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Wednesday, May 11, 2016

Official: Fuel Subsidy Removed; See The New Price


Buhari and Kachikwu

According to Naij.com,the federal government of Nigeria has removed subsidy on fuel and it will now start to sell for N145 per litre.

This removal was made on Wednesday, May 11. Until the removal, the official price of petrol was N87 per litre although consumers have been paying as much as N200 for fuel due to scarcity.

The removal in fuel subsidy has been a lingering issue since President Muhammadu Buhari took over power. The minister of state for petroleum product, Dr Emmanuel Ibe Kachikwu had said that the citizens were not benefitting from the subsidy which made it necessary to be removed.

An official in the petroleum industry had earlier said the federal government would deregulate the downstream sector of the Nigerian petroleum industry so as to put an end to scarcity.
The vice president, Professor Yemi Osinbajo hinted earlier on Wednesday 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.”

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