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President Buhari's Deregulation of Premium Motor Spirit (PMS) Receives Praise from Former House of Representatives Member

Strategic Insights

— 1 min read

A former member of the House of Representatives, Rep. Sunday Karimi, has eulogized President Muhammadu Buhari for the courage to remove subsidy from Premium Motor Spirit (PMS). Karimi, who represented Yagba Federal Constituency of Kogi under the Peoples Democratic Party (PDP), urged Buhari to invest the gains from subsidy removal and the deregulation of the downstream sector in fixing the nation's infrastructure to improve the welfare of citizens. He commended Buhari's decision, stating that it was a smart move that would benefit the country in the long run.

Key Takeaways:

  • Former Rep. Sunday Karimi praised President Buhari for removing subsidy from Premium Motor Spirit (PMS), a move he said was long overdue.
  • Karimi, a former member of the Peoples Democratic Party (PDP), now a chieftain of the All Progressives Congress (APC), urged Nigerians to rally support for Buhari's deregulation of the downstream sector.
  • He emphasized that the removal of subsidy was for the betterment of the country and in line with Buhari's promise to take the country to the next level.
  • Karimi noted that previous administrations had lacked the courage to deregulate the oil sector, leading to wastage and corruption in government finances.
  • The former lawmaker stressed that the decision to remove subsidy would save the nation from unnecessary wastage and improve the welfare of citizens.
  • He commended Buhari's long-term experience in the industry, which he believes has enabled the president to make informed decisions that benefit the country.

Statistics:

  • Since 1999, previous administrations had been paying lip service to deregulation of the petroleum industry, resulting in high subsidy payments and wastage.
  • The high subsidy being paid by the government for petrol pump prices has draining pipes and sources of wastage and corruption in government finances.
  • The gain from subsidy removal and deregulation of the downstream sector is expected to be invested in fixing the nation's infrastructure.
  • No specific date or timeline was provided for the implementation of Buhari's deregulation plan.

Sources:

  • Naija247news.com (no date provided)

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