President Muhammadu Buhari
President Muhamamdu Buhari has said the Federal Government’s decision to keep paying fuel subsidy was to avoid its negative effects on Nigerians.
Buhari said the effects of removing fuel subsidy would have been too harsh on the citizens.
The President made this known in a recent interview with Bloomberg.
He said: “Most western countries are today implementing fuel subsidies. Why would we remove ours now? What is good for the goose is good for the gander!
“What our western allies are learning the hard way is what looks good on paper and the human consequences are two different things.
READ ALSO: Fuel scarcity: FG warns against panic buying, insists on N165 pump price
“My government set in motion plans to remove the subsidy late last year. After further consultation with stakeholders, and as events unfolded this year, such a move became increasingly untenable.
“Boosting internal production for refined products shall also help. Capacity is due to step up markedly later this year and next, as private players and modular refineries (Dangote Refinery, BUA Group Refinery, Waltersmith Refinery) come on board.
“The exchange rate is still susceptible to external shocks that can suddenly and severely affect Nigerian citizens.
“As we step up domestic production – both in fuel (enabled by PIA) and food (agricultural policies) – the inflationary threat shall diminish, and we can move toward unification,” President Buhari said.
Motorists and commuters across Lagos are facing rising transportation costs following another increase in the…
The Oyo State Government has launched a new initiative aimed at tackling open defecation through…
Governor Uba Sani is poised to surpass his own infrastructure milestone once the 36-kilometre Bagoma–Gagumi…
Meta is planning sweeping layoffs that could affect 20% or more of the company, three…
United States President Donald Trump has rebuffed efforts by Middle Eastern allies to start diplomatic…
A 74-year-old man, Ikwuakalom Nwakoro Emeka, has been arrested by the operatives of the National…
This website uses cookies.