Nigeria’s President, Muhammadun Buhari today revealed why his government has yet to update the nation on its proposal for the removal of subsidies in prices of petroleum products.
Through a statement by his Senior Special Assistant on Media and Publicity, Garba Shehu, Buhari promised that his administration is aimed at handling the nation’s problem with subsidies on petroleum products with care.
President Buhari
The President, according to Mr. Shehu was speaking after being briefed by the industry of Petroleum Resources, the Nigerian National Petroleum Corporation (NNPC) and other agencies in the oil sector.
He told his guests that he had already gotten lots of submissions on the need to remove the subsidies but that he was still carefully reviewing them.
“I have received many literature on the need to remove subsidies, but much of it has no depth,” Mr. Buhari said.
“When you touch the price of petroleum products, that has the effect of triggering price rises on transportation, food and rents.
“I have received many literature on the need to remove subsidies, but much of it has no depth,” Mr. Buhari said.
“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.
Buhari then noted that the most serious problems of Nigeria’s oil sector is still the lack of security, sabotage, vandalism, corruption and mismanagement, not necessarily subsidies.
“We have to go back to the good old days of transparency and accountability,” the President said.
Buhari had earlier also promised foreign investors of the oil sector that his administration will reform the industry with new strategies aimed at cleaning up the sector.
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