Business
Why Tinubu Is Considering A ‘Temporary Fuel Subsidy’
A presidency official revealed that the “realistic” amount of petrol consumed in the country is now…
The Federal Government (FG) of Nigeria is considering a “temporary subsidy” on petrol as crude oil prices & foreign exchange rates continue to rise.
According to a report made available VerseNews, there is no final decision yet, however, the proposal is “firmly on the table” as Nigerians continue to groon under harsh economic realities following the removal of the petrol subsidy in May 2023.
A presidency official revealed that the “realistic” amount of petrol consumed in the country is now known following the removal of subsidy on President Bola Ahmed Tinubu’s inauguration, hence the amount spent on subsidy “can now be controlled”.
On Monday, August 14, 2023, the NNPC Limited said there are no plans to hike pump prices despite the rise in crude oil prices, landing cost, & fall in the value of the naira.
This is understood to be an option for Tinubu to keep the current prices, although private importers have not made a definite pronouncement on any possible adjustments.
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