The Federal Government has announced a fresh package of measures to cushion the impact of high fuel prices on Nigerians, including a 30-day margin discount at NNPC stations, a proposed ₦1,350-per-litre ceiling on ex-gantry or landing costs, and increased support for vulnerable households and small businesses.
The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, disclosed the measures during a briefing in Abuja, saying the interventions were designed to provide relief to households and businesses without exposing the wider economy to additional risks.
Oyedele said the government was taking further steps because existing measures had not fully addressed the pressure felt by households following increases in fuel and transportation costs.
Under the first set of measures, the government plans to introduce a temporary margin discount at NNPC stations for the next 30 days, with the policy targeted at providing immediate relief to consumers.
It will also explore forward sales of crude oil to local refiners as domestic production increases, allowing committed crude supplies to be freed up and helping shield pump prices from global market swings.
Another measure is a proposed price modulation mechanism, under which a negotiated ₦1,350-per-litre ceiling would apply to ex-gantry or landing costs, subject to monthly reviews.
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👉 JOIN GISTSMATE WHATSAPP CHANNELThe government also plans to work with state authorities to eliminate illegal levies and road-use charges that add to transportation costs, while increasing funding for cash transfers to vulnerable households and providing more direct credit support for small businesses.
Additional measures include accelerating the rollout of compressed natural gas (CNG) for transport operators, with the government expecting operators to pass the resulting savings on to commuters.
Oyedele noted that sanctions could be applied against operators who exploit consumers, while proceeds from enforcement actions would be channelled into transport support.
The government is also considering an excess profits tax and targeted vouchers for low-income earners as part of ongoing efforts to protect vulnerable Nigerians.
Other measures include reducing regulatory costs and red tape that drive up the prices of goods and services, as well as establishing a National Strategic Fuel Reserve to strengthen supply security and guard against disruptions or hoarding.
Furthermore, the government plans to improve traffic management and logistics to reduce fuel consumption, while leveraging NIPOST address codes to help lower logistics costs.
Oyedele said the measures would be scaled up in collaboration with state governments, stressing that the objective is to ensure assistance reaches those who need it most without creating additional pressure on the economy.
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