Nigerians will pay not less than N220 for a litre of petrol if subsidy on the product is removed.
This was made known by Vice President Yemi Osinbajo on Friday during the Vice Presidential debate organised by the Broadcasting Organisations of Nigeria and the Nigeria Elections Debate Group.
Osinbajo said this is the reason the Federal Government cannot remove petroleum subsidy now.
He said since the Nigerian National Petroleum Corporation had become the sole importer of petroleum products, it is from the balance sheet of the firm that the subsidy is being removed, adding: “Now, let me say that if today, you are to remove subsidy, petrol price could go as high as N220 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.”