Nigerian govt ends subsidy on petrol

By AdvocateNews on 10/07/2020

Share on facebook Yahoo mail icon Gmail icon

Views: 1,064


The federal government has halted subsidy on Premium Motor Spirit aka petrol.

Minister of State for Petroleum Resources, Timipre Sylva, announced this on Thursday.

He said the decision was in line with the deregulation of the downstream oil sector.

Sylva, in a statement, noted that the move would boost the economic growth and development of Nigeria.

The minister said that the government cannot continue to subsidise petrol because it had no economic value.

He said after a thorough examination of the economics, “the government concluded that it was unrealistic to continue with the burden of subsidising PMS to the tune of trillions of naira every year”.

Sylva pointed out that the subsidy was benefiting the rich rather than the poor and ordinary Nigerians.

“Deregulation means that the Government will no longer continue to be the main supplier of Petroleum Products, but will encourage the private sector to take over the role of supplying Petroleum Products,” he said.

The minister added that henceforth, market forces will determine the price at the pump.

He assured that the government would continue to play its role of regulation to ensure that the commodity was not priced arbitrarily by private sector suppliers.

Posted 10/07/2020 08:58:57 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Nation-building is hardwork, says Osinbajo at Forum organised...

Anambra loses N19.6bn every sit-at-home – Soludo

Kanu sounds tough, warns South-East govs over IPOB...

Presidency orders probe as Osinbajo survives helicopter crash...

Governors fuel insecurity to raise security votes –...

Massacre in Oyo: 45 dead bodies recovered, Oba’s...

Kogi West Senate Seat: Melaye out, Adeyemi in...

A ‘strong chieftain’ wants to hijack PDP, Secondus...

Pres. Buhari finally arrives Nigeria after U.S trip...

Mood of Kogi people after tribunal verdict shows...

A’Ibom Govt reveals cause of Ex-Gov Idongesit Nkanga’s...

Seven political parties plan merger for 2023

 

Latest News GOC says welfare of personnel remains priority of military Biafra: Business in Southeast crumbling, IPOB must end sit-at-home now – Ohanaeze Political opponents abducted Anambra Labour Party’s Gov candidate, party alleges Aviation stakeholders hail Gov. Ugwuanyi’s commitment to air safety Afenifere to Buhari: Ignore Gumi, declare bandits as terrorists UN issues ‘Urgent Appeals’ to Nigeria, Kenya, seeking explanation for Nnamdi Kanu’s illegal abduction, detention, others 22 governors apply as FG disburses model ranch funds next week Benue: Ortom assents to law to empower volunteer guards bear weapons Former Enugu SSG, Dan Agbo, is dead Zamfara: Residents flee as bandits attack ten communities in one week Senate committee approves N1,000 daily feeding allowance for prison inmates PDP demands probe of Justice Aliyu Usman by NJC for entertaining Secondus’ case

 

Most Read Ebonyi bans embalming of corpses in homes (194,264 views) Sickle cell support group seeks government intervention (194,263 views) I’ve no Coronavirus, govt wants to kill me – Anambra Index case (194,263 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (194,261 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (194,261 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (194,261 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (194,259 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (194,144 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (189,590 views) ASUU strike: Senate intervention ends in deadlock (188,874 views) All you need to know about Peter Obi, PDP VP Candidate (150,358 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (148,671 views)

 

 

SECTIONS FAITH (158) EDITORIAL (18) NEWS (7,025) POLITICS (495) SOCIETY (132) SPORTS (53) BUSINESS (367) HEALTH (58) EDUCATION (50) ENTERTAINMENT (51) INTERNATIONAL (178) TECHNOLOGY (6) COLUMNISTS (57) LETTERS (4) OPINION (40)

 

 


There are no video entries posted yet.