Vanguard News
Petrol subsidy removal will save N1trn, boost govt revenue – Experts
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By Obas Esiedesa
Experts have warned that unless the downstream sector of the petroleum industry is fully deregulated and libralised, Nigeria would pay almost N1 trillion as subsidy on premium motor spirit, petrol, this year,
In March 2020 when the Federal Government took advantage of very low crude oil price at the international market to announce full deregulation of the downstream sector of the petroleum industry, the challenge then was always going to be what would happen when crude oil price goes up.
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Especially given that Nigeria imports all its petroleum product needs despite being a major crude oil exporting country.
Major oil marketers Association of Nigeria, MOMAN is advocating for the initiatives that can be taken to ease the impact of the subsidy removal on the most vulnerable in the society.