FG To Examine Petrol Discount Scheme To Determine If Further Intervention Is Needed

FG To Examine Petrol Discount Scheme To Determine If Further Intervention Is Needed

The federal government plans to examine the petrol discount scheme by the Nigerian National Petroleum Company (NNPC) Limited after the 30-day period to help guide its next step.

Reports circulated on Friday that Taiwo Oyedele, minister of finance and coordinating minister of the economy, said the government will decide whether further intervention is needed after reviewing the outcome of the scheme.

Confirming Oyedele’s statement, Efe Ovuakporie, director of press at the ministry of finance, told TheCable that NNPC is expected to assess the initiative and submit its report to the government after the promotional period.

Ovuakporie said the N66-per-litre discount began as an NNPC promotional initiative to mark Nigeria’s 66th Independence anniversary, but the government subsequently decided to use the offer to provide temporary relief to Nigerians, particularly public transport operators.

Also, in an interview with BBC, Oyedele said removing petrol subsidy had helped Nigeria avoid supply difficulties amid the global crisis and created an environment for investments such as the Dangote refinery.

“Without subsidy removal today, with the crisis around the world, we would be struggling with supply. The Dangote refinery would not exist because it was the reforms that created the environment for the investment to stand,” he said.

The minister said the government’s next priority was to accelerate the impact of the reforms by creating jobs for young Nigerians and improving conditions for traders and businesses.

Oyedele said access to electricity and transportation would be important to helping businesses operate and Nigerians get to where they needed to go.

He said that the government’s economic reforms were intended to benefit ordinary Nigerians, despite the difficulties some policies had caused.

The minister added that the administration was moving beyond asking citizens to endure the sacrifices and was now focused on delivering results.

“When we did our scorecard, the first thing you saw was salary increment, and that is for average Nigerians,” he said.

Oyedele said the Nigerian Education Loan Fund (NELFUND) had supported more than 1.5 million students, while the Bank of Industry (BoI) and Bank of Agriculture (BoA) had provided credit to small businesses.

He also said the reforms had helped 27 states struggling to pay salaries and pensions.

“The pensions they paid, gratuities and retirement benefits go to average Nigerians,” the minister said.

Oyedele described the reform programme as moving from economic correction to stabilisation and then accelerated growth.