At last, FG to increase petrol pump price – Nigerian Latest Guardian Newspaper

Nigerian Latest Newspapers Updates and News. Newspapers updates in Nigeria, 2021 from reliable and reputable news sources – After dillydallying, it is now official that the liability Nigerians fear most, fuel subsidy, is real and active after the Federal Government yesterday admitted paying as much as N120 billion to subsidise the price of petrol monthly. This was disclosed by the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, at the fifth edition of the special ministerial briefings coordinated by the presidential communications team. The sum expended monthly is higher than the N70 billion the government budgeted for the provision of Universal Basic Education (UBEC) in the 2021 budget, as well as the N45.19 billion allocated for immunization. For selling Premium Motor Spirit (PMS) otherwise called petrol at N162 per litre instead of the current landing price of N234 for a litre, the Federal Government says it is now paying as much as N120 billion monthly to subsidize the estimated 60 million litres of petrol the country consumes daily…continue reading [Source: Guardian Newspaper]

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