Minister of State for Petroleum, Timipre Sylva has expressed that the removal of fuel subsidy will help save N1 trillion annually for the nation.
He made this known while speaking with reporters in Abuja on Thursday.
The Minister expressed that the saved funds from the subsidy will be used to develop other sectors of the economy.
“It’s time for Nigerians to face reality and do the right thing. What is deregulation going to do? It is going to free up a lot more money. At least from the very beginning, it will save us up to a trillion and more every year,” Sylva said.
Recall that the Petroleum Products Marketing Company (PPMC) increased petrol from N138.62 to N151.56 per litre last week.
Defending the decision to remove subsidy, Sylva said previous administrations lacked the political will to remove subsidy.