It was documented that in August, the federal government allocated N169.4 billion as a subsidy to maintain the pump price at N620 per litre.
"If this payment hadn't been approved, the nation would have faced a severe crisis, as the public couldn't endure further pump price increases, so a decision had to be made."
"Every effort has been made to maintain market stability until we resolve production issues with Dangote refinery and address loan concerns. Once these are settled, we anticipate greater stability."
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