…Says N1trn saved from subsidy removal
…To merge PPPRA, PEF
…Considers cheaper gas products as palliatives
By Michael Eboh
Minister of State for Petroleum Resources, Chief Timipre Sylva, yesterday, disclosed that the Federal Government is not currently in a position, financially, to pay subsidy, as the COVID-19 pandemic had impacted negatively on the country’s finances.
Addressing newsmen in Abuja, Sylva also disclosed that since the introduction of the deregulation policy in March 2020, the country had saved about N1 trillion.
He further stated that the Federal Government had concluded plans to merge the Petroleum Products Pricing Regulatory Agency, PPPRA, and the Petroleum Equalisation Fund, PEF, into one agency called ‘The Authority’.
Sylva noted that the deregulation of the downstream petroleum sector and the removal of subsidy was not a political decision, but had become inevitable, especially with the effect of the COVID-19 pandemic, the low crude oil prices…
Source: Vanguard Newspaper