Lai Mohammed appeals to Nigerians over subsidy removal

The Nigerian government said on Friday it had no other choice than increase the pump price of premium motor spirit, also called petrol from N86.50 to N145 per litre. Lai Mohammed, the minister of Information, said the policy has become inevitable in order to halt the crippling fuel scarcity in the country and ensure availability of the product. Lai Mohammed, who stated this at the inauguration of the Advertisers Association of Nigeria (ADVAN) marketers conference in Lagos on Friday, said only the liberalisation of petrol supply will ensure the availability of the products. “Distinguished ladies and gentlemen, I can tell you that that decision is inevitable, if we are to end the crippling fuel scarcity that has enveloped the country, ensure the availability of the products and end the suffering that our people have been subjected to. “With the drastic fall in the price of crude oil, which is the nation’s main foreign exchange earner, there has also been a drastic reduction in the amount of foreign exchange available. The unavailability of forex and the inability to open letters of credit have forced marketers to stop product importation and imposed over 90% supply on the NNPC since October 2015, in contrast to the past where NNPC supplies 48% of the national requirement,”the Minister said.