Fuel subsidy removal: Tinubu’s N1 trillion monthly better than PDP’s N1 trillion loss in 16 years – IMPI

Apr 29, 2024 - 23:45
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Fuel subsidy removal: Tinubu’s N1 trillion monthly better than PDP’s N1 trillion loss in 16 years – IMPI


THE Chairman Independent Media and Policy Initiative,IMPI, Niyi Akinsiju has said that N1 trillion monthly saving by Tinubu’s administration is far better that the same amount saved the Peoples’ Democratic Party, PDP in sixteen years they held sway. Akinsiju said this in a Press Conference to analyse national development of President Bola Tinubu in the last eleven months.

According to him,” Our findings indicated that the Tinubu economy saves an average of N1 trillion monthly from the withdrawal of petrol-subsidy in June 2023, while the three PDP regimes recorded a monthly loss from petrol-subsidy of N1trillion over a period of 16 years, amounting to a total of N192 trillion”, he said. 

The group also urged Federal Government to sign-post projects done with proceeds of fuel subsidy removal in order for citizens to have confidence in the process as well as applauding the sacrifices that greeted withdrawal of subsidy. In his words, “we submit that it is important for the federal government to erect permanent signposts at the site of every infrastructural project that is accomplished with savings from petroleum subsidy withdrawal, so that Nigerians will appreciate the positive impact of the withdrawal of subsidy, and be happy that their sacrifices are not in vain”, he said.

Worried by hunger in the land, IMPI called on the state governors to key into the Federal Government commitment to grow five hundred thousand hectares of rice, Cassava and other staple food. Chairman IMPI, Niyi Akinsiju said agricultural initiative of President is aimed at forcing down the high prices of foodstuffs in the market.

 “Recall that in our last engagement with you, we posited that the cultivation of 500,000 hectares will among other things, boost food production and supply, force down the high prices of foodstuffs in the market, and ensure food security in the country.

Unfortunately, our investigation showed that many state goverments are yet to make to make available their own portion of farm lands for the exercise. Therefore, we call on all the state governments that are yet to provide farmlands for the programme to do so, as quickly as possible, because time is of essence as the country is in dire need of massive food production at this crucial moment” he said. 

Speaking on the government’s efforts in Oil and Gas sector, Akinsiju urged the Attorney-General of the Federation, AGF Lateef Fagbemi SAN to resolve issues surrounding the $1.3 billion Malabu Oil saga to further increase oil production in the country.

The group spoke on Social, Economic and Political Developments in Nigeria.

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