President Muhammadu Buhari says the removal of fuel subsidy would add to the economic woes of Nigerians, saying his government might not remove it.
Buhari said the points raised by proponents of subsidy removal are not genuine but promised to review all the proposals before him in that regard.
He was speaking on Monday when he played host to officials of the oil sector at the presidential villa in Abuja.
“I have received many literatures on the need to remove subsidies, but much of it has no depth,” he said.
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“When you touch the price of petroleum products, that has the effect of triggering price rises on transportation, food and rents. That is for those who earn salaries, but there are many who are jobless and will be affected by it.
“We have to go back to the good old days of transparency and accountability.”
Meanwhile, Buhari has assured investors that his administration will implement reforms that would boost accountability and transparency in the oil sector.
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Speaking at a meeting with senior officials of Chevron led by Ali Moshiri, the company’s president for Africa and Latin America, Buhari declared that his administration was ready to effectively address the myriad of challenges in the sector.
“We understand the situation in the industry and we will do our best to address the challenges affecting exploration, production and distribution of oil products in the country,” he said.
He acknowledged the merits of the amnesty programme which the late President Umar Yar’Adua initiated to reduce violence in the Niger Delta region.
He said his administration will focus on good aspects of the programme.
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On his part, Moshiri urged Buhari to restore the confidence of international investors in the industry.
He said relative stability in the Niger Delta has led to increased investment in the country’s oil and gas sector.
5 comments
Your comment..I believe in buhari for the general transformation of this country, atleast corruption will now be once upon a time story
To me, there may not be need to remove subsidy, just like so many other policies we fault in Nigeria today, the major problem we have is implementation and monitoring in a transparent manner, without the interferenceof the stakeholders for tTudor Ken selfish gain.
I know at a time when subsidy was introduced, it was in good fate but, people have taken advantage of the porosity in the governance system we rum in the country and to build am empire for themselves in the name of cabal. It is só unfortunate that many have forgotten God, and They plot all these evils.
My suggestion is, let’s promote whistle blowing, encourage transparency and honesty, separate política from governance. Let politics atol artes poles and office holders face the business of governance and development with the dear of God at heart
Good one from PMB..this is a bold decision and a good one too..given that before Elections, he said he does not believe in subsidy….haven faced the reality he is also ready to tackle the challenges.thumbs up for him
Subsidies can not be removed when internal production is nonexistent. This is a logical thinking. Therefore, to remove subsidies will entail improving on internal production for internal consumption. This is the major reason why the Mr President could not do it.
Subsidy is good in a developing country like Nigeria but it should be on local production not on imported products. PMB should make sure that our refineries starts working ASAP and encourage private ones to come on stream too.