The Federal Government has announced a 30-day discount on petrol supplied by the Nigerian National Petroleum Company Limited, with transporters given priority, as part of measures to ease rising fuel costs.
It has also announced plans for forward sales of crude oil to local refineries and a monthly review of the maximum gantry price per litre to help control fuel costs.
The Minister of Finance, Taiwo Oyedele, says the government is working with states on additional tax measures to reduce the cost of living.
He defended the removal of petrol subsidy, arguing that restoring it would cost more than twenty trillion naira annually and threaten government revenue, public spending and economic stability.
Oyedele attributed much of the current pressure on prices to global economic shocks, while acknowledging the hardship facing Nigerians.
He also maintained that the government’s exchange-rate reforms were necessary to address an unsustainable system that had benefited a limited number of individuals.
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Editor: Ada Ononye
