President Muhammadu Buhari of Nigeria has been advised to end a fuel subsidy programme and privatise Nigeria’s four refineries in a report by his transition committee, senior sources in his party told Reuters on Sunday.
It would be recalled that the former vice chairman, Senate Committee on Petroleum (upstream) in the 7th Assembly, Senator Kabir Marafa, called for the removal of oil subsidy to end any scarcity of the product in the country.
Marafa (APC Zamfara-Central) also called for the deregulation of the oil sector. He said that the unending subsidy claims were as a result of the non-deregulation of the sector.
According to him, fuel meant for Nigeria is being diverted to other African countries where it sells at a higher price.
“With all sense of responsibility, I think Nigerians need to stand up and say enough of this hypocrisy. This thing called fuel subsidy, I don’t believe there is one, I don’t believe it is benefitting the masses and it doesn’t help them in any way as far as I am concerned.
“So long as fuel is selling at a lower price than some other neighbouring countries, you will continue to have fuel going through the borders out.
“Until they get enough (neighbouring countries), before the local markets become satisfied. If Nigerians want to help this incoming administration and if this incoming administration wants to help I think we need to look at the issue of this subsidy and do away with it once and for all.
“If you deregulate the market, you allow whoever wants to bring petroleum products into the country to go ahead and bring it, you regulate only, fuel will not sell as much as it is selling now.”
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