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Tinubu Govt Speaks On Alleged Return Of Fuel Subsidy
Eko Hot Blog reports that the special Adviser to the President on Energy, Olu Veŕheijen , has asserted that the federal government reserves the right to pay fuel subsidy to soften the hardship that has ravaged the country in the aftermath of removal.
Recall that global financial organisations including the International Monetary Fund (IMF) and the World Bank have separately alleged that the Tinubu led government was still subsidizing fuel.
The organisations called for the total eradication of subsidies to help the economy get better.
Olu Veŕheijen, Special Adviser To The President On Oil and Gas
However, while briefing journalists in Abuja on Friday, the special adviser said that governments across the world intervene at difficult times to address economic hardship though subsidy.
While she did not provide a clear statement on whether the subsidy has fully returned, Veŕheijen added that the government is making every effort to keep fuel prices stable in order to lessen the impact on the general public.
She said, “The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.
“If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently and that, does not negate the fact that subsidy has been removed.”
What Tinubu’s Reforms In Oil And Gas Sector Aim To Achieve – Verheijen
Meanwhile, the Special Adviser on Energy to the President, Olu Arowolo Verheijen has disclosed that President Bola Ahmed Tinubu’s reforms in the oil and gas sector aim to boost revenue and stabilize Nigeria’s economy.
Verheijen made this known on Friday at a press conference in Abuja.
She said key directives of the reforms include fiscal incentives for gas development, streamlining contracting processes, and local content reform to attract investments and promote growth.
Logo Of Nigeria Labour Congress
She said: “Our ambitions to accelerate our economic growth and diversify the economy for the benefit of all Nigerians requires timely, credible, clear and consistent policy.
“We are faced with a revenue crisis which is impacting all Nigerians. To urgently address this, President Bola Tinubu is actively seeking ways to grow revenue and forex to stabilize our economy and currency.
“The Oil and Gas sector is critical to our ability to do so. However, our current oil and gas production and investment levels fall significantly short of our potential.
“Since 2016, Nigeria has only accounted for only four per cent (4%) of Africa’s total oil and gas investments, despite possessing thirty-eight per cent (38%) of the continent’s hydrocarbon reserves. A society is not rich because of its resources but because of what it does with those resources
“His Excellency, President Bola Ahmed Tinubu is determined to reverse this trend and take decisive steps to ensure to a conducive business climate and reposition Nigeria as a preferred investment destination for the oil and gas sector.” She said
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