Fuel subsidy secretly reintroduced by Tinubu’s administration–Shaibu

A Special Assistant on Public Communication to former Vice-President Atiku Abubakar, Phrank Shaibu, on Monday, alleged that the President Bola Tinubu’s administration has secretly re-introduced fuel subsidy despite assuring Nigerians that it has been removed.

Shaibu, made the allegation in a statement while reacting to reports by the International Monetary Fund (IMF) that the Nigerian government had begun paying petrol subsidy again.

According to media reports monthly subsidy payment was nearly N1 trillion which exceeds the amount being paid monthly by the President Muhammadu Buhari administration.

Shaibu said it is now obvious that the fuel subsidy has returned, but is now being done in a corrupt and secret manner as funds are now being diverted into private pockets.

He said: “Tinubu has been boasting at every economic forum that he deserves to be in the Guinness Book of records for removing petrol subsidy. He even said before ringing the closing bell at NASDAQ in New York last September that the ‘corrupt subsidy’ regime and FX issues had been resolved.

“But like every other thing relating to Tinubu, this has turned out to be another lie from the pit of hell. Currently, the exchange rate based on what the Central Bank of Nigeria recommended to the Nigeria Customs Service is N1515/$1.

“Hence diesel price is now over N1,200 but petrol is still selling for between N600 and N700.

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“Nigeria is the only country in the world where such disparity between diesel and petrol exists. It has become obvious that petrol subsidy has returned through the backdoor.

“With the return of petrol subsidy, oil marketers have opted out and that is why the NNPC has returned to being the sole importer of petrol once more and has the temerity to announce that it will not increase petrol cost regardless of the international price of crude oil and the exchange rate.

He also alleged that the Tinubu government had continued to frustrate the takeoff of the Dangote refinery which would have at least reduced Nigeria’s FX demands.

“The media reported last week that lingering regulatory approvals have stalled Dangote Petrochemical Refinery’s plan to release aviation fuel (Jet A1) and diesel for sale in the Nigerian market.

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“At the same time, Dangote refinery has been struggling to get the needed crude oil and has decided to import from the United States while the NNPC which has no business with monetary policy, committed Nigeria’s crude oil for a $3.3 billion Afreximbank loan ostensibly to stabilize the naira.