A former Nigerian Vice President, Atiku Abubakar, has reacted to the decision of the Petroleum Products Pricing Regulatory Agency (PPPRA) to remove the cap on the price of Premium Motor Spirit (PMS).
This decision now gives marketers the freedom to fix the price of the commodity.
Atiku, who was People Democratic Party’s presidential candidate in 2019, reacted to this development via his twitter handle on Friday.
He said that ending subsidy and price-fixing was a right move though it should have come earlier when the economy was stronger.
Recalling how he was criticised for suggesting the idea initially, Atiku said fuel subsidy and price fixing was fraught with corruption and stalling of investment.
“FG finally withdraws from the fuel subsidy and price-fixing bazaar that had been rife with corruption and stalling investments. This is something patriots have been calling for and for which I was demonised”, Atiku said.
He further charged the federal government to provide incentives for investors in the sector by removing other impediments.
“FG and state governments should proceed to remove other impediments and roll out incentives to spur investments in the sector, especially the numerous refineries that had been licensed but are yet to be built. Then ensure the quality of fuel meets set standards”, Atiku said.