The Minister of State for Petroleum Resources, Ibe Kachikwu, on Tuesday said that the Federal Government would in the next few days unveil new policy to address the problem of fuel subsidy in the country.
Kachikwu who stated this during a town hall meeting in Kaduna, said that the introduction of price modulation had helped to stabilise the problem.
The minister, however, said that it was necessary for the country’s oil sector to reflect global pricing of the product.
Kachikwu said, “We are coming up with a policy in the next few days that will allow us develop the price modulation that allow us swing our price along with international pricing.
“We are now transiting into fuel modulating pricing because we do not have sufficient foreign exchange to continue fuel importation we have been doing.
“Therefore, NNPC has to produce about 100 per cent of the product, that is the cause of the scarcity.”
He said that the NNPC did not also have the logistics and coverage for effective distribution of the product.
The minister said that there was no budgetary allocation for fuel subsidy in the 2016 budget.
He said, “The Federal Government has struggled to offset about N600 billion subsidy balance when the administration came into power.” Click to signup for FREE news updates, latest information and hottest gists everyday
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I sence FG is planning another increment in petrol pumb price again. Who has this government HEP sef???
ReplyDeleteSai Buhariiiii
ReplyDeleteSS the Troll !
DeleteDr. Kachukwu your ideas are not providing solutions to the problems in this sector. Stop deceiving Nigerians with big grammar. Your price modulation or whatever you call it is not working out. I also need to remind you that 150 billion naira was appropriated for subsidy last year as against your statement and even if there were no fund earmarked for it, the president submitted a supplementary budget of above a trillion naira last year, why was the subsidy thing not included. The fund being owed marketers by last administration was 200 billion naira not 600 billion naira. This administration provides more excuses than solutions to problems.
ReplyDeleteHello nija people, you dey get wetin una want. Na real change!
ReplyDeleteHello nija people, you dey get wetin una want. Na real change!
ReplyDeleteyou have seen change they are complaining, by the time you see dolee, u will pick race.
ReplyDelete