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Tinubu: Why Subsidy Had To Be Removed by kingwalsdinho99: 8:06am On May 20, 2016 |
All Progressives Congress (APC) National
Leader Asiwaju Bola Tinubu yesterday said
the Federal Government’s removal of subsidy
on petrol was necessary and inevitable.
He said a situation where bogus suppliers
were paid huge sums for supplying nothing
while long lines of queues remained was
unsustainable.
Tinubu believes the subsidy regime led to
petroleum products being smuggled to
neighbouring countries while scarcity
persisted.
The consequence, he said, was that as the
price of petrol stayed fixed at a low level,
investors were apprehensive about fixing the
refineries or building others.
According to Tinubu, while the price of fuel
was cheap on paper, there were hidden costs
that made the subsidy regime an expensive
and heavy yoke for the country.
“With dwindling revenue from oil due to the
slump in global oil prices and a dwindling
forex reserve, the country could no longer
live in denial.
“President Muhammadu Buhari, after
carefully weighing the options, decided to do
what is right.
“In an act of courage, he removed the oil
subsidy, thereby freeing the downstream
component of this strategic sector of the
economy from the distortions of price fixing,”
Tinubu said.
The former Lagos State governor said the
President’s decision constituted a major step
toward removing the nightmare of fuel
importation and its attendant hardships,
especially to the foreign reserve condition. |
Re: Tinubu: Why Subsidy Had To Be Removed by slyng(m): 8:11am On May 20, 2016 |
Only the insanes wont comprehend this |
Re: Tinubu: Why Subsidy Had To Be Removed by xtophy(m): 8:14am On May 20, 2016 |
werey re ooo... 2012, subsidy is scam, NOW,it is true...make my third leg bend if i believe dis dark rag |
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