APC Chieftain Responds To ‘Temporary Subsidy Return’ Rumours

APC Chieftain Responds To ‘Temporary Subsidy Return’ Rumours

Lanre Issa-Onilu, a prominent member of the All Progressives Congress (APC), has clarified that no official from President Bola Tinubu’s administration has stated that the government will temporarily reinstate the petrol subsidy to alleviate the hardships faced by Nigerians.

Speaking on the Sunrise Daily breakfast program on Channels Television, Issa-Onilu, a former Deputy Director of Communication Strategy for the APC, emphasized the importance of relying on official sources for information.

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He stated that no official announcement has been made regarding the return of the subsidy regime.

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Following Tinubu’s announcement on May 29, 2023, which led to the removal of petrol subsidy and a subsequent increase in the price of Premium Motor Spirit (petrol), there were rumors and reports suggesting that the government might consider temporarily reintroducing the subsidy to ease the economic challenges faced by Nigerians.

Addressing these reports, Issa-Onilu highlighted that the government does not determine the prices of petroleum products, as these are imported and sold by various entities.

He emphasized that the government is actively addressing inefficiencies in the system to ensure a smoother operational process and reduce costs along the value chain, benefiting all parties involved.

Amid the scarcity of foreign exchange and the potential rise in petrol prices due to increased landing costs, some oil marketers have indicated their intentions to adjust prices. However, both the Nigerian National Petroleum Corporation (NNPC) Limited and the President have stated that there are no plans to increase petrol prices.