUBSIDY IS GONE!

The FG is broke and they need to raise money before they can even roll out the necessary shock absorber programs. That’s why Buhari government wanted to borrow $800million for palliative which shouldn’t be the right way to handle this.

So Tinubu first removing subsidy to roll out the program for the masses is a good strategy. It is not the populist strategy but trust me, it is the best he can think of.

I can't trust you bro

No one can trust a Notorious narcotic drug trafficker engaging in criminal state capture

Bobloco:


I can't trust you bro

No one can trust a Notorious narcotic drug trafficker engaging in criminal state capture

You don’t need to trust us.

We are in power and any decision we make affect you. The Nigeria people gave Bola Tinubu the mandate to govern the country and command the military.

Not all Americans trust Biden but he is the president. Trump supprters also always cry that the election was rigged and they even invaded the capitol. They are losers just like LP party, crying that they rig them out when their candidate lule completely. Till today they still dey shout rigging. Your Elupp people will shout for 8 years and Tinubu will still be your president. So I love the tears.

Lastly, Igwe the Obi of Onitsha is a fellow drug trafficker like Tinubu. So Tinubu learnt most of it from him and I heard Tinubu will soon buy the Obi of Onitsha palace to convert it to drug manufacturing industry.

Hahahaha, parachoko and fellow APC goons are now on overdrive trying to justify rubbish. Firstly, they paid influencers in Benin republic to start Twitter campaign on how Nigeria subsidy is benefiting their country, then they brought the thread to our attention in Nigeria to see why subsidy must be removed

Again, they've brought another propaganda from Angola. They didn't even acknowledge the part where their authorities said they will REDUCE spending on subsidy, NOT REMOVAL o

"...Subsidies on other petroleum products, such as diesel, cooking oil, and gasoil (a type of diesel), will remain unchanged, he said."

Angola is still paying subsidy on diesel, cooking oil and gasoil. Yet Nigeria has long removed subsidy on all those fuels!!!


I won't be surprised if they bring other propaganda and dubious news from Cameroun or Ghana tomorrow.

Very predictable and confused clowns 🤡🤡

LegendHero:


You don’t need to trust us.

We are in power and any decision we make affect you. The Nigeria people gave Bola Tinubu the mandate to govern the country and command the military.

Not all Americans trust Biden but he is the president. Trump supprters also always cry that the election was rigged and they even invaded the capitol. They are losers just like LP party, crying that they rig them out when their candidate lule completely. Till today they still dey shout rigging. Your Elupp people will shout for 8 years and Tinubu will still be your president. So I love the tears.

Lastly, Igwe the Obi of Onitsha is a fellow drug trafficker like Tinubu. So Tinubu learnt most of it from him and I heard Tinubu will soon buy the Obi of Onitsha palace to convert it to drug manufacturing industry.

Good you agreed that Tinubu is a Notorious narcotic drug trafficker engaging in criminal state capture

Thanks you

[quote author=LegendHero post=123536198]

You don’t need to trust us.

We are in power and any decision we make affect you. The Nigeria people gave Bola Tinubu the mandate to govern the country and command the military.

Not all Americans trust Biden but he is the president. Trump supprters also always cry that the election was rigged and they even invaded the capitol. They are losers just like LP party, crying that they rig them out when their candidate lule completely. Till today they still dey shout rigging. Your Elupp people will shout for 8 years and Tinubu will still be your president. So I love the tears.

Lastly, Igwe the Obi of Onitsha is a fellow drug trafficker like Tinubu. So Tinubu learnt most of it from him and I heard Tinubu will soon buy the Obi of Onitsha palace to convert it to drug manufacturing industry.

You no get work bros😁

Bobloco:


Good you agreed that Tinubu is a Notorious narcotic drug trafficker engaging in criminal state capture

Thanks you

Yes so far you agree he is involved with Obi of Onitsha the warrant chief.

proeast:
Hahahaha, parachoko and fellow APC goons are now on overdrive trying to justify rubbish. Firstly, they paid influencers in Benin republic to start Twitter campaign on how Nigeria subsidy is benefiting their country, then they brought the thread to our attention in Nigeria to see why subsidy must be removed

Again, they've brought another propaganda from Angola. They didn't even acknowledge the part where their authorities said they will REDUCE spending on subsidy, NOT REMOVAL o

"...Subsidies on other petroleum products, such as diesel, cooking oil, and gasoil (a type of diesel), will remain unchanged, he said."

Angola is still paying subsidy on diesel, cooking oil and gasoil. Yet Nigeria has long removed subsidy on all those fuels!!!


I won't be surprised if they bring other propaganda and dubious news from Cameroun or Ghana tomorrow.

Very predictable and confused clowns 🤡🤡

You better no give yourself High Blood Pressure.

So when are you leaving Nigeria?

BTCJagaban:


I swear, dollar will fall against Naira in coming months. Nigeria government is about to become rich.

rich from selling drugs and other forms of illegitimate businesses that Tinubu is known for

Bobloco:
Angola is engaging in a gradual process of subsidy removal, outlining the entire process, with a tincture of human face. They also have Subsidies on other petroleum products, such as diesel, cooking oil, and gasoil (a type of diesel),

while a certain president of Nigeria who was just sworn in announced its own with a thoughtless pronouncement "subsidy is gone" right at the inauguration ground which has thrown the entire masses into a serious hardship

Already subsidies have been removed from kerosene, diesel and cooking gas


We now ask, as an Oil producer, what is the masses benefiting from our government and crude Oil

Bread soaked in water

Some ppl will still be pained by this news now o!
I didn't call anybody o, but if e pain u, then u r d ''ppl" I'm talking about!


NB:
One of them is already throwing tantrums up dia.

richie240:
Some ppl will still be pained by this news now o!
I didn't call anybody o, but if e pain u, then u r d ''ppl" I'm talking about!


NB:
One of them is already throwing tantrums up dia.

Did you even read the entire article

Godher:
Nigeria own happens so sudden

You should have known about this since Jan 3 2023. There is nothing sudden about it, you just weren’t following the news. Blame Buhari for not communicating it properly with Nigerians not this present government whose only decision is no to bring it back, because there are not provisions available to pay for it.

Are u sad with the news?
Are u d 'somebody' I was referring to?

Like I said earlier I didn't mention anybody.

Bobloco:


Did you even read the entire article

richie240:
Are u sad with the news?
Are u d 'somebody' I was referring to?

You gave yourself out as someone who didn't read the article but just got carried away by the headline then rush to post something

Gentleman, why this angola news pepper u for body like this, all bcus they cut their subsidy?

O ye sheedren of hate, Why better thing dey always run una stomach laidiz?

Bobloco:


You gave yourself out as someone who didn't read the article but just got carried away by the headline then rush to post something