Nigeria—Mele Kyari, the Nigerian National Petroleum Company Limited Group (NNPCL) Managing Director has confirmed that petrol will sell between N320 and 340 from February next year.
Kyayi, who said Nigeria would be out of the subsidy regime in the first quarter of 2022, explained that subsidy would have been eliminated this year, but for certain factors that prevented it.
However the Federal government is planning to give N5, 000 each to 40 million Nigerians, representing 40% of the country’s 200 million population, next year to coincide with the takeoff of the subsidy removal.
Mele spoke in Abuja at the presentation of the November edition of the World Bank Nigeria Development Update themed: “Time for Business Unusual.”
But, the Trade Union Congress (TUC) cautioned the Federal Government against the unilateral removal or stoppage of the petrol subsidy regime.
The organized labor warned that removing subsidies without meeting labor demands will be met with stiff resistance.
“There will be no provision for it legally in our system, but am also sure you will appreciate that government has a bigger social responsibility to cater for the ordinary and therefore engage in a process that will ensure we exit in the most subtle and easy manner.” Spoke Kyari.
He assured that fuel subsidy removal will defiantly be achieved in 2022 as it was now fully backed by law adding that the price of the product may range between N320 and N340 per liter.
Kaduna State Governor Nasir El-Rufai assured of governors’ readiness to back the plan to eliminate the subsidy regime.
El-Rufai gave the assurance as a panelist, who joined the World Bank presentation virtually, said that the regime of fuel subsidy was not eliminated, 35 out of the 36 states of the federation may not be able to pay salaries next year.
According to him, kerosene which matters most has been regulated without any hitches, while diesel which was most important to transporters had also been regulated for long time.