Fuel Subsidy Has Ended In The Country Since February 2022–Mele Kyari

The Group Chief Executive Officer of the Nigeria National Petroleum Commission Limited, Mele Kyari, has  disclosed that  the idea of fuel subsidy had in actual sense ended in the country since February 2022.

Team@orientactualmags.com learned Mr. Kyari said  this  while appearing on Channels TV’s programme   ‘Politics Today’ on Thursday evening.

Kyari  noted that the law states that the prices of premium motor spirits should  be sold at normal market prices six months after the enactment of the Petroleum Industry Act, adding that the government had however ‘decided to spend on its citizens, which was why it extended the appropriation to June 2023’.

‘By the provisions of the PIA, the subsidy regime vanished on the 17th of February, 2022. The law states that six months after the enactment of the PIA, petroleum products, particularly PMS must be priced at market rates.

By law, the subsidy regime was gone by February 17, 2022. But of course, the government can always decide to spend on its citizens, in the manner that it wants. There are subsidies on bread, fertilizer, and all kinds of other things all over the world. But the government in its wisdom, decided that there would be an appropriation for subsidy in 2022, and also provision for subsidy till the second half of 2023. That means that provision is made, but the law still applies in the market’ he said.

Kyari  however noted that the government could only spend what it has, submitting that the government  has not funded the subsidy because ‘it doesn’t  have the money to do such’.

Kyari also said fuel queues in the country  will not go beyond Saturday, cognizant  that there  has been adequate supply of fuel at depots, towns, and fuel stations across the country.

‘I do not see it staying beyond Saturday. The key problem with the PMS system is supply, so I have supplied it. There are over 810 million litres of PMS, or petrol at depots, and in towns and fuel stations across the country’ he said-Team@orientactualmags.com
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