There were strong indications last night that the Federal Government may not reverse the new fuel pump price regime because it is determined to end the culture of fuel subsidy which officials said has gulped about N10.78 trillion in 14years.
Sources said on Saturday that government planned to deploy savings from fuel and electricity subsidies for infrastructure development as part of efforts to make life comfortable for Nigerians. “There is too much corruption associated with the Petroleum Subsidy Fund . Some marketers used to get paid for frivolous claims.
“The way it is now, our pump price is still the cheapest in Africa. We have also discovered that we are only subsidising other countries because of unending smuggling of petroleum products. He said: “There is no subsidy and it is zero forever. Going forward, there will be no resort to either subsidy or under-recovery of any nature.
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