President Muhamamdu Buhari has given reason behind his administration decision to keep paying fuel subsidies.
Speaking in an interview with Bloomberg, the president made it known that the effects of removing fuel subsidies would have been too harsh on Nigerians.
He also claimed that most western countries are implementing fuel subsidies and added that “what is good for the goose is good for the gander”.
Buhari further said, “My government set in motion plans to remove the subsidy late last year. After further consultation with stakeholders, and as events unfolded this year, such a move became increasingly untenable.
“Boosting internal production for refined products shall also help. Capacity is due to step up markedly later this year and next, as private players and modular refineries come on board.”
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Speaking further, he explained that the exchange rate is very much “susceptible to external shocks that can suddenly and severely affect Nigerians”, but added that “as we step up domestic production – both in fuel and food – the inflationary threat shall diminish, and we can move toward unification.”