According to Tinubu, the fuel subsidy exercise came with “many demons”. He said:“In a perfect world, I wish we could sanitize the subsidy regime and thus continue with it.
“However, I have reached the conclusion that there are too many demons in the system for that hell to be turned into heaven.”
“It is better that we remove it, not for the austere purpose of saving money but to use the money more wisely that we might better save the people. Let us begin a process of a thoughtful, but decisive subsidy phase-out.
“While this is occurring, we should simultaneously phase in social programs benefiting the poorest, most vulnerable among us.
“Programs such as transportation subsidies, school feeding, improved basic medical care and coverage for the poor, and potable water projects are some of the things that can be done with the same funds.
“This way we can undertake this massive expenditure confident that the fruits will go to the hungry, not the already too well fed.
“End the fuel subsidy. Subsidize the people instead – Subsidize the people instead!,”Tinubu stressed.
The APC national leader made the demand while speaking in Kaduna on Friday, December 18, at the 10th memorial anniversary of late Dr Bala Usman, a politician, and former lecturer with Ahmadu Bello University (ABU), Zaria.
This Day reports that the federal government on Monday, December 14, said it would begin a gradual withdrawal of fuel subsidy next year. Experts say if the subsidy is removed eventually, queues will disappear from the fuel stations.
Analysis by Business Day shows that, if the move to remove subsidy scales through, then petrol will retail at about N97 per litre, going by the current landing price of between N77 – N79 per litre, in addition to transport to pumphead, marketers and other margins for about N18.
