The Chairman of the Senate Committee on Finance, Sen. Sani Musa has described the removal of fuel subsidies as the “best thing that has happened” to Nigeria, stating that it allows market forces to set fuel prices more effectively.
During an interview on Channels TV’s Politics Today, Musa highlighted the importance of this move in addressing long-standing economic inefficiencies and ensuring proper allocation of government funds.
“What this government is doing, by virtue of the fact that we removed subsidy, removing subsidy is the best thing that has happened to this country,” Musa stated.
He emphasized that if the revenues distributed to states by the Federation Accounts Allocation Committee (FAAC) are used effectively, substantial improvements could follow across sectors.
Senator Musa also noted the efforts of the Nigerian National Petroleum Company Limited (NNPCL) in addressing past challenges, particularly with the implementation of the Petroleum Industry Act (PIA).
“Before the coming of the PIA, there was a problem in terms of the operational activities of the NNPCL. Before then, you couldn’t determine the production yield in this country,” he said, adding that stringent policies are now being introduced to correct previous issues.
With the subsidy removal, Musa believes Nigeria is on a path to greater fiscal discipline, while urging state governments to ensure funds are utilized to benefit citizens directly.
