Sogunle revealed this at the Stanbic IBTC Energy and Infrastructure Breakfast Session, in Lagos, saying that the bank is committed to fostering excellent connectivity between businesses and untapped markets, facilitating trade expansion, and positioning Stanbic IBTC Bank as the preeminent institution offering tailored solutions for Nigeria’s energy and infrastructure landscape.
According to him, When the President came in May last year, one of the things he said was that Subsidy was gone. And truly subsidy was gone because immediately the price of fuel moved from 200 per litre to 500 per liter. At that point truly, subsidy was gone. “So I can tell you for free that there is at least N400 or N500 liters subsidy on petrol today. If you look at our daily consumption, say 40 million liters, and we’re spending N500 per liter, that is about N20 billion every day, N600 billion every month and N7.2 trillion yearly depending on how we look at it. So, the subsidy is back on petrol,” he said.Before flagging, please keep in mind that Disqus does not moderate communities.
Inflation in Nigeria is reaching its peak now and will decelerate toward the middle of the year, Director-General of the Budget Office of the Federation, Ben Akabueze, has said. The Organised Private Sector , comprising top Business Membership Organisations , has warned that over 65 per cent of private businesses, especially manufacturing concerns and SMEs, may be forced to close down due to the over 200 per cent hike in electricity tariff. The BMOs, comprising the Manufacturers Association of Nigeria , National Association of…