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Monday 16 December 2019
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We will Handle Issue of Petroleum Subsidies with Care – Buhari

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ABUJA — President Muhammadu Buhari has said that his administration will handle the issue of subsidies on petroleum products with care.

 

The President stated this after receiving briefing from the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation (NNPC) and other agencies in the oil sector.

READ ALSO : SUBSIDY CAN ONLY BE REMOVED BY AMENDING PRICE CONTROL ACT 1977, SAYS DOGARA 

According to him, he will carefully review all the submissions he had received on the need to remove the subsidies.

 

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

 

“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,” the President noted.

 

President Buhari also said that the lack of security, sabotage, vandalism, corruption and mismanagement, not necessarily subsidies, were the most serious problems of Nigeria’s oil sector.

 

He, therefore, promised to deal decisively with all identified problems of the oil and gas sector.

 

“We have to go back to the good old days of transparency and accountability,’’ the President said .

 

The President 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.

 

He also asked the NNPC management to do more to improve the supply of liquefied petroleum Gas (cooking gas).



SAYELBA TIMES is an independent news group that focuses on original investigative reporting about critical issues facing all Niger Delta States including other parts of the world. Our contents are positive, creative, truthful and relevant.


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