The Minister of State for Petroleum, Timipre Sylva, said on Thursday the Federal Government would save over N1trillion annually with the removal of subsidy on petrol.
President Muhammadu Buhari had said last week his administration would not reverse its decision on removal of fuel subsidy in the country.
The president, who stated this at a forum in Abuja, insisted that there would be negative consequences if the government continued with the business of fixing or subsidising the prices of petrol.
And the minister confirmed the president’s position on the matter in a chat with journalists in Abuja.
He insisted 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.
He said the money saved from the removal of subsidy would be used to fund other critical aspects of the economy.
The minister stressed that with the deregulation of the downstream sector of the oil and gas industry, it would be easier to woo investors to revitalise the country’s refineries.