
We removed subsidy to save future generations —Tinubu
Tinubu said removing petrol subsidy was in a bid to save generations to come
Tinubu said removing petrol subsidy was in a bid to save generations to come
By Damilola Aina The Nigerian National Petroleum Company Limited has demanded a refund of N4.71tn from the Federal Government to settle outstanding debts used to import Premium Motor Spirit, popularly called petrol, into the country. The claim was listed as “Exchange rate differential on PMS and other joint venture taxes” on petrol products imported by…
In view of the above and the government’s frequent policy reversals, there is a need to have a close look at the management of subsidy removal by the current administration.
Pavlov noted that plenty of Nigerian crude is already contracted under term agreements, so questioned how Dangote will be able to secure enough feedstock.
The ‘battle’ has now shifted to fuel subsidy removal without any provocative statement from the government in recent times
The sole importer of the commodity – Nigerian National Petroleum Company Limited, has repeatedly complained of the enormous burden of shouldering fuel subsidy for the country.
The projected oil price of the Federal Government of $62/barrel as contained in the 2022 Appropriation Bill has almost doubled going by the current global oil prices, which have been on the increase since the invasion of Ukraine by Russia on February 24, 2022.
Nigerians will spend about N6.732tn on the purchase of Premium Motor Spirit, popularly called petrol, within a period of 12 months once the Federal Government stops subsidising the commodity from February next year, investigations have revealed.
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, says the company cannot continue to bear the subsidy burden.
Esther Ajibola – Lagos Lagos Chamber of Commerce and Industry, (LCCI), has described fuel subsidy which the World Bank said cost Nigeria N731 billion in 2018, as the biggest fiscal burden currently staring the nation’s economy in the face. LCCI, which response was based on the World Bank report, released on Monday in Abuja focussed…