Federal Government Restores Fuel Subsidy Despite Official Policy | Nigeria Tonight | 09-10-23
Host: Felicity Ezewuike
Guest: Kelvin Emmanuel, Economist & CEO at Dairy Hills.
Festus Osifo, the National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has revealed that the federal government has reinstated the subsidy on petrol, despite the official government policy of ending the subsidy regime since May.
This development comes after President Bola Tinubu had announced the removal of fuel subsidy in his inaugural speech on May 29th, which led to an increase in fuel prices from N197 to a range between N480 and N570. Subsequently, the pump price was further adjusted to N620.
According to Osifo, who also serves as the president of the Trade Union Congress (TUC), the government continues to pay subsidies on petrol due to the high cost of crude oil in the international market and unfavorable exchange rates. He emphasized that the government can only cease subsidizing petroleum when it effectively manages the exchange rate and ensures an adequate supply of petroleum to stabilize prices.
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Federal Government Restores Fuel Subsidy Despite Official Policy | Nigeria Tonight | 09-10-23
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