July 14, 2024
PENGASSAN Confirms Return Of Fuel Subsidy Under Tinubu
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PENGASSAN Confirms Return Of Fuel Subsidy Under Tinubu

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed the return of fuel subsidy under President Bola Tinubu.

Festus Osifo, National President of PENGASSAN, told Channels Television that the government still pays subsidies on petrol due to the cost of crude oil in the international market.

Reports indicate that the Federal Government paid N169.4 billion as subsidy in August to keep the pump price at N620 per litre, after an increase in the price of crude oil.

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In an earlier report, Daily Trust referenced a Federal Account Allocation Committee (FAAC) report which shows that in August 2023, the Nigerian Liquefied Natural Gas (NLNG) paid $275m as dividends to Nigeria via NNPC Limited. 

The report further indicates that the NNPC Limited used $220m (N169.4 billion at N770/$) out of the $275m to pay for the PMS subsidy and withheld $55m.

    • 9 months ago

    […] READ ALSO: PENGASSAN Confirms Return Of Fuel Subsidy Under Tinubu […]

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