Kyari said the NNPC made the petrol subsidy payments from its cash flow, noting that the government has been unable to pay back so far.
…how would ordinary Nigerians survive the pangs that the removal is coming with? They have been appealing for the implementation of the minimum wage, but the state governors have been reluctant about this. The reality is that some states can’t afford to pay the minimum wage. But even if the minimum wage is implemented, it won’t take a man who has a family anywhere.
Nonetheless, I wanted to frown at the fact that the removal was carried out in the absence of an economic team, which ought to help in recommending strategies that will cushion its effects. But because Tinubu is an acclaimed strategist, I have the belief that a lot of thought and strategies would have gone into his decision or would be deployed shortly.
According to the new price template, Lagos State has the lowest pump price at N488 per litre of PMS, while Maiduguri and Damaturu have the highest, at N577 per litre. “Today, we are waiting for them to settle up to N2.8 trillion of NNPC’s cash flow from the subsidy regime and we can’t continue to build this,” Kyari said.
Many experts and agencies have been pushing for the removal of the fuel subsidy for years, one of which is the Nigeria Extractive Industries Transparency Initiative . It has been consistent with its call since 2006, saying it was concerned about the huge financial burden it places on the Nigerian economy.
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