'There was subsidy in 2022 but in 2023, not a single naira was provided for the purpose of financing the subsidy.'
, Mele Kyari, has said contrary to speculations, the immediate past government of President Muhammadu Buhari did not make provisions for petroleum subsidy in the 2023 budget.
“And ultimately while we held back our fiscal obligations, we still have a net balance of over N2.8 trillion that the federation should have given back to the NNPC. This, he said, was the true situation of things, adding that the federal government could no longer bear the burden of fuel subsidy.“Once NNPC goes into defaults and liquidity, it affects every borrowing done by the country, even the sub-nationals. Your lenders will come back to you and say your country can no longer pay,” he said.The NNPCL chief executive officer added that subsidy constituted a huge amount of money that the country might not be able to survive, paying.
Mr Kyari added that the market would stabilise with time following the removal of fuel subsidy and the current pump price when other players came in. He added that one of the refineries would come on stream before the end of 2023 while the second one would come on stream in 2024 and the third one would follow thereafter.
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