President Bola Tinubu is reportedly considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates continue to rise.
Presidential sources told TheCable that the proposal is “firmly on the table” and the “realistic” amount of petrol consumed in the country is now known following the removal of subsidy shortly after Tinubu’s inauguration. One of the sources noted that the amount spent on subsidy “can now be controlled”.
This is coming after the Nigerian National Petroleum Company (NNPC) Limited said there are no plans to hike pump prices despite the rise in crude oil prices, landing cost, and fall in the value of the naira.