Phrank Shaibu, the Special Adviser on Public Communication to Atiku Abubakar, the 2023 Peoples Democratic Party (PDP) presidential candidate, has accused President Bola Tinubu’s administration of clandestinely reintroducing fuel subsidies.
Shaibu’s allegations were made public through an official statement released on Tuesday, October 17, 2023, He stated, “Nigerians should not be deceived by the antics of this government. They have secretly reintroduced subsidies on petrol. That is why the price of petrol has remained stable while the prices of diesel, kerosene, and cooking gas have all gone up.”
Shaibu questioned the logic behind the static petrol prices amid fluctuations in global crude oil rates and foreign exchange rates.
He compared the situation to the cost of basic commodities, saying, “Is it possible for the cost of rice to go up and the cost of fried rice, which has ingredients such as green pepper, green peas, and salt, remains static? It makes no sense!”
Furthermore, Shaibu criticised the government’s credibility, stating that foreign investors were not taking the Tinubu administration seriously due to what he called “lies” about the subsidy removal.
Similarly, few weeks ago, The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Festus Osifo, said the Nigerian government has restored subsidy on petrol.
“The government has to come clean. In reality today, there is subsidy because as of when the earlier price was determined, the price of crude in the international market was somewhere around less than $80 to a barrel. But today, it has moved to about $93/94 per barrel for Brent crude. So, because it has moved, then the price (of petrol) also needed to move,” Mr Osifo said.
But the The Nigerian National Petroleum Company Limited (NNPCL), last week, said that the Nigerian government has not resumed payment of subsidy on petrol.
The NNPCL group chief executive officer, Mele Kyari, said, “No subsidy whatsoever. We are recovering our full cost from the products that we import. We sell to the market and we understand why the marketers are unable to import.”
Tinubu had announced the end of the fuel subsidy regime during his inauguration on May 29. The removal of subsidies had led to a nationwide increase in petrol prices, causing widespread concern among the populace.
