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 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). ...

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. ...

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. ...

Senators were, yesterday, divided over plans by President Goodluck Jonathan to remove subsidies from petroleum products in January 2012. The division came to the fore during the consideration of the 2012-2015 Medium Term Fiscal Frameworks (MTFF) sent to the National Assembly by President Jonathan, even as the Senate plans to extend the 2011 budget to March, 2012. ...