Vice-President Yemi Osinbajo says the Federal Government cannot remove petroleum subsidy now because of the effect it will have on Nigerians.
He added that petrol price could go as high as N220 if it is removed.
Osinbajo said this at the Vice-Presidential debate organised by the Broadcast Organisation of Nigeria and the Nigeria Elections Debate Group.
He said today, the NNPC is the sole importer of petroleum. So, it is from the balance sheet of the NNPC that the subsidy is being taken. Now, let me say that if today, you are to remove subsidy, petrol price could go as high as N220 per litre or higher. There is no country in the world, not even the wealthiest ones that don’t run some type of subsidy or the other.”
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