According to Punch, Olu Veŕheijen, President Bola Ahmed Tinubu’s Special Energy Advisor, recently stated that the federal government still has the right to offer fuel subsidies to ease the pain that the withdrawal of the program has caused in the nation. This declaration coincides with accusations made by international financial institutions like the World Bank and the International Monetary Fund (IMF) that Tinubu’s administration is still subsidizing fuel even though calls have been made for their total removal in order to support the economy. CONTINUE FULL READING>>>>>
While addressing journalists in Abuja, Veŕheijen emphasized that governments worldwide intervene during challenging economic periods to mitigate hardship through subsidy measures. While she did not explicitly state whether the subsidy has been fully reinstated, Veŕheijen stressed the government’s commitment to stabilizing fuel prices to mitigate the impact on the populace.
Veŕheijen clarified that although the subsidy was officially removed on May 29, the government retains the discretion to intervene intermittently to maintain price stability and address social unrest. This intervention, she noted, does not negate the fact that the subsidy had been previously abolished. In a separate development, senior advocate of Nigeria (SAN), Femi Falana, urged the federal government to confirm or refute claims regarding the restoration of petrol subsidy. Falana referenced assertions made by Robert Dickerman, the chief executive officer of Pinnacle Oil, who alleged at a conference in Abuja that the government continues to spend N1 trillion monthly on petrol subsidy.
Falana criticized the government’s silence on the matter, advocating for transparency and public disclosure regarding the state of economic policies. He emphasized that rather than urging Nigerians to endure the hardships resulting from subsidy removal, the president should provide clarity on the matter. President Tinubu had announced the removal of petrol subsidy during his inauguration on May 29, 2023, a decision that has exacerbated living conditions for Nigerians as inflation persists, leading to a decline in disposable income and exacerbating economic challenges faced by citizens.
Hear her: “The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene. If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently and that, does not negate the fact that subsidy has been removed.” CONTINUE FULL READING>>>>>
