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Nigeria Governors’ Forum Approves N385 Petroleum Price(See Details)

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Nigeria Governors’ Forum (NGF) at its virtual meeting considered the report of a committee headed by Kaduna State Governor, Mallam Nasir El-Rufai, and approved its recommendation that backs full deregulation of petrol, and suggests that the pump price of the product should hover around N385 per litre.

The committee also requested that the federal government should buy 113 buses to cushion the effects of the price increase.

el-Rufai’s six-man committee was set up early this year by the National Economic Council (NEC) headed by Vice President Yemi Osinbajo to look into the dwindling revenues of states and make recommendations to the council.

Apart from el-Rufai, Governors Godwin Obaseki of Edo State, Kayode Fayemi of Ekiti State; and David Umahi of Ebonyi State are also members of the committee.

The other members of the committee are the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, and the Group Managing Director of the Nigerian Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari.

The four governors, who are members of the committee, presented its report to their colleagues, who endorsed it.

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The report is subject to final approval by NEC, which will also meet today.

However, in a communiqué released after the meeting last night, the governors disclosed that el-Rufai gave a briefing on the appropriate pricing of petrol in Nigeria, where he called for full deregulation.

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According to the communiqué, the Kaduna State governor further revealed that between N70 billion and N210 Billion is spent monthly to subsidise the petrol price at N162 per litre.

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