NNPC Calls For Fuel Subsidy Removal

5 years ago

The Nigerian National Petroleum Corporation, NNPC, has called for the removal of payment of subsidy from petroleum products in Nigeria.
Speaking at the 2015 Oloibiri Lecture Series and Energy Forum organized by the Society of Petroleum Engineers in Abuja today April 23rd, the Group Coordinator, Corporate Strategy and Planning, NNPC, Mr. Timothy Okon, said subsidy on petrol creates uneven distribution of revenue, round tripping and unnecessary carry-over of funds from one year to another in a manner difficult for the Federal Government to control. He added that continuous payment of subsidy is not sustainable.


"So, from the technical analysis made, it is obvious that subsidy is real. And from our analysis, we look at it as something that should go because it is not sustainable,” he said. He said since the federal government has no direct control the prices of crude oil, the fluctuation in oil prices creates some instability in the Nigerian economy which in turn affects negatively the nations revenue generated from petroleum products.
[ads4]

Related forums
Pep Guardiola Calls For Teams In The Premier League To Be Reduced
Forum

Pep Guardiola Calls For Teams In The Premier League To Be Reduced

18 hours ago
Davido Didn
Forum

Davido Didn't Pick His Calls Or Reply His Messages After Asking Me To Call Him - Cynthia Morgan Reveals (Video)

1 month ago
NNPC Begs Organised Labour to Give It One Week to Consider Reversing Petrol Price
Forum

NNPC Begs Organised Labour to Give It One Week to Consider Reversing Petrol Price

1 month ago
Speed Darlington Calls Out Rudeboy For Copying Him
Forum

Speed Darlington Calls Out Rudeboy For Copying Him

2 months ago