The Minister of Information and Culture, Lai Mohammed, says the price of petroleum products in Nigeria will reduce when Aliko Dangote’s refinery and other modular refineries come on stream.
Mohammed hinted that the first modular refinery with the capacity to refine 5,000 barrels of petroleum products daily would be inaugurated in October in Imo State.
He said this on Sunday in an interview aired in Yoruba language on radio.
Mohammed said the President Muhammadu Buhari led administration is performing well in spite of the dwindling revenues.
He reiterated that government policies were in the best interest of the nation.
Mohammed explained that the federal government spent N10.4 trillion on fuel subsidy from 2006 to 2019.
According to him, subsidy can no longer be sustained under the prevailing economic conditions.
“Revenues and foreign exchange earnings by the government have fallen by almost 60 per cent due to the downturn in the fortunes of the oil sector. There is no provision for subsidy in the revised 2020 budget. So where will the subsidy money come from?” NAN quoted him as saying