President Tinubu reportedly Considering Temporary Subsidy On Petrol

President Tinubu reportedly Considering Temporary Subsidy On Petrol


President Bola Tinubu is said to be  considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates continue to rise. 

According to the information received by TheCable from presidential sources, the proposal is “firmly on the table” and the “realistic” amount of petrol consumed in the country is now known following the removal of subsidy shortly after Tinubu’s inauguration. 

One of the sources noted that the amount spent on subsidy “can now be controlled”.

This is coming after the Nigerian National Petroleum Company (NNPC) Limited said there are no plans to hike pump prices despite the rise in crude oil prices, landing cost, and fall in the value of the naira.

Excedel World reports that Nigerians have continued to groan under harsh economic realities following the removal of petrol subsidy in May 2023.

Following the removal of the fuel subsidy, the price of petrol has gone from N200 to N500/700 in the last three months.


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