FUEL Subsidy Back? Tinubu Confesses The Truth, After Several LIES, Speaks On 2024 Budget— See Unbelievable Details
The Federal Government’ s recent admission that it will continue to pay fuel subsidies, projected to reach N5. 4 trillion in 2024, has sparked renewed debate about the country’ s petroleum sector and the government’ s commitment to reform.
Despite repeated denials by the government, including President Tinubu’ s assertion that the era of fuel subsidy was ” gone for good, ” the latest report from the Accelerated Stabilization and Advancement Plan (ASAP) reveals that the estimated expenditure on fuel subsidy for 2024 is N5. 4 trillion, a staggering N1. 8 trillion more than the amount spent in 2023.
This admission comes as a surprise to many, given the government’ s previous stance on fuel subsidy removal. In December, the government maintained that it would no longer subsidize fuel costs, with Minister of Information and National Orientation Mohammed Idris stating that President Tinubu had made it clear from his first day in office that his government would not sustain the payment of subsidy on petrol.
However, the latest report suggests that the government has had to reconsider its position, with fuel subsidy expenditure projected to reach N5. 4 trillion by the end of 2024. This amount is unfavourable compared to the N3. 6 trillion spent in 2023 and N2. 0 trillion in 2022.
The government’ s admission of continued fuel subsidy payments comes after former Kaduna State Governor Nasir El Rufai revealed in April that the federal government was spending more on petrol subsidy than before. El Rufai’ s statement was met with criticism from the government, which maintained that it had not increased fuel subsidy payments.
However, the latest report suggests that the government’ s expenditure on fuel subsidy has indeed increased, raising questions about the government’ s commitment to reforming the petroleum sector and reducing its reliance on subsidy payments.
As the government grapples with the challenges of fuel subsidy removal, it remains to be seen how this admission will impact the economy and the Nigerian people. The fuel subsidy regime has long been a contentious issue in Nigeria, with many arguing that it perpetuates corruption and inefficiency in the petroleum sector.
Despite the challenges, the government has pledged to continue its reform efforts, with the ASAP report outlining a range of measures aimed at addressing the key challenges affecting the reform initiatives and stimulating development in various sectors of the economy.
Only time will tell if the government’ s efforts will be successful in reducing the country’ s reliance on fuel subsidy payments and reforming the petroleum sector. For now, the admission of continued fuel subsidy payments serves as a reminder of the complex challenges facing the government and the need for sustained efforts to address them……. CLICK HERE TO CONTINUE READING
Source: scooper
