Oil Theft: Int’l traders, marketers exploiting poor Nigerians through fuel subsidy — Nuhu Ribadu

NAIRAMETRICS

The National Security Adviser (NSA) to the President, Nuhu Ribadu, has revealed that the fuel subsidy system was rife with corruption and theft, where international oil traders and marketers exploited the system, taking advantage of poor Nigerians to enrich themselves.

Ribadu made this disclosure in a statement on Wednesday in Abuja while addressing the security condition of the country.

Describing this act of theft as “evil,” the NSA to the president said that most of these marketers built thousands of petrol stations across the country to take advantage of the situation.

According to him, the Tinubu-led administration is addressing this challenge head-on with the removal of the subsidy, adding that Nigeria is now adopting fiscal responsibility by living within its means.

“For the first time, we are confronting the evil of those who continue to take from the poor through subsidy regime. International traders, oil marketers.

“It’s only in Nigeria where you have hundreds and hundreds of thousands of filling stations from Abuja to Kaduna. You will count how many numbers of filling stations, everybody takes from that.

“The Nigeria we are going to cut our coat according to our clothes, and develop this economy and change things,” Ribadu said.

Speaking further, The NSA stated that the security situation in the country has significantly improved under the current administration.

He emphasized that this positive change is due to Tinubu’s dedication and concern for the well-being of the Nigerian people.

Ribadu added that the president is committed to resolving the issue of hardship as quickly as possible.

“We do not talk too often. I’m the National Security Adviser, and I’m here to tell you that Mr. President cares for Nigerians.

“He will not allow pain and hardship to remain in Nigeria. He will work hard to serve you. You will not regret electing as your president.

“I can assure you of that. Every single moment, nothing is more important to him than Nigeria and Nigerians,” Ribadu added.

The removal of fuel subsidy has been a contentious issue for some months as crude oil prices increase and the exchange rate continues to depreciate, leading critics to suggest partial subsidy remains despite talk of a removal.

Several observers maintain that the federal government has restarted the subsidy on petrol since its removal on May 29, 2023.