Fuel price to revert to N97 as FG plans gradual removal of fuel subsidy in 2016
The Federal government has indicated plans to gradually remove fuel subsidy by 2016. This was made known by the Minister of State for Petroleum, Ibe Kachikwu while appearing before the Joint National Assembly Committee on Finance, Appropriation and National Planning yesterday Dec. 14. During his interaction with the senators, Kachukwu, stated that the subsidy regime which was at over N1 trillion in 2015 was no longer be sustainable. He said the plan was to gradually remove the subsidy by first reverting to the old pump price of N97 per litre. (more…)
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