Breaking: FG unable to pay subsidy — Sylva

…N1trn saved from subsidy removal

…To merge PPPRA, PEF

By Michael Eboh

Minister of State for Petroleum Resources, Chief Timipre Sylva, Thursday, disclosed that the Federal Government was not currently capable, financially, to pay the subsidy.

Also read: Fuel subsidy: FG clears outstanding N168bn debt to oil marketers — Investigation

Addressing newsmen men in Abuja, Sylva disclosed that since the introduction of the deregulation policy, the country has saved about N1 trillion.

He further disclosed that the Federal Government has concluded plans to merge the Petroleum Products Pricing Regulatory Agency, PPPRA, and the Petroleum Equalisation Fund, PEF, into one agency called The Authority.

Details later…

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