No Genuine Reason To Remove Oil Subsidy Yet–says by president buhari

By Levinus Nwabughiogu
ABUJA–President Muhammadu Buhari, Monday in Abuja
said that his government may not remove the petroleum
subsidy, stating that the reasons so far canvassed for its
removal did not sound plausible.
He added that the absence of subsidy will have adverse
effect on the poor and jobless Nigerians.
Speaking after receiving a briefing from the Ministry of
Petroleum Resources, the Nigerian National Petroleum
Corporation (NNPC) and other agencies in the oil sector,
President Buhari said that he will carefully review all the
submissions he had received on the need to remove the
subsidies.
"I have received many literature on the need to remove
subsidies, but much of it has no depth.
"When you touch the price of petroleum products, that has
the effect of triggering price rises on transportation, food and
rents. That is for those who earn salaries, but there are many
who are jobless and will be affected by it," he said.
According to the president, what impeded transparency in
the oil sector may not be the subsidy but lack of security,
sabotage, vandalism, corruption and mismanagement.
He however promised to deal decisively with all identified
problems of the oil and gas sector.
"We have to go back to the good old days of transparency
and accountability," the President said .
A statement by his Special Assistant on Media and
Publicity, Mallam Garba Shehu stated that "President Buhari
directed the NNPC to review existing agreements for the
swapping of crude oil for refined products with a view to
injecting more honesty and transparency into the process to
reduce costs", even as he also "asked the NNPC management
to do more to improve the supply of liquefied petroleum Gas
(cooking gas)."

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