Federal Government To Extend Fuel Subsidy For 6 Months
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The Nigerian government may extend its subsidy on Premium Motor Spirit (PMS) for an additional 6 months
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This was disclosed by a government official in an interview with The Guardian
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The fuel subsidy extension is expected to cost the government N720 billion
The Nigerian government appears to have benched plans to remove the subsidy on petrol in the country.
According to reports from a government official during an interview with The Guardian, the government plans to extend fuel subsidy for 6 months.
Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on.
The extension of the subsidy for an additional 6 months is going to cost N720 billion.
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The latest news is coming after NNPC GMD, Mele Kyari revealed that petrol subsidy may be removed because the government is no longer able to carry it.
Kyari hinted that Nigerians may soon start buying petrol at the market price since subsidy costs N120 billion a month.
Kyari revealed that NNPC was importing PMS at a value between N211 and N234/L and selling at N162/L.
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