The Secretary to the Government of the Federation, Engr. Babachir David Lawal, has said that corruption in the petroleum downstream sector led to the removal of oil subsidy.
In a statement he earlier issued, Engr. Babachir David Lawal, said the monumental corruption that crept into unreasonable business of products importation stayed until the departure of the last administration.
“By this time, the price of crude oil has plummeted to its lowest in a decade and our volume of sales had declined considerably due to the glut in the international oil market, and indeed the disruptions in our production capacity caused by the activities of unpatriotic and criminally minded militants.”
“At the same time, the nation’s foreign exchange reserve was completely depleted. The consequences of our past actions are that the nation, today, cannot afford subsidy payments. Our reserves have become so low; government has to enthrone tight monetary measures in the allocation of foreign exchange,” Babachir said.