RMAFC backs petrol subsidy removal, says NNPC withheld N8.4trn FAAC contribution as payment | TheCable fuelsubsidy
June 8, 2023 7:54 PMThe Revenue Mobilisation Allocation and Fiscal Commission has reiterated its support for the removal of the petrol subsidyMohammed Shehu, chairman of RMAFC, made this known in a statement on Thursday.“subsidy can no longer justify its ever-increasing costs in the wake of drying resources”.
He said the agency’s position was premised on the fact that the continued “payment of humongous amounts to a privileged few in the name of subsidy” was a major drain on the nation’s scarce resources. The chairman described the president’s pronouncement on the elimination of the petrol subsidy as a masterstroke that broke the jinx.“The country can no longer sustain fuel subsidies whose demerits far outweigh its benefits to the citizenry. It is saddening to note that since 1 January 2022, to date, the Nigeria National Petroleum Company Limited has not been contributing to the federation account due to the claimed subsidy payments,” he said.
The RMAFC chairman emphasised that the cessation of under-recovery payments would eliminate the uncertainty surrounding the subsidy regime.
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