Governors of the 36 States in Nigeria have backed the federal government’s implementation of the petrol price modulation mechanism to eliminate petrol subsidy “permanently” in the country. This decision was contained in a communiqe released in the early hours of Monday by members of the Nigeria Governors’ Forum (NGF) after a meeting on Sunday to deliberate on the COVID-19 pandemic in the country.

The communiqe, signed by Governor Kayode Fayemi of Ekiti State, who is also the NGF Chairman, also supported the unification of exchange rates into a single, market-determined window and the use of the market-determined exchange rate to calculate all revenues due to the federation. The implementation of the new petrol price modulation mechanism means Nigerians will pay for petrol in line with the product’s prevailing price in the global market.

The Federal Government had announced a further reduction in petrol’s pump price to N123.50 per litre on April 1, 2020.

That was the second time it would be reducing the pump price of petrol in two weeks. It had announced a reduction in the pump price on 18th March, 2020 from N145 to N125 following the fall in the price of crude oil in the international market. At that time, the price of Nigeria’s Brent Crude was below $25 but it is now up to 33.24 as at today. A statement by the Petroleum Products Pricing Regulatory Agency (PPPRA)’s Executive Secretary, Abdulkadir Saidu in Abuja said: “PPPRA, in line with the Government approval for a monthly review of Premium Motor Spirit (PMS) pump price, hereby announces Guiding PMS pump price of N123.50 per Litre.

“The Guiding price which becomes
effective 1st April 2020, shall apply at all retail outlets nationwide for the month of April, 2020. “PPPRA and other relevant regulatory Agencies shall continue to monitor compliance to extant regulations for a sustainable downstream petroleum sector. Members of the Public and all Oil Marketing Companies are to be guided accordingly.”

Fayemi on COVID-19 response Fayemi also briefed State governors on ongoing coordination with the World Bank to mobilise support for States to mitigate the economic and social cost of the COVID-19 pandemic. He said the ongoing plans include accelerated disbursement of existing and new financing for States under the State Fiscal, Transparency, Accountability and Sustainability (SFTAS) Programme-for-Results, and mitigation and recovery support for expenditures to protect livelihoods, support local economic activity and recovery over the next 18 months to 2 years.

Read more: https://www.dailytrust.com.ng/governors-react-to-fgs-permanent-removal-of-petrol-subsidy.html

Measures aimed at transferring the strain on the Naira to the common man. In the event of a recovery in oil pricing, no more cushion to absorb the shock.

The masses will take the hit, like always the ruling class doesn't care about the mass but their loot.

I thought apc said there was no subsidy, which one are they removing again

matify83:
Measures aimed at transferring the strain on the Naira to the common man. In the event of a recovery in oil pricing, no more cushion to absorb the shock.

You should be clinking your glasses.

Isn't this what the people have been clamouring for over 5 years?

No free food in Freetown

With Apc government.. na give and take.

Long overdue, this covid one - nine could be a blessing for an average Nigerian in health sector and subsidy removal

They said subsidy was scam, that it does not exist. They accused GEJ of corruption because of subsidy. One empty headed terrorist even claimed he doesn't know what fuel subsidy on petroleum products means. Only for them to be paying the same subsidy they insulted the previous adminstration for doing. To sum up the irony, the regime under buhari ended up paying more on subsidy than any govt in the history of Nigeria. They achieved this feat when fuel consumption miraculously rose overnight from 35 million litres under GEJ, to 60 million litres per day under buhari's anti corruption regime.
And some gullibles believe this corrupt ridden regime is fighting corruption?
Lies and propaganda will end this useless fulani regime.
ONE NIGERIA IS DEAD!

Okooo

rusher14:


You should be clinking your glasses.

Isn't this what the people have been clamouring for over 5 years?

People clamouring for a full deregulation of petroleum pricing are living in the present where the slowdown in most major World economies occasioned by covid 19 and the Russia-saudi oil debacle has created an oil gloat.

Time always comes when rumours of war in the Middle East sets the price of crude spiraling north and then the very commodity we produce ad libitum shall be out of reach of the common man with its vicious effect on all sectors of human endeavors.

matify83:


People clamouring for a full deregulation of petroleum pricing are living in the present where the slowdown in most major World economies occasioned by covid 19 and the Russia-saudi oil debacle has created an oil gloat.

Time always comes when rumours of war in the Middle East sets the price of crude spiraling north and then the very commodity we produce ad libitum shall be out of reach of the common man with its vicious effect on all sectors of human endeavors.

All this in the hope to spin.

Nigerians have been clamouring for the removal of subsidies and no better time to do it than now.

The glut is here and it is real.

In a few months, we shall be having local production of refined petroleum products.

Be joyous.

rusher14:


All this in the hope to spin.

Nigerians have been clamouring for the removal of subsidies and no better time to do it than now.

The glut is here and it is real.

In a few months, we shall be having local production of refined petroleum products.

Be joyous.

Dangote refinery is a business enterprise out to make profit. I am not sure he's gonna subsidize his refined petroleum products for us if he has not sold cement to us cheaper than is obtainable in other African nations he has set up his cement plants.

Un-cushioned downstream deregulation of the petroleum industry may not be palatable in the long run.

The result of beer parlor economics by the almajiri govt

matify83:


Dangote refinery is a business enterprise out to make profit. I am not sure he's gonna subsidize his refined petroleum products for us if he has not sold cement to us cheaper than is obtainable in other African nations he has set up his cement plants.

Un-cushioned downstream deregulation of the petroleum industry may not be palatable in the long run.

It appears no matter government does some people would never be satisfied.

Dangote's refinery is a local business that would employ local labour, create a value chain, reduce demand for forex whilst eliminating freighting and lading costs which add up in the long run.

There is nothing like cushioned deregulation. You either have subsidies or you don't.

Your need to whinge doesn't change this.

This governmentna SCAM. I bought a buggy althoughI did not vote!

AroleOduduwa2:
I thought apc said there was no subsidy, which one are they removing again

I left this place for weeks, but I see many people still don't have sense


Initially you abused Buhari for paying subsidy, back then you did not think of the effect on common man àbi?


Now that world economy is in pieces, price of crude has dropped, and Nigeria is broke ( if you don't already know)


You think it makes sense to keep paying subsidy?


Essentially, you want buhari to run the country at a loss paying money to export, refine, import petrol because internationally, not many countries are purchasing crude, even if they are the price is shitty


You want Buhari to pay $55 to process crude oil that sells for $30



You are too sensible backwards

rusher14:


It appears no matter government does some people would never be satisfied.

Dangote's refinery is a local business that would employ local labour, create a value chain, reduce demand for forex whilst eliminating freighting and lading costs which add up in the long run.

There is nothing like cushioned deregulation. You either have subsidies or you don't.

Your need to whinge doesn't change this.

Bros, if you don't have anything to do with your time, go and be watching Zee world on DSTV Channel 166.
Those people you're trying to educate are willfully blind and intentionally dumb. Even if you teach them Eco 101 to 801, they'd still not stop wailing from morning to night!!!

I AM DONE TALKING

Finally, this was the best time to implement subsidy removal. They must however sensitize and orientate Nigerians ahead.

These are surely turbulent waters to navigate. I pray The Almighty will give those in charge the knowledge and wisdom to sail through because you might be immune to it, but your neighbour will surely be affected. Many lost their properties or even lives during the last economic brouhaha.

saaron:
They said subsidy was scam, that it does not exist. They accused GEJ of corruption because of subsidy. One empty headed terrorist even claimed he doesn't know what fuel subsidy on petroleum products means. Only for them to be paying the same subsidy they insulted the previous adminstration for doing. To sum up the irony, the regime under buhari ended up paying more on subsidy than any govt in the history of Nigeria. They achieved this feat when fuel consumption miraculously rose overnight from 35 million litres under GEJ, to 60 million litres per day under buhari's anti corruption regime.
And some gullibles believe this corrupt ridden regime is fighting corruption?
Lies and propaganda will end this useless fulani regime.
ONE NIGERIA IS DEAD!

Trust me the Buhari govt will go down as the most corrupt govt ever when they are fully exposed

saaron:
They said subsidy was scam, that it does not exist. They accused GEJ of corruption because of subsidy. One empty headed terrorist even claimed he doesn't know what fuel subsidy on petroleum products means. Only for them to be paying the same subsidy they insulted the previous adminstration for doing. To sum up the irony, the regime under buhari ended up paying more on subsidy than any govt in the history of Nigeria. They achieved this feat when fuel consumption miraculously rose overnight from 35 million litres under GEJ, to 60 million litres per day under buhari's anti corruption regime.
And some gullibles believe this corrupt ridden regime is fighting corruption?
Lies and propaganda will end this useless fulani regime.
ONE NIGERIA IS DEAD!

Your GEJ paid subsidy to everybody, including a father and his son who collected subsidy of 2Billion or thereabout whereas their office address was fake and they never lifted any fuel



Buhari is paying subsidy to NNPC alone, that's accountability


But I don't expect you to see it, get yourself a car and drive to Benin Republic

then the price should have gone lower than the current 123.5 and announcing price up and down shouldn't have occurred.
they are just playing on our intelligence.

When will it be implemented.

During this lockdown?

na audio removal jare

If the government can truly stay away from subsidy and double exchange rate, its huge step forward.

This is the right time to do that.

rusher14:


It appears no matter government does some people would never be satisfied.

Dangote's refinery is a local business that would employ local labour, create a value chain, reduce demand for forex whilst eliminating freighting and lading costs which add up in the long run.

There is nothing like cushioned deregulation. You either have subsidies or you don't.

Your need to whinge doesn't change this.

Time shall tell. !!!!!