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Tuesday, May 05, 2015

Nigerians Say No To Subsidy Removal



Barely one month to the end of the President Goodluck Jonathan’s administration, a stage appears set for a showdown between the President-Elect, Muhammadu Buhari and the vast majority of Nigerians.

This followed the passage of the 2015 budget of N4.493tr, with allocation for subsidy on petrol conspicuously missing. The national budget, which was earlier passed by the House of Representatives last week, was N51bn higher than the N4.425tr submitted to both chambers of the National Assembly by the federal government.

This is also coming barely few days after Buhari’s ally and former petroleum minister, Professor Tam David-West gave Nigerians hope by declaring that the incoming president could reduce petrol pump price for as low as N40 per litre.



The Federal Government has faulted the N200 billion claim by oil marketers as outstanding payment on subsidy.The Minister of Finance and Coordinating Minister of the Economy, Ngozi Okonjo-Iweala, faulted the claims on Sunday in Abuja while briefing journalists.

“As you know, we paid N156 billion recently to the marketers; N100 billion being the principal payment we owed them and N56 billion being interest rate and some remaining exchange rate differentials.Prior to that, we paid them N31 billion as exchange rate differentials. At the time we paid that amount last week, what we had outstanding is N98 billion,’’ she said.

The minister said that government relies on the weekly data released by Petroleum Products Pricing Regulatory Agency, PPPRA, to certify what was due to the marketers. “Since we made the announcement last week, the outstanding payment has now risen from N98 billion to N131 billion.

“And they (marketers) are now making a demand of N200 billion and I asked them what is the balance for.”

The minister said the marketers were making demands for huge sums in exchange and interest rate differentials.

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