FEDERAL GOVERNMENT OF NIGERIA PLANS TO REMOVE FUEL SUBSIDY IN 2016, SET FUEL PRICE AT NINETY-SEVEN NAIRA (N97).

Viewers Corner News correspondent in Abuja (Nigeria) learnt that on Monday, December 14, 2015, Udoma Udo Udoma (Nigeria Minister for Budget and National Planning), Kemi Adeosun (Finance Minister), Emmanuel Ibe Kachikwu (Minister of state for Petroleum Resource), Godwin Emefiele (Central Bank of Nigeria Governor) and Babatunde Fowler (Executive Chairman of Federal Inland Revenue Service) appeared before the National Assembly joint committee on Finance  to defend the 2016 Medium Term Expenditure Framework and Fiscal Strategy Paper documents presented to the Legislative House by President Muhammadu Buhari.
The ministers revealed that President Buhari’s administration will remove fuel subsidy in 2016 in order to ensure strict economic policies in the country and this will hike up the petrol price from N87 to N97. It was also disclosed that Nigerian government has spent one trillion naira (N1 trillion) in 2015 alone on fuel subsidy.

Source: Viewers Corner News.

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