Buhary says Nigeria to end Petrol Subsidy in 2023, “Atiku will remove subsidy”_ PDP Presidential Spokesperson

President Muhammadu Buhari has announced the discontinuation of the oil subsidy regime from next year.

He stated this while presenting the 2023 budget estimates to the joint session of the National Assembly in Abuja on Wednesday.

He described the oil subsidy regime as grossly unsustainable in the current reality of low revenues occasioned by oil theft and insecurity.

He, however, said a safety net would be provided for the vulnerable members of society to cushion the effects of the policy.

The President also stressed the need for the government to find new ways of generating revenue saying additional measures of reducing the cost of government would be implemented.

He also listed other alternative means of revenue generation which he said would be explored.

Emmanuel Bwala the spokesperson of the Atiku Abubakar presidential campaign team said Friday on The Morning Show on ARISE television that his principal will remove fuel subsidies and channel the proceeds to transportation and education.

Bwala said, ” instead of subsidising the rich and the middle class, we will subsidise areas like transportation, education, and other critical sectors of the economy”.

He said subsidy is contributing about 60% to the economic problem in the country as much of the earnings is going into servicing debts whereas if we do away with it there will be enough funds to take care of other critical areas.

“We are going to take the bull by the horn and approach the idea of removal of subsidy. However, it may not be all of it in a day. It may be comprehensive. It would be broad-based.”