President Muhammadu Buhari has hinted that his administration is not ready to remove subsidy on petroleum products despite literatures urging him to do so now.
Buhari hinted that the biggest problem of Nigeria’s oil sector is not the removal of fuel subsidy.
He said this Monday in Abuja, that his administration will handle the issue of subsidies on petroleum products with care.
Speaking after receiving a briefing from the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation (NNPC) and other agencies in the oil sector, President Buhari said that he will carefully review all the submissions he had received on the need to remove the subsidies.
“I have received many literature on the need to remove subsidies, but much of it has no depth.
“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,” the President noted.
President Buhari also said that the lack of security, sabotage, vandalism, corruption and mismanagement, not necessarily subsidies, are the most serious problems of Nigeria’s oil sector. He promised to deal decisively with all identified problems of the oil and gas sector.
“We have to go back to the good old days of transparency and accountability,” the President said .
President Buhari directed the NNPC to review existing agreements for the swapping of crude oil for refined products with a view to injecting more honesty and transparency into the process to reduce costs.
The President also asked the NNPC management to do more to improve the supply of liquefied petroleum gas (cooking gas).
Praise God that Nigerians elected a leader who is able to see the big picture instead of falling for misleading details. Removing the subsidy might have some benefits, but the welfare of Nigerians should come first.
Why are Nigerias so visionless? I agree 100% with GMB on subsidy. The problem is not the subsidy payment but the corruption in administering subsidies. But i will advise him on the approach towards weeding off the rot in the oil and gas sector before any other look at removing subsidy is considered. FG as a priority should mandate all IOCs (and other local players) to embark on refining crude in Nigeria with govt having 40% stake in the refineries with regulatory rights and the companies owning 60% and the operating rights. Govt should provide enabling environment to encourage these companies in achieving this target especially security and surveillance. This move will address lots of issues such as: 1. Exponential job creation; 2. Availability of refined petroleum products at very cheap prices; 3. Raw materials to grow other small scale industries and above all (4) Reduce pressure on dollars thereby raking in more dollars into our economy from the sale of these products. Overnight, Nigeria will join the league of exporters of refined petroleum products in Africa. Instead of the jobless and poor Nigerians suffering the pains of subsidy removal, let the big companies and govt shoulder the heat till things stabilizes. Anything short of this will continue to burn our hands…. Lets be wise! Nigeria has no business importing petroleum products, its totally illegal and wasteful. You cant be producing Casava and yet buying garri in the market at even higher price… C’mon guys!
Any one that want subsidy in Nigeria today is the rich not the poor as you claim mr PMB. The poor and jobless has no benefit in it cause the proccess drain already dry pocket. The money that may be use to run social benefit as you claim in your campaing will not be even enough to pay this subsidy. Don’t listen to benefactors of this subsidy except you MR PMB are among them.
Mr President, you are indeed for the poor. Removing subsidy is not the best for our country now. Please, go on with the Wisdom you are known.
…..I VOLUNTER MYSELF A SPECIAL ADVISER ON SUBSIDY WITHOUT A PAY.PLEASE,ALL BAD SIDES OF SUBSIDY REMOVAL ARE VERY TEMPORARY LIKE ALL GOOD THINGS. PLEASE BURY THIS ECONOMIC VIRUS THAT AS BEING WITH US FOR OVER 60 YEARS WITHOUT A SINGLE GAIN.LETS TRY THE OTHER SIDE OF IT FOR JUST 2 OR 3 YEAR.
With all due respect, I think the president has enough advisers! 😉
SIR,I WILL VOLUNTERE MYSELF AS A SPECIAL ADVISER ON SUBSIDY WITHOUT PAY.PLS FORGET THIS ECONOMIC VIRUS.
WITH ALL DUE RESPECT SIR,THAT IS NOT TOTALY RIGHT.LOOK AT TELECOME 2DAY & BEFORE OBASANJO LIBRALIZED IT.WHICH IS BETTER? YOU ARE ABOUT MAKING D SAME MISTAKE D LATE PRESIDENT UMORU YARDUA MADE.SUBSIDY LIKE COMMUNISM IS FINE IF ANGELS ARE GOING TO MANAGE IT,BUT HUMAN AS WE ARE, ARE GOINNG TO MESS IT UP WITH CORUPTION.THEN, THIS SIDE OF PRIZE RISINIG IS GOING TO BE TEMPORARY.PLS,BE BOLD TO REMOVE SUBSIDY.THE ONLY GOOD THING ABOUT SUBSIDY IS ITS REMOVAL.
If you say so mr president. I particularly love that your point that removal of oil subsidy will affect the jobless adversely. That is a president that is thinking very deep. Low to the downtroden. You have all the facts, details afe placed in front of you. So you are in a more and better placed position to make the best decisions. You have our support. Fighting the other ills, it is then. THANK YOU LORD.