Obanikoro Urges Tinubu to Clarify Petrol Subsidy Status in Nigeria

Former Minister of State for Defence, Musiliu Obanikoro, has called on President Bola Tinubu to clarify the current status of petrol subsidies in the country.

This comes amidst conflicting reports on whether the Federal Government is still paying subsidies on Premium Motor Spirit (PMS), also known as petrol.

During his appearance on Channels Television’s Sunrise Daily programme on Wednesday, March 6, 2024, Obanikoro, a former senator representing Lagos Central from 2003 to 2007 and a member of the All Progressives Congress (APC), expressed his concerns regarding the lack of transparency in the government’s handling of the petrol subsidy issue.

Obanikoro’s call for clarity comes in the wake of President Tinubu’s announcement during his inaugural speech on May 29, 2023, that “subsidy is gone,” which led to an immediate increase in petrol prices from around ₦184 to over ₦600.

Stakeholders and analysts in the downstream sector have claimed that the Federal Government has resumed petrol subsidy payments following the depreciation of the naira against the United States dollar.

The International Monetary Fund (IMF), World Bank, and the Chief Executive Officer and Managing Director of Pinnacle Oil and Gas Limited, Robert Dickerman, have all made similar claims.

In light of these allegations, Obanikoro stressed the importance of clear communication from the government to address the concerns of the public.

He stated that it is crucial for the government to “take the people along step by step” to ensure transparency and understanding in its decision-making process.

As the nation awaits a response from President Tinubu, it is essential for the government to address the concerns of its citizens and provide clarity on the current status of petrol subsidies.

This will not only help to maintain public trust but also provide a solid foundation for future economic decisions and policies.