The human rights activist said instead of urging Nigerians
to continue to endure the hardship caused by the removal of subsidies on
petrol, the president should go public about the state of the economic policy.
“During his inauguration on May 29, 2003, President Bola
Tinubu announced the end of fuel subsidies and total deregulation of petroleum
products. But at the recently concluded Nigeria International Energy Summit
(NIES) held in Abuja, the Chief Executive Officer and Managing Director of
Pinnacle Oil and Gas Limited, Mr. Robert Dickerman revealed that the Nigerian
Government still pays N1 trillion every month for petrol subsidy,” the
statement reads.
“Mr. Dickerman who made the disclosure while participating
in a panel discussion disclosed that a significant subsidy is still in place,
adding that this has contributed to the affordable price of the product and
potentially fueling smuggling activities to neighbouring countries.
“On its own part, the
World Bank has alleged partial return of fuel subsidy in a report presented in
Abuja last December. In justifying its claim then, the World Bank said that
based on the official exchange rate then, the petrol should sell for around
N750 per litre and not the N650 currently being paid by Nigerians.
“Curiously, the Nigerian National Petroleum Corporation
Limited has not deemed it fit to deny the serious allegation that fuel subsidy
has been restored. Since there is no provision for fuel subsidy in the 2023 and
2024 Appropriation Acts, the federal government should, without any further
delay, confirm or deny the serious allegation and end the opacity surrounding
the importation of fuel from foreign countries.”
Falana also cited a February 2024 report by the
International Monetary Fund (IMF) advising the Nigerian government to
completely phase out petrol and electricity subsidies in the country despite
the president’s announcement.
