SUBSIDY REMOVAL: BUDGIT CALLS FOR HOLISTIC REFORMS IN THE OIL SECTOR

We have always called for subsidy removal because it has been used as a conduit for corruption.

However, we are worried about President @MBuhari & @nigeriagov’s approach to the removal & the timing..

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...considering the devastating effects of #COVID19 on the economy and the rise in food prices.

While subsidy removal is inevitable, we expect @nigeriagov to earn Nigerians& #39; trust and public support first by taking proactive measures including cutting government waste...

...to build citizens’ confidence in subsidy reforms.

Currently, the optics by the government give the impression that the country is not living on borrowed funds.

Reforms cannot begin with the citizens, but with the government cutting costs in light of the pandemic.

Citizens should not be bearing more burdens while the Executive and @nassnigeria are not making adjustments to their lifestyles.

Secondly, there is a need to pass the Petroleum Industry Bill (PIB) to bring much needed reforms to the downstream sector...

...and restructure government’s participation in the industry.

Also, @nigeriagov and President @MBuhari must work towards ensuring effective operation of the refineries to justify the heavy investment in all the refineries over the years.

Conclusively, the government also needs to provide palliative measures for the people who will be worst hit by the removal of subsidy.

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