Saturday, July 31st, 2021

Fuel Subsidy Not in 2020 Revised Budget – FG

The Vice-President of Nigeria, Professor Yemi Osinbajo has declared while representing Mr. President at the Annual Ministers Retreat in Abuja, that there was no provision for fuel subsidy in the revised 2020 budget.

This is coming as an obvious response to the outcry of Nigerians towards the sudden increase in the prices of petroleum products.

OgaCEO brings to you an excerpt of Professor Yemi Osinbajo’s position to that regard.

“Such that the benefit of lower prices at the time was passed on to consumers, this was welcomed by all and sundry. The effect of the deregulation is that pump prices of petrol will change with changes in global oil prices. This means quite regrettably that as fuel prices go higher, we could see some increases in pump price. This is what has happened now.”

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“When global prices rose, it meant that the price of petrol locally will also go up. There are several negative consequences if government should even attempt to go back to the business of fixing or subsidizing petroleum prices (PMS prices). First of all, it will mean a return to the costly subsidy regime.”

 “Today have we have heard, we have sixty percent (60%) less revenue. We simply cannot afford the cost. The second danger is the potential return of fuel queues; which has thankfully become a thing of the past. Nigerians no longer have to endure long queues just to buy petrol often at highly inflated prices. Also, as I hinted earlier, there is no provision for fuel subsidy in the revised 2020 budget; simply because we are not able to afford such a cost, if reasonable provisions must be made for health, education and other social services. We simply cannot sustain petroleum subsidies.”

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“Nevertheless, I want to assure our compatriots that the government is extremely mindful of the pains that higher prices may mean at this time. And we do not take the sacrifices that all Nigerians have had to make for granted.”

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