Abuja - President Muhammadu Buhari has announced that the fuel pump price will remain N87 for now.
Buhari made the announcement on Tuesday during the presentation of the 2016 budget to the joint session of the National Assembly.
The president stated that the pump price would stay at 87 naira per litre “for now” as the government continues working hard to end scarcity.
The 6.07 trillion Naira budget proposal for 2016 was predicated on $38 per barrel oil benchmark; 197 Naira exchange rate.
The president also apologised to Nigerians for the lingering fuel scarcity, adding that the scarcity is as a result of some stakeholders refusing to cooperate with the federal government.
Also read: Fuel scarcity: 200 truckloads of fuel arrive in Abuja
There have been speculations that the federal government would increase pump price to N97 while considering removing subsidy.
The budget presentation by President Buhari is coming just as the National Assembly approved the Medium Term Expenditure Framework (MTEF).
The Federal Executive Council (FEC) had on December 7 approved the Medium Term Expenditure Framework which pegs the 2016 Budget at six trillion Naira.
- News 24