Falana presses Tinubu to say whether fuel subsidy has been reinstated or not

Senior Advocate of Nigeria (SAN), Femi Falana, has issued a challenge to the government led by President Bola Tinubu, urging them to confirm or refute allegations regarding the restoration of petrol subsidy.

It’s worth noting that President Tinubu, during his inauguration on May 29, 2023, had declared the removal of petrol subsidy. However, this decision has exacerbated the economic challenges faced by Nigerians, contributing to a decline in citizens’ disposable income amid inflationary pressures.

Falana’s statement on Sunday was prompted by assertions made by Robert Dickerman, the chief executive officer of Pinnacle Oil, during a conference in Abuja. Dickerman alleged that the federal government continues to expend N1 trillion monthly on petrol subsidy.

The human rights activist said instead of urging Nigerians to continue to endure the hardship caused by the removal of subsidies on petrol, the president should go public about the state of the economic policy.

He said, “During his inauguration on May 29, 2003, President Bola Tinubu announced the end of fuel subsidies and total deregulation of petroleum products. But at the recently concluded Nigeria International Energy Summit (NIES) held in Abuja, the Chief Executive Officer and Managing Director of Pinnacle Oil and Gas Limited, Mr. Robert Dickerman revealed that the Nigerian Government still pays N1 trillion every month for petrol subsidy.

“Mr. Dickerman who made the disclosure while participating in a panel discussion disclosed that a significant subsidy is still in place, adding that this has contributed to the affordable price of the product and potentially fueling smuggling activities to neighbouring countries.

“On its own part, the World Bank has alleged partial return of fuel subsidy in a report presented in Abuja last December. In justifying its claim then, the World Bank said that based on the official exchange rate then, the petrol should sell for around N750 per litre and not the N650 currently being paid by Nigerians.

“Curiously, the Nigerian National Petroleum Corporation Limited has not deemed it fit to deny the serious allegation that fuel subsidy has been restored. Since there is no provision for fuel subsidy in the 2023 and 2024 Appropriation Acts, the federal government should, without any further delay, confirm or deny the serious allegation and end the opacity surrounding the importation of fuel from foreign countries.”