Femi Falana has called on the administration of President Bola Tinubu to address the issue of petrol subsidy, urging them to confirm or deny recent revelations suggesting its restoration.
Following Tinubu’s announcement of the instant removal of subsidy on Premium Motor Spirit (PMS) during his inauguration on May 29, 2023, Nigerians have faced worsening living conditions as inflation erodes disposable incomes.
In a statement on Sunday, Falana criticized the government for its silence on the state of economic policies, especially regarding petrol subsidies. He highlighted recent claims by Robert Dickerman, CEO of Pinnacle Oil, who disclosed that the federal government still pays N1 trillion monthly for petrol subsidy.
Falana questioned why the Nigerian National Petroleum Corporation Limited (NNPCL) has not responded to claims by international organizations like the International Monetary Fund (IMF) and the World Bank regarding the return to subsidy payments.
The statement reads, “During his inauguration on May 29, 2003, President Bola Tinubu announced the end of fuel subsidies and total deregulation of petroleum products. But at the recently concluded Nigeria International Energy Summit (NIES), Mr. Robert Dickerman revealed that the Nigerian Government still pays N1 trillion every month for petrol subsidy.”
Falana highlighted reports from the World Bank alleging a partial return of fuel subsidy, citing discrepancies between the official exchange rate and the current selling price of petrol.
“Since there is no provision for fuel subsidy in the 2023 and 2024 Appropriation Acts, the federal government should, without any further delay, confirm or deny the serious allegation and end the opacity surrounding the importation of fuel from foreign countries,” Falana urged.
The call by Falana underscores the need for transparency and accountability in government actions, particularly concerning policies that directly impact the lives of Nigerian citizens. As Nigerians grapple with economic challenges, clarity on the status of petrol subsidies is crucial for informed decision-making and public trust in governance.
