FG’s revenues slash by 60%, amidst low oil prices, poor FIRS receipts — Minister




File Photo of The Minister of State for Petroleum Resources, Mr Timipre Sylva. Photo Credit: Businesshilight.com.

The Minister of State for Resources, Mr , says ’s revenues, derived from oil and non-oil sectors coupled with low revenue receipts from the Federal Inland (FIRS), have dropped by 60 per cent due to pandemic, hence putting the nation’s under serious pressure.

Mr. Sylva stated this after a closed door meeting with President at the State House, , on Monday.

The minister, acknowledged that the current socio-economic challenges had made life more difficult for Nigerians, while appealing for more understanding as government was determined to uplift the quality of life of the people.

The minister also assured that Nigerians would get used to the recent deregulation of the pump price of PMS, just as they did with kerosene and diesel which are more important to the ordinary citizens than petrol, that is mostly used by the elite.

According to him, trucks that move food items from one part of the country to another use diesel, while kerosene also used by most of the Nigerian masses, has since been deregulated.

”The only explanation to everything we have said is that the country just could not afford subsidy anymore. It is unfortunate we are experiencing some of these things now. We will get by, I am sure when things stabilize, our earnings begin to improve, we will begin to see the benefits of what this government has done”, he said.

On the sudden increase in the price of petrol, the minister said that with the deregulation and removal of oil subsidy, the government of the day is not in the business of fixing pump price, hence resulting to increase of .

He added: ”I was just discussing with someone today that we just have to make a choice. If government were to continue with subsidy, it means, for example, that at some point we may not even have money, after subsidizing petrol, to pay salaries. You have to choose. It is very clear that today things are not as they were before”.

Mr. Sylva stated this after a closed door meeting with President at the State House, , on Monday.

The minister, acknowledged that the current socio-economic challenges had made life more difficult for Nigerians, while appealing for more understanding as government was determined to uplift the quality of life of the people.

The minister also assured that Nigerians would get used to the recent deregulation of the pump price of PMS, just as they did with kerosene and diesel which are more important to the ordinary citizens than petrol, that is mostly used by the elite.

According to him, trucks that move food items from one part of the country to another use diesel, while kerosene also used by most of the Nigerian masses, has since been deregulated.

”The only explanation to everything we have said is that the country just could not afford subsidy anymore. It is unfortunate we are experiencing some of these things now. We will get by, I am sure when things stabilize, our earnings begin to improve, we will begin to see the benefits of what this government has done”, he said.

On the sudden increase in the price of petrol, the minister said that with the deregulation and removal of oil subsidy, the government of the day is not in the business of fixing pump price, hence resulting to increase of .

He added: ”I was just discussing with someone today that we just have to make a choice. If government were to continue with subsidy, it means, for example, that at some point we may not even have money, after subsidizing petrol, to pay salaries. You have to choose. It is very clear that today things are not as they were before”.




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