The Nigerian National Petroleum Company Limited (NNPCL) Group Managing Director/ Chief Executive Officer (GMD/CEO) Mele Kyari, said petrol will sell for between N320 and N340 per liter from February, next year.
Kyayi, who said Nigeria would be out of the subsidy regime in the first quarter of 2022, explained that subsidy would have been eliminated this year, but for certain factors that prevented it.
However, the Federal Government is planning to give N5,000 each to 40 million Nigerians, representing 40 per cent of the country’s 200 million population, next year to coincide with the take off of the subsidy removal.
The NNPCL boss spoke in Abuja at the presentation of the November edition of the World Bank Nigeria Development Update, titled: “Time for Business Unusual.”
Kyari said: “There will be no provision for it legally in our system, but I am also sure you will appreciate that government has a bigger social responsibility to cater for the ordinary and therefore engage in a process that will ensure that we exit in the most subtle and easy manner.”