The PUNCH reports that earlier on Wednesday, the Nigerian National Petroleum Company Limited had informed of an adjustment of the pump price of petrol to reflect the market realities. However, the House urged the government to roll out palliatives and other measures to cushion the effects of the removal of the PMS subsidy on Nigerians. These were part of the recommendations by the House Ad Hoc Committee on the Need to Investigate the Petroleum Products Subsidy Regime in Nigeria, which the lawmakers considered as a Committee of the Whole and adopted in plenary on Thursday. Chairman of the committee, Ibrahim Aliyu, had laid the report on Wednesday, 11 months after the task was assigned to the panel. “With the subsidy removal, the Federal Government should forthwith suspend all Direct Sales Direct Purchase (oil swap) contracts.

Source: Punch June 01, 2023 19:20 UTC