The Minister of State for Petroleum Resources, Timipre Sylva, said on Thursday the Federal Government lacked the financial capacity to pay for fuel subsidy in the country.
His statement follows mounting backlash over increase in price of petrol.
Sylva, who disclosed this during a chat with journalists in Abuja, added that since the introduction of the deregulation policy, the federal government had saved about N1 trillion for the country.
The minister also disclosed that the government had concluded plans to merge the Petroleum Products Pricing Regulatory Agency (PPPRA) and the Petroleum Equalisation Fund (PEF) into one agency called The Authority.
PPPRA was established in 2003 to monitor and regulate the supply and distribution of petroleum products in Nigeria.
It also determines the prices of the products in the country.
The PEF was mandated mainly to administer uniform prices of petroleum products throughout the country.
- NSE: Bear run continues amidst profit-taking in bank stocks - November 23, 2020
- 138 corps members test positive for COVID-19 —NCDC - November 23, 2020
- Falae writes Amotekun over destruction of farm produce by herdsmen in Ondo - November 23, 2020