FG: Increase In Fuel Price Is Meant To Create 200,000 Jobs In The Country

The Federal Government says that the new price regime
for the downstream petroleum sector is
comprehensively designed to tackle the hardship faced
by Nigerians and create additional 200,000 jobs in the
country.
The information is contained in a bulletin issued by the
Ministry of Petroleum Resources and made available to
news men n Abuja on Friday.
It said that the new price template would potentially
create jobs through the envisaged new investments in
refineries and retailing of crude oil products.
It stated that the new pricing template would also
prevent potential loss of nearly 400,000 jobs in existing
investments in the sector.
The bulletin explained that new framework would on the
long run solve the recurrent fuel scarcity crisis by
ensuring the availability of the products at all locations
of the country.
It said the measure would also ensure the total
elimination of hoarding, smuggling and diversion of the
product while also stabilising price at the actual
product price.
It stated that government, through the new price
regime, would monitor the new price to ensure that
citizens got a fair value for the products they
purchased.
It said the new price would enable marketers to source
their foreign exchange independent of Central Bank of
Nigeria (CBN) and ensure adequate product supply in
all locations of the country.
It explained that the measure would enable government
to deliver on its statutory functions of power
generation, security, provision of education and health.
The document explained that the new price regime
would permanently eliminate subsidy payments and
ensure the availability of funds for the full payment of
monthly Federal Accounts Allocation Committee. It will
also providing additional funds for other palliatives and
help in stabilising the economy by creating access to
development loans .