The governor of the Central Bank of Nigeria (CBN), Lamido Sanusi on Friday in New York described the current system of subsidizing fuel prices in the country as unsustainable. Mr Sanusi, a former banker who specialized in risk management and who is allied with Finance Minister Ngozi Okonjo-Iweala in the push for reforms, is pushing for the complete removal of the system of subsidizing fuel. Following the governments efforts at the beginning of the year to scrap the subsidies but backtracked but later reinstated them. ...

The Nigeria Labour Congress and the Association of Senior Civil Servants of Nigeria said the Jonathan administration had no option other than to reverse the price from its present N97 to the old N65 per litre since the President had said he was rethinking the Subsidy Reinvestment and Empowerment programme. Jonathan on Monday reportedly told chieftains of the Peoples Democratic Party at their 58th National Executive Committee meeting in Abuja that implementation of the palliatives to cushion the effects of subsidy removal were no longer feasible. ...

Nigerian Labour Congress, NLC and the Trade Union Congress (TUC) have suspended the stike which started on Monday 8th January, 2011. This development came after President Goodluck Jonathan formally announced the reduction in pump fuel price from N141 per liter to N97 per liter earlier today. ...

NLC has suspended street protests and rallies but insists that strike still continues. In a statement by NLC Acting Secretary General, Owei Lamkemfa, said the suspension of street protests is imperative due to escalating violence and increased in security challenges. ...

The Federal Government of Nigeria due to pressure, has reduced the pump price of petroleum from N141 per litre to N97 per litre. The announcement of the new price is contained in an address that President Goodluck Jonathan plans to read today (Monday). ...

John Asiemo popularly known as Daddy Showkey, said on Thursday that he was ashamed to have participated in campaigning for President Goodluck Jonathan at the rally against fuel subsidy removal in Ojota, Lagos. He said he decided to stay away from the protest since Monday because of the shame the policy had caused him, having convinced his fans and other Nigerians through his songs to vote for Jonathan. ...

Organised Labour and civil society have suspended the ongoing general strike and protests for two days, Saturday and Sunday, to enable Nigerians to rest and stockpile food and essential requirements. A statement by the Acting General Secretary of the Nigeria Labour Congress, Mr. Owei Lakemfa, and Secretary-General of the Trade Union Congress, John Kolawole, on Friday said the strike, rallies and protests would continue on Monday, January 16, 2012. ...

The Federal Government agreed to temporarily revert to the pre-New Year price of N65 per litre of petrol under two conditions. The first option is to revert to the pre-New Year price on the condition that the subsidy regime would be completely removed in April. ...

In a bid to end the nationwide strike which has crippled the country in the last three days, President Goodluck Jonathan yesterday held a meeting with the governors and the leadership of the senate. It was the second of such meeting in 24hours. The meeting which was held behind closed door started at about 4pm. Senate President, David Mark led team which included deputy senate president, Ike Ekweremadu and senate leader, Victor Ndoma Egba. ...

The Nigeria Society of Engineers (NSE), has urged President GoodLuck Jonathan to follow the path of honor, reverse himself on the decision to withdraw subsidy on fuel and revert to the old price of N65 per liter. Giving the official position of the NSE on the issue, the National President of the Society, Engineer Mustafa Balarabe Shehu, said that in history, courageous and great leaders were always willing to rescind their decisions on the basis of superior argument. ...