*President Bola Ahmed Tinubu asserts his landmark announcement of the removal of hitherto controversial petrol subsidy during his inauguration May 29, 2023, has helped the Nigerian Government to determine the ‘accurate volume’ of the petroleum product the country consumes daily, besides freeing up needed fund for critical infrastructure development in the economy

Gbenga Kayode | 绿帽献妻

President Bola Ahmed Tinubu has asserted that his landmark announcement of the removal of the hitherto costly and controversial petrol subsidy at his inauguration May 29, 2023, in Abuja, FCT, has enabled the country to determine the volume of the petroleum product Nigerians consume daily.

绿帽献妻 reports President Tinubu, who stated this Thursday, September 19, 2024, while addressing the Forum of Former Presiding Officers of the National Assembly (NASS), led by former Senate President Ken Nnamani, in the State House, Abuja, FCT.

Tinubu said Nigeria鈥檚 petrol consumption had significantly dropped from 鈥渟everal million liters to now 30 something litres.鈥�

The Nigerian leader also explained the discontinuation of the unsustainable petrol subsidy, which used to gulp about $3.9billion from the Federal Government鈥檚 coffers also has curbed smuggling activities while revealing the accurate amount of petrol consumption in the country.

鈥楥ostly fuel subsidy鈥� crippling key infrastructural development in Nigeria

President Tinubu said that critical infrastructure necessary for robust economic development has been slowed down due to pumping government鈥檚 revenue into subsidies.

According to him, due to the implicit subsidy, Nigeria has been unable to equip its school facilities, healthcare system, and provide social welfare programmes for consumers, that in turn, would bring better returns on investment.

He asked the visiting ex-NASS Presiding Officers: 鈥淚magine how you get here. If you get here by road, how many roads in your communities are passable?

鈥淚nfrastructural deficit, capital spending, financial regulations not followed. I thank many of you. We鈥檝e come a long way, and all I can promise is that I will do the best.

鈥淚 can assure you. I didn鈥檛 come to look for money and exploit the situation. I came to work. I asked for the vote and they gave it to me.鈥�

Since the Federal Government鈥檚 expressed cancellation of petrol subsidy May last year, several observers, including the International Monetary Fund (IMF), however, have suggested that Nigeria is yet maintaining 鈥減artial subsidy鈥�. But the Presidency has vehemently denied this submission.

Amid the current fuel crisis, the Nigerian National Petroleum Company Limited (NNPCL), in a recent statement, noted it made over three trillion Naira in the financial year but later acknowledged that the national oil company (NOC) is owing oil traders $6 billion due to fuel subsidy.

The ensuing fuel crisis with its attendant price hike has compelled millions of energy consumers to buy petrol at prices ranging from N617 to as high as N1,200 per litre in some locations across the West African country.

Alternative energy sources to address perennial fuel crisis: President

Commenting on the strategies to address the lingering fuel scarcity in the West African country over the years, Tinubu as well disclosed that his administration is intensifying efforts at sourcing alternative energy to address the challenge that has remained with Africa鈥檚 biggest oil-producing economy for decades.

鈥淲hen I resumed, I said the subsidy was gone. There was no subsidy in the budget handed over to me. I can鈥檛 be creative looking for magic lamps to create a budget.

鈥淓ver since, we maintain that position. From several millions of liters (of petrol), now we are down to 30 something. We are now knowing true consumption how much we are taking,鈥� stated he.

The President noted: 鈥淲e are not here and we should not be here. And I know you are not one of them, the smugglers.

鈥淟ook at the prices across the countries鈥擟ameroon, Mali, Burkina Faso, Benin Republic to Ghana鈥攃heck the prices.鈥�