Nigerian Midstream and Downstream Petroleum Regulatory Authority has projected N443 per litre of Premium Motor Spirit PMS for the year 2023/24 in the open market.
The Executive Director of the Agency, Mr Abiodun Adeniji stated this at the resumed hearing of House of Representatives Committee on Finance for 2023-2025 Medium Term Expenditure Framework MTEF in Abuja.
Mr Adeniji who explained that the projection is based on the dollar rate and Russia-Ukrain war pointed out that projection for PMS for 2025 is N250 with the hope that dollar would have then stabilised and the war ended.
Deputy Chairman, House committee on Finance, Saidu Abdullahi advised agencies in the petroleum sector to harmonise their figures with the Office of the Accountant General of the Federation and Fiscal Responsibility Commission.
Mr Abdullahi stressed the need for all agencies to take the issues of government remittances more seriously to further boost the country’s revenue generation.
RN