President Buhari rejects idea of oil subsidy removal

The poor will bear the brunt if the subsidy is removed.

 

President Muhammadu Buhari’s recent stance on the controversial issue of oil subsidy removal has sent shock waves in the spines of its advocates.

Speaking after a briefing with staff of Nigerian National Petroleum Corporation (NNPC) and other parastatals in the oil industry, Buhari said the arguments for subsidy removal had no depth.

Adding that the poor will bear the brunt if the subsidy is removed.

Speaking to the media, Mallam Garba Shehu, Special Assistant on Media and Publicity said “President Buhari directed  the NNPC to review existing  agreements for the swapping of crude oil for refined products with a view to injecting more honesty and transparency into the process to reduce costs.”

President Buhari said “When you touch the price of petroleum products, that has the effect of triggering price rises on transportation, food and rents.  That is for those who earn salaries, but there are many who are jobless and will be affected by it.”

Adding that “I have received many literature on the need to remove subsidies, but much of it has no depth.”

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