A coalition of civil society organizations (CSOs) has revealed some more key efforts being taken by the government to mitigate the impact of President Bola Ahmed Tinubu’s suspension of fuel subsidies.
According to media sources, the price of gasoline has risen by more than 400% since the President declared the cessation of subsidy payments.
When the subsidy reduction was applied in the previous months, the pump price of petrol was first set at N537.
Fuel Subsidy: Labour Congress Again Threatens Strike, Resumes Talks With FG Today
However, on Tuesday, July 18, the Nigerian National Petroleum Company Limited (NNPCL) announced a new price of N617 per litre, prompting a flood of emotions on and off social media.
In response to the new suffering experienced by Nigerians, civil society organizations (CSOs) urged individuals to be patient, stating that prices are decided by foreign exchange changes caused by international market forces.
The CSOs indicated that the cost of landing has risen as a result of FOREX volatility.
The CSOs explained in a statement signed by the primary convener, Dr Basil Musa, and the Co-Convener, Malam Haruna Maigida, that the subsidy regime had previously benefited certain neighboring African countries until it was recently removed by President Tinubu.
Fuel Subsidy Removal: FG Distributes Solar To Lagos Communities
According to them, the measures put in place to alleviate the misery caused by the increase in pump price would not only be palliative, but will completely deregulate the mainstream and downstream sectors in order to break the monopoly of fuel importation and ensure that Nigeria’s local refineries are optimally working.
They hoped that the hike would assure continued fuel imports by independent marketers, ensure fuel availability at filling stations around the country, and discourage smuggling.
“The cost of pump price in other African countries was still higher.
“This has been responsible for the smuggling of PMS to those countries, but the current increment to N617 per pump price would discourage smuggling.
“The removal of subsidy was reflected in the drastic reduction in the imaginary consumption of 60 million litres to 40 million per day, now,” Daily Trust quoted the CSOs.
Fuel Subsidy Removal: Provide palliatives For Nigerians, Reps Asks FG
Among the Civil Society Organizations in the Coalition are the Oil and Gas Transparency and Advocacy Group, the Civil Society Coalition for Economic Development (CED), the Centre for Citizens Rights, the Centre for Good Governance Advocacy, and Action Against Corruption in Nigeria.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.