2023: Why protest will not stop me from removing fuel subsidy – Tinubu

THE presidential candidate of the All Progressives Congress (APC), Bola Tinubu has vowed to stop subsidising the cost of premium motor spirit (PMS), otherwise known as fuel, if elected President in 2023.

Speaking at a business luncheon in Lagos on Thursday, December 22, Tinubu said no amount of protest by Nigerians can stop him from removing fuel subsidy.

According to him, neighbouring countries and few Nigerians are the ones benefiting from the subsidy.


READ ALSO:

N13.7trn spent on fuel subsidy in 15 years — NEITI

Buhari tells IMF, World Bank why he ignored fuel subsidy removal advice

Labour faults IMF’s fuel subsidy advice to Nigerian government

Analysts ask FG to adopt phased removal of fuel subsidy


Read Also:

He said, “Nigeria will not continue to subsidise fuel consumption in neighbouring countries.

“How can we be subsidising fuel consumption of Cameroon, Niger, Benin Republic? No matter how long you protest, we are going to remove subsidy.”

The APC presidential candidate was restating the claim by the Nigeria Customs Service (NCS) which in 2021 said Nigeria’s subsidised fuel is being smuggled out of the country “in large quantities”.

The Controller-General of NCS, Col. Hameed Ali blamed the Department of Petroleum Resources (DPR) for establishing filling stations along the land borders against Custom’s advice.

Ali said the filling stations were responsible for the increasing volume of fuel being released by the Nigerian National petroleum Corporation (NNPC) as daily consumption.

“The issue of smuggling of fuel from Nigeria to the neighbouring countries is simply because of price differential. The prices outside our shores and borders are higher, and that is what attracts people to move this product outside. And this product is not only limited to Benin, Niger or Chad, it goes up to Mali,” he said.

Similarly, President Muhammadu Buhari in October affirmed that fuel subsidy will end in 2023 despite the “destablising effects” it will have on the economy”




     

     

    “As we seek to grow our government revenues, we must also focus on the efficiency of utilisation of our limited resources. Critical steps we are taking include immediate implementation of additional measures towards reducing the cost of governance and the discontinuation of fuel subsidy in 2023 as announced earlier.

    “Petrol subsidy has been a recurring and controversial public policy issue in our country since the early eighties. However, its current fiscal impact has clearly shown that the policy is unsustainable”, he said.

    Meanwhile, it would be recalled that Buhari, Tinubu and other chieftains of the APC had taken to streets in 2012 to protest against the proposed removal of fuel subsidy by former President Goodluck Jonathan.

    Read Also:

    Following the protest that lasted some days, Jonathan was forced to reverse the decision.

    Advertisements

    Sinafi Omanga is a multimedia journalist and researcher with The ICIR. He has a keen interest in humanitarian reporting, social justice, and environment.
    Twitter handle:
    @OmangaSinafi
    Email:
    [email protected]

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here


    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement

    Recent

    - Advertisement