The Minister of State, Petroleum Resources, Timipre Sylva on Thursday September 10 said the Federal Government will be saving over N1trillion annually with the removal of subsidy from Premium Motor Spirit.
Sylva told newsmen that the money will be used to fund other critical aspects of the economy.
The Minister who maintained that the sustenance of the fuel subsidy regime was no longer tenable as it had always provided the leeway for rich and unscrupulous Nigerians to steal and enrich themselves at the expense of the masses, also averred that with the deregulation of the downstream sector of the oil sector, it would be easier to woo investors required to revitalise the nation’s comatose refineries soon.
“What is deregulation going to do? It is going to free up a lot more money. At least from the very beginning, it will save us up to a trillion and more every year. Already, we have taken up the budgetary provision for subsidy which is about N500 billion in the budget.
Source: Linda Ikeji