PRESIDENT Bola Tinubu’s decision to stop the subsidy on petrol products has received further support – this time from the Revenue Mobilisation Allocation and Fiscal Commission – RMAFC.
RMAFC Chairman, Mohammed Shehu, said payment of “humongous” amounts to a privileged few in the name of subsidy was a major drain on the nation’s scarce resources.
“It is saddening to note that since 1st January, 2022 to date, the Nigeria National Petroleum Company Limited (NNPCL) has not been contributing to the Federation Account due to the claimed subsidy payments,” Shehu said in a statement on Thursday.
“The country can no longer sustain fuel subsidies whose demerits far outweigh its benefits to the citizenry,” the statement read.
‘’In a situation where the records of petrol subsidy transactions are not transparent and crude oil prices are being determined globally, Shehu stressed that it would be unwise to sustain “the phantom payments of subsidy at the detriment of other critical sectors of the economy.’’
