Subsidy regime has been a major vehicle for Corruption in Nigeria - Kachikwu

 The Minister of the State for Petroleum, Dr. Ibe Kachikwu has said that the Federal Government was left with no option than to remove the subsidy on the Premium Motor Spirit (PMS) to curtail corruption in the oil sector.

 The minister, who said this in Lagos on Monday at an interactive session of Coalition of Civil Society Organisations, maintained that the subsidy regime has been a major vehicle for corruption in the country which the government could not contend with.


He said: "Over the years, subsidy has left initial percent of marginal support, it becomes brutalised and a major vehicle for corruption. It rose to about N1.4 trillion.

He said N550 million was received in the month of April by Federal Government and about N500 million was spent on subsidy then, it means, we only have N50 million left to run the country.

"I have explained this to Nigerians that this subsidy must go to save our country. I am working to ensure our refineries are working and I am making efforts to attract private firms to invest in our refineries,” he said.

He also added that Nigeria would stop importation of fuel by 2019, saying that subsidy removal would allow the liberalisation of the trading environment.