Nigerians may need to adjust their expectations ahead of possible removal of subsidy as the rising price of crude oil may push Premium Motor Spirit (PMS) to N403 per litre. The Nigeria Governors' Forum (NGF) has initiated talks with the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) on the proposed removal of subsidy on petrol. The National Economic Council (NEC) has disclosed that a decision on the removal of petrol subsidy will be made in June when the provision for its payment in the 2022 budget expires. The NLC has mandated all states organs to intensify mobilisation for next Thursday's nationwide protest against the Nigerian government over its proposed increase in the pump price of petrol. Stakeholders have insisted that liberalisation of the downstream sector, including removal of subsidy, were necessary steps if the country must end its borrowing and revive the downstream segment of the nation's petroleum industry. The Federal Government had opted for deregulation of the downstream, partially removing subsidy from petrol, resulting in a doubling of the pump price. In December 2021, the NLC and TUC forced the Federal Government to a dialogue, where the Nigerian National Petroleum Corporation (NNPC) agreed to slash N5 from N167.44 to N162.44. This was in contrast to expectations that the signing of the Petroleum Industry Act (PIA) would automatically commence deregulation.
Index to Nigerian Newspapers
