Following widespread rumours of a pending increase in the price of fuel, the leadership of the Nigerian Senate has come out to address the matter.
President of the Senate, Bukola Saraki, has denied that the upper chamber of the National Assembly is proposing an increment in the pump price of Premium
Motor Spirit (petrol) by N5 as part of measures to generate funds for road repairs and maintenance.
The Special Assistant to the Senate President on New Media, Mr. Bankole Omisore, in a statement on Saturday, denied the report
that the legislature such a plan.
As part of the recommendations in the report by the Senate Committee on Works on the National Roads Fund Establishment Bill 2017, a levy of N5 will be imposed on every litre of PMS and Automobile General Oil
(diesel) imported or refined in the country.
Omisore, however, explained that at the public hearing on the National Roads Fund Bill, the stakeholders were unanimous on
the need to access a percentage of the funds for sustainable maintenance of roads from the pricing template of petroleum
products.
He said while the unanimity was on a percentage, opinions varied as to what percentage. “Some argued for 25, 11, 7 and
5 per cent of the value of the price of the product,” he noted.
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