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Showing posts from April, 2019

Kachikwu has done massive job as Minister of State for Petroleum Resources -Francis Onyema

The recent revelation by Dr Ibe Kachikwu, the Honourable Minister of State for Petroleum Resources, that the landing cost of Premium Motor Spirit (PMS) has risen to N180 per litre, that is N35 higher than the pump price of N145 per litre it is currently sold, has renewed the debate over the removal of fuel subsidy and its implications.

Christine Lagarde, Managing Director IMF, has contributed to the debate admonishing that the Nigerian government must do away with fuel subsidy completely stating that with the low revenue the country is generating, removal of fuel subsidy would enable it to have enough funds to provide social needs such as build hospitals and support education.

Whatever the gains accruable with fuel subsidy removal are, Nigerians are worried about a higher cost of PMS than the current pump price of the product, today, especially given that our refineries are yet functional and effective. Some are questioning the strategies of Dr Kachikwu to ensure Nigeria exit importati…