The Federal Government now incurs about N1.69bn daily to subsidise petrol consumption
Nigeria currently spends N1.69bn daily as subsidy on petrol despite the decline in the country’s oil exports and the resultant squeeze on the nation’s revenues.
While industry experts and highly placed politicians canvass the stoppage of the subsidy regime, President Muhammadu Buhari has yet to take a stand on the issue.
Buhari had last Monday explained that he had yet to take a decision on the removal of subsidies on refined petroleum products.
The President, in a statement by his Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, was quoted as saying, “I have received many literature on the need to remove subsidies, but much of it has no depth. When you touch the price of petroleum products, that has the effect of triggering price rise on transportation, food and rents.
“That is for those who earn salaries; but there are many who are jobless and will be affected by it.”
Subsidy is a form of financial aid or support extended to an institution, business, or individual generally with the aim of promoting economic and social policy.
Source: Punch
1 comment:
But still, there's fuel scarcity naw
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