Oil Subsidy Still a Myth
Last week, President Goodluck Jonathan presented what appears to be a blueprint for his economic policy. The thrust of it, he said, is to withdraw the subsidy from next year. Doing an extrapolation of the 'real' value of oil, the president figured that it was between N120 and N180 per litre. His conclusion: Nigeria will need to pay N144. 60 per litre for premium motor spirit (PMS) by January 2012.