The Nigerian Government says there are no plans to remove subsidy on Premium Motor Spirit, PMS in the country.
The Minister of State for Petroleum, Mr. Timipre Slyva made this known while fielding questions from legislators at a joint session of the National Assembly Committees on Upstream and Downstream.
The Minister who said government would continue to find a means to manage the subsidy, maintained that government does not believe that Nigerians consume over 60 million litres of fuel daily.
“Government is aware of the hardship many Nigerians are facing and as a responsible government, the present administration will not inflict more hardship by removing fuel subsidy.
“There is lot of smuggling and many Nigerian neighbors are taking advantage of the subsidy of petrol in the country.
“Government is working to close up those leakages and fix the refineries thereby reducing the cost of subsidy,” he explained.
The Minister also confirmed to the committee, the discovery of crude oil and gas in commercial quantity in Bauchi State, North East Nigeria adding that this would attract foreign investment, generate employment for people to earn income and increase government revenues.
“Already Preliminary reports have shown that very large quantity of gas and light sweet oil of API gravity ranging from 38 to 41 is available in the area, adding that further exploration are being conducted,” the Minister said.