The Federal Government has ruled out a return to the petrol subsidy regime. The Secretary to the Government of the Federation SGF, Senator George Akume, recently made the declaration in Abuja at the 66th Independence Anniversary Lecture.
Insisting that the reforms of President Bola Tinubu are necessary to save Nigeria from imminent collapse, the FG stated that the decision will help rebuild Nigeria’s stability.
Akume added that the government has tackled the power sector’s problems by clearing legacy debts, increasing investment and improving transmission and billing.
His words, “We will not return to the ruinous petroleum subsidy regime of the past.
This administration took office in 2023 and immediately took bold decisions needed to save the nation from imminent collapse. Such decisions include the removal of the petrol subsidy, unification of the foreign-exchange market, tax and other fiscal reforms, etc.
These were difficult decisions, but necessary to rebuild stability and we have started enjoying the results.
The task before us now is to ensure that growth translates into jobs and higher incomes for all Nigerians.
This shift is cutting fuel costs for motorists and commuters. CNG buses now carry millions of passengers at fares far below those of petrol buses.”
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