Sunday, August 3, 2025

The Truth Banishes Fear!

Fuel Subsidy: Stop payment… lawmaker urges Buhari

Hamilton Nwosa
Writer
new-diplomat default image
new-diplomat default image

Ad

The Hidden Signals in Oil Markets

Asia’s oil demand is growing faster than major agencies forecast, led by India and Southeast Asia’s emerging economies. China is rapidly restructuring its supplier base, favoring Brazil while cutting ties with U.S. energy. Kazakhstan’s refining expansion and chronic overproduction raise major questions about its future in OPEC+. I’ve been following the oil market closely this…

Oil Falls Below $70 as Sentiment Sours

A poor U.S. jobs report led to a broader sell-off on Friday, with leading stock indices falling from record highs. Friday, August 1st, 2025 Buoyed by Trump’s Russia threats and news of Indian state refiners curbing purchases of Russian crude, crude oil futures have been trending above $70 per barrel throughout the week, settling on…

Ad

BuhariPresident Mohammadu Buhari has been advised to stop subsidy paid by the Federal Government on imported fuel.

The Deputy Chief Whip of the House of Representatives, Hon. Pally Iriase, who gave the advise while speaking to journalist in Benin, said the Nigerians were being fleeced and inflicted with pains following the continual payment of subsidy.

He added that the panacea to the lingering fuel scarcity was to stop what he termed ‘negative populism of retaining fuel subsidy.’

“If the government want to face the reality, they should stop this negative populism of retaining fuel subsidy. It does nobody any good. Everybody knows it.”

“I believe that the time is ripe to remove subsidy. The landing cost is not what Nigeria is being made to pay for. Why not allow the importers do it themselves and sell at a competing price.

The lawmaker noted that the present fuel scarcity was not a problem of the All Progressive Congress but part of the rot left behind by the PDP government.

The Deputy Majority Leader explained that he joined others to previously kicked against subsidy removal because the government removed subsidy and still fix prices of fuel.

Ad

X whatsapp