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Subsidy removal: Tinubu commends PMB for 'act of courage'
Yesterday
– Bola Tinubu explained why the federal government’s removal of subsidy on petrol was necessary and inevitable
– He commended President Muhammadu Buhari, describing his decision as “the act of courage”
– Tinubu said that the subsidy regime led to petroleum products being smuggled to neighbouring countries, while fuel scarcity persisted in Nigeria
Tinubu commended President Muhammadu Buhari, describing his decision as “the act of courage”.
Bola Tinubu, the national leader of the All Progressives Congress (APC), has explained why the federal government’s removal of subsidy on petrol was necessary and inevitable.
The Nation reports that the former Lagos state governor also commended President Muhammadu Buhari, describing his decision as “the act of courage”.
Tinubu stressed that a situation where bogus suppliers were paid huge sums of money for supplying nothing, while long lines of queues remained was unsustainable. He noted that the subsidy regime led to petroleum products being smuggled to neighbouring countries, while fuel scarcity persisted in Nigeria.
As a consequence, the price of petrol stayed fixed at a low level and investors were apprehensive about fixing existing or building new refineries.
Tinubu added that while the fuel price was cheap on paper, there were hidden costs that made the subsidy regime expensive for the country.
“With dwindling revenue from oil due to the slump in global oil prices and a dwindling forex reserve, the country could no longer live in denial.
“President Muhammadu Buhari, after carefully weighing the options, decided to do what is right.
“In an act of courage, he removed the oil subsidy, thereby freeing the downstream component of this strategic sector of the economy from the distortions of price fixing,” he said.
Meanwhile, the Concerned Ijaw Transformation Ambassadors has called Tinubu to apologize to Goodluck Jonathanfor the sinister role he and other prominent Nigerians played when the former president announced the removal of fuel subsidy in January 2012.
The group wondered why the same people who had “feigned patriotism and advocacy for social justice turned a new leaf and now pioneer and celebrate the removal of fuel subsidy” under President Buhari.
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