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Fed Govt Slightly Reverse The Price of PMS

Queue at the filing station  The President,  Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr  Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
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'No documents backing N6 7b fuel subsidy', says CBN

By Akinola Ajibade

There is no documents backing the N6.7 billion fuel subsidy payment of the Federal Government, the Governor, Central Bank of Nigeria ( CBN), Mr Godwin Emefiele has said.

He disclosed this recently during the hearing of the House of Representatives Special Ad Hoc committee on petroleum products subsidy regime in Nigeria from 2017 to 2021.

According to him, he can only answer questions relating to technical matters concerning subsidy payments

“I will be able to provide answers here. But if they are outside the technical aspects of the subsidy transactions, then I will not be able to respond,” he said.

Represented by the apex bank’s Deputy Director, Banking Services, Hussein Kagara, Emefiele told the lawmakers that the documents on subsidy payments were too voluminous and as such, the regulator could not be able to print them out.

His explanation, however, did not go down well with the committee, as a lawmaker, Mark Gbilah (NNPP Benue), said N6.7 trillion in less than a year is being expended on subsidy, stating the CBN helmsman should personally appear to address the issue in company of the Executive Chairman of the Federal Inland Revenue Service (FIRS) .

The committee, therefore, subpoenaed to appear on August 18 for further hearing.

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