NNPCL Back To Being The Sole Importer Of Petrol In Nigeria | Business Edge | 12-10-23
Host: Lekan Onabanjo
Guest: Oluseyi Awojulugbe, Senior Analyst, SBM Intelligence, Lagos, Nigeria.
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has officially confirmed the reinstatement of the fuel subsidy in Nigeria under President Bola Tinubu. Initially, President Tinubu had announced the removal of the fuel subsidy on his first day in office, leading to a significant increase in fuel prices, with rates soaring from N197 to a range between N480 and N570 per liter. Subsequently, the pump price was further adjusted to N620.
Festus Osifo, the National President of PENGASSAN, explained that due to the rising cost of crude oil in the international market, fluctuations in exchange rates, and challenges in accessing foreign exchange (forex), the government has reverted to subsidizing petrol. However, it's worth noting that the Group Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL), Mele Kyari, has countered this, insisting that the government has not reintroduced the petrol subsidy. This situation highlights a complex and evolving issue in Nigeria's energy sector.
The International Monetary Fund (IMF) has ruled out the possibility of completely canceling the debt for countries like Nigeria, Ghana, and other African economies. This announcement was made during the African Session at the ongoing IMF/World Bank Annual Meetings in Marrakech, Morocco.
Abebe Selassie, the IMF African Department Director, highlighted the complexity of the debt situation, explaining that 50 percent of the total debts in Sub-Saharan African countries are domestic, making the notion of debt forgiveness challenging. Selassie emphasized that there is no one-size-fits-all solution or a quick fix to eliminate debts and emphasized the need for country-specific dialogues to address debt rescheduling.
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NNPCL BAck To Being The Sole Importer Of Petrol In Nigeria | Business Edge | 12-10-23
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