₦21tn Subsidy: Lokpobiri Dismisses Atiku’s Claim as ‘Political’
The Minister of State for Petroleum Resources, Heineken Lokpobiri, has dismissed a claim attributed to former Vice President Atiku Abubakar concerning the cost of subsidising petrol.
Lokpobiri said that, hypothetically, if Nigeria were to exchange $15 billion at an exchange rate of ₦1,400 to the dollar, the equivalent would be about ₦21 trillion, which he described as the amount Nigeria would have spent on subsidies.
“That’s for the purpose of argument, to say that today’s exchange rate is perhaps ₦1,400 to a dollar. If you change $15 billion at ₦1,400 to a dollar, it will be about ₦21 trillion. That’s what Nigeria would have spent, subsidised,” Lokpobiri said.
He added: “So, whatever Atiku is saying is simply political. And Nigerians shouldn’t take him seriously.”
