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Nigerians should expect petrol price increase, says Rewane

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The Managing Director and Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, has said fuel subsidies are a huge drain on government’s revenue.

Rewane stated this in his presentation at the Lagos Business School Breakfast Session on May 8, a copy of which was obtained by Punch correspondent on Tuesday.

He noted that the World Bank put Nigeria’s total subsidy bill in 2018 at N731bn, saying, “A gradual reduction in subsidy payments [is] anticipated. Only N305bn set aside for under-recovery in 2019 budget; expect an increase in the pump price of fuel.

“40 per cent shortfall in provision for subsidies (under-recoveries) points to possible price increases.”

The financial expert, however, said a petrol price hike would result in high inflationary pressure.

 

 

– Punch

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About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298, 08056381068.

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