₦airaland Forum

Malam Mele Kyari, Group Managing Director and Chief Executive Officer of Nigerian National Petroleum Company Limited, has said that subsidy would have been eliminated in 2020 but certain factors prevented it.

He, however, said that the law provides that by the end of February 2022, the nation should be out of the subsidy regime.

He said this at the presentation of the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual”.

“There will be no provision for it 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.”

Kyari assured that fuel subsidy removal would definitely be achieved in 2022 as it was now fully backed by law, adding that the price of the product may range between N320 and N340 per litre.

On the hike in prices of cooking gas, he 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.

Kyari, however, assured that the company was working on increasing local production to meet the needs of consumers.

The Governor of Kaduna State, Malam Nasir El-Rufai, says state governments are ready to support the Federal Government in the elimination of fuel subsidy regime.

El-Rufai, a panelist who joined virtually, said that if the regime of fuel subsidy was not eliminated, 35 out of the 36 states of the federation may not be able to pay salaries in 2022.

According to him, kerosene which matters most to the masses had been regulated without any hitches, while diesel which was most important to transporters had also been regulated for a long time.

“This hullabaloo about petrol is something that we must as a country have a conversation and agree that it has to end.

“We cannot continue to provide petroleum to our neighbouring countries, which is what we are doing.

“Why are we doing this? For whom are we doing it? Who is the beneficiary? Which is the cabal that is the beneficiary of this and why should they hold this country to ransom and bankrupt the Nigerian economy?

“Right now, we are losing N250 billion a month and this has to end. State governments are committed to supporting the Federal Government on this.

“We do our bit, engage stakeholders and put the facts on the table so that everyone understands the danger the country is in if the subsidy continues, as well as the benefits that will accrue.

“Not only to the budgets of the states and their capacity to deliver social services, but also what will go directly to the pockets of the poorest Nigerians that will bear the brunt of any withdrawal of subsidy.

“This is the position of the state governments and we met just a few days ago to take this position.”

El-Rufai said that the governors saw the dangers in continuing on the path of petroleum subsidy and support policy measures needed to improve the fiscal situation, such as price stability.

See full report
https://uptownmediainc.com/subsidy-to-end-in-2022-petrol-price-to-hit-n320-ltr/

sametin they were strongly against a decade ago,then 1 litre was just #85, dollar was just over #100 we could have cooped but now dollar is approaching #500,it is well with this country.

We are making progress... Small time e go reach #500, e no concern me, all of una wey dey shout sai baba that time na my turn be this SAI BABA

fourboys:
We are making progress... Small time e go reach #500, e no concern me, all of una wey dey shout sai baba that time na my turn be this SAI BABA

This type of policy is what the people must stand against. Nigerians deserve subsidized products, it is the only benefits to its citizenry.

[The government should please help reduce the price of cooking gas, it too much on the poor masses.quote author=mediainc post=107915502]Malam Mele Kyari, Group Managing Director and Chief Executive Officer of Nigerian National Petroleum Company Limited, has said that subsidy would have been eliminated in 2020 but certain factors prevented it.

He, however, said that the law provides that by the end of February 2022, the nation should be out of the subsidy regime.

He said this at the presentation of the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual”.

“There will be no provision for it 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.”

Kyari assured that fuel subsidy removal would definitely be achieved in 2022 as it was now fully backed by law, adding that the price of the product may range between N320 and N340 per litre.

On the hike in prices of cooking gas, he 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.

Kyari, however, assured that the company was working on increasing local production to meet the needs of consumers.

The Governor of Kaduna State, Malam Nasir El-Rufai, says state governments are ready to support the Federal Government in the elimination of fuel subsidy regime.

El-Rufai, a panelist who joined virtually, said that if the regime of fuel subsidy was not eliminated, 35 out of the 36 states of the federation may not be able to pay salaries in 2022.

According to him, kerosene which matters most to the masses had been regulated without any hitches, while diesel which was most important to transporters had also been regulated for a long time.

“This hullabaloo about petrol is something that we must as a country have a conversation and agree that it has to end.

“We cannot continue to provide petroleum to our neighbouring countries, which is what we are doing.

“Why are we doing this? For whom are we doing it? Who is the beneficiary? Which is the cabal that is the beneficiary of this and why should they hold this country to ransom and bankrupt the Nigerian economy?

“Right now, we are losing N250 billion a month and this has to end. State governments are committed to supporting the Federal Government on this.

“We do our bit, engage stakeholders and put the facts on the table so that everyone understands the danger the country is in if the subsidy continues, as well as the benefits that will accrue.

“Not only to the budgets of the states and their capacity to deliver social services, but also what will go directly to the pockets of the poorest Nigerians that will bear the brunt of any withdrawal of subsidy.

“This is the position of the state governments and we met just a few days ago to take this position.”

El-Rufai said that the governors saw the dangers in continuing on the path of petroleum subsidy and support policy measures needed to improve the fiscal situation, such as price stability.

See full report
https://uptownmediainc.com/subsidy-to-end-in-2022-petrol-price-to-hit-n320-ltr/[/quote]

Increasing the price of fuel is not the problem. But increasing it with epileptic power supply is the biggest issue. If u give us light steady. Then it’s only when i want to drive my car I only have business with fuel. Nothing will concern a man or a woman with no car and fuel.
#increasefuelgiveuselectricity

xana101:
Increasing the price of fuel is not the problem. But increasing it with epileptic power supply is the biggest issue. If u give us light steady. Then it’s only when i want to drive my car I only have business with fuel. Nothing will concern a man or a woman with no car and fuel.
#increasefuelgiveuselectricity

Millions of Nigerians use transportation daily and fuel for their business...it's not just about you...