Petrol value will scale back when Dangote refinery, others start operation – Lai Mohammed

The Minister of Info and Tradition, Lai Mohammed, says the worth of petroleum merchandise in Nigeria will scale back when Aliko Dangote’s refinery and different modular refineries come on stream.

Mohammed hinted that the primary modular refinery with the capability to refine 5,000 barrels of petroleum merchandise every day can be inaugurated in October in Imo State.

He mentioned this on Sunday in an interview aired in Yoruba language on radio.

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Mohammed mentioned the President Muhammadu Buhari led administration is performing nicely despite the dwindling revenues.

He reiterated that authorities insurance policies have been in the perfect curiosity of the nation.

Mohammed defined that the federal authorities spent N10.four trillion on gas subsidy from 2006 to 2019.

In response to him, subsidy can now not be sustained underneath the prevailing financial circumstances.

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“Revenues and international trade earnings by the federal government have fallen by virtually 60 per cent because of the downturn within the fortunes of the oil sector. There isn’t any provision for subsidy within the revised 2020 price range. So the place will the subsidy cash come from?” NAN quoted him as saying

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