The Lagos Chamber of Commerce and Industry (LCCI) has expressed disappointment over the suspension of the earlier proposed fuel subsidy removal.
It expressed worry that less than a year into the signing of the Petroleum Industrial Act (PIA), its implementation had suffered a flip-flop as some of the provisions of the Act are being suspended.
According to the director general of the chamber, Dr Chinyere Almona, the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on August 16 was well-received by all major stakeholders and seen as a commendable act by the government.
Almona pointed out that with a monthly payment of about N250billion to subsidise fuel consumption, the federal government would require an additional N1.5trillion expenditure has to be provided for in the 2022 budget.
She added that with additional expenditure against the projected revenue, deficit financing would be needed to support the budget expenditure.
The DG argued that the government was likely to borrow more than projected to finance the bloated expenditure in the face of the revenue mobilisation challenge.
…Filling stations dispense PMS at N165/litre in Lagos, Rivers, Oyo, others
Meanwhile, filling Stations in Lagos, Rivers, Bayelsa, Oyo and Akwa Ibom states as of yesterday were still dispensing Premium Motor Spirit (PMS) at the government regulated price of N165 per litre.
Some of the filling stations visited by our reporter in Port Harcourt and its environs were selling at the normal pump price of N165 per litre.
Our correspondent who monitored sales of petroleum in Ibadan reports that there was no queue at filling stations in the state.
However, a litre of PMS was sold for between N180 and N200 in Saki, a border town of the state.
The Nigeria Labour Congress’s Chairman in the state, Kayode Martins, who addressed journalists in Ibadan yesterday said, “We thank God that the federal government has rescinded their decision to increase the pump price.”
From Christiana T. Alabi (Lagos), Victor Edozie (Port Harcourt), Bassey Willie (Yenagoa), Jeremiah Oke (Ibadan) & Iniabasi Umo (Uyo)
