News

Presidential Aide Speaks On Return Of Fuel Subsidy


Amid claims that President Bola Tinubu’s government had silently re-introduced fuel subsidy, the Special Adviser to the President on Energy, Olu Veŕheijen, has asserted that the federal government reserves the right to pay fuel subsidy to soften the hardship that has ravaged the country in the aftermath of removal.

Bahd street vibes recalls that global financial organisations including the International Monetary Fund (IMF) and the World Bank have separately alleged that the Tinubu led government was still subsidizing fuel.

The organisations called for the total eradication of subsidies to help the economy get better.

However, while briefing journalists in Abuja on Friday, the special adviser said that governments across the world intervene at difficult times to address economic hardship though subsidy.

While she did not provide a clear statement on whether the subsidy has fully returned, Veŕheijen added that the government is making every effort to keep fuel prices stable in order to lessen the impact on the general public.

She said, “The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.

“If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently and that, does not negate the fact that subsidy has been removed.”

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button