The All Progressives Congress (APC) National Leader, Asiwaju Bola Tinubu, on Thursday said the Federal Government’s removal of subsidy on petrol took courage but was necessary and inevitable.
He said a situation where bogus suppliers were paid huge sums for supplying nothing while long lines of queues remained was unsustainable.
Tinubu believes the subsidy regime led to petroleum products being smuggled to neighbouring countries while scarcity persisted.
The consequence, he said, was that as the price of petrol stayed fixed at a low level, investors were apprehensive about fixing existing or building new refineries.
According to Tinubu, while the price of fuel was cheap on paper, there were hidden costs that made the subsidy regime an expensive and heavy yoke on the country.
“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.
“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,” Tinubu said. Click to signup for FREE news updates, latest information and hottest gists everyday
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Ole! Jaguda!
ReplyDeleteSo u did not realise this in 2012. Issorite
ReplyDeleteHaaba mr tinubu you speak this one.
ReplyDeleteImagine what dis man is saying, how much is subsidy that was removed?.
ReplyDeleteBaba Tinuba dis Na fuel hike oooh not subsidy oooh!
What is dis old man saying, don't u know d meaning of subsidy remover n fuel hike?
ReplyDelete* Hw much is subsidy that was removed?
Pls Nigerians wake up oooh
what is different from what uncle Jona did then that he even held townhall meetings in all the geopolitical zones educating ppl why subsidy has to be removed? APC an angelic party, all that u do is good. Duplication of effort.
ReplyDeleteThat shows you are of low esteem. If Buhari allow your probe. You will call him name. God is watching. May Thunder fall on you.
ReplyDelete...but you people categorically told ur during electioneering campaign that there was No Subsidy. Later when All Promises Cancelled (APC) got the power you chaned to saying subsidy is #12. If u add #12 to #87 it is supposed to sum to #99, how come #145??? Scammers. We can't be deceived again. You people have failed yourselves and Nigerians. Shame
ReplyDelete#GodWillFight4Us#
Olori buruku ni ye! Ole! Baba Jaguda na you talk this. Shameless old fool.
ReplyDeleteThis brainless fool makes me sick each time he talks.
ReplyDeleteAPC there is God o o o.................. liars party
ReplyDelete