Petrol: No going back on subsidy removal – Presidency
The Presidency has said the call by former Vice-President Atiku Abubakar to bring back fuel subsidy will undermine the reforms already undertaken in the petroleum sector. According to the Presidency, it will also create legal and fiscal complications, and potentially discourage investment in domestic refining, including the Dangote Refinery and other modular refineries. This was […]
The Presidency has dismissed former Vice-President Atiku Abubakar's call to reintroduce the fuel subsidy, stating it would undermine recent reforms in the petroleum sector and create legal and fiscal complications. Special Adviser to the President on Information and Strategy, Bayo Onanuga, called the move retrogressive and fiscally unsustainable, arguing that Nigeria's petroleum landscape has changed since the subsidy removal in 2023.
The Minister of Finance, Taiwo Oyedele, highlighted that the removal of the subsidy generated N15.8 trillion in resources for the federation, with N5.4 trillion for the Federal Government and N10.4 trillion shared among states and local governments. President Bola Tinubu criticized Atiku's proposal as a demonstration of his ignorance in governance and economy, occurring after his inauguration on May 29, 2023.
The controversy over the fuel subsidy removal has sparked debate among political figures and financial experts, with some arguing that the focus should be on sustainable economic growth and development, rather than simply returning to the old system of artificially lowering pump prices.
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