HomeEnergyOil & GasSubsidy: Oil Marketers To Donate 10bn Buses Over Subsidy Removal

Subsidy: Oil Marketers To Donate 10bn Buses Over Subsidy Removal

A group of oil marketers announced their intention to donate between 50 to 100 fifty-seater mass transit buses that would run on Compressed Natural Gas (CNG), costing N10bn, to protect the effect of subsidy removal within the next 30 days.

Governor of Ogun State, Dapo Abiodun, stated this after leading some major oil marketers on a courtesy visit to the President at the State House in Abuja.

“The marketers expressed solidarity with the President for removing the N4trn subsidy burden, a move that can enhance the Federation Account Allocation Committee (FAAC) allocation to states”. Stated Abiodun, former chairman of the oil marketers association.

The President’s meeting with the oil marketers came as a result of the controversy by the masses as a result of the removal of subsidy on fuel.

President Bola Tinubu has directed the National Economic Council (NEC) led by Vice President Kashim Shettima to device an approach and begin the process of working on interventions to mitigate the impact of subsidy removal on the Nigerians.

During the President’s inaugural speech on May 29 at the Eagle Square in Abuja, he announced the removal of fuel subsidies, which according to him, the immediate past administration of Muhammadu Buhari did not make provisions for subsidy in the 2023 budget beyond June.

A litre of fuel is being sold at over N500 across the country following the NNPC price adjustment and the presidential pronouncement on subsidy removal.

The Organised Labour had resolved to embark on a nationwide strike beginning Wednesday but was restrained by a court order of Monday, June 5, 2023. The Organised Labour subsequently put off its planned strike after a meeting with the Federal Government late Monday.

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