FG SLASHES PETROLEUM SUBSIDY BY N771BN AS PRODUCT LANDING COSTS SLIDE

The Nigerian government has slashed the amount that it would pay for petroleum subsidies in 2015 by N771 billion to N200 billion, with the hope that landing costs of oil products would continue to drop as oil prices drop.

The N200 billion which is against N971 billion paid in the current 2014 fiscal year, is contained in the 2015 budget proposal awaiting appropriation before the National Assembly.

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