Nigeria releases fuel subsidy

The Federal Ministry of Finance said that it had authorised the release of N 138.64 bn to the Petroleum Products Pricing Regulatory Agency (PPPRA), being outstanding subsidy for petroleum products from the months of June to October 2008.
Minister of State for Finance, Mr Remi Babalola, said the releases are in two tranches: N 61,394 bn for outstanding subsidy claims from June to August 2008 and N 77.244 bn in respect of July to October 2008 claims.

Babalola expressed hope that the release will go a long way in dousing the anxiety of petroleum product marketers, importers and the general populace with regards to the issues of subsidy, petroleum products pricing and products availability.