Tinubu Advocates Removal Of Petrol Subsidy

A former Governor of Lagos State and National Leader of
the All Progressives Congress (APC), Bola Tinubu has
advocated the removal of petrol subsidy as a way to
address the perennial fuel scarcity in the country.
Mr Tinubu made the pronouncement in Kaduna State as a
Guest Speaker at the 10th year memorial anniversary
seminar for late Dr Bala Usman on Friday.
He argued that the sustenance subsidy on petroleum
products had favoured only the privileged few while the
majority of other Nigerians wallow in hunger and poverty,
hence the time has come for its removal.
The National Leader of the APC explained that monies
saved from subsidy removal could be used to revive the
nation’s refineries, reactivate the rail transport system and
provide other basic infrastructure for the citizens.
Meanwhile, The Nigerian government had said that contrary
to speculations, it is not interested in the removal of
subsidy on petroleum products, but rather a price
modulation that will reduce its involvement in pricing
starting 2016.
The Minister of State for Petroleum, Dr Ibe Kachikwu, briefed reporters of the government’s position on
Thursday.
Dr Kachikwu said that a periodical review of the Petroleum Pricing Template and a flexible management of
the pricing system would be considered.
He said that the review would allow marketers to trade freely and reflect prevailing international price of
crude.
According to him, the review would be the key focus in the first quarter of 2016.