Rewane

Nigerians should expect petrol price increase, says Rewane

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 our correspondent on Tuesday . He noted that the World Bank put Nigeria ’s total subsidy bill in 2018 at N 731bn , saying, “A gradual reduction in subsidy payments [ is] anticipated . Only N 305 bn set aside for under-recovery in 2019 budget ; expect an increase in the pump price of fuel . “40 per cent shortfall in provision [Read]