The Oil Sector has Been Caged by “Subsidy” and it must be unbundled – Tinubu

Asiwaju Bola Tinubu Presidential candidate, APC, said fuel subsidy regime must end if elected president next month.

He made this speech in a brief interview with Freedom Radio during his visit to Saudi Arabia for Umrah (Lesser Hajj).

Asiwaju the presidential candidate described subsidy regime as anti-poor.

In Kaduna-based radio station He said that subsidy payments by successive governments were nothing but a waste of resources that ought to have been used to meet the needs of the people

Tinubu, a former Lagos State governor,  argued that subsidy payments were most beneficial to the rich and, therefore, ought to be stopped,

He also said that he will ensure he end the wastage and re-channel the money to the people who truly need it.

The Presidential Candidate had earlier expose his plan to scrap subsidy being paid on Premium Motor Spirit (PMS) while unveiling his 82-page manifesto tagged “Renewed Hope 2023 – Action Plan for a better Nigeria.

During the ceremony he said that the oil sector has been caged by subsidy and therefore, must be solved.

Tinubu Speaking at an interactive session with captains of industry tagged, Business Forward in Lagos, Tinubu rejected oil subsidy payments, saying, The era when petrol subsidy was fashionable is gone.

The Petroleum Act is there for us to take a second look at to meet our obligations and no matter how much or long the protest, we will remove petrol subsidy.

We will surely make a decisions, but it will be done, and that is the truth, The era when fuel subsidy was fashionable is gone, So, it must be removed.

We can invest the money wisely, for instance in health, as some of you have said, no matter how long you protest, we will remove the subsidy.

I believe we can do it, we are educated enough, the question is How can we subsidise the fuel consumption of Cameroon, Niger, Benin Republic, and some others?

If we look at Other economies they are already building charged stations, but we are yet to generate electricity to even roast plantain.

The most important discovery for humanity in the last 1,000 years is Electricity , we must have electricity whichever way and by all means possible. I can also promise you will not pay for estimated billing. We will talk and walk our talk.

I urge you Please let us do it, we can do it, we are educated enough, we are courageous enough, we are great people and a promise made will be a promise kept, he said. 

The Federal Government is reported to have spent N1.9 trillion on subsidy between January and July 2022.

This is the time we need to stand and take a decision and make a wise decision coming election.

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