Monday 24th July, 2017
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No plan to increase fuel price - Saraki

No plan to increase fuel price - Saraki

The Senate President, Dr. Abubakar Bukola Saraki, has stated that contrary to reports in the media on the recommenda­tions by the Senate Commit­tee on Works, the proposed National Road Fund Bill will not lead to any increase in the current price of fuel.
Saraki told journalists in Ilorin, Kwara State on Saturday after the break­ing the fast that the Senate will this week discuss a mo­tion on the interest rates be­ing charged by commercial banks on loans to custom­ers, particularly entrepre­neurs who need borrowed funds to stay afloat and con­tribute to the Gross Domes­tic Product (GDP).
He said that the report of the committee which worked on the National Road Funds Bill came from deliberations during a pubic hearing in which all stakeholders sug­gested how to generate funds for the maintenance of the nation’s road network, add­ing that there was a consen­sus on the desirability of the Fund and the need to ensure that the money to be gener­ated from the sale of fuel for the fund should be accom­modated within the current price regime.
Saraki said: “This is an opportunity to clarify the inaccurate reporting. There is a Bill called the National Road Funds Bill. Our roads around the country are not adequately funded. If we are banking on the appropria­tions process, we will not be able to adequately fund and refurbish our roads.
“Anybody that read the full report would have known that after the pub­lic hearing, which involved stakeholders from the road and transport industry, it was recommended that N5 from each litre of pet­rol should be channelled to­wards our roads. However, this is not going to be addi­tional N5, but N5 out of the present price of N145 that Nigerians are paying at the pump,” the Senate President said.
 

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