Nigeria Needs To Remove Subsidy In 2019 By Ettu Mohammed price of petrol would push to about N248-250 per litre from N145 per litre and it will oscillate with forces of demand and supply, but it will save Nigeria about N1.7 trillion in subsidies READ MORE:
We should understand that in 2019 Nigeria will spend at least $5.5bn on PMS subsidy and it can rise to $7bn depending on the international price of crude oil in 2019.PMS subsidy removal will bring about a significant reduction in the government’s borrowing and save the country at least N1.7trillion in 2019.
The price of premium motor spirit, PMS or petrol in the country is currently not determined by the forces of demand and supply. The savings must be used in a way that every Nigerian can monitor and assess for themselves directly the way the government is utilizing the funds saved from fuel subsidy removal.
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