EXPOSED? Tinubu Govt Still Paying Subsidy – Former Governor Explains Why
![Popular Singer With MAMI WATER? Portable CAUGHT Pouring Bottles Of Fanta To River Goddess [VIDEO]](https://i0.wp.com/heardvoicenewsonline.com.ng/wp-content/uploads/2025/01/Screenshot_20250115-183155.jpg?resize=120%2C86&ssl=1)
Former Governor of Bauchi State, Isa Yuguda, has claimed that President Bola Ahmed Tinubu removed the subsidy going into private pockets and not petroleum products.
Yugada maintained that the Federal Government of Nigeria was still paying subsidy on petroleum products despite Tinubu’s declaration.
Recall that on May 29, 2023, Tinubu declared an end to fuel subsidy during his inaugural speech as President of Nigeria.
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, Yuguda 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.
Meanwhile, Governor Godwin Obaseki of Edo State has criticized the recent decision by the Central Bank of Nigeria (CBN) to raise the interest rate to 22.75 percent, describing it as ‘detrimental to the economy of the country.
Addressing attendees at the annual Edo
Zone Bankers’ Committee Dinner in Benin, Obaseki expressed concerns over the potential negative impact of the decision of the apex bank on businesses and the overall economy.
He attributed the anticipated tough times ahead to what he termed as unfavorable economic policies implemented by both the federal government and the CBN.
“The next few months will be difficult because the policies rolled out by CBN will unfortunately not support growth in our economy. The interest rate is already high and jacking it up will not allow small businesses access to credit to make them grow.”
The CBN’s Monetary Policy Committee (MPC) had recently announced a significant increase in the Monetary Policy Rate (MPR) by four hundred basis
points, from 18.75 percent to 22.75
percent.
Obaseki stressed that the policies adopted by the CBN would hinder economic growth, particularly by limiting
access to credit for small businesses.
on productive activities beyond just exchange rates.
He called for a shift towards policies that prioritize increasing production and reducing dependence on imports, emphasizing the importance of focusing
Obaseki expressed concerns over the potential negative impact of increasing cash reserves on the economy,
suggesting a focus on fiscal measures. to foster economic growth instead. Furthermore, Obaseki advised
commercial banks to innovate and introduce products and services aimed at alleviating the economic challenges
faced by the majority of citizens across the country.
(Scooper News)
