The Minister of Information and Culture, Lai Mohammed, has revealed that as soon as Aliko Dangote’s refinery and other modular refineries come on stream, the price of petroleum products in Nigeria will reduce.
Alhaji Lai Mohammed said this on Sunday, September 27, during an interview aired on the radio. According to the Minister, the first modular refinery with the capacity to refine 5,000 barrels of petroleum products daily would be inaugurated in October in Imo State.
Alhaji Mohammed pointed out that despite the significant drop in revenues, President Muhammadu Buhari’s administration was still performing quite well. He further explained that the federal government spent N10.4 trillion on fuel subsidy from 2006 to 2019. He noted that under the prevailing economic conditions, the subsidy can no longer be sustained.
Alhaji Lai Mohammed reiterated that government policies were in the best interest of the nation.
The Information Minister added, “Revenues and foreign exchange earnings by the government have fallen by almost 60 percent 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?”