Following the outcry of citizens against the recent increase in the price of petrol from N123.50 to N143.8, the federal government of Nigeria has explained that there was never a promise to permanently subsidize oil price.

Timipreye Sylva, the Minister of State for petroleum, noted that it has become unrealistic in the face of prevailing economic developments to continue to subsidize the price of petrol.

He also added that at no time did the government promise to reduce the price of petrol and keep it permanently low.

The Minister, who lamented the inability of the country to attract the level of investments needed in the refining sector of its oil, said the government can no longer bear the burden of subsidizing the price for local consumption of PMS to the tune of trillions of Naira every year.

Sylva added in his statement on Thursday that the government intends to deregulate the petroleum sector, withdraw from being the main supplier of the product and allow the private sector takeover while the government only plays the role of regulation.

Read more===https://thestreetjournal.org/2020/07/fg-justifies-increase-in-fuel-price-says-reduction-is-unrealistic/

This former governor that looted bayelsa with no pity.. someone that efcc investigated and found out that he had more than 50 properties all over the country.. Buhari now made him minister of petroleum so he can top up his looting.. I can only imagine how much he has stolen in less than a year as a minister..

Criminal

SCAMMERS

ELDERLY YAHOO MEN

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