Is Fuel Subsidy Returned Under President Bola Tinubu?: What You Need to Know
Sunday 8 October 2023
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Is Fuel Subsidy Returned Under President Bola Tinubu?: What You Need to Know
In a recent development, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed the return of fuel subsidy under President Bola Tinubu’s administration. Initially, President Tinubu had announced the removal of fuel subsidy, leading to a significant increase in fuel prices. However, due to the fluctuating global oil market and exchange rates, the government found itself compelled to reintroduce the subsidy.
Festus Osifo, the National President of PENGASSAN, shed light on the situation during an interview on Channels Television's Politics Today. He explained that the government is currently paying subsidies on petrol due to the rising cost of crude oil in the international market, which has surged to about $93 to $94 per barrel for Brent crude. Osifo emphasized that until effective measures are taken to manage the exchange rate and ensure a stable supply, subsidies on petroleum products are inevitable.
This revelation comes amidst reports of the Nigerian Liquefied Natural Gas (NLNG) paying dividends to Nigeria via NNPC Limited. A document from the Federal Account Allocation Committee (FAAC) disclosed that NNPC Limited utilized a portion of these dividends to cover the PMS subsidy, with a remaining sum being withheld, causing controversy.
While the government neither confirmed nor denied these reports, it is evident that the return of the fuel subsidy has sparked discussions nationwide. As citizens grapple with fluctuating fuel prices, understanding the complexities of the global oil market and exchange rates becomes crucial.
Stay tuned for more updates on this evolving situation and its impact on the Nigerian economy. Your source for reliable news and analysis – we've got you covered!
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