President Bola Tinubu has instructed the National Economic Council (NEC), led by Vice President Kashim Shettima, to take action and address the repercussions of subsidy removal on the public.

This directive coincided with the endorsement of the removal of petrol subsidies by the governors of all 36 states in Nigeria.

Interestingly, to alleviate the impact of subsidy removal, major oil marketers donated 100 mass transit buses worth N10 billion to the federal government.

During a courtesy visit to President Tinubu at the Presidential Villa in Abuja, Governor Dapo Abiodun of Ogun State revealed that the oil marketers were expressing their support for the president’s courageous decision to end subsidy payments.

This action demonstrates Tinubu’s determination to eliminate the long-standing financial burden on the country.

Previously, Nigeria had been spending approximately N4 trillion annually on subsidies. This money will now be directed to the Federation Account Allocation Committee (FAAC). It is believed that the money will be distributed among the three tiers of government.

Governor Abiodun acknowledged that the transition would cause some discomfort for the people. But he emphasized that the eventual benefits would outweigh the initial challenges.

Dame Winifred Akpani on Subsidies Removal
Dame Winifred Akpani, the Chairman of DAPPMAN, also expressed her organization’s unwavering support for the federal government during the courtesy visit.

She acknowledged the difficulties caused by the subsidy removal but remained optimistic that it would ultimately reposition the country.

Dame Akpani highlighted that Nigeria had already spent over N2 trillion on subsidies in the first three months of 2023. If this pattern continued, the total amount spent by the end of the year could reach N7 trillion.

She pointed out that Nigeria could no longer afford to subsidize fuel for neighbouring African countries while its own economy suffered.


In light of this, the major oil marketers pledged to donate 50 to 100 mass transit buses to facilitate the success of the subsidy removal initiative and encouraged other corporate entities to follow suit.

Continue Reading: https://politainment.net/nigeria/tinubu-subsidy-removal/

We hope for a better Nigeria, True success requires sacrifice.

FIRDAUS3:
We hope for a better Nigeria, True success requires sacrifice.

LET THE PRESIDENT AND HIS CABALS, SENETOR SACRIFICE THER SALARY FOR THE MASSES. I KNOW THEY CARE. BEFORE WE START TAKING THEM SERIOUS