In a reply to Nigeria after reviewing the Fuel Subsidy Equation
submitted to the American president by the former Petroleum
minister of Nigeria, Professor Tam David West, Barack Obama has
described the fuel subsidy arrangement by the Nigerian
government as a “scam”.
Prof. Tam West’s analysis has revealed that all things being equal,
the price of petrol in Nigeria (considering local refining) is not more
than N40.5o/litre. His analysis revealed that the government is the
cause of the sufferings the masses are encountering in the
country.
Reacting to the evaluation result, Obama condemned the subsidy
act by the Nigerian Government. Read his statement in a quote
below.
This economic puzzle in Nigeria is simple enough for anyone to
solve.
* Fuel subsidy itself is a scam
* Removal of self subsidy is a scam
* Turn around maintenance of refineries is a scam
* Non development of new refineries is a scam
* Insincerity of government is a scam
- Barack Obama.
Also on the fuel subsidy scam, reports emerging recently in the
ongoing subsidy scam probe is showing that the former president
of Nigeria, Olusegun Obasanjo, the then minister of finance,
Adamu Ciroma has a case to answer about the scam.
Defending the Nigeria Custom Service while reacting to allegations
leveled against them in Abuja
yesterday, Mr. Julius Ndubuisi, a deputy comptroller general of
customs, who appeared before the committee, said his service
was “warned” sometime in 2002, by the federal ministry of
finance, in a letter, not to press for documentations for petroleum
imports to “avoid crisis.”
The customs official’s revelation has opened a new vista into the
elaborate web of complications surrounding the importation and
clearance of petroleum products annually, and government’s
payment of trillions of naira in subsidy.
Meanwhile the probe into the fuel subsidy scam continues to gain
weight.
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