- Economist and CEO of FDC, Bismarck Rewane, said Nigerians will lose about N5 trillion due to the petrol price hike
- He said the government would be the ultimate beneficiary of the petrol hike as the policy would siphon funds from citizens to the government
- Rewane stated that the beginning of petrol production by Dangote Refinery will provide relief for Nigerians but will not crash prices
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Economist and CEO of Financial Derivatives Company Limited (FDC), Bismarck Rewane, has projected that the latest hike in the pump price of petrol by over 50% from N568 to N855 per litre, will siphon N5 trillion from Nigerian consumers to the government and increase poverty.
He also predicted that the new petrol price would increase the number of Nigerians living in poverty to N168 million by 2025 from the current 161 million in …