Vanguardngr:
FG to cut petrol subsidy by half in 2015
The Federal Government has said it plans to cut subsidies on
petroleum products by half next year after sharp falls in global
crude prices, spurred a reversal of its 2015 budget
downwards.
President Goodluck Jonathan submitted the revised budget
figures to lawmakers last week, proposing to spend 458.68
billion naira ($2.59 bln) on petrol subsidy in 2015, down from
971.14 billion naira presented for 2014.
It also assumed further cuts to petrol subsidies in 2016 to
408.68 billion naira and 371.18 billion naira for 2017.
The Minister of finance and Co-ordinating Minister of the
Economy, Dr. Ngozi Okonjo-Iweala has proposed lowering the
assumed benchmark oil price for the 2015 budget to $73 per
barrel from the $78 proposed in September, after global crude
prices collapsed.
Ngozi Okonjo-Iweala told Reuters last week that declines in
the price of oil, which has lost almost 30 percent since July,
would impact the economy, requiring the government to cut
non-essential spending and raise more revenues.
Recall that the FG tried to end subsidy in 2012 in efforts to cut
government spending and encourage badly needed
investment in local refining, doubling the price of a litre of
petrol overnight to about 150 naira ($0.93) from about 65
naira
The budget proposals assumed an exchange rate of 162 naira
to the U.S. dollar for 2015, weaker than 160 naira assumed for
2014. It expects the naira to weaken further to 163.50 in 2016,
reaching 165 in 2017.

omenka:
Criminals and liars. Okonjo is a disgrace!!

They've been cutting subsidy by half since 1999, when are we gonna exhaust the other half??

Shame on Jonathan.

BlackTechnology:



Stop crying


2015 If we do not see GEJ, you won't see oil let alone subsidy.

malele:
When oil price was high, fuel priCe was never reduced,now oil price is low they want to increase fuel price.
Am a staunch supporter oF good luck but hE keeps disappointing me

samflexxy:
So after the elections you will implement the subsidy again smh..

egift:
Nigerians are suffering while and his fellow Oil marketers are budgeting a trillion to themselves.

After 16 years of being in Power, PDP could not build a single Refinery. Vote out PDP and stop this Stealing-Is-Not-Corruption administration of Dr. Goodluck Jonathan.

BlackTechnology:
We will vote out PDP when an Ijaw man is made the presidential candidate of APC .

BlackTechnology:
Very soon some sections of Nigeria will be protesting like babies and yet boasting that they can survive without SS/SE oil.


No GEJ no oil no subsidy.

malele:
When oil price was high, fuel priCe was never reduced,now oil price is low they want to increase fuel price.
Am a staunch supporter oF good luck but hE keeps disappointing me

lanrefront1:
Please, soembodu please help me answer this question: I know I'm not an Harvard graduate like Iweala neither I've I worked in the world Bank.

They say they want to cut subsidy into half because of sharp falling in crude oil prices. The fact that crude oil has fallen, does that not automatically reduces the amount of subsidy necessary. Or was not the high price of crude a major cause for the high cost of subsidy.