Former Governor of Bauchi State, Isa Yuguda has revealed that the Tinubu-led government is still paying subsidy on petroleum products.
Yuguda who stated this on Channels Television’s on Monday, March 4 2024, maintained that the cabinet of Mr President needs to go down the strata of the Nigeria society and explain the prevailing economic hardship to the people.
Recall that President Bola Ahmed Tinubu, in his inaugural speech in May 2023, announced an end to the payment of fuel subsidy. Tinubu noted that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment was no longer sustainable.
Earlier, the International Monetary Fund (IMF) in one of its reports last month urged Nigeria to completely phase out costly fuel and electricity subsidies as part of measures to address its economic challenges.
The former governor stressed further, ”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 and today that revenue increase that we see is reflected in the removal of the monies that were going into the pockets of private individuals is what is going into the treasury of the country”.
Commenting on the current economic hardship in the country, Yuguda said that the average Nigerian will not understand the challenges the president faces.
He emphasized that the present hardship is caused by the mismanagement of the economy by the Central Bank.
