The House of Representatives has passed a resolution urging the Federal Government to eliminate subsidies on all petroleum products. This decision came after the adoption of the report by the ad-hoc committee tasked with investigating the country’s subsidy regime.
However, the lawmakers also emphasized the need for the government to promptly devise measures and provide palliatives to mitigate the impact of subsidy removal on Nigerian citizens. They suggested the implementation of alternative transportation systems, such as the provision and procurement of Compressed Natural Gas (CNG) buses with lower fuel consumption. Additionally, they proposed the introduction of intermodal, regional, and national transport systems to facilitate the smooth movement of people across the country.
Furthermore, the legislators called for a comprehensive investigation through a forensic audit conducted by the Office of the Auditor General of the Federation. The purpose of this audit would be to determine whether the N413 billion borrowed from the Central Bank of Nigeria (CBN) for subsidy payments was reimbursed after the passage and assent of the 2015 budget, as previously approved by the President.
In line with the subsidy removal, the House of Representatives also urged the government to temporarily suspend all Direct Sales Direct Purchase (DSDP) contracts.
