Tinubu to make the decision on subsidy removal

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According to Bola Tinubu, the president-elect of the All Progressives Congress (APC), he will determine when fuel subsidies are eliminated.

The All Progressives Congress PCC’s Festus Keyamo noted on Sunday that the next administration would decide the end date for the subsidy regime. President Muhammadu Buhari’s administration has stated that the subsidy policy would end by June when the budget for the initiative would lapse.

With marketers and other petroleum stakeholders predicting that the development may drive fuel costs to N750 per litre, there has been anxiety over the planned removal of the subsidy.

The Petroleum and Natural Gas Senior Staff Association of Nigeria last week called for the removal of subsidies in defiance of the concern surrounding the matter.

Festus Osifo, president of PENGASSAN, pleaded with the government to ensure the quick rehabilitation of Nigeria’s refineries, stressing that this would help lessen the hardship that could result from the suspension of fuel subsidies. He made this request at the National Executive Council meeting of the association in Abuja.

However, the Nigeria Labour Congress has pledged to oppose the proposal, stating that the subsidy cannot be changed until the refineries are operational.

According to the Nigerian National Petroleum Company Limited, the nation’s monthly petroleum subsidy expenditure is in excess of N400 billion, which is mainly unsustainable.

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