Nigerians should brace for more challenges ahead as the Premium Motor Spirit(PMS) otherwise known as petrol would now be sold for between N320 to N340 per litre from March 2022.
According to him, the law provides that by the end of February 2022, the nation should be out of the subsidy regime.
“There will be no provision for it(subsidy) legally in our system, but I am also sure you will appreciate that government has a bigger social responsibility to cater for the ordinary and therefore engage in a process that will ensure that we exit in the most subtle and easy manner,” he said.
“One of such measures would be to institute a monthly transport subsidy in the form of cash transfer of N5,000 to between 30 to 40 million deserving Nigerians.
“I agree with the report that with the expansion of social protection policies during the pandemic, the government has an opportunity to phase out subsidies such as the petroleum subsidy while utilising cash transfers to safeguard the welfare of poor and middle-class households.
“Towards this end, we intend to accelerate our structural reforms, particularly in the power sector, in governance, in business environment to unlock the huge potentials of the economy, scale-up social safety net and deepen financial inclusion to reduce poverty and inequality gaps.”
However, on the hike in prices of cooking gas, Kyari said that it was a demand and supply issue as there was a global crunch on supply of gas and many countries were now threatened by lack of supply in December.
He added that the product was not under any subsidy regime and therefore irrespective of where it was produced, would follow the global trend.
He, therefore, assured that the company was working on increasing local production to meet the needs of consumers.
FG may merge NIWA with NPA, stop funding recurrent expenditure of MAN, ORON in a public service reform
Recommendations were made for 263 of the statutory agencies to collapse into 161, a merger of 52 agencies, and the outright expungement of 38 redundant agencies while returning 14 as sub-units In ministries.
Privatise Nigerian Communication Satellite.
The Nigerian Institute of Social and Economic Research is to be funded by a proposed National Research Development Fund.
National Board for Technical Education and the National Commission for Colleges of Education to morph into the Tertiary Education Commission.
The Federal Ministry of Environment and the Department of Petroleum Resources take over the National Oil Spill Detection and Response Agency.
Cut the Directorate of Technical Cooperation in Africa.
Merger the National Council of Arts and Culture with the National Troupe of Nigeria and the National Theatre.
Close down the duplicating National Institute for Cultural Orientation.
Aftermath of subsidy removal: Nigerians to buy Petrol for N462 per litre. — NNPC
The Eyewitness reporter
The NNPC spokesman, in a statement, also defended the consumption rate disclosed by the NNPC, after the Customs Comptroller-General, Col. Hameed Ali (retd.) faulted the oil company’s claim.
” Daily Evacuation (Depot loadouts) records of the NMDPRA do carry daily oscillation ranging from as low as 4 million litres to as high as 100 million litres per day” he declared.
On petrol and its cost burden which the NNPC now bears, Mohammed said after oil marketing companies (OMCs) withdrew from PMS import in 2017, NNPC has been the sole supplier of petrol into the country.
In the statement, Muhammad explained that “rising crude oil prices and PMS supply costs above PPPRA (now NMDPRA) cap had forced oil marketing companies’ (OMCs) withdrawal from PMS import since the fourth quarter of 2017.
“In the light of these challenges, NNPC has remained the supplier of last resort and continues to transparently report the monthly PMS cost under-recoveries to the relevant authorities.
“NNPC limited also notes the average Q2, 2022 international market determined landing cost was US$1,283/MT and the approved marketing and distribution cost of A46/litre.
” This will continuously be adjusted by market and demand realities.
CBN rescues ailing airlines with $265 million to settle outstanding ticket sales
The Central Bank of Nigeria (CBN) has intervened in the brewing crisis in the aviation sector when on Friday, it released the sum of $265 million to airlines operating in the country, to settle outstanding ticket sales.
A breakdown of the figure indicates that the sum of $230 million was released as a special Forex intervention while another sum of $35 million was released through the Retail SMIS auction.
Confirming the release, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi said the Governor, Godwin Emefiele and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations.
Mr. Nwanisobi reiterated that the Bank was not against any company repatriating its funds from the country, adding that what the Bank stood for was an orderly exit for those that might be interested in doing so.
With Friday’s release, it is expected that operators and travelers as well will heave huge sighs of relief, as some airlines had threatened to withdraw their services in the face suffocating business environment.
Customs2 months ago
Customs unblocks access of Five- Star Logistics two weeks after deactivation
Customs2 months ago
Tin Can Customs gets court relief to commit Indian hemp importer to custody
Headlines1 day ago
Transport Minister collaborates with army, others to secure release of 23 remaining Abuja-Kaduna train attack victims
Headlines7 days ago
Sambo reiterates commitment to disbursement of CVFF
Headlines1 week ago
Nigeria pledges commitment to cleaner oceans agenda of IMO
Headlines1 week ago
Federal Government pledges support for take-off of Ondo Deep Seaport