An NGO, Community Advocacy for Positive Behavioural Patterns Initiative, says there are substantial benefits to the federal government’s decision to remove fuel subsidy.
Mr Bamidele Mann, Director, Campaign Team of the initiative said this in a statement in Abuja.
“Hitherto fuel subsidy has been a contentious issue over the years, with some calling for its removal and others advocating for its continuation.
“However, we are resolute and have faith that President Bola Tinubu’s decision to remove fuel subsidy will subsequently impact positively to the nation,” Mann said.
According to him, the president’s pronouncement during the inaugural speech on May 29 that “fuel subsidy is gone” citing budgetary concerns has changed the trajectory of our dear country.
He urged the president to protect and cushion the effect of the removal especially on the low incomes and youths to enable them secure right to adequate standard of living.
“Consequently, many are terrified they might not meet their daily needs, which could be absolutely excruciating.
“As the father of the nation, we seek your support in this regard as we are prepared to work with you to create a system that works.
“We are optimistic that the right attitude will take us through the journey,” Mann said.
NAN reports that President Tinubu declared that there would no longer be a petroleum subsidy regime as the current 2023 budget he glimpsed does not contain it.
He stated this on May 29 in his inaugural address at the Eagle Square, Abuja.
The current 2023 budget has provision for the fuel subsidy till June.
Tinubu stated that funds for subsidies will be diverted to other things like public infrastructure, education, health care and jobs.
NAN reports that on Nov. 15, 2022, a former Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said the federal government will do away with petroleum subsidy by June 2023.
NAN reports that the federal government said that fuel subsidy gulped N2.565 trillion between January and August 2022.
Also, in the Medium-Term Expenditure Framework, the federal government proposed to spend N3.3 trillion on fuel subsidy between January and June 2023.
Source: News Agency of Nigeria