Hard times seems to be lurking at the corner as a committee set up by the Nigerian Governors’ Forum (NGF) has reportedly recommended a petrol price of between N380 and N408.5 per litre.
Leakblast reported that the committee also called for immediate removal of fuel subsidy.
Leakblast gathers that the committee made the recommendations in its report submitted during a virtual meeting of the Nigeria Governors’ Forum on Wednesday, May 19.
Governor Nasir El-Rufai of Kaduna state who is the chairman of the committee explained that the current subsidy regime was unsustainable.
According to him, smugglers and illegal markets in neighbouring African countries are the ones benefitting from the subsidy.
The committee recommended that the removal of subsidies should be immediate to save the nation’s economy.
El-Rufai noted that Nigeria, like other oil-producing countries, agreed to cut production to keep the prices high but that Nigeria could not fully benefit from the regime because of subsidies.
The committee recommended N408.5 litre as the appropriate price. However, in the circumstance with concessions to labour unions, N380 per litre could be the minimum, it advised.
El-Rufai said the move was necessary to free funds for critical projects and payment of other obligations.
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