Former Vice President Atiku Abubakar has said the removal of fuel subsidy and price-fixing for petrol will stop corruption and bring investments to the oil sector.
Atiku recalled that he was condemned and demonised for calling for the removal of fuel subsidy and price-fixing for petrol during his campaign in 2019.
The former Peoples Democratic Party (PDP) presidential candidate is reacting to the removal of the price cap on the retail price of petrol by the Petroleum Products Pricing Regulatory Agency (PPPRA) on Thursday.
In a tweet via his verified Twitter handle on Friday, Atiku said he listed subsidy removal as one of the points of his campaign in 2019 but was attacked for suggesting it.
He described the stoppage of subsidy and price-fixing for petrol as a right move by the President Muhammadu Buhari-led administration.
He alleged that the price-fixing system has been laced with corruption and stalling investments. Atiku also called on Federal and State Governments to remove other impediments and roll out incentives to spur investments in the oil sector.
“Federal government finally withdraws from the fuel subsidy and price-fixing bazaar that had been rife with corruption and stalling investments.
“This is something patriots have been calling for and for which I was demonised.
“The stoppage of subsidy and price-fixing is a right move, although it should have come earlier when the economy was stronger.
“Federal and state governments should proceed to remove other impediments and roll out incentives to spur investments in the sector, especially the numerous refineries that had been licensed but are yet to be built.
“Then ensure the quality of fuel meets set standards,” Abubakar tweeted.
Recall that the PDP chieftain had urged the federal government to change its focus from fixing petrol prices to boosting the country’s capacity to process crude oil for domestic consumption.
Atiku recommended the liberalisation of the downstream sector as against fixing of the petrol pump price.