The Federal Government has said that they can no longer continue with fuel subsidy, and has advised Nigerians to brace up for an increment with petrol pump price in the light of the current economic situation in the country.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, said this when he spoke with newsmen on Friday on the sidelines of a graduation and awards ceremony organised by the Offshore Technology Institute, University of Port Harcourt, Rivers State.
According to the Honourable Minister, the current subsidy regime for Premium Motor Spirit, was “benefiting certain businessmen in the country.”
Sylvia said, “It is very unfortunate that if (there is) an increment in fuel pump price, (it) would have an impact on the marketplace and we are not happy about that. The President especially does not want to do it, but the economic realities are staring us in the face.
“Can we continue to support the subsidy, which is not necessarily benefiting the ordinary person, but is benefiting certain individuals who are businessmen in the country? I don’t want to identify the people that are benefiting.
“Subsidy is not directly benefitting Nigerians; the biggest contact with Nigerians is kerosene consumption used by local persons for cooking; as for diesel, it is used to transport food items and so on. But these have been deregulated for a long time now.”