The Minister of Finance, Budget and National Planning, Zainab Ahmed, says Nigeria’s revenue has dropped by about 65 per cent.
She said this necessitated the decision of President Muhammadu Buhari to discontinue the payment of petrol subsidy.
She was speaking on a programme on Monday in abuja
She said if the petrol subsidy returns, it would lead to fuel scarcity because the government would not be able to pay marketers.
Zainab said Nigeria is currently facing difficult times like many other countries around the world.
The minister stated that the price of petrol would henceforth be determined by the price of crude oil.
When asked if subsidy would return if the price of crude oil bounces back to how it was in previous years, Ahmed said it was unlikely that would happen.
