The Minister of State for Petroleum Resources, Timipre Sylva, has disclosed that the Federal Government had reached a conclusion that it could no longer bear the burden of petrol subsidy.
The minister revealed this in a statement published on Thursday titled ‘Deregulation: The facts and the reasons behind the policy’.
The Minister said the Federal Government concluded that it was unrealistic to continue with the burden of subsidising PMS to the tune of trillions of naira every year, adding that the subsidy was more beneficial to the rich, rather than the poor and ordinary Nigerians.
The Minister further said there's the need to free up trillions of naira to develop infrastructure to attract investments and create job opportunities rather than enriching a few.
He finally said to cushion the effects on Nigerians, the government is working very hard to roll out the auto-gas scheme, which will provide Nigerians with alternative sources of fuel and at a lower cost.
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