Ini's MUSE

The government of Nigeria’s removal of fuel subsidy on petroleum products (Premium Motor Spirit) – through her regulatory agency, Petroleum Product and Regulatory Agency (PPRA) on January 1, 2012 – increased the unit cost from 65.00 NGN (0.40 USD) to 143.00 NGN (0.90 USD). This development came on the heels of a declaration of State of Emergency in some parts of the Northern Region on December 31 after weeks of terrorism and sporadic bomb blasts mainly in churches and other public spaces. Protests on the streets of Nigeria In the official release which read, ‘Following extensive consultation with stakeholders across the nation, the Petroleum Products Pricing Regulatory Agency (PPPRA) wishes to inform all stakeholders of the commencement of formal removal of subsidy on Premium Motor Spirit (PMS), in accordance with the powers conferred on the agency by the law establishing it, in compliance with Section 7 of PPPRA Act, 2004’. Whilst the proposed policy promises sustain...