Tag
FUEL SUBSIDY
News and analysis about fuel subsidy
The Minister noted that the removal of fuel subsidy will save Nigeria up to a trillion every year.
President Buhari has today reiterated the need to do away with fuel subsidy.
“After a review of prevailing market fundamentals in the month of May and considering marketers realistic operating costs as much as practicable, we wish to advise of a new PMS guiding pump price..."
“As a nation, we cannot afford to continue relying on the world for our food, education, and healthcare.” said Godwin Emefiele.
The Federal Government of Nigeria is really experiencing a serious revenue crisis which is now being exacerbated by the increasing cost of fuel subsidy.
The IMF has reiterated the need for Nigeria and other countries that still retain the policy of subsiding fuel to put an end to it..
The Government has been urged to discontinue its subsidy schemes for fuel and FOREX. The Association of Bureaux De Change Operators of Nigeria (ABCON) believes that putting an end to these subsidies would help remedy structural issues in the economy.
The Nigerian National Petroleum Corporation (NNPC) spent a total of N771, 391,262,249 to ensure that the pump price of petrol stayed at N145 per litre as directed by the Federal Government.
Petroleum price may go up in just a matter of weeks, even as Nigerians have been advised to brace up for the negative effects such a development would have on the economy.
Nigeria's Minister of Finance, Zainab Ahmed, said the country's debt portfolio is sustainable even though it currently stands at a whooping N24.3 trillion.
The importation of refined petroleum products will decline in March 2019, even as Nigerians consume an average of 53.2m litres of PMS daily.
The winner of Nigeria’s most contested election is set to be announced by Tuesday the 26th of February 2019.