Federal Government can no longer pay N120bn fuel subsidy monthly, says NNPC


_*• says actual cost of petrol now N234 per litre, but Government subsidises by paying N72 on every litre to keep price at N162*_
————————————
The Group Managing Director, Nigerian National Petroleum Corporation, Mele Kyari, on Thursday, said the Federal Government subsidises Premium Motor Spirit with about N120 billion monthly.
He said while the actual cost of importation and handling charges amounts to N234 per litre, the government had been selling at N162 per litre, therefore, bearing the difference.

Kyari spoke at the weekly ministerial briefing at the Presidential Villa, Abuja.

He, however, said that the NNPC can no longer afford to bear the cost, saying Nigerians would have to pay the actual cost sooner or later.

He argued that market forces must be allowed to determine the pump price of petrol in the country.
Details later…

https://punchng.com/fuel-subsidy-gulps-n120bn-monthly-no-longer-practicable-says-nnpc/


joshua

Related Posts

Yahaya Bello: Betrayed By Trust, Redeemed By Choice!


Share This:         Yahaya Bello: Betrayed By Trust, Redeemed By Choice!   By Abdul Mohammed Lawal. Leadership is often seen as a fragile bridge of trust; built with vision, maintained with integrity,…


Gov Ododo redeploys RHO CMD, appoints replacement


Share This:         Gov Ododo redeploys RHO CMD, appoints replacement Kogi State Governor, Ahmed Ododo has approved the appointment of Prof. Solomon Avidime as the Provost College of Medicine, Confluence University of…


Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Yahaya Bello: Betrayed By Trust, Redeemed By Choice!

  • By joshua
  • November 23, 2024
  • 213 views

Gov Ododo redeploys RHO CMD, appoints replacement

  • By joshua
  • November 23, 2024
  • 54 views

Qalam Radio Debuts Digital Broadcasting In Edo

  • By joshua
  • November 23, 2024
  • 50 views

FLOWERS FOR ONYEMA UGOCHUKWU’S OCTOGENARIAN ASCENT

  • By joshua
  • November 23, 2024
  • 54 views

Enough of Illegality, Rascality in Kogi PDP, Swear me in immediately as Chairman – Hon. Muhammad Sani Gambo.

  • By joshua
  • November 23, 2024
  • 153 views

Birthday: Kabba Bunu Chairman Celebrates Hon. Ismaila Isah

  • By joshua
  • November 22, 2024
  • 70 views