UPDATE: IMF Confirms Return Of Petrol Subsidy Under Tinubu

Date: 14-02-2024 2:17 pm (3 months ago) | Author: onuigbo felicia
- at 14-02-2024 02:17 PM (3 months ago)
(f)

The International Monetary Fund (IMF) has said the Nigerian government has, through the backdoor, resumed the payment of subsidies on the premium motor spirit (PMS), otherwise known as petrol.

Recall that on May 29, 2023, during his swearing-in speech, President Bola Tinubu announced an end to petrol subsidy, triggering a hike in the prices of goods and services in the country.

A few weeks later, the Central Bank of Nigeria (CBN) collapsed the different exchange rate regimes into one, with the value of the naira to the dollar weakening.

As of yesterday, it was N1,499/$1 at the official window and N1,515/$1 at the parallel market.

Over the weekend, the IMF issued a statement on the conclusion of its Executive Board’s Post Financing Assessment with Nigeria, and it expressed concerns that the government had capped the prices of fuel at retail stations.

The global lender advised the administration of President Tinubu to completely stop the payment of subsidies on petrol to free funds to run the government.

However, prominent Nigerians and regional groups had at different times scolded the IMF for what they described as “anti-masses policies”, and called on Nigerian government to explore home grown options that would fix the economy and better the life of the people.

Posted: at 14-02-2024 02:17 PM (3 months ago) | Addicted Hero
- fineboy77 at 14-02-2024 02:53 PM (3 months ago)
(m)
Clueless grabbers  Grin Grin Grin Grin

Posted: at 14-02-2024 02:53 PM (3 months ago) | Addicted Hero
Reply
- kp45 at 14-02-2024 05:40 PM (3 months ago)
(m)
What a shame
Posted: at 14-02-2024 05:40 PM (3 months ago) | Addicted Hero
Reply
- Benti247 at 14-02-2024 06:54 PM (3 months ago)
(m)
This man and his YORUBA NATION crickets are just fumbling.
Posted: at 14-02-2024 06:54 PM (3 months ago) | Gistmaniac
Reply
- ekogiaweplus at 15-02-2024 08:45 AM (3 months ago)
(m)
is subsidy no longer gone? when he first said that he was bold to say: " subsidy is gone" , even though it  was not included in his inaugural speech ; Rufai Oseni warned that being bold without plan is dangerous. And true to his word look at where that statement has landed Nigeria and Nigerians. It's so painful that Nigerian leaders have continued to make decisions that affects the masses negatively,
Posted: at 15-02-2024 08:45 AM (3 months ago) | Upcoming
Reply
- Dopybadass at 15-02-2024 09:36 AM (3 months ago)
(m)
He said it it his turn to rule someone that feels it his turn, what good do you think can come out from such a corrupt person
Posted: at 15-02-2024 09:36 AM (3 months ago) | Gistmaniac
Reply