The Federal government has saved $400 million through fuel subsidy removal from the 2020 budget.

The Group managing director of the Nigerian National Petroleum Corporation, NNPC, reveal this in an interview.

He said it is unlikely that fuel subsidy will return despite the rising crude oil prices.

He said:

MY PERSONAL VIEW IS THAT SUBSIDY SHOULD BE REMOVED, AND THE FUNDS DEPLOYED TO AREAS OF THE ECONOMY PARTICULARLY ROAD INFRASTRUCTURE AND EDUCATION THAT NEED FUNDS.

FUEL SUBSIDY IS A MISALLOCATION OF RESOURCES AND IT BENEFITS MAINLY PEOPLE WHO DON’T NEED IT; THE RICH.

WHAT WE NEED IS AN INVESTMENT THAT UPGRADES THE GENERAL GOOD OF THE SOCIETY AND PROVIDES ACCESS AND OPPORTUNITY FOR SOCIAL MOBILITY FOR THE POOR.

I DO NOT FORESEE THE RETURN OF SUBSIDY WHEN OIL PRICE REBOUNDS.

JUST BY REMOVING SUBSIDY IN THE 2020 BUDGET, THE NATION IS ABLE TO SAVE OVER $400MILLION.

THE SAVINGS WILL BETTER DEPLOYED TO EDUCATION OR UPGRADE OF THE CRITICAL INFRASTRUCTURE IN THE COUNTRY.

SOURCE: https://freshreporters.com/fg-saves-400m-from-fuel-subsidy-removal-mele-kyari/

Faithdamy:
The Federal government has saved $400 million through fuel subsidy removal from the 2020 budget.

The Group managing director of the Nigerian National Petroleum Corporation, NNPC, reveal this in an interview.

He said it is unlikely that fuel subsidy will return despite the rising crude oil prices.

He said:

MY PERSONAL VIEW IS THAT SUBSIDY SHOULD BE REMOVED, AND THE FUNDS DEPLOYED TO AREAS OF THE ECONOMY PARTICULARLY ROAD INFRASTRUCTURE AND EDUCATION THAT NEED FUNDS.

FUEL SUBSIDY IS A MISALLOCATION OF RESOURCES AND IT BENEFITS MAINLY PEOPLE WHO DON’T NEED IT; THE RICH.

WHAT WE NEED IS AN INVESTMENT THAT UPGRADES THE GENERAL GOOD OF THE SOCIETY AND PROVIDES ACCESS AND OPPORTUNITY FOR SOCIAL MOBILITY FOR THE POOR.

I DO NOT FORESEE THE RETURN OF SUBSIDY WHEN OIL PRICE REBOUNDS.

JUST BY REMOVING SUBSIDY IN THE 2020 BUDGET, THE NATION IS ABLE TO SAVE OVER $400MILLION.

THE SAVINGS WILL BETTER DEPLOYED TO EDUCATION OR UPGRADE OF THE CRITICAL INFRASTRUCTURE IN THE COUNTRY.

SOURCE: https://freshreporters.com/fg-saves-400m-from-fuel-subsidy-removal-mele-kyari/

Awa money oooooooo

Why bothering us with the news when the saved money will still be frittered away?

No one takes you all serious again until you give us functional refineries

Tomorrow they'll denied this too.

Abeg there is no any subsidy,just say increased revenue from price increase of petroleum products simple
The ignorant masses are just paying for the inefficiency of the government
Why can't they provide functional refineries so the country can benefit from the comparative advantage of having crude,with the attendant increase in employment and reduction in price of petroleum products providing multiplier effect on the market due to lower cost of production and transportation.
They will be repeating the same lies because they are benefiting and also people are not challenging their lies

ok