At a press conference in Abuja yesterday, Federal Government officials confirmed that the removal of the fuel subsidy remains in place, while explaining that the Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of petrol by ₦66 per litre as a sacrifice of part of its profit to cushion the impact of rising fuel costs on Nigerians.
Minister of Information and National Orientation Mohammed Idris said the company’s decision “does not amount to a reversal of the subsidy removal policy” and that the discount would not affect revenue accruing to the Federation Account Allocation Committee (FAAC). “We are looking at issues and then coming up with a mechanism to cushion the effect for the citizens,” he explained, adding that the NNPCL “has decided to forgo part of its profit to provide relief for consumers.”
“The panicky ₦60 discount is a mere political stunt,” said Richard Ihediwa, Director of Strategic Communication for the Makinde/Daura Presidential Campaign Organisation. “It was a political stunt and it does not address the rising prices and economic hardship.”
Onanuga,
<small>Source: The Sun Nigeria — read the original story there.</small>
