Tinubu argued that the former system in the
down-stream sector of Nigeria’s oil industry,
only benefited the rich.
The leader of the All Progressives Congress
(APC), Bola Ahmed Tinubu has called on
Nigerians not to lament about the removal
of subsidy by the government.
Tinubu said he is aware of the mixed feelings
the decision of the government is causing,
adding that “However, we should not lament the
departure of something just because of its
longevity, particularly, when that very policy had
ceased to serve us long ago.”
Punch reports that Tinubu argued that the
former system in the down-stream sector of
Nigeria’s oil industry, only benefited the rich.
The APC leader also said “The bogus supplier was
paid for supplying nothing, while you sweated in
long queues for fuel that was never there. The
smuggler secreted fuel across the border, while our
economy crossed the border into fuel scarcity.
“While the price of fuel was cheap on paper, these
were the hidden costs that made the subsidy
regime an expensive and heavy yoke that the nation
could not continue. With dwindling revenue from oil
due to the slump in global oil prices and a
dwindling forex reserve, the country could no longer
live in denial.”
Tinubu also said investment in the oil and gas
sector was low, because investors were skeptical
about the possibilities of doing business under a
fixed fuel pricing regime.
The APC leader said “President (Muhammadu)
Buhari, after carefully weighing the options, decided
to do what is right. In an act of courage, he
removed the oil subsidy, thereby freeing the
downstream component of this strategic sector of
the economy from the distortions of price fixing.
“They offered no programmes of valid compensation
to the people. Instead, they instigated a policy of
monumental fraud known as SURE-P. However, the
only thing sure about it was that its architects
would siphon the public’s funds to fatten their own
wallets. They wanted to save money (for
themselves) yet exploited the people for no good
reason at all.”
He also said “What the President did is about the
future of our country and that of the next generation.
This government is transferring the funds to better
spend them and better save the people.
“Nothing in this world is perfect but this decision is
a just and correct one aimed at bolstering the
economy, while caring better for those the system
has unfairly treated.”
The Federal Government announced the removal
of fuel subsidy » and a subsequent increase in
the pump price of fuel to N145 on Wednesday,
May 11, 2016.
down-stream sector of Nigeria’s oil industry,
only benefited the rich.
The leader of the All Progressives Congress
(APC), Bola Ahmed Tinubu has called on
Nigerians not to lament about the removal
of subsidy by the government.
Tinubu said he is aware of the mixed feelings
the decision of the government is causing,
adding that “However, we should not lament the
departure of something just because of its
longevity, particularly, when that very policy had
ceased to serve us long ago.”
Punch reports that Tinubu argued that the
former system in the down-stream sector of
Nigeria’s oil industry, only benefited the rich.
The APC leader also said “The bogus supplier was
paid for supplying nothing, while you sweated in
long queues for fuel that was never there. The
smuggler secreted fuel across the border, while our
economy crossed the border into fuel scarcity.
“While the price of fuel was cheap on paper, these
were the hidden costs that made the subsidy
regime an expensive and heavy yoke that the nation
could not continue. With dwindling revenue from oil
due to the slump in global oil prices and a
dwindling forex reserve, the country could no longer
live in denial.”
Tinubu also said investment in the oil and gas
sector was low, because investors were skeptical
about the possibilities of doing business under a
fixed fuel pricing regime.
The APC leader said “President (Muhammadu)
Buhari, after carefully weighing the options, decided
to do what is right. In an act of courage, he
removed the oil subsidy, thereby freeing the
downstream component of this strategic sector of
the economy from the distortions of price fixing.
“They offered no programmes of valid compensation
to the people. Instead, they instigated a policy of
monumental fraud known as SURE-P. However, the
only thing sure about it was that its architects
would siphon the public’s funds to fatten their own
wallets. They wanted to save money (for
themselves) yet exploited the people for no good
reason at all.”
He also said “What the President did is about the
future of our country and that of the next generation.
This government is transferring the funds to better
spend them and better save the people.
“Nothing in this world is perfect but this decision is
a just and correct one aimed at bolstering the
economy, while caring better for those the system
has unfairly treated.”
The Federal Government announced the removal
of fuel subsidy » and a subsequent increase in
the pump price of fuel to N145 on Wednesday,
May 11, 2016.
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