The Group Managing Director of the Nigerian National Petroleum Company (NNPC) has implied that a litre of fuel might be sold between N320 and N340 in 2022.
He implied this during the presentation of the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual” in Abuja on Tuesday, DAILY TRUST reports.
Kyari stated that fuel subsidy removal would be completely achieved in 2022, adding that the law provides that by the end of February 2022, the nation should be out of the subsidy regime.
Speaking on the increase in the price of cooking gas, the Group MD stated that it was due to the difficulty situation of the supply of gas and many countries are being threatened by lack of supply in December.
While noting that cooking gas is not under any subsidy regime and irrespective of where it was produced would follow the global trend, Kyari assured that the company was working on increasing local production to meet the needs of consumers.
During the event, Minister of Finance, Budget and National Planning, Zainab Ahmed said that Nigeria will remove fuel subsidy by 2022 and substitute the subsidy with N5000-a-month transportation grant to the poorest Nigerians.
She said that the ministry working with its partners on measures to cushion potential negative impact of the removal of the subsidies on the most vulnerable at the bottom 40% of the population.
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