President Muhammadu Buhari To Remove Oil Subsidy

After the announcement of the partial removal of petrol subsidy by former president Goodluck Jonathan led administration on Sunday, January 1, 2012, on Monday, January 2, 2012, a socio-political protest movement tagged: Occupy Nigeria accompanied the Federal Government announcement. The protests took place across the country, including cities like; Kano, Ojota (part of metropolitan Lagos), Abuja, and at the Nigerian High Commission in London. Nigerians are again expected to be given another round of shock by the new administration of President Muhammadu Buhari.
President Buhari to remove oil subsidy, NLC tells lawmakers to slash N120b vote or face revolt, APC, governors wade in NASS leadership crisis, Saraki, Lawan groups’ rift deepens as well as new book endorsing Buhari’s bid to restructure ministries makes the front pages of the national dailies for Monday, June 22, 2015.
VANGUARD reports that President Muhammadu Buhari, on Sunday, June 21, plans to totally remove oil subsidy and use the proceeds for the provision of free and compulsory primary/secondary education across the country. This was made known by a source among the transition committee set up by Buhari to work out a blueprint for his administration. The source said the administration is also said to be working on unbundling the NNPC, to make it more efficient in the production and delivery of products to Nigerians.
The source, who spoke on condition of anonymity, which said these proposals form part of the strong recommendations made by the transition committee, also revealed that members of organised labour in the country were consulted by the committee and they made presentations on what should be done over the matter. The source said: “Labour is part of the decision; they have accepted the proposal of fuel subsidy removal.”
The source further revealed that the committee also recommended the unbundling of NNPC to reposition the agency to serve the needs of Nigerians better. He said all refineries in Nigeria are to be made to work at maximum capacity by the federal government to be able to deliver adequate products to the consumers. He added that the FG was set to block all channels of fund leakages in the NNPC, adding that the era of allocating more crude than the refinery in Nigeria was over, as it was discovered that the policy encouraged corruption and diversion of funds.