Kalu Backs Buhari on Subsidy Removal

Former Governor of Abia State and entrepreneur, Dr. Orji Uzor Kalu has commended President Muhammadu Buhari for removing  subsidy on Premium Motor Spirit (PMS), also known as petrol.
He declared yesterday that the subsidy regime was beneficial to only a cabal in the oil sector and greatly disadvantageous to the majority of Nigerians.

“In my congratulatory message to President Buhari, when he was being sworn in, I pleaded with him to jump-start the economy by removing subsidy on petrol as it had been abused over the years by oil barons who capitalised on it to massively enrich themselves to the detriment of the larger society.

“It is gratifying to note that President Buhari has taken the bold step of blocking this outlet that pauperises most Nigerians while making a few others richer and richer and leaving the country’s economy in comatose.
“This is the best thing to happen to the petroleum industry since the advent of this administration.”

In a statement by his media adviser, Mr. Ebere Wabara, Dr. Kalu affirmed he was sure most Nigerians comprehend the philosophy behind the subsidy removal as they had been living with it unofficially over time.

The business mogul said time had come for the country to be realistic on what it wants without pandering to the whims and caprices of a few oil magnates milking the nation dry because of their selfishness.

“I plead with the Nigerian Labour Congress (NLC), the Trade Union Congress (TUC) and other stakeholders to understand the essence of the subsidy removal and support it in the interest of the masses. “Even before the removal of subsidy, a litre of PMS sold far above the official price and Nigerians had no choice than to buy. In fact, in most locations nationwide currently, it has become so critical that the issue is no longer appropriate pricing, but, availability.

“In other words, the latest action of government is essentially the standardisation of what had become an informal price regime that gave rise to pump price disparities across the geopolitical zones,” Dr. Kalu said.
On Wednesday evening, Minister of State for Petroleum Resources, Ibe Kachikwu, after a meeting with Vice President Yemi Osinbajo and organised labour, as well as other stakeholders in the oil sector, announced a new price regime for petrol.