Breaking! Removal of fuel subsidy; new price revealed

Ibe Kachiwu and President Buhari

The federal government of Nigeria has removed subsidy on fuel today and it will henceforth sell for  N145 per litre.

Until the removal, N87 per litre was the official price of the fuel although consumers have been paying as much as N200 due to scarcity.

The removal in fuel subsidy has been the on going issue since President Muhammadu Buhari took over power.

The minister of state for petroleum, Dr Emmanuel Ibe Kachikwu had said that Nigerians were not benefitting from the subsidy which made it essential to be removed.

Vice president, Professor Yemi Osinbajo mentioned earlier today that Nigeria had reached a point where tough decisions had to be taken.
He said: “No matter how we slice it, we are in economic times that are challenging, but they provide us with some of the best opportunities for making a real difference in our economic life.

“I think that we are at a point that a lot has been said about subsidies and what to do with subsidies. I think we are at a point where we must make many difficult decisions and make very tough choices.

“But I think the Nigerian people are prepared for all what is required and all it would take to make a real difference. “In no way can a country make the kind of progress we expect it to make without being able to ensure that in public life our finance system is transparent and would ensure that there is accountability.”



Source: naij

Comments

Post a Comment

Popular posts from this blog

Beyoncé performs her song with Chimamanda Ngozi Adichie at Coachella festival

Image
The American superstar singer performed at the Coachella festival earlier today with an incredible 2-hour set that made fans gasped for air. During the set, Beyonce brought back her former girl group Destiny’s Child on stage, performed her song with Chimamanda Ngozi Adichie, paid homage to the late Fela Anikulapo-Kuti and did so much more. See photos: Watch some of the videos below: https://twitter.com/_/status/985440637335101440 https://twitter.com/_/status/985445861940518912 https://twitter.com/_/status/985436345429647360
Read more

Buhari establishes new target for production of crude oil

Image
As part of efforts to reposition the country’s oil sector, President Muhammadu Buhari has set new target for the production of crude oil. The president, who was represented on March 14 by Vice President Yemi Osinbajo at the sixth African Petroleum Congress and Exhibition (CAPE VI) in Abuja, revealed that government has started the process of cutting production costs to boost exploration in order to achieve a production level of about 2.8 million barrel per day (mbpd). President Buhari said the quantum leap would be 30% increase of production level of 2.4 mbpd being pursued. “In Nigeria, as part of our strategies to reposition the oil industry, this administration has commenced the process of implementing carefully conceived initiatives, to reduce production costs and encourage efficiencies in oil exploration so as to achieve a 30 per cent increase in daily production levels (to about 2.8mbpd),” he said. The president further disclosed that the country is working on mode to
Read more