He said the Buhari administration is still paying subsidy.
The Minister of State for Petroleum Resources, Timipre Sylva, has disclosed that Nigerians would have been paying about N183 per litre for petrol if not for the intervention of the president who decided that a full deregulation of the petroleum sector, would be too harsh on the masses.
The Minister who said this at a meeting in Abuja on Tuesday, September 15, revealed that Nigerians are still benefiting from indirect subsidy due to Federal Government selling dollars to importers at N391 instead of prevailing market price of about N450.
minister said government’s current intervention was in the purchase of foreign exchange for the importation of petrol. He said importers, mainly the NNPC and its subsidiaries, were still buying dollars from the government at about N391 to a dollar contrary to the prevailing market price of about N450.
“The federal government spent N10.4 trillion on petrol subsidy between 2016 and 2019, while the country was losing N1 billion daily to fuel subsidy between 2016-2019,” he said
