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Why There’s No Provision For Fuel Subsidy In Revised 2020 Budget – Presidency




The Presidency has given reasons why there was no allocation for fuel subsidy in the revised 2020 budget.

The removal of subsidy by the government meant the price of fuel would be determined by the vagaries of the international crude oil market.

Thus, as the price of oil rose in the market above $40 per barrel, without subsidy, a corresponding increase in the price of refined petrol in Nigeria was effected by the government from N148 to N161 per litre.

Explaining the reason fuel subsidy was not included in the 2020 budget on Monday, the Presidency quoted President Muhammadu Buhari to have said it was the only way other critical sectors of the economy such as health and education could be adequately funded.

“There is no provision for fuel subsidy in the revised 2020 budget, simply because we are not able to afford it, if reasonable provisions must be made for health, education and other social services. We simply can not sustain petroleum subsidy,” the Presidency tweeted on Monday.

Sahara Reporters, however, reported earlier that some Civil Society Organisations (CSO) under the auspices of Nigerians Against Bad Policies on Monday shut down the premises of the National Secretariat of Nigeria Labour Congress over the silence by the leadership of the union on the hike in pump price of petrol and electricity tariff by the Nigerian Government.

The protesters, who prevented the staff from going in and out of the complex, paralysed the administrative activities and vehicular movement in the complex.

The protesters called on the leadership of the union to call for strike and mass action against the anti-people policies of President Buhari’s government.

“We say no to fuel price increase and hike in electricity tariffs. We want NLC President, Ayuba Wabba, and TUC to call for total strike and shutdown of all sectors of economy until this wicked and insensitive government reverse fuel pump price to N87,” Gerald Katchy, saidon behalf of the group during the protest.

“If you are silent to the bad policies you still a slave. If you are afraid to speak up in the face of bad governance you are still a slave. The only way we can be assured that NLC President has not compromised is for him to take action and call for strike.”

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