Fuel Subsidy Removal: A Positive Move for Nigeria, Says Senator

• Senator Sani Musa praises fuel subsidy removal as one of Nigeria’s best developments, emphasizing its role in economic stability
• The senator highlights that NNPCL is addressing past mistakes through subsidy removal, aiming to improve resource allocation and prevent negative impacts

Senator Sani Musa, Chairman of the Senate Committee on Finance, has praised the removal of Nigeria’s fuel subsidy, calling it one of the best developments for the country.

Speaking on Channels TV’s Politics Today on Friday, Senator Musa emphasized that allowing market forces to set fuel prices is a step toward economic stability.

According to the senator, the Nigerian National Petroleum Company Limited (NNPCL) is addressing past mistakes through this subsidy removal. He stressed that this shift is intended to prevent negative impacts on Nigerians while improving resource allocation.

“Removing the subsidy is the best thing that has happened to this country,” Musa stated, explaining that if Nigeria’s earnings and federal allocations are properly utilized by state governments, it will lead to significant national progress.

Senator Musa also noted that prior to the Petroleum Industry Act (PIA), issues existed with NNPCL’s operations, making it difficult to track production levels accurately. Now, he says, stringent policies introduced by the current administration are helping to correct longstanding inefficiencies.

“Before the coming of the PIA, there was a problem in terms of the operational activities of the NNPCL. Before then, you couldn’t determine the production yield in this country.

“But today with the kinds of stringent policies this government is bringing, we are trying to see that those lapses we have had years before now are corrected.

“I will tell you that under this administration, there are no six billion, and if there were any, then there would be what the regimes of those days when the subsidy was.”