Home Local FG SAYS NO GOING BACK ON FUEL SUBSIDY WITHDRAWAL

FG SAYS NO GOING BACK ON FUEL SUBSIDY WITHDRAWAL

FG SAYS NO GOING BACK ON FUEL SUBSIDY WITHDRAWAL

Nigerian government says it has lost 60 per cent of its revenues to COVID-19 pandemic and it will not go back on withdrawal of fuel subsidy.

Minister of Information and Culture, Lai Mohammed disclosed this at a joint briefing with the Minister of Power, Saleh Mamman and the Minister of State for Petroleum Resources, Timipre Sylva.

According to the statement, over N10 trillion was spent between 2006 and 2019 resulting in an average of N743.8billion per annum.

Mohammed also revealed that N1.7trillion was spent on electricity tariffs shortfalls which it can no longer afford.

According to the minister, government can no longer afford to subsidize petrol prices because of its many negative consequences.