Removal of fuel subsidy, price-fixing excites Atiku

Removal of fuel subsidy, price-fixing excites Atiku

- Atiku has praised Buhari over stoppage of subsidy and price-fixing for petrol

- According to him, this is what people have been calling for

- Going further, he called on the federal and state governments should proceed to remove other impediments

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Former vice president Atiku Abubakar has described the stoppage of subsidy and price-fixing for petrol as a right move by the All Progressives Congress (APC) administration led by President Muhammadu Buhari.

Abubakar is also the leading opposition Peoples Democratic Party (PDP) presidential candidate in the 2019 general elections.

In his verified Twitter handle on Friday, he called on federal and state governments to remove other impediments and roll out incentives to spur investments in the oil sector.

In his verified Twitter handle on Friday, he called on federal and state governments to remove other impediments and roll out incentives to spur investments in the oil sector.

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“Federal government 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.

“The stoppage of subsidy and price-fixing is a right move, although it should have come earlier when the economy was stronger.

“Federal 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,” Abubakar tweeted.

Meanwhile, Legit.ng had reported that in a bid to avert the looming economic recession as a result of the coronavirus pandemic, the Central Bank of Nigeria (CBN) has cut its key interest rate to 12.5% from 13.5%.

Bloomberg reports that the new rate is the lowest in four years, citing CBN's governor Godwin Emefiele as saying that seven of the 10 members of the monetary policy committee voted for the cut.

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Legit.ng gathers that the cut may have two effects; one, it may further stoke inflation and increase pressure on the naira; two, it could also help boost the economy which is facing pressure from the oil price crash and the coronavirus pandemic.

Reports also has it that the CBN has reduced interest rates on its facilities through participating Other Financial Institutions (OFIs) from 9% to 5% per annum for one year effective March 1, 2020.

The directive was reportedly contained in a circular issued by the apex bank on Wednesday, May 27.

The circular also announced that CBN intervention facilities obtained through participating OFIs – Microfinance Banks (MFBs), Primary Mortgage Banks, and Institutions, among others – will be given a further one-year moratorium on all principal repayments, also effective March 1, 2020.

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Source: Legit.ng

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