Subsidy not Sustainable with 60% Revenue Reduction, says Osinbajo
Vice President Yemi Osinbajo has said federal government can no longer afford to sustain fuel subsidy with 60 percent reduction in revenue generation.
Osinbajo made the remark at a virtual interactive forum in Abuja.
According to a statement by the Vice President’s Media aide, Laolu Akande, Osinbajo said the federal government would focus on developing Compressed Natural Gas, popularly known as auto gas, which costs cheaper as an alternative to petrol.
Responding to a question on the removal of petrol subsidy, Osinbajo said, “We have experienced a severe downturn in our finances over the years, so at 60 per cent less revenue, we are in a position where sustaining fuel subsidies is practically impossible simply, because we do not have the resources.”
The Vice President while spe...
