address the recent issues surrounding the price of fuel and electricity tariff.
2. As you are aware, the long-drawn fuel subsidy regime ended in March 2020, when the Petroleum Products Pricing Regulatory Agency (PPPRA) announced that it had begun fuel price modulation,
prevailing market dynamics, and would respond appropriately to any further oil market development.
prices recover, there will be some increases in PMS prices. This is what has happened now.
is as follows:
- In 2006 Subsidy was 257bn
- In 2007 Subsidy was 272bn
- In 2008 Subsidy was 631bn
- In 2009 469bn
- In 2011 2.105tn
- In 2012 1.355tn
- In 2013 1.316tn
- In 2014 1.217tn
- In 2015 654bn
- In 2016 Figure Not Available
- In 2017 Subsidy was 144.3bn
- In 2018 730.86bn
- And in 2019 Subsidy was 595bn
- Nigeria - 162 Naira per litre
- Ghana - 332 Naira per litre
- Benin - 359 Naira per litre
- Niger - 346 Naira per litre
- Chad - 366 Naira per litre
- Cameroon - 449 Naira per litre
- Burkina Faso - 433 Naira per Litre
- Mali - 476 Naira per litre
- Sierra Leone - 281 Naira per litre
- Guinea - 363 Naira per litre
- Senegal - 549 Naira per litre
11. Another issue we want to address here today is the recent service-based electricity tariff adjustment by the Distribution Companies, or DISCOS.
resources to continue along this path. To borrow just to subsidize generation and distribution, which are both privatized, will be grossly irresponsible.
- Nigeria 49.75
- Senegal 71.17
- Guinea 41.36
- Sierra Leone 106.02
- Liberia 206.01
- Niger 59.28
- Mali 88.23
- Burkina Faso 85.09
- Togo 79.88
16. Gentlemen, the timing of these two necessary adjustments, in the petroleum and power sectors, has raised some concerns among Nigerians. This is a mere coincidence.
the issue of petrol pricing and electricity tariff review to throw the country into chaos.
19. I thank you all for your kind attention
End.