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Tinubu is considering “Temporary Subsidy” as Price Increases

According to TheCable, President Bola Tinubu is mulling a “temporary subsidy” on petrol as crude oil prices and currency rates continue to surge.

According to presidency insiders who spoke to TheCable, there hasn’t been a final decision yet, but the suggestion is “firmly on the table” as Nigerians continue to suffer from hard economic realities after the withdrawal of the petrol subsidy in May 2023.

Labour unions have already pledged to go on an indefinite strike if petrol prices continue to rise.

The Kenyan government reinstated gasoline subsidies on Monday in an effort to lower the nation’s skyrocketing prices for petrol, kerosene and diesel. After months of violent anti-government demonstrations motivated by the burden of a high expense of living, the action was taken.

Following the removal of subsidies at Tinubu’s inauguration, a presidency official claims that the “realistic” amount of petrol consumed in the nation is now known; as a result, the amount spent on subsidies “can now be controlled.”

The Nigerian National Petroleum Company (NNPC) Limited stated on Monday that despite the rise in crude oil prices, landing costs, and decline in the value of the naira, there are no plans to increase pump rates.

The Central Bank of Nigeria (CBN) intends to put new measures in place to stabilise the naira versus the dollar, according to a report from TheCable on Monday.

Weeks after Tinubu took office as Nigeria’s elected president, his administration—already beset by questions about its legitimacy—quickly enacted a number of measures in an effort to jump-start the economy.

But it appears that these initiatives are not yet producing the anticipated benefits given the current economic circumstances.

TheCable

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