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@devosplace

13 days ago

The @GRWineFestival is back this year!

November 20-21, taste all of the wines, beers, ciders, spirits, and gourmet foods you could imagine 🍷

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Posted On: September 28th 2026, 04:42 pm

The @grwinefestival is back this year!

November 20-21, taste all of the wines, beers, ciders, spirits, and gourmet foods you could imagine 🍷

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Самое светлое чувство🥰❤️🤗

If you ever wondered why bull riders wear helmets...

Petrol Could Hit ₦2,000, Dollar Could Reach ₦3,000 — FG Warns Against Fuel Subsidy Return

The Federal Government has warned that bringing back petrol subsidy could push the pump price to at least ₦2,000 per litre and weaken the naira to about ₦3,000 to the dollar within months.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, gave the projection on Thursday during a press briefing on fuel prices and the subsidy debate in Abuja.

Oyedele said a return to subsidy would reduce government revenue, potentially trigger a sovereign credit downgrade, increase borrowing costs, cause capital flight and reduce foreign exchange reserves.

According to him, the resulting pressure could weaken the naira and threaten recent progress on inflation and interest-rate reductions.

“Our estimate is that the exchange rate could approach ₦3,000 to the dollar within months, and so-called subsidised petrol would cost at least ₦2,000 a litre. That is well above what Nigerians pay today,” he said.

Oyedele argued that subsidy does not actually reduce the cost of petrol but only shifts the burden to government finances.

“A subsidy does not lower the cost of fuel. It only changes how it is paid, and when,” he said, warning that it could ultimately be financed through unpaid salaries and pensions, higher taxes or money printing.

He described subsidy as offering “short-term relief” while creating “long-term fragility” and said the government remained open to alternatives if proponents could show the cost, sustainable funding source and resulting pump price.

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