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LequteMan
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Nigeria- Following the continued fall in global oil prices, economics and financial experts in the nation have fore-casted that the federal government of Nigeria will reduce the subsidy on fuel by N600bn, which they believe won't be enough to save the country from the revenue shortfall it's experiencing, the Punch reports;
Excerpt:
On the flip side of the decline in crude oil prices, which has affected the country’s revenue from oil exports, analysts expect the Federal Government’s spending on fuel subsidy to reduce by up to N600bn this year.
But the reduction in fuel subsidy, according to the analysts, would not be enough to offset the revenue shortfall arising from low oil prices since the country depends largely on earnings from crude oil exports.
The government spends about N2tn yearly on fuel subsidies, the Group Managing Director, Nigerian National Petroleum Corporation, Dr. Joseph Thlama Dawha, said at a recent conference.
The Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said, “Petroleum subsidy on refined petroleum products will decline from N2tn by almost 30 per cent.”
click here to read more
#fuelsubsidy #subsidy #Nigeria
Excerpt:
On the flip side of the decline in crude oil prices, which has affected the country’s revenue from oil exports, analysts expect the Federal Government’s spending on fuel subsidy to reduce by up to N600bn this year.
But the reduction in fuel subsidy, according to the analysts, would not be enough to offset the revenue shortfall arising from low oil prices since the country depends largely on earnings from crude oil exports.
The government spends about N2tn yearly on fuel subsidies, the Group Managing Director, Nigerian National Petroleum Corporation, Dr. Joseph Thlama Dawha, said at a recent conference.
The Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said, “Petroleum subsidy on refined petroleum products will decline from N2tn by almost 30 per cent.”
click here to read more
#fuelsubsidy #subsidy #Nigeria
