Western countries learn the hard way about fuel subsidies: Buhari

President Muhammadu Buhari he has said that his government will not eliminate the fuel subsidy soon as current realities make it impossible to do so. The president also scoffed at calls from Western institutions for Nigeria to end costly payments, saying such calls have become hypocritical as Western countries are now paying subsidies. The president said this in written responses he sent to Bloomberg in response to questions from the organization. The interview was published on Tuesday. “Most Western countries are implementing fuel subsidies. Why would we remove ours now? What is good for the goose is good for the goose? she asked. “What our Western allies are learning the hard way is what looks good on paper and the human consequences are two different things. My government launched plans to eliminate the subsidy at the end of last year. After further consultation with stakeholders, and as the events unfolded this year, such a move became increasingly untenable. Boosting domestic production of refined products will also help.” Mr. Buhari said that Nigeria’s capacity to produce refined fuel will increase markedly later this year and next, as private players and modular refineries (Dangote Refinery, BUA Group Refinery, Waltersmith Refinery) come on board. He also spoke about his government’s inability to ensure Nigeria increases production in the face of rising oil prices and said that Nigeria was still not meeting its OPEC quota as a result of crime and terrorism in oil-producing regions. . ALSO READ: Fuel subsidy ‘a criminal enterprise’ – Nigerian Minister “Four years ago, we revealed plans for a new gas pipeline that would connect Nigeria to Europe. Last week (June 2) in record time, the Nigerian National Petroleum Company (NNPC) signed an agreement with the Economic Community of West African States (ECOWAS) for its construction,” he said. “Simultaneously, on July 1, NNPC will become a Limited Liability Company and will be subject to stronger audit and business disclosure obligations. It will help stimulate investment and increase transparency, where corruption has deterred the former and blocked the latter. “My administration is the first to pass this historic reform in our oil and gas sector, after two decades of failure by predecessors, no doubt due to vested interests. “Crime and terrorism in oil-producing regions hamper production, and it would help if our Western allies designated IPOB as a terrorist group, given its complicity in damaging pipelines and infrastructure. “We have invested in our security forces, including the $1 billion military deal with the US for the acquisition of the A-29 Super Tucano aircraft. “These efforts are having an impact: wells that had to be closed due to crime have now been reopened. With these efforts, OPEC has increased our quota for the next month,” he said. Read More Related News Here Let here it in the comment below if you do have an opinion on this; Western countries learn the hard way about fuel subsidies: Buhari