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Tinubu removed subsidy going into ‘private pocket,’ FG still paying for fuel – Yuguda

By admin Mar 5, 2024
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Former Bauchi State Governor, Isa Yuguda, has said President Bola Tinubu removed the subsidy going into private pockets and not petroleum products.

Yugada insisted that the Federal Government was still paying subsidy on petroleum products despite Tinubu’s declaration.

 

 

On May 29, 2023, Tinubu had declared an end to fuel subsidy during his inaugural speech.

In February, the International Monetary Fund, IMF, in one of its reports, advised Nigeria to completely phase out costly fuel and electricity subsidies as part of measures to address its economic challenges.

 

 

However, speaking with Channels Television’s Politics Today on Monday, the former governor said: ”If the IMF says we are paying subsidy, then we are, but the subsidy that was removed was the one that was going into private pockets, and I decoupled that subsidy that ordinarily shouldn’t have been paid.

 

 

If it should have been paid, it should be paid into the treasury of the country. Today that revenue increase that we see is reflected in the removal of the monies that were going into the pockets of private individuals, instead of what should be going into the treasury of the country.”

By admin

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