Experts raise concern over Nigeria’s N1.4tr subsidy under-recovery
Energy experts, yesterday in Abuja, raised concern over Nigeria’s growing under-recovery of subsidy on Premium Motor Spirit (PMS), which currently stands at N1.4tr, saying it deprives the nation of the gains of increasing oil price.
The experts, including the President of Nigerian Association for Energy Economics (NAEE), Prof. Wumi Iledare and Professor of Energy Economics, Adeola Adenikinju, said unless there was a total deregulation of the country’s downstream petroleum sector, addressing inherent challenges in the industry, particularly attracting investors, would remain elusive.
Speaking at a pre-event press conference on the association’s 11th international conference, which starts in Abuja today, the experts said the rising under-recovery is also creating a glut in the nation’s economy in the long term.
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