Coronavirus: FG’s earnings reduce by 60 percent

Coronavirus: FG’s earnings reduce by 60 percent

- The money earned by the Nigerian federal government has significantly reduced

- Timipre Sylva blamed the coronavirus pandemic for the reduction

- Going further, the minister said the Buhari-led government is committed to making life better for Nigerians

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Nigerians might be in for a hard time as the nation's economy is under serious pressure. This is as a result of the poor earnings from oil and non-oil sectors.

According to the minister of state for petroleum resources, Timipre Sylva, the earnings for the country have dropped by 60%.

The minister made this known to journalists after a closed-door meeting with President Muhammadu Buhari at the State House, Abuja, on Monday, November 16.

Sylva also lamented the reduction in revenue being generated by the Federal Inland Revenue Service (FIRS).

He blamed this on the negative consequences of the COVID-19 pandemic in the country. He, however, appealed for more understanding from Nigerians, insisting that the Buhari government is determined to uplift the quality of life of the people.

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In another development, he assured that Nigerians would get used to the deregulation of the pump price petrol just as they have become to the case of kerosene and diesel.

Sylva noted that diesel and kerosene are even more important to ordinary citizens than petrol, which he said is mostly used by the elite.

Coronavirus: FG’s earnings reduce by 60 percent
Timipre Sylva said Buhari is concerned about Nigerian. Credit: Premium Times
Source: Twitter

Meanwhile, had previously reported that the Petroleum Products Marketing Company (PPMC) adjusted the ex-depot price of fuel from N147.67 to N155.17.

It was reported that the PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), made the disclosure in a memo dated November 11.

The ex-depot price is the price at which the product is sold to marketers at the depots.

According to its price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.

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Coronavirus: FG seeks another N285billion loan from World Bank

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