Nigeria no longer has resources to fund oil industry — FG:



The Federal Government stated, yesterday, that the country no longer has the resources to fund the oil and gas industry, and is therefore, considering and developing new models of financing the industry in the days ahead.Speaking at a town hall meeting in Abuja, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said in January 2016 the final decision on the fate of the country’s refineries would likely be made, while it had also concluded arrangement to adopt a price modulation mechanism that would see it setting a price ceiling of between N87 and N97 per litre for Premium Motor Spirit, PMS, also known as petrol.

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