Nigeria: National Conference Dishes Conditions for Fuel Subsidy Subtraction

press release

The controversy surrounding the recommendation by the Public Finance and Revenue Committee at the on-going National Conference demanding complete removal of the subsidy on petroleum products has been resolved.

A report from the conference Secretariat in Abuja lately has revealed that the Conference unanimously resolved that private sector investors granted licenses to build new refineries shall within a period of three years, build such refineries or automatically forfeit the licenses to enable other participants who are ready and willing to build them do so. 'The Conference, the report said also observed that the issue of total subsidy removal on petroleum products has been a recurring decimal on the programmes of successive governments over the years and that there are merits in the arguments of both supporters and those condemning it.

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