President Tinubu considering ‘temporary subsidy’ on petrol

President Bola Ahmed Tinubu is reportedly considering temporary subsidy on Premium Motor Spirit—PMS as crude oil prices and foreign exchange rates continue to soar.

According to TheCable, the proposal is “firmly on the table” and the “realistic” amount of petrol consumed in the country is now known.

A source familiar with the development said that the option of temporary subsidy is been considered as the amount spent on subsidy “can now be controlled”.

Though, this is coming after the Nigerian National Petroleum Company (NNPC) Limited said there are no plans to hike pump prices despite the rise in crude oil prices, landing cost, and fall in the value of the naira.