Vice-President Yemi Osinbajo has given a reason the All Progressives Congress, APC, led administration cannot remove petroleum subsidy.
Osinbajo speaking at Vice Presidential Debate organized by the Broadcast Organisation of Nigeria and the Nigeria Elections Debate Group on Friday, said removal of subsidy will have massive effect on Nigerians.
He noted that petrol price could go as high as ₦220 if it is removed.
According to him, “The NNPC is the sole importer of petroleum. So, it is from the balance sheet of the NNPC that the subsidy is being taken.
“Now, let me say that if today, you are to remove subsidy, petrol price could go as high as ₦220 per litre or higher. There is no country in the world, not even the wealthiest ones that don’t run some type of subsidy or the other.”