Minister of State for Petroleum Resources, Chief Timipre Sylva. On thursday, disclosed that the Federal Government was not currently capable, financially, to pay the subsidy.
Addressing newsmen men in Abuja. Sylva disclosed that since the introduction of the deregulation policy, the country has saved about N1 trillion.
He further disclosed that the Federal Government has concluded plans, to merge the Petroleum Products Pricing Regulatory Agency, PPPRA, and the Petroleum Equalisation Fund, PEF, into one agency called The Authority.