Fuel subsidy: Nigeria paying N500bn annually in PMS "under-recovery" - Presidency

Fuel subsidy: Nigeria paying N500bn annually in PMS "under-recovery" - Presidency

- The presidency commended Muhammadu Buhari's 2020 budget presentation to the National Assembly

- Presidential aide, Ajuri Ngelale, noted that the NNPC was bearing about N500 billion in fuel subsidy

- The aide said Nigerians will be forced to pay N230 per litre for fuel if subsidy is removed

The presidency has revealed that Nigeria pays N500 billion through the Nigeria National Petroleum Corporation (NNPC) for fuel under-recovery.

Ajuri Ngelale who is the special assistant to President Muhammadu Buhari on public affairs, in a series of tweets spoke about the president’s 2020 budget presentation.

The presidency said since the NNPC is the sole importer of petrol, it bears an annual under-recovery of N500 billion. He said if the cost is transferred to Nigerians, fuel will be sold at N230 per litre.

Ngelale said although the increased VAT has raised criticism against the government, it will go a long way in helping the government fund the 2020 budget which will provide improved healthcare and education.

Recall that President Buhari had presented the N10.7 trillion 2020 budget to the National Assembly on Tuesday, October 8.

According to him, the president has not received due credit on the 2019 budget.

Legit.ng had reported that Ngelale hinted that plans are underway by the presidency to make available N1m interest-free loans to Nigerian businesses.

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He said the government, as part of its Next Level agenda, will set aside a money bank where Nigerian business men and women can take interest-free loans.

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Source: Legit

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