• Members of Socialist Alternative, Take it Back and #RevolutionNow during a protest against the recent increase in the pump price of petrol and electricity tariff at the entrance of the Nigeria Labou
r Congress headquarters in Abuja...on Monday. Photos: Olatunji ObasaFuel queues will return if we continue subsidy, Buhari warns NigeriansThe President, Major General Muhammadu Buhari , on Monday, said any attempt by his regime to return to the era of subsidising Premium Motor Spirit, popularly known as petrol, would lead to “several negative consequences.”
Following the economic downturn caused by the COVID-19 in March, the Federal Government deregulated the downstream sector of the nation’s oil and gas sector, allowing petrol prices to be determined by market forces. Following the severe fuel scarcity the country experienced in the first quarter and parts of the second quarter of 2016, the Federal Government on May 11, 2016 increased the petrol price to N145 per litre from N86, putting an end to fuel subsidy to marketers, in what was described as partial liberalisation of the sector.
“First of all, it would mean a return to the costly subsidy regime. Today, we have 60 per cent less revenue, we just cannot afford the cost. Buhari said, “Let me say frankly that like many Nigerians, I have been very unhappy about the quality of service given by the Discos, but there are many constraints including poor transmission capacity and distribution capacity.
“Under this new arrangement, only customers who are guaranteed a minimum of 12 hours of power and above can have their tariffs adjusted. “Similarly, the review of service-based electricity tariffs was scheduled to start at the beginning of July but was put on hold to enable further studies and proper arrangements to be made.
It said despite the recent increase in the price of petrol to N162 per litre, the price of the commodity in Nigeria remained among the cheapest in Africa. “You can now see that even with the removal of subsidy, fuel price in Nigeria remains among the cheapest in Africa.”He noted that fuel subsidy alone gulped N10.413trn between 2006 and 2019.
He listed the cost of power in naira per kilowatts in some African countries to include; Nigeria -49.75; Senegal -71.17; Guinea -41.36; Sierra Leone -106.02; Liberia -206.01; Niger -59.28; Mali -88.23; Burkina Faso -85.09; and Togo -79.88. The TUC president stated, “The claim that queues would return to the filling stations if they return subsidy cannot be genuine.
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