The Nigerian Customs Service (NCS) and the Central Bank of Nigeria (CBN) have been urged by the Trade Union Congress (TUC) to provide the Nigerian National Petroleum Company Limited (NNPCL) a special foreign exchange rate.
The TUC claimed that if the NNPCL was given a unique FX rate of roughly N1000/$ rather than the official rate of N1,600/$, the state-run company’s cost of importing petrol would drop, and depending on the region, fuel prices would decrease to about N600 from their present pump price of over N900.
TUC President Festus Osifo said as much on Monday’s Politics Today show on Channels Television.
Osifo, who is also the President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), asserted that the depreciation of the currency by the current government is the true issue, not President Bola Tinubu’s decision to remove subsidies in May 2023.
The head of the TUC stated that even with the recent increase in the price of perol at the pump from about N600 to over N900, the NNPCL is still responsible for the subsidy.
Osifo said,
TimesNow.com.ng reported that on Tuesday, September 3, 2024, the presidency disclosed that President Bola Tinubu’s government has been sincere about its policies.
An aide to the president on Information and Strategy, Bayo Onanuga, stated this On Tuesday, September 3, 2024, while clarifying the recent increase in the pump price of PMS across the country.
Onanuga disclosed via his X handle that media reports accusing the government of misleading Nigerians about petrol subsidy payments were untrue, claiming that the government had been faithful to its policy of deregulating the downstream sector.
Source: TimesNow.com.ng
