Finally! Nigeria Scraps Fuel Subsidy

Group Managing Director of the NNPC, Emmanuel Ibe Kachikwu has announced that the Nigerian Government has scrapped the Petroleum Support Fund, (fuel subsidy).

According to Premium Times, Mr. Kachikwu, who is also Minister for Petroleum resources, said FG could no longer afford the payment due to the dip in its revenue, caused by the drop in crude oil prices.

He said a new pricing template he signed off on Thursday effectively removed the payment of subsidy on petrol and that oil marketers would be informed of the development in the coming days.

“It (new pricing regime) is out,” the minister said. ”I signed off on it yesterday (Thursday). I imagined that in the next couple of days the marketers would get advice on that. The nice thing about the PPPRA, where I signed up on it yesterday is that the price will be far below N87,” he said.

Nigeria Bulletin

Share this article:
  •  
  •  
  •  
  •  
  •  
  •  
join our mailing list

Do you want more articles like this delivered to your inbox?

Join our mailing list to receive the latest news and articles.

PS: Your email WILL NOT BE SPAMMED. See our Privavcy Policy for detail.

Thank you for subscribing. You are now part of our mailing list.

Show/Hide Comments

0 thoughts on “Finally! Nigeria Scraps Fuel Subsidy

Leave a Comment

join our mailing list

JOIN OUR MAILING LIST

Get all the latest and most popular news, tips, articles and information from our website delivered straight into your inbox.

Thank you for subscribing to our mailing list. You will now start recieving our periodic newsletter.

Powered byRapidology