Sylva: Buhari Fully Supports Removal of Petrol Subsidy

The Minister of State for Petroleum Resources, Chief Timipre Sylva, has said that President Muhammadu Buhari fully supports the deregulation of petroleum prices in the country.

Sylva argued that the president did not need to make any formal announcement to that effect since he has lieutenants who speak on his behalf.

Speaking with Premium Times, the minister explained that the federal government was losing trillions of naira to the payment of subsidies before the bold decision to liberalise the market.

He noted that any marketer who engages in profiteering when prices eventually go up because of market dynamics will have much explanation to make.

“I don’t know why Nigerians always say the president must say something. But, I can tell you the president is fully for deregulation and removal of fuel subsidy.

“Let’s face it. Deregulation was really hurting the economy. One buys a product for so much and sell it a loss at a pump price, because of subsidy.

“Again, before you even buy the product, there is another loss, because the foreign exchange used in paying for it is subsidised.

“In the end, the government was losing trillions of naira. If one policy saves about N1 trillion for the country, then we should all be happy” he stated.

Sylva maintained that when prices were reviewed downwards, there was no significant shift in the market, adding that instead, it was moving in the opposite direction.