President Mohammadu Buhari described the removal of the PMS subsidy and the total deregulation of the downstream sector as a smart move to curb corruption and control waste.
Former two-term legislator in the House of Representatives, Hon. Sunday Karimi, who made the unveiling on Wednesday while speaking with Newsmen in Lokoja, praised the president and emphasized that previous governments since 1999 have been talking lip service to deregulation of the oil industry.
Karimi, who represented the federal Yagba constituency, said: “One of the main drainage pipes and sources of waste and corruption in government finances has been the high subsidy paid by the government for gasoline pump prices during years, despite the fact that the effect of the subsidy is not positively reflected on the common man on the street.
“President Buhari’s decision to fully deregulate the sector is based on his long experience in the industry, and it is a decision taken in the right direction for the good of the country.”
Karimi, who noted that the previous government demonstrated a lack of political will to save the nation from waste and corruption, said that the shortcomings of previous leaders made most of our neighboring countries greatly enjoy the subsidy, as the products were fraudulently removed and sold to them at a slightly higher rate.
“Only a few Nigerians will expect a northern president to eliminate gasoline subsidies, but this strong policy is a product of the courage that only a leader, such as President Mohammadu Buhari, would have done.”
However, he said that the gain from the elimination of subsidies should go towards fixing the deterioration of the nation’s infrastructure, “Specifically, rehabilitation of highways throughout the country, welfare packages for citizens; they are areas to which the elimination of subsidies should be channeled “.