The Nigerian Government announced on Friday that it has scrapped the Petroleum Support Fund, also known as fuel subsidy.

Speaking to journalists at the Port Harcourt refinery where he had spent Christmas inspecting the facility, the Minister of State for Petroleum, Ibe Kachikwu, said the government could no longer pay the subsidy due to the fraud tainting the scheme.

Mr. Kachikwu, who is also the Group Managing director of the Nigerian National Petroleum Corporation (NNPC), also added that the government could no longer afford the payment due to the dip in its revenue, caused by the drop in crude oil prices.



full details: http://www.reportsafrique.com/nigeria-removes-fuel-subsidy-cut-petrol-price-to-n85-per-litre/

If removing fuel subsidy is solution they should remove it fast.

How Authentic is this news?

Hw is that a breaking news?mtchewwwwww