The Nigerian Labour Congress recently asked that the Government reverts back to the previous pump price of petrol of N65 per liter from its present rate of N97 per liter. The statement was made in response to recent reports in the media that stated that the President is rethinking the Subsidy Reinvestment and Empowerment programme.
Read our post about it here: Nigeria’s SURE program no longer realistic says President Jonathan
The President’s justification for rethinking the SURE program was that the program was made with the expectation that the downstream sector of the oil industry will be 100 per cent deregulated. As this was no longer the case, the program needed to be redrafted.
In the President’s own words:
“This (SURE) is developed with the expectation that we were going to completely deregulate the Downstream sector of the oil industry, the 100 per cent removal of subsidy… We are working on a new document based on the reality, but we don’t want to promise what we will not achieve.”
Meanwhile, the President’s recent remarks have been backed by the senate Leader, Victor Ndoma-Egba who recently said:
“The President said he wanted to remove subsidy, Nigerians said they don’t want it removed. Now that he was not able to realise his plan, where will he get the money to carry out that policy…”
It appears that the Nigerian fuel subsidy brouhaha is far from being over.
What are your thoughts on the recent developments?