President Muhammadu Buhari on Monday in Abuja said that his administration will handle the issue of removing subsidies on petroleum products with absolute care because of its sensitivity and multiplier effect on the national economy.
Buhari stated this while receiving officials of the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation (NNPC) and other oil sector agencies who went to brief him on developments in the oil industry.
The President, who said that he had received much literature on the need to remove subsidies, much of which had no depth, gave assurance that he will carefully review all the submissions he had received on the need to remove the subsidies.
“I have received much literature on the need to remove subsidies, but much of it has no depth. When you touch the price of petroleum products, that will have the multiplier effect of triggering price rises on transportation, food and rents.
“That is for those who earn salaries, but there are many who are jobless and will be affected by it,” the President noted.
He listed other serious problems bedeviling Nigeria’s oil sector to include lack of security, sabotage, vandalism, corruption and mismanagement and promised to deal decisively with all identified problems of the oil and gas sector.