President Buhari said his administration would carefully review all submissions on subsidies of petroleum products with care.



                     


President Muhammadu Buhari has said his administration would handle  subsidies on petroleum products with care, adding he will carefully  review all the submissions he had received on the need to remove the subsidies.
He said this after receiving briefing from the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation (NNPC) and other agencies in the oil sector.
He said: “I have received many literatures on the need to remove subsidies, but much of it has no depth.
“When you touch the price of petroleum products, that has the effect of triggering price rise on transportation, food and rents. That is for those who earn salaries, but there are many who are jobless and will be affected by it”.
He promised to deal decisively with all identified problems of the oil and gas sector.
“We have to go back to the good old days of transparency and accountability,” he said.
President Buhari directed the NNPC to review existing agreements for the swapping of crude oil for refined products with a view to injecting more honesty and transparency into the process to reduce costs.
The President also asked the NNPC management to do more to improve the supply of liquefied petroleum Gas (cooking gas).

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