Home Business Reduce Fuel Price, Suspend Stamp Duty, Atiku Advises FG

Reduce Fuel Price, Suspend Stamp Duty, Atiku Advises FG


The 2019 Presidential Candidate of the Peoples Democratic Party, PDP, Atiku Abubakar, has called for a reduction in fuel price to help Nigerians cope with the impact of the coronavirus on the economy.

Mr Abubakar also urged the federal government to suspend the stamp duty charges collected on electronic money transfers.

Mr.Abubakar gave those pieces of advice in a statement released by his media office on Wednesday.

As part of his advice to the government on economic actions to take amidst the coronavirus, Atiku said:

“As the landing cost of Premium Motor Spirit, also known as petrol, has reduced significantly, it is strongly recommended that the government should not absorb the savings, but should pass it on to the Nigerian people by way of reducing the pump price of PMS to reflect the current prevailing market costs.”

Bittertruth Media recalls that Petrol currently sells across Nigeria at an official price of about N145 per litre. Nigeria, despite being an oil-producing country, imports almost all of its refined petroleum products.

ALSO READ:  Covid-19: Affected Businesses, Households To Benefit From CBN's N50bn Credit

The significant reduction in international crude oil price, from about $60 a barrel two months ago to about $30 a barrel means the landing cost of petrol to Nigeria has also reduced.