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June 2, 2023 Reps Ask FG To Mitigate Effects Of Subsidy Removal

Reps Ask FG To Mitigate Effects Of Subsidy Removal

The House of Representatives has waded into the subsidy conversation, asking the Federal Government to out rightly remove subsidies on all petroleum products.

The House made this resolution after adopting the report of its adhoc committee which investigated the country’s subsidy regime.

The lawmakers called on the federal government to immediately design measures and palliatives to cushion the effects of the subsidy removal for Nigerians effective through the provision and procurement of Compressed Natural Gas (CNG) Busses as an alternative Transport System.

They also suggested the introduction of intermodal, regional and national transport system to ease mass movement of people across the country.

The legislators further called for a forensic audit to ascertain whether the 413 billion Naira borrowed from the CBN for subsidy payments was refunded after the passage and assent of the 2015 budget.

The lower chamber also wants the government to suspend all Direct Sales Direct Purchase (DSDP) contracts.

June 1, 2023 Subsidy Removal: NNPCL Confirms Petrol Pump Price Increase

Subsidy Removal: NNPCL Confirms Petrol Pump Price Increase

The Nigerian National Petrol Company Limited, NNPCL has confirmed an adjustment to pump prices of Premium Motor Spirit better known as petrol across the country.

In a statement signed by its Chief Corporate Communications Officer, Garba Muhammad, the NNPCL said the adjusted pump price was in line with current market realities.

This comes in the wake of scarcity of the commodity after President Bola Tinubu declared an end to fuel subsidy

Earlier, a new template of retail prices for different geopolitical zones of the country instructed marketers to adjust retail prices for Petrol, to a range between 488 naira and 557 naira per liter.

The new price schedule shows that consumers in Lagos State will buy the product at 488 naira per liter while the rest of the Southwest zone will get the product at 500 naira per liter.

While in Maiduguri and Borno petrol will sell the highest at 557 naira per litre.

 

 

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