The situation regarding fuel subsidies in Nigeria is indeed a complex and evolving issue. Former Bauchi State Governor, Isa Yuguda, has made a statement indicating that while President Bola Tinubu announced the removal of subsidies that were allegedly being diverted into private pockets, the Nigerian government continues to subsidize petroleum products, Njenje Media News reports.
This assertion aligns with the International Monetary Fund’s (IMF) advice to Nigeria, suggesting a complete phase-out of fuel and electricity subsidies to address economic challenges. The IMF’s stance is that these subsidies are costly and inefficient, failing to reach the most vulnerable in society. Yuguda’s comments and the IMF’s recommendations highlight the ongoing debate and policy considerations surrounding subsidy reforms in Nigeria.
However, speaking with Channels Television’s Politics Today on Monday, the former governor said: ”If the IMF says we are paying subsidy, then we are, but the subsidy that was removed was the one that was going into private pockets, and I decoupled that subsidy that ordinarily shouldn’t have been paid.
”If it should have been paid, it should be paid into the treasury of the country. Today that revenue increase that we see is reflected in the removal of the monies that were going into the pockets of private individuals, instead of what should be going into the treasury of the country.”
