The federal government had postponed the planned petrol subsidy removal till further notice, citing “high inflation and economic hardship”.
The minister added that many other countries had introduced measures to help citizens cope with high oil energy prices due to the Russia-Ukraine war.
According to Mohammed , among other issues, petrol subsidy payments have dwindled revenue accrued to states, with the Nigerian National Petroleum Company (NNPC) making zero remittances to the federation account.
In the last five months, NNPC has expended one point two seven trillion Naira on petrol subsidy — about 31 percent of the four trillion naira provision for the year.
On the pipeline vandalism, Mohammed said the new petroleum industry law that allocates money to oil-producing communities would stop attacks, blaming the European Union’s climate change policies for stifling investment in the sector
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