Barring any last minute changes, President Muhammadu Buhari will within the next few days officially announce the removal of subsidies in prices of petroleum products, we can authoritatively report.
This is coming on the heels of the Marketers Association announcement that the duel price would be increased very soon.
Presidency sources informed about the development disclosed that President Buhari has already started consultation with the leadership of the National Assembly and key Labour leaders before the official announcement.
According to the source, “President Buhari has come to terms with the economic challenges associated with government subsidy for petroleum products. The current economic situation of the country, has made it even more imperative to remove subsidy, because it is not sustainable.”
It will be recalled that in July 2015, President Buhari dismissed calls for his government to remove fuel subsidy. According to him, “I have received many literature on the need to remove subsidies, but much of it has no depth”.
Buhari and many of the APC leaders today argued against and indeed led protested against the liberalisation of the price of fuel during previous regime with the President even wondering whether there was any subsidy at all. Their argument then was that the government was paying money to some people in the name of subsidy yet nothing was being subsidised. Curiously, billions of dollars have been paid as subsidy since the same President came to office.