The President of the Trade Union Congress, Festus Osifo has alleged that the landing price of Petroleum products is 1200 per liter and that the NNPC is still subsidizing the product to an affordable price.
He emphasized that giving a special foreign exchange rate to NNPC, similar to what was given to Dangote would resolve the issue and eliminate subsidy. He stated that if the government provides a special foreign exchange rate of 800 naira to a dollar for NNPC, the subsidy payment would be eliminated. He argued that this solution would alleviate the burden on NNPC and the federal government, and benefit the consumers.
He said in an interview with Channels TV From 23:54, ”If the government today says NNPC we are going to give you a special rate of 800 naira to a dollar. If that happens, I could tell you that today we wouldn’t be paying any subsidy. Because even with this adjustment that was done few days back, there is still subsidy that is still being paid. The landing price of Petrol today is about N1200 but NNPC is the one subsidizing it.
It is the Federal Government that is managing the Subsidy regime but NNPC is the one carrying the burden. But for that burden to be removed, you need to give a special foreign exchange rate to NNPC just as you have given time Dangote. Once that is done, I can assure you that the price of PMS will go down south compared to where it is today. If that is fixed, then we wouldn’t have this challenge that we have today.”….Discover_Next