JUST IN: What President Tinubu Is Doing To Ensure There Is No Hike In Petrol – Spokesman, Ajuri Reveals (Video)

What President Tinubu Is Doing To Ensure There Is No Hike In Petrol – Spokesman, Ajuri Reveals

Written By Oshiobugie Omo-Ikirodah

In a bid to address growing concerns over the possibility of a hike in petrol prices, President Bola Tinubu’s spokesman, Ajuri, has provided insights into the administration’s strategy to stabilize the situation. Ajuri emphasized President Tinubu’s commitment to ensuring that Nigerians do not bear the brunt of an increase in the pump price of petroleum motor spirit. CONTINUE READING

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Although there are increasing pressures from various sectors calling for a review of the fuel price, President Tinubu is keen on keeping the costs competitive for the average Nigerian. Ajuri disclosed that while the government is maintaining its stance on deregulation, there’s a robust plan to stabilize the situation through indirect means.

Ajuri elucidated, “The administration has no plans to ‘technically’ reintroduce fuel subsidy. Instead, there’s a consideration to subsidize forex for fuel marketers. This strategic move will, in essence, maintain the current petrol price, ensuring that Nigerians aren’t impacted by market fluctuations.”

The statement by Ajuri clears the air on the seeming contradiction between deregulation and the push to retain current fuel prices. The idea is not to revert to the old system of fuel subsidy directly but to use forex subsidies as a tool to indirectly stabilize fuel prices. CONTINUE READING

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This approach appears to be a way for the government to save face, emphasizing that there’s “no plan to introduce” fuel subsidy in its traditional sense, while not directly addressing the new mechanism of forex subsidy which, in effect, operates as an indirect subsidy.

Watch the video for more details.

Source: Bushradiogist