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FG to extend fuel subsidy for 6 months

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The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

What you should know

NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
“NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

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Music: Boy Count- My Type mp3

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Music: Boy CountMy Type mp3

Succeeding the musical deflagration of the Afrocentric vibe “Heart pierce” is a new soothing yet vibrant sound that Expresses heartful amorous feelings; titled “My Type” by Boy Count.

TO DOWNLOAD  Click Here

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Wandella return with new rendition “Longtime”

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Wandella balances the scale between fake friends, big dreams, optimism on new record “Long time” and how he sees everything but maintains composure, focused whats important, taking his time and going a step after the other on his way to greatness.

Stream here

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Music: Draylee – We go make ham(Prod by Pitar Pypar)

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Draylee – We go make ham(Prod by Pitar Pypar)

Draylee, an amazing new artist drops another hit jam of the year titled “We go make ham”. We go make ham is sound born out of the strive to survive and pressure imposes by environment. The new single is produced by Pitar Pypar.

To Download  Click Here

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