“The Obasanjo government in which I served commenced a phased subsidy withdrawal.”
Former Nigerian vice president Atiku Abubakar on Saturday said ruling All Progressive Congress chairman Adams Oshiomole frustrated the past efforts to remove fuel subsidy.
The Nigerian Government said late on Thursday that President Muhammadu Buhari had granted approval to the Petroleum Products Pricing Regulatory Agency to remove the price cap that was in place for petrol. Although, Nigeria is the largest producer of oil in Africa, the country imports almost all the gasoline it consumes. The Buhari administration said it has stopped a “costly and corrupt subsidy” programme managed by his predecessor, Goodluck Jonathan, but it still pays the bill to insulate Nigerians from the full cost of petrol prices.
Since then, the government quietly restored subsidy in the pricing template of petrol without any formal announcement. Rather than call the excess cost above the N145 per litre ceiling fuel subsidy, the government gave the NNPC approval to describe it as ‘under-recovery’ as part of its operational cost.
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