President Bola Tinubu is considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates continue to soar.
There is yet no final decision, presidency sources told The Cable news platform, but says the proposal is “firmly on the table” as Nigerians continue to groan under harsh economic realities following the removal of petrol subsidy in May 2023.
Already, labour unions have threatened to embark on an indefinite strike if the petrol price further surges.
According to a presidency official, the “realistic” amount of petrol consumed in the country is now known following the removal of subsidy during president Tinubu’s inauguration, hence the amount spent on subsidy “can now be controlled”.
On Monday, the Nigerian National Petroleum Company (NNPC) Limited said there are no plans to hike pump prices despite the rise in crude oil prices, landing cost, and fall in the value of the naira.
