Again, Buhari Speaks on Subsidy Removal as He Makes Last Budget Presentation
- President Muhammadu Buhari has warned that the current subisdy on fuel is not sustainable for Nigeria's economy
- The president made this closure while presenting the 2023 budget to members of the joint National Assembly
- Accoridng to the president, petrol subsidy has continued to be a controversial issue in Nigeria since the eighties
On Friday, October 7, President Muhammadu Buhari presented an N20.51 trillion budget for 2023 to the National Assembly.
The president while making his presentation advocated for the removal of subsidy on the Premium Motor Spirit (PMS) popularly known as fuel.
Channels Television reports that the president, the present regime of subsidy is not sustainable, especially considering the current economic realities on the ground.
Source: Twitter
He further stated that as a country, Nigeria needs to tackle issues by taking into consideration the need to provide social amenities for the people.
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His words:
“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. As a country, we must now confront this issue taking cognizance of the need to provide safety nets to cushion the attendant effects on some segments of society.”
Working with Nigeria's limited resources to achieve development
He also stated that Nigeria and the Federal Government in particular must focus on the efficiency of utilization of the nation's limited resources as it seeks to grow revenues.
He said:
“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.”
He added that adequate provisions have been made to alleviate some of the effects of the fuel subsidy removal on citizens.
His words:
“We are however mindful of the fact that reducing government spending too drastically can be socially destabilizing, and so will continue to implement programmes to support the more vulnerable segments of society."
In 5 years, Nigerian govt fuel subsidy payment jumps by 890%, with no justification, report says
Under the administration of President Muhammdu Buhari, the payment for fuel subsidy increased astronomically.
However, a report has shown that the increase has not in any way helped bring down the cost of transportation in the country.
This is raising questions on why the subsidy payment and who are the beneficiaries amid the resolve by FG to continue payment.
MRS Fingers NNPC, Duke Oil over bad fuel in circulation
Meanwhile in an earlier report, Legit.ng revealed that the management of MRS Oil Nigeria Plc has cleared the air on how the Nigeria Petroleum Corporation brought bad fuel into the country which is causing scarcity and an increase in the cost of transportation.
MRS also dissociated itself from reports making the rounds on social media that it is responsible for the contaminated product in Nigeria and that the company is a responsible corporate citizen who will not go out of its way to harm other citizens.
According to MRS, the NNPC is the sole importer of PMS into Nigeria and the NNPC, through their trading arm, Duke Oil, supplied a cargo of PMS bought from an International trader. Litsaco and delivered it with Motor Tanker (MT) Nord Gainer.
Source: Legit.ng
