President Muhammadu Buhari has said he has not taken a decision on the removal of subsidies on refined petroleum products as being suggested in many quarters. Instead, the President said he had decided to handle the matter with care because most of the presentations he had received on the need to remove the subsidies had no depth.
Buhari made his position known after receiving a briefing from the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation and other agencies in the oil sector at the Presidential Villa, Abuja on Monday.
He directed the NNPC to review existing agreements for the swapping of crude oil for refined products.The review, he said, was necessary in order to inject more honesty and transparency into the process so as to reduce costs. Buhari also asked the NNPC management to do more to improve the supply of Liquefied Petroleum Gas (cooking gas).