Subsidy removal: Nigerians may buy petrol at N1000 per litre
Responding to the subsidy concerns and the disparity in the petrol consumption figures given by the Nigerian National Petroleum Corporation (NNPC), and the DPR, Auwalu acknowledged that Nigeria was spending so much on petrol subsidy.
He said eliminating it would require making alternative fuel available to Nigerians and that failure to do that could plunge Nigerians into paying higher petrol prices when subsidy is removed.
“As at today, there are 22 million cars in Nigeria. Eight million are for public use. Imagine if you want to convert every car into gas, the average cost of conversion is $400. Converting eight million cars requires $3.2 billion.
“Once that is achieved, you will see that PMS can be sold at N1,000. After all, the average distance covered by one-gallon equivalent when you compare it with LNG or CNG with respect to energy for mobility is 2.7 against one. One for PMS, 2.7 for LNG or CNG.
”So, with that advantage, you will see that it creates an opportunity for this industry again. The issue of subsidy, the volume will all vanish and that is what we are working towards.”
Court reverses self over contempt charge against Fidelity Bank chief
A Chief Magistrate Court sitting in Ikeja, Lagos has vacated its ruling that convicted and sentenced the Managing Director of Fidelity Bank,Nneka Chinwe Onyeali-Ikpe and Company Secretary of Fidelity Bank, Mrs. Unuigboje Ezinwa to six weeks in prison or a fine of Four Hundred Thousand Naira respectively for contempt.
Supreme court restrains FG from enforcing naira swap deadline
CBN succumbs to pressure, extends use of old naira notes to February 10
Up till Saturday, CBN had insisted on the 31st January deadline for the validity of the old N200, N500 and N1,000 despite overwhelming complaints that the notes are either not available or in short supply in the banks or their Automated Teller Machines.
Last October, Emefiele announced the Naira redesign policy which entails the issuance of new notes to replace the existing N200, N500 and N1,000 series.
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