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Borrowings May Sustain Subsidy On Fuel – Presidency

Borrowings May Sustain Subsidy On Fuel – Presidency

The presidency has said that Nigeria may have to continue to borrow in order to sustain fuel subsidy.

The Special Adviser to the President on Media and Publicity, Femi Adesina stated this in an interview on Channels Television’s breakfast programme, Sunrise Daily, on Tuesday.Information Guide Nigeria

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According to THE WILL, he said, “Head or tail, Nigeria will have to pay a price. It’s either we pay the price for the removal in consonance and in conjunction with the understanding of the people, but if that will not come, the other cost is that borrowings may continue, and things may be difficult fiscally with both the states and the Federal Government.

“You know how much could have been saved if the subsidy was removed and how it could have been diverted to other areas and spheres of national life. But if you do not go that way now – and I agree that it may not be auspicious to go that way, then we have to pay a price”.

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While noting that the oil price has been inflating globally, Adesina said: “It is a valid thing (to do), but is this done because of elections next year? No.Jamb Result

“It is done because as the minister (of finance) stated, the timing is not auspicious, inflation is still high. In the past eight months, we saw inflation reducing but the last month, it went up again; further consultations need to happen with all the stakeholders”.

THE WILL reports that Adesina also debunked claims that the proposal to extend the removal of fuel subsidy by 18 months was intended to booby-trap the next president of the country.

“That was not the intention, the intention was also stated – the timing is not right, it will exacerbate the hardship of the people and the President genuinely cares.

“Politics is a part of our lives, but elections will just be one event in the life of the country. When elections come, they go, the country continues. This fuel subsidy, whether it stays or goes, is going to have a serious impact on the economy”.

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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