According to the Nigerian National Petroleum Company Limited (NNPCL) Group Managing Director/ Chief Executive Officer, Mele Kyari, petrol will be sold between N320 and N340 per liter from February, next year.
Kyari said Nigeria would be out of the subsidy regime in the first quarter of 2022.
He explained that the subsidy would have been eliminated this year, but for certain factors that prevented it.
Kyari said: “There will be no provision for it legally in our system, but I am also sure you will appreciate that the government has a bigger social responsibility to cater for the ordinary and therefore engage in a process that will ensure that we exit most subtly and easily.”
The Federal Government is however planning to give N5,000 each to 40 million Nigerians, representing 40 percent of the country’s 200 million population, next year to coincide with the take-off of the subsidy removal.
The Trade Union Congress (TUC) has cautioned the Federal Government against unilateral removal or stoppage of the petrol subsidy regime.
The organized labor warned that removing subsidies without meeting labor’s demands will be met with stiff resistance.
