Real Reason We Decided Not To Remove Fuel Subsidy – Buhari

Real Reason We Decided Not To Remove Fuel Subsidy – Buhari


Real Reason We Decided Not To Remove Fuel Subsidy – Buhari

Real Reason We Decided Not To Remove Fuel Subsidy – Buhari

Real Reason We Decided Not To Remove Fuel Subsidy – Buhari: President Muhamamdu Buhari has revealed why the country is yet to remove fuel subsidy.

He spoke in an interview with Bloomberg.

According to Buhari, the effects of removing fuel subsidies would have been too harsh on Nigerians.

The President also said they were working on boosting local capacity in order to stem the inflationary pressures.

Buhari claimed that most western countries are implementing fuel subsidies and added that “what is good for the goose is good for the gander”.

According to him, “My government set in motion plans to remove the subsidy late last year. After further consultation with stakeholders, and as events unfolded this year, such a move became increasingly untenable.

Trending Now :  (Video): How US Rapper, Da Baby Bought Popcorn For $100 in Lagos

“Boosting internal production for refined products shall also help. Capacity is due to step up markedly later this year and next, as private players and modular refineries come on board.”

Buhari also explained that the exchange rate is very much “susceptible to external shocks that can suddenly and severely affect Nigerians”, but added that “as we step up domestic production – both in fuel and food – the inflationary threat shall diminish, and we can move toward unification.”

There is currently fuel scarcity in Lagos and other parts of the country.

Consumers are spending as high as N300/litre to buy the product in the black market.

TrendsOfLegends Media Comments/Views/Opinions:

Thanks for making out time to visit our website, feel free to visit our homepage on https://trendsoflegends.com/ to check other amazing contents/updates

👇DOWNLOAD FREE NOW👇













About Tori News Updates & Latest Gist 2022 3148 Articles
I am the GODCHILD. A High-Intelligent Brain Design of Utmost Love and Crazy Ideas . CLICK HERE TO SEE AUTHOR'S UPDATES SO FAR.

Be the first to comment