Vice-President Yemi Osinbajo says petrol could sell for N220 or more if the government removes subsidy on the product.<\/p>\n
Osinbajo said this on Friday during the vice-presidential debate organised by the Nigerian Elections Debate Group (NEDG) and the Broadcasting Organisations of Nigeria (BON).<\/p>\n
He said the government cannot remove the subsidy because of the effect it would have on Nigerians.<\/p>\n
\u201cThe NNPC is the sole importer of petroleum. So, it is from the balance sheet of the NNPC that the subsidy is being taken,\u201d he said.<\/p>\n
\u201cNow, let me say that if today, you are to remove subsidy, petrol price could go as high as N220 per litre or higher.<\/p>\n
\u201cThere is no country in the world, not even the wealthiest ones that don\u2019t run some type of subsidy or the other.\u201d<\/p>\n
Interestingly, Osinbajo had in August, 2016 said the federal government had saved N1.4 trillion for not paying oil subsidy.<\/p>\n
\u201cWith the deregulation of the downstream petroleum sector, there has been a significant increase in the availability of petrol throughout the country for the savings of N1.4 trillion on subsidy payments alone,\u201d he had said.<\/p>\n
In December 2016, he also said subsidy removal had offset a burden of not less than N15.4 billion monthly from the federal government.<\/p>\n","protected":false},"excerpt":{"rendered":"
Vice-President Yemi Osinbajo says petrol could sell for N220 or more if the government removes subsidy on the product. Osinbajo said this on Friday during the vice-presidential debate organised by the Nigerian Elections Debate Group (NEDG) and the Broadcasting Organisations of Nigeria (BON). He said the government cannot remove the subsidy because of the effect […]<\/p>\n","protected":false},"author":8,"featured_media":89523,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,2,4],"tags":[8737,9649,17285],"yoast_head":"\n