 All parts of Nigeria from the east to the west, not to the south, were almost grounded to a halt in a joke reaction to Monday's President Borla Tinnabuzzi Nogural address where he declared that petrol subsidy is gone. Now the pronouncement not only threw the country into chaos but also left the masses and economy on the edge. However, all into the confusion that followed the announcement which saw a palm price of petrol rise to as high as 1200 Naira per litre in a Borla state and about 600 Naira per litre in some state, President Tinnabuzzi has backpedaled over his stand that the removal of fuel subsidy stating that the decision will not take immediate effect. That the development would force the national oil company, Nigeria National Petroleum Company Limited, to hold an emergency press conference at midnight of Monday to align with Tinnabuzzi's plan, saw the Major Oil Marketers Association of Nigeria Mormon and the Beppo and Petroleum Marketers Association of Nigeria Adapement issuing a statement in support of subsidy removal. NNPCL had said the decision by the federal government to remove subsidy on PMS was necessary as a group chief executive officer of the company. Millicare reset subsidy removal, which has been a burden on NNPC's cash flow, would free up funds to enable optimal operations in the company. But the independent Petroleum Marketers Association of Nigeria Ipmen would services over 70% of the country, as well as the Petroleum Product Retail Outlets Owners Association of Nigeria Petroen, would boast of 8,000 fuel stations opposed to move, stressing that proper planning is needed to remove subsidy. On the show today, it will keep our eye on the fuel subsidy removal and the ensuing fuel scarcity. Welcome to Business Insight and Plus TV Africa. I am Justin Acadone. Welcome back. We begin with a round off of our business headlines before we talk to our guest this morning. Nigeria equities market close positive as the key market indicator advanced by 2,764.47 basis point and meet positive market breadth. The NGS Osher index advanced by 5.22% to close at 55,738.35 basis point as against the 0.29% gain recorded previously to close at 52,973.88 basis point. In Nigeria terms, the NGX market cap records 1.51 trillion naira gain, yet today the NGX ASI stands at 8.76%. We'll move on now to the next story. The Federal Ministry of Industry, Trade and Investment has held a retreat and workshop to unveil its new strategy that supports the mobilization of direct investment at all levels to be implemented by the federal and state governments and their ministries, departments and agencies. Now the new federal state investment strategy which has been designed and developed over the last three years was authored by Renan Global Investment Strategy, Dr. Niki Okui, and it forms an integral part of his work on national investment strategy which has been implemented by several African countries and subnational authorities. Now to LPG, Nigeria experienced a 60% increase in liquefied petroleum gas prices in 2022 according to the African Development Bank, the AFDB. As a result, more Nigerians have switched from using LPG for cooking to firewood or other pollutant fuels. For those who continue to use LPG, the situation has led to increased costs. And now let's talk about fuel subsidy for one moment before I introduce my guest. The House of Representatives has held the removal of oil subsidy. Now loading the government for the decision, the House commended President Bola Tinibu for his courage asking Nigerians to be patient with the new administration. The commendation and the appeal came on the heels of emotion on the matters of urgent national importance moved at dinner by Honourable Jimo Olajide from Lagos State. Now the group chief executive officer of the Niger National Petroleum Company, NNPC Limited Millie Kiaris says the federal government still owes the firm the sum of $2.8 trillion spent on petrol subsidy. Addressing journalists after meeting with President Bola Tinibu in Abuja, Kiaris said the subsidy payment was no longer sustainable as it hinders the company from funding its core businesses. Kiaris said the NNPC made the petrol subsidy payment from his cash flow, noting that government has been unable to pay back the $2.8 trillion spent so far.