VP Debate: Why we cannot remove subsidy – Osinbajo

Vice-President Yemi Osinbajo has given reason the All Progressives Congress, APC, adminstration cannot remove petroleum subsidy.

Osinbajo speaking at Vice Presidential Debate organised by the Broadcast Organisation of Nigeria and the Nigeria Elections Debate Group on Friday, said removal of subsidy will of the have massive effect on Nigerians.

He added that petrol price could go as high as N220 if it is removed.

According to him, “The NNPC is the sole importer of petroleum. So, it is from the balance sheet of the NNPC that the subsidy is being taken.

“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.”