Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has admitted that the federal government of Nigeria is still paying huge sums in petrol subsidy annually.
The subject of whether Nigeria is still subsidizing Premium Motor Spirit (PMS), popularly called petrol, has lingered on since Muhammadu Buhari took over from Goodluck Jonathan as President in 2015.
For a period, the government appeared to live in denial on the subject of subsidizing petrol at the pumps.
However, Kachikwu says petrol lands at the ports at N180 and is sold at the pumps at the regulated price of N145, which translates to the government paying the price differential of N35.
