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Fuel Subsidy Removal: “We were left with no other option than what we did” – Ibe Kachikwu | Watch

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Ibe KachikwuThe Group Managing Director of the Nigerian National Petroleum Commission (NNPC) and Minister of State, Petroleum Ibe Kachikwu has said that the Federal Government had no other option than to remove the subsidy at this time.

Kachikwu noted that apart from unavailability of foreign exchange, the NNPC created the new price framework because it was the best and only option available.

He said that if the government had continued in the N86.5k per litre framework, it will eventually lead to non payment of states and federal government staff salaries, laying off of staff, and poor infrastructural development due to lack of funds.

Kachikwu urged Nigerians not to give up, saying that in the next 4 to 6 months the price of the product would be below what it is now because competition will set in.

He also said that with this development, the Federal Government, under the leadership of President Muhammadu Buhari will channel the monies realized to projects and interventions that will benefit Nigerians.

Kachikwu disclosed that this move will lead to the creation of about 200,000 jobs, an the retention of about 400,000 jobs which would have been lost.

Watch the video here:

 

 

11 Comments

  1. Benson Ossai

    May 17, 2016 at 9:47 am

    Hmmm mouth can talk very well now because strike is around the corner abi?Why did you not sensitize Nigerians with all this information before you and your oga on top removed the subsidy EKWA?Ok now,make i go pray make TUC and NLC don’t embark on strike by midnight.And if God answered my prayers and they shelve the strike and after 6 months things no change, i mean all the things you said above none work.MAY GOD IN HAVEN PUNISH EVERYONE FOR THIS CHANGE TEAM AMEN AND AMEN.Because right now Nigerians ain’t smiling.I know say before 6 months finished my landlord will add something for my parents and even after the six months when things improved he won’t bring it down.I just hope this change is for good.Ok now IBE see you in six months time or after midnight.Bye

  2. Morolake

    May 17, 2016 at 9:50 am

    I believe in this government and i only pray Nigerians would be patient with them. Nigerians are so used to the ‘quick fix’ mentality and that has gotten us nowhere.

    To be honest, i am as angry as the next Nigerian and i still grumbled at the price of the quantity of tomatoes i bought last night and i it also upset me that the usual N4,500 that fills my car tank has increased significantly but its clear this is the only way forward and it would get better. We must remember that it is darkest before dawn.

    I only wish we had made better use of the ‘7 years of plenty’ we had.

    Thank you Mr. Ibe Kachikwu.

    God bless the Federal Republic of Nigeria.

    • Hands up

      May 17, 2016 at 8:27 pm

      Thank you. Well said

    • nene

      May 17, 2016 at 9:31 pm

      gbam

  3. Okechukwu Ofili

    May 17, 2016 at 12:24 pm

    VP said “Price Modulation” Petroleum Minister said “Subsidy Removal.” Who should we believe?

  4. BF

    May 17, 2016 at 12:40 pm

    8/10 for PR and Communication — the transparency in the new NNPC (or the fact that much less is shrouded in secrecy) is noteworthy. A critical portion of the strategy, however, should have included ensuring we were armed with sufficient information prior to the removal of the subsidy. Kachikwu is great at explaining AFTER and DURING, not BEFORE – which is a crucial component in change management. Communication is at the heart of leadership, particularly in tumultuous economic times. Mr. President has failed, and continues to fail, on this note. Several aspects of management can be delegated, but the task of leading, convincing and moving men and women requires a hands-on leader who is responsive and responsible. Curiously, the President has been quiet on this and other matters bordering on the well being of his employers.

    Nigerians can handle more or less anything that is thrown at them, and we will, once again, find a way around these difficulties (including to resist them through protests, if need be) – but we have to be informed and a clear strategy needs to be presented (e.g. This will hurt terribly in the short term and we have done x, y, z to assuage your difficulties. By December 2016, we should have solved 35% of the problem, with the remaining 65% being completely resolved by December 2018. Look out for the x, y, z milestones along the way and hold us accountable). In the absence of constant, substantial communication before, during and after necessary, difficult changes, this administration runs the risk of meaning well but being vehemently opposed regardless. I would probably bite anyone who invades my mouth on the pretext of saving a rotting tooth that could kill me, dentist or no dentist, noble intention or not. The cultural toga of ‘I’m older than most of you; trust that I know what I’m doing. I’ll communicate when I’m through.’ is now out of fashion. Mr. Emperor-President, you need new clothes.

    P.S. Also, Mr. Kachikwu, please don’t disregard ‘grammatical nomenclatures’ — if there is no name for what you’ve done, create one. Nigerians need to be clear on whether you’ve deregulated or removed the subsidy. You cannot continue to side-step the elephant in the room.

  5. Ibinabo

    May 17, 2016 at 1:15 pm

    This people can only deceive ignorant Nigerians, because, this price won’t reduce anytime soon. The inflation in this country is getting worst… a lot of companies have shut down and some downstream guys even abandoning their rigs due to the level of insecurity in the country. These leaders should face reality and tell Nigerians the truth.
    There’s massive lay-offs, what are the plans in place to address these issues??? You go to the media telling lies even your minds can’t comprehend. Our Leaders are just not sensitive to reality.

    BTW, just heard that Islamic studies and Christian studies have been merged as a subject in secondary schools and is been taught as part of the Nigerian Curriculum and it’s compulsory for JSS1 – 3… seriously, oil & water don’t mix! This is a sensitive issue that should be checked but no, they distract us with other issues while destroying the educational sector.

    God help this Country!

    • mama obioma

      May 17, 2016 at 2:21 pm

      Will u keep quiet! People like you are the reason why Nigeria will not move forward. Why shouldn’t we learn about each religion. Did they ask anyone to convert! Knowledge is power!

    • Ibinabo

      May 17, 2016 at 3:39 pm

      You validate the word Ignorance… whoever is teaching your child has the prerogative of placing more emphasis on which ever belief he/she deems best… and since, your too dumb to think, the teachers have more influence on your child than you know it. Knowledge is truly power and the main purpose of power is to control, hence that knowledge your child acquire must be checked or they’ll be controlled.

  6. Randhomie

    May 17, 2016 at 4:04 pm

    I do believe in this government as well. If any government will move this country forward or at least has the intention to, this is the one! I agree with BF (not mine sha, am a guy :p) that communication seems to be a shortfall for this government, and Nigerians in general (the latter part is my own addition). I personally wanted the strike to hold for selfish reasons, but that does not help anybody. So, let’s all keep working to move this country forward. Nigerians, we are tough but not gullible. Let’s give this administration a chance and see how far they can take us. #9jaForLife

  7. ogeAdiro

    May 17, 2016 at 4:44 pm

    Nigeria has too many fundamental problems. Band-aid after ban-aid. My annoyance and frustration is that I still love the place.

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