The FG has finally yielded to domestic and international pressures to remove fuel subsidy, following increased pressure on revenue and the expenditure profile. This is coming as crude oil prices hit a
7-year low.
Yesterday global reference crude, West Texas Intermediate and Brent trading yesterday at $34.7 and $36.7 per barrel respectively, effectively disrupting Nigeria’s $38 per barrel benchmark for 2016 budget.
Also, the oil price crash is coming following a warning from the finance minister that Nigerians should prepare ahead for more austere conditions in view of the strict economic policies being put in place by the Buhari led administration.
FG is now set to move fuel price from N87 to N97 per litre in 2016 while removing fuel subsidy, lamenting that excess of N1 trillion has been paid for fuel subsidy in 2015 alone….. now relocating to Burundi…..
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