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