Buhari discusses why he disregarded recommendations to eliminate the fuel subsidy.


President Muhammadu Buhari has stated why he defied the International Monetary Fund (IMF), the World Bank, and other renowned economists in order to eliminate the fuel subsidy.

Buhari told Bloomberg in an interview that western allies are finally realising that what appears nice on paper and what has human implications are two different things.

He stated,

"Fuel subsidies are now in place in the majority of Western countries. Why would we want to get rid of ours now? "What's good for the goose, is good for the goose!" What our western allies are discovering the hard way is that what appears beautiful on paper and what has human implications are two very different things. Late last year, my government set in action preparations to eliminate the subsidies. Such a step grew increasingly unthinkable after further conversation with stakeholders and as events developed this year. Increasing internal refined product production will also help. Private businesses and modular refineries (Dangote Refinery, BUA Group Refinery, Waltersmith Refinery) are expected to significantly increase capacity later this year and next year.

“The exchange rate is still vulnerable to foreign shocks, which can have a dramatic and negative impact on Nigerians. The inflationary threat will fade as we increase domestic output, both in fuel (aided by PIA) and food (agricultural policy).


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