Petrol subsidy to be cut in 2015 - FG. The Federal Government - TopicsExpress



          

Petrol subsidy to be cut in 2015 - FG. The Federal Government has said it plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred a reversal of its 2015 budget downwards. President Goodluck Jonathan submitted the revised budget figures to lawmakers last week, proposing to spend 458.68 billion naira ($2.59 bln) on petrol subsidy in 2015, down from 971.14 billion naira presented for 2014. It also assumed further cuts to petrol subsidies in 2016 to 408.68 billion naira and 371.18 billion naira for 2017. The Minister of finance and Co-ordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala has proposed lowering the assumed benchmark oil price for the 2015 budget to $73 per barrel from the $78 proposed in September, after global crude prices collapsed. Click image to read more.
Posted on: Mon, 24 Nov 2014 07:10:20 +0000

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