The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has reiterated its support for the recent fuel subsidy removal announced by President Bola
“The total amount withheld by the NNPCL as claimed subsidies for this period amounted to N8,480,204,553,608.13 as reported by the Office of the Accountant General of the Federation which is yet to be reconciled by the RMAFC, OAGF, and NNPCL,” Shehu stated.
He added that in a situation whereby the records of subsidy transactions are not transparent and crude oil prices are being determined globally, it would be unwise to sustain the phantom payments of subsidy at the detriment of other critical sectors of the economy thus making its sustainability difficult for the government.
Mr.
The commission’s chairman also poured encomiums on the administration of former President Muhammadu Buhari for providing the necessary enabling environment for the successful take-off of the first private refinery easily the largest in the world built by Alh. Aliko Dangote, believing that when it becomes operational, the country will witness a glorious dawn in hassle-free oil production and distribution in the absence of subsidy regime.
While commending Tinubu, for his uncommon courage and political will in doing away with the issue of fuel subsidy, he urged the new administration to work out strategies that would cushion the attendant effect of the new policy adding that deterrent measures should be earnestly taken to bring to book all the economic saboteurs who have contributed to our National adversity in accordance with the extant laws of the Federation.
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