Former Governor Affirms Nigeria’s Ongoing Fuel Subsidy Payments

Former Governor Affirms Nigeria’s Ongoing Fuel Subsidy Payments....KINDLY READ THE FULL STORY HERE▶

Despite President Bola Tinubu’s declaration last year that “the fuel subsidy is gone,” former Bauchi State Governor, Isa Yuguda, asserts that the federal government continues subsidizing petroleum products. This revelation emerges amidst ongoing discussions on the economic consequences of subsidy removal in Nigeria.

In his inaugural speech, President Tinubu had announced the end of fuel subsidy, a decision not reflected in the 2023 Budget, signaling the government’s stance on subsidy payments as no longer justifiable. This policy shift aligned with the International Monetary Fund’s (IMF) recommendation, urging Nigeria to eliminate fuel and electricity subsidies to address economic challenges.

However, the aftermath of subsidy removal witnessed a surge in petrol prices, escalating from less than N200 per liter to around N700 per liter in major cities.

Yuguda, in a Channels TV interview, stated, “If the IMF says we are paying subsidy, then we are. But the subsidy that was removed was the one going into private pockets, and I decoupled that subsidy that shouldn’t have been paid.” He emphasized redirecting removed subsidies into the national treasury, contributing to increased revenue.

Addressing the economic hardships, the former governor highlighted the challenge of conveying the president’s efforts to the average Nigerian. He suggested that the president’s cabinet should engage in public outreach, explaining how government policies aim to transform the nation.

Yuguda expressed expectations for the cabinet to communicate with various societal strata, helping people understand the prevailing economic situation. He also attributed the current state of affairs to mismanagement by the Central Bank and past economic missteps, emphasizing the need for informed public discourse.

For more information join our WhatsApp group by clicking the link here: WhatsApp Group Invite

Stay connected via Google News

Follow us for the latest travel updates and guides.