The Special Adviser to the President on Energy, Olu Verheijen, says the Federal Government is on course on the removal of fuel subsidy.
The Special Adviser made this known at a press briefing in Abuja on Friday, March 8, 2024.
Responding to a question, Verheijen said the government was on course on the removal of fuel subsidy, noting that the government was only working assiduously to ensure price stability.
She said: “The question of subsidy, the subsidy was removed on May 29, 2023. However, the government has the prerogative whether in the U.S., in the West or other Eastern countries; all governments have the prerogative to maintain price stability and prevent social unrest.
“So if prices are moving, they reserve the right to intervene. It started in the U.S. during COVID. There was a lot of expansionist moves but also subsidies.
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“All governments deserve that right. And so if for whatever reason the administration has reviewed that it is not the right time to have prices continue to fluctuate given the level of hardship in the country, given inflation, the government has the right to intervene intermittently.
“All governments do so but it does not take away the fact that the subsidy was removed.”
The Special Adviser further stated that the administration of President Bola Tinubu opted for fiscal incentives in the oil and gas sector to attract investments.
Verheijen, who added the government was seeking ways to grow revenue and foreign exchange to stabilise Nigeria’s economy and currency, said enhanced security measures in the Niger Delta has led to increase in liquids of over 200,000 barrels/day over the last six months.
She said the stability in the oil-producing areas has increased the availability of NLNG Trains 1-6 from 57 per cent in 2023 to 70 per cent in Q1 2024.
Verheijen disclosed that President Tinubu has also directed that the contracting and project delivery timelines in the oil and gas sector be reduced from 36 months to six months.
“His Excellency, President Bola Ahmed Tinubu is determined to re-write this narrative. His focus is to remove obstacles to investments in Nigeria; improve the investment climate; position Nigeria as the preferred investment destination for the oil and gas sector in Africa; diversify the economy for the benefit of all Nigerians,” the Special Adviser stressed.
The briefing was attended by the Special Adviser to the President on Information and Strategy, Bayo Onanuga; the Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi; and other top government officials.
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