Nigeria, March 25 -- The federal government on Thursday admitted paying as much as N120 billion to subsidise the price of petrol monthly.

The Minister of State for Petroleum Resources, Timipre Sylva, said this at the fifth edition of the special ministerial briefings coordinated by the presidential communications team.

He said the cost was covered by the Nigerian National Petroleum Corporation (NNPC).

The Group General Manager of the NNPC, Mele Kyari, said while the actual cost of importation and handling charges amounts to N234 per litre, the government is selling at N162 per liter.

He said sooner or later Nigerians would have to pay the actual cost for the commodity.

Even with the clear situation, Mr Kyari did not refer to the cost...