The Federal Government says under the prevailing economic conditions it can no longer afford fuel subsidy and supplementing electricity tariff. The Minister of Information and Culture, Alhaji Lai Mohammed, who disclosed this at a media briefing in Abuja said the nation's revenues and foreign exchange earnings have fallen by almost 60 percent due to the downturn in the fortunes of the oil sector.News Agency of Nigeria (NAN) reports the media briefing, which was on the recent increases in petrol and electricity prices, was jointly addressed by the Minister of Power, Saleh Mamman, and Minister of State Petroleum, Timipreye Sylvia.
Mohammed said that despite the economic situation, the government sustained expenditures, especially on salaries and capital projects, and stopped unsustainable practices that were weighing the economy down.
...