Buhari To Scrap Fuel Subsidy, Privatise Refineries – Reports

Buhari To Scrap Fuel Subsidy, Privatise Refineries – Reports

General Muhammadu Buhari pictured at APC Presidential Primaries in 2015.

The transition committee set up by President Muhammadu Buhari has reportedly advised him to scrap the fuel subsidy program and privatise the four refineries in the country.

This information was made known to Reuters news agency on Sunday, June 21, 2015 by a senior chieftain of the All Progressives Congress (APC), who spoke anonymously.

It would be recalled that former President Goodluck Jonathan had in 2012 attempted to remove the subsidy program but was met with widespread opposition and an 8-day protests which saw the return of the subsidies. In the 2015 budget, he removed 90% of the subsidy in a bid to cut down spending and widespread corruption in the sector.

The senior APC source said: “The removal of the fuel subsidy is one of the recommendations of the transition committee.

“The committee also suggested to Mr. President that the four refineries be privatised so that the government stops wasting money on annual turnaround maintenance.”

The Nigerian National Petroleum Corporation(NNPC) had last week said the four refineries will resume full operations in July.

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