Wednesday, January 27, 2021

Federal Government denies withdrawing petrol subsidy completely

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Contrary to widespread belief that the removal of subsidy on petrol by the Federal Government is responsible for its soaring prices, the subsidy has not been completely removed.

The Minister of State for Petroleum Resources, Timipre Sylva said the federal government is still trying to manage the bumpy start and has not been able to get to that 100 per cent removal of subsidy from the foreign exchange end.

On the agreement with Niger Republic to import oil, he cautioned those describing it as an embarrassment while emphasizing that Nigeria is a big market.