Senator Shehu Sani, a former federal lawmaker, has reacted to President Bola Tinubu’s removal of the fuel subsidy regime.
Afemaireporters recalls Tinubu announcing during his inaugural speech that subsidy is no longer sustainable in the country, emphasizing that it is gone.
Sani responded on Twitter, praising the newly sworn-in president for taking such a bold step.
He stated that now is the time to make decisions that will revitalize the nation’s economy.
He bemoaned that the petrol subsidy was draining the country’s coffers and that it was past time to put an end to the deception.
He wrote:
Within seven months last year, the CBN ‘defended’ the naira with $11.24 billion. Currently, petrol subsidy consumes N400 billion monthly.
There is no better time to take tough economic decisions to revamp our economy than now. The culture of allocating foreign exchange to elites with multiple bureaus de change to sell on the black market must end.
The opacity of the subsidy regime’s chains of fraud must also end.