…By Dorcas Funmi for TDPel Media.
The House of Representatives is calling for the complete removal of the fuel subsidy regime in Nigeria.
This resolution comes after the adoption of a report by the ad-hoc committee set up to investigate the country’s subsidy system.
According to the lawmakers, it is in the best interest of all stakeholders if the Federal Government eliminates the subsidy altogether.
However, they also emphasize the need for immediate measures to mitigate the impact of the removal through palliative measures.
The House of Representatives advises the government to consider procuring Compressed Natural Gas (CNG) buses as an alternative transportation system with lower fuel consumption.
Additionally, they suggest the introduction of intermodal, regional, and national transport systems to facilitate the movement of people across the country.
In addition to these recommendations, the legislators call for a forensic audit by the Office of the Auditor General of the Federation to investigate whether the N413 billion borrowed from the Central Bank of Nigeria (CBN) for subsidy payments was refunded after the passage and assent of the 2015 budget, as previously approved by the President.
Furthermore, the House of Representatives urges the government to suspend all Direct Sales Direct Purchase (DSDP) contracts.
It is worth noting that President Bola Tinubu recently declared the end of the fuel subsidy regime during his inaugural address, which has sparked mixed reactions from various quarters.