Petrol Price: Buhari's Minister Speaks on When Subsidy Will Be Removed

Petrol Price: Buhari's Minister Speaks on When Subsidy Will Be Removed

  • Nigerians will soon be informed about the date when petrol subsidy removal will be effective, Timipre Sylva has said
  • The minister of state for petroleum, however, said the government does not currently have a specific date for the subsidy removal
  • Sylva explained that the government wants to first put some measures in place to cushion the effects the policy will have on the citizens

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Timipre Sylva, the minister of state for petroleum, says the federal government has not set date for petrol subsidy removal.

Channels TV reported that Sylva said this on Thursday, August 5, explaining that the government is being considerate of citizens.

Petrol Price: Timipre Sylva Speaks on When Subsidy Will Be Removed
Timipre Sylva, the minister of state for petroleum, says no date has been set for petrol subsidy removal. Photo credit: Timipre Marlin Sylva
Source: Facebook

The minister added that the government is making efforts to put structures in place to cushion the effect of the eventual subsidy removal.

Nigerians will soon be informed

Sylva said Vice President Yemi Osinbajo is leading the efforts on the subsidy removal policy, adding that Nigerians will soon be informed about the date when it will become effective.

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He said in a video published on Channels TV's Youtube page:

“I cannot give you a date for now. But the Vice President is actually leading the efforts and very soon, we will tell Nigerians what date the removal of subsidy will kick in."

The minister reiterated that the government has to put in place some measures that will help reduce the burden of the subsidy removal on citizens.

He added efforts are ongoing to give Nigerians some palliative and also create a cheaper and more affordable alternative to petrol.

His words:

“We must be considerate of our people; you cannot say because you have the muscle, box everybody down in the room.
"So, what we are saying is that before doing this, we need to put some structures in place so that the impact on the people can be minimized.
"We are trying to create an alternative that is cheaper and more affordable. We also think that there should be some palliative."

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Subsidy removal: Petrol price could rise to N1,000 per litre - DPR

Earlier, Legit.ng reported that the Department of Petroleum Resources (DPR) issued a warning that when the petrol subsidy regime comes to an end, Nigerians may have to spend as much as N,1000 per litre for the product if an alternative energy source is not provided.

This was disclosed by the DPR director, Sarki Auwalu, at the Second Quarter, 2021 Business Dinner of Petroleum Club Lagos.

In a statement seen by Legit.ng on the DPR website, Auwalu, who was responding to questions and comments generated by a paper he delivered, said Nigeria was spending so much on petrol subsidy.

Source: Legit.ng News

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