President proposes N305 billion for fuel subsidy in 2019

The Federal Government has revealed plan to set aside N305 billion or $1 billion for fuel subsidy payment in the 2019 budget proposal which was presented before the Joint Session of the National Assembly, Abuja, Wednesday.

President Muhammadu Buhari in his presentation disclosed that the N305 billion or $1 billion will be used to cater for NNPC “under-recoveries” or “fuel subsidy.”

He said, “We have allowed N305 billion, equivalent to $1 billion for under-recoveries by NNPC on premium motor spirit in 2019.

“We will continue working to bring it downwards, so that such resources are freed to meet the developmental needs of our people.

“Let me also use this opportunity to address and clarify the under-recoveries or subsidies on petrol in a period of economic challenges, our purchasing power is weak, we must reduce some of the burden on Nigerians.

The President further revealed that his subsidy arrangement is much more different from what they used to be in the past, stating that the NNPC is the sole importer of oil today.

“The problem in subsidies in the past was abuse and corruption. Today, the government through the NNPC is the sole importer of premium motor spirit,”

“Therefore the under-recovery is for the NNPC trading account. This means the possibilities of some marketer falsifying claims are removed.

Recall that the President during his campaign in 2015 disclosed that there is nothing like subsidy. Later, in 2016, the price of PMS was increased from N87 to N145 per litre.

The President defending his decision on the price increase, stated that the administration considered fuel price increase as a viable measure to stop subsidy payments.

Comments

MMA is a disgrace to Nigeria, the designer is a traitor – Tunde Alabi-Hundeyin writes VP Osinbajo

Oredola Adeola| Movie and Documentary producer, Tunde Alabi-Hundeyin Dudu, has exposed the level of rot at the Muritala Muhammed Airport, Lagos in an open letter written to Professor Yemi Osinbajo, Vice President. In the letter, the Documentary photographer, disclosed that the arrival system in Muritala Muhammed airport is a disgrace to Nigeria. He particularly noted that Nigeria has no aviation Minister, adding that whosoever designed the arrival system in MMA is a traitor. Tunde Alabi-Hundeyin He said, “Sir I’m directing my comments to you because I’m aware you toured that airport before the elections. They showed you the glittering lounges . However when you arrive in Nigeria or you go to receive someone arriving, it’s a horror story. It’s a total disgrace. Let me explain. “I had cause to go and welcome someone coming in from the US. We parked in the designated car park. Then the obstacles started. The path you have to trek to get to the front of the arrival hal...

2019 Hajj: Six Nigerian pilgrims die in Saudi Arabia

A middle aged woman, pilgrim from Lagos State, slumped and died in the early hours of Sunday morning in Mecca during the devil stoning ritual at Jamarat Aqaba, outside Mina, thereby bringing the number of Nigerian pilgrims that have died in this year’s Hajj in Saudi Arabia to six(6). The National Hajj Commission of Nigeria confirmed the death of the Nigerian pilgrims in Saudi Arabia . Dr Ibrahim Kana , Chairman, National Medical Team, released the figure in Madinah from the commission ’s National Medical Team Electronic Health Medical Records. The Commission had earlier said, “ So far , Nigeria has lost six pilgrims including four females and two males ; out of which one died in Madina while the remaining four died in the city of Makkah. “ They all died of various illnesses including heart and lung diseases. “ Records shows that so far in both Makkah and Madina , we have made 10,485 diagnoses with Makkah accounting for over 60 per cent. “ Additionally , 108 referrals wer...

6 more Abidjan returnees confirmed positive for Corona virus

Oredola Adeola Six(6) more Ivory Coast returnees to Ejigbo, a town in Osun State have tested positive for coronavirus, bringing the total number of cases in the state to 20 . Osun State, Commissioner for Health , Dr Rafiu Isamotu has confirmed to pressmen that all the 127 returnees had been tested and 18 of them had returned positive. Ealier, TheEditorialsng reported that Twelve(12) out of 127 Osun State returnees from Cote D'Ivoire heading to Ejigbo, a town in the state, have tested positive to the Corona virus . With the new development the number of positive cases in Osun has increased and have since been kept in the quarantine, while others who are in isolation are being tested. Investigation by our correspondent shows that some of the returnees in isolation had earlier played host to a few relatives under the cover of the night, which further raises the concern that more pesons may have contracted the deadly virus. As at 12:30 pm on 1st April, Osun State now trailed...

The Editorials

Search This Blog