Friday, 18 December 2015

Fuel Subsidy Removal: Tinubu Reacts To Subsidy Removal

Bola Tinubu, a former governor of Lagos and national leader of the All Progressives Congress (APC) is advocating for the removal of fuel subsidy.

According to him, it would help address the persistent fuel scarcity in the country, Channels TV reports.

Speaking on Friday, December 18, at the 10th year memorial anniversary seminar for late Dr Bala Usman in Kaduna state, Tinubu said the time has come for the removal subsidy, which favoured only a privileged few while the majority of other Nigerians were living in poverty and hunger.

According to him, the money that will be save from the removal of subsidy could go a long way to aid in the revival of the nation’s refineries, reactivate the rail transport system and also provide other basic infrastructure for the citizens.

Earlier, Ibe Kachikwu, the minister of state for petroleum denied reports that subsidy has been removed and pump price has been fixed at N97. According to him, subsidy removal or its addition will not be done randomly but intellectually to fit in to the current market.

The Nigerian government said that contrary to speculations, it is not interested in the removal of subsidy on petroleum products, but rather a price modulation that will reduce its involvement in pricing starting 2016.

Meanwhile, the Nigerian Labour Congress (NLC) has warned against proposed new pump price of petrol by the federal government. Comrade Ayuba Wabba said the NLC has started mobilising its relevant organs, civil society groups, organisations and professional bodies against plans by the Federal Government to revert the pump price of petrol to N97 from next year.